- By Aditya Pratap Singh
- Tue, 28 Nov 2023 03:24 PM (IST)
- Source:JND
As per the reports in the media, Adani Group may sell its stake in Adani Wilmar to ITC. Adani Group has a 44 percent stake in an edible oil manufacturing company. However, no official statement has come out on the same.
According to a report in Financial Express, Adani Group has expressed a desire to sell its 43.97 percent stake. The group wants to increase its focus on its energy to infrastructure business. Adani Group is in talks with some other investors as well.
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Why ITC is showing interest
Sunfeast Biscuit, Ashirwad Atta, and Yuppy Noodles contribute 83 to 84 percent of ITC’s FMCG revenue. The company generated revenue of Rs 19,123 crore through these products in FY 2023. The company wants to further expand its portfolio by entering into the edible oil business.
Adani Group is in talks with GQG Partners, Qatar Investment Authority (QIA) to sell its stake. The group can sell its stake for $2.5 billion to $3 billion (Rs 20,000 to 24,000 crore).
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