Ahmedabad (Gujarat) [India], August 1 (ANI): The board of directors approved the demerger of the food FMCG business of Adani Enterprises to its group company Adani Wilmar Limited, along with its strategic investment in Adani Commodities LLP.
The food FMCG business has become self-sustained, performing well, and poised for further growth under Adani Wilmar, the Adani Group said in a statement as it announced the demerger.
For Adani Enterprises, this demerger arrangement will not only unlock the value for shareholders but will also allow focus on strategy for sustainable growth in its incubating businesses, it asserted in a statement.
Adani Wilmar offers most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses, and sugar.
“Adani Enterprises as an incubator continues to incubate new businesses and create sustainable and long-term value for its stakeholders. Over the years, we have a track record of successfully incubating businesses across various sectors which are currently leading players in their respective sectors and delivering substantial returns to their shareholders,” the Adani Group said in the statement.
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, divesting them into separate listed entities — Adani Ports and SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas, and Adani Wilmar.
Meanwhile, Adani Enterprises Ltd, the flagship company of the Adani Group, announced its results on Thursday for the April-June quarter of 2024.
The company reported a total income or revenue worth Rs 26,067 crore in the April-June quarter, an increase of 13 per cent year-on-year from Rs 23,016 crore reported in the corresponding period of 2023.
The Adani Group flagship company reported a whopping 116 per cent jump in its net profit at Rs 1,458 crore, as against Rs 675 crore registered in the same quarter of 2023.
The emerging core infra businesses comprising of ANIL Ecosystem, Airports and Roads are consistently making significant strides in their operational performance.
The contribution of these businesses to the overall EBIDTA has now increased to 62 per cent in the first quarter of 2024-25 compared to 45 per cent in the first quarter of the corresponding quarter.
“Adani Enterprises Ltd (AEL) is further expanding its position as India’s leading business incubator and a global model in infrastructure development,” said Gautam Adani, Chairman of the Adani Group.
“The substantial growth in our EBIDTA, driven by the exceptional performance of the ANIL ecosystem, our airport operations and our road construction business, underscores our commitment to operational excellence and sustainable value creation. The combination of best-in-class management practices, state-of-the-art technologies, high ratings and fully-funded growth strategies, ensures that AEL continues to set new national and international benchmarks,” Gautam Adani said, as per a company release. (ANI)
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