Adani group said to be in talks to exit FMCG joint venture with Wilmar
.webp)
Gautam Adani-led Adani group is in talks to sell its entire 43.97 per cent stake in Adani Wilmar Ltd, and the deal is likely to be finalised within a month, The Economic Times (ET) reported on Monday. Adani Wilmar Ltd owns brands like Fortune Oil and packaged grocery.
The report added that the conglomerate is expecting $2.5-3 billion from its stake sale. After the exit, the conglomerate will focus more on areas like infrastructure, a person aware of the matter was quoted in the report as saying.
The report further said that the promoters have been considering a stake sale in its non-core business after the Hindenburg report, released in January this year.
This comes at a time when the company has been posting losses for two consecutive quarters. Last week, it reported a consolidated net loss of Rs 130.73 crore for the July-September quarter, as profitability was severely impacted in the cooking oil business.
Its total income fell to Rs 12,331.20 crore during the July-September period from Rs 14,209.20 crore in the corresponding period of the previous year.
The total expenses of Adani Wilmar stood at Rs 12,439.45 crore during the second quarter of this fiscal against Rs 14,149.62 crore in the year-ago period. In volume terms, the company's sales grew 11 per cent to 1.46 million tonnes.
Adani Wilmar Managing Director (MD) and Chief Executive Officer (CEO) Angshu Mallick said, "While the profitability in edible oils was impacted consecutively for the second quarter, we believe that the abnormality will soon reverse".
Adani Wilmar said profitability was adversely impacted due to loss in the edible oil segment, which was partially offset by better margins in the Food & FMCG and industry essential segments. "Edible oil losses are primarily driven by divergent trends in the spot (physical) and future prices, resulting in hedging losses," it added.
As of 9:45 am on Monday, Adani Wilmar's shares were trading 0.06 per cent in the green at Rs 317.65 apiece on BSE.
Other Latest News
.webp)
After Haryana, the BJP would also sweep the upcoming assembly elections in Maharashtra and Jharkhand, BJP president J P Nadda asserted on Friday.
Nadda, who paid obeisance at the Shri Naina Devi temple here, said the people were happy with the performance of the BJP government at the Centre led by Prime Minister Narendra Modi.
.webp)
Noel Tata, half-brother of the late Ratan Tata, has been unanimously elected as the chairman of Tata Trusts following the passing of the legendary industrialist Ratan Tata, CNBC-TV18 reported on Friday. Noel Tata is already a key trustee of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. He will now lead the trusts that hold a controlling stake in Tata Sons, the primary holding company of the Tata Group.
The move has long been anticipated, given Noel Tata’s close involvement with Tata Trusts and his extensive experience within the conglomerate.
.webp)
After the Haryana poll debacle, Congress MP and LoP Rahul Gandhi attended the review meeting called by party president Mallikarjun Kharge at his residence in Delhi. Among those present were the party's Haryana observers Ashok Gehlot, Ajay Maken, Deepak Babaria and KC Venugopal.
Sources said that the Congress MP remained largely quite, but when his turn came, he observed two things; one being that Electronic Voting Machines (EVM) and the Election Commission of India (EC) "have much to answer" and another was that "the local leaders were more interested in their own progress than that of the party", leaving a loud silence in the room.
.webp)
Former US President Donald Trump, who is campaigning for another term in the White House, promised to introduce a system of "reciprocal tariffs" if re-elected. In an economic policy speech in Detroit on Thursday, the Republican candidate singled out India, claiming it imposes some of the highest tariffs on foreign goods among major global economies.
This is not the first time Trump has criticised India for its tariffs. Just last month, he called the nation a "big abuser" of US trade relations.
.webp)
Tamil Nadu Chief Minister M K Stalin has announced a bonus and ex-gratia for 2.75 lakh employees of state public sector undertakings and statutory boards for the 2023-24 fiscal.
Accordingly, all eligible workers of profit making PSUs under group C and D will be paid a minimum bonus of Rs 8,400 and a maximum of Rs 16,800, amounting to 8.33 per cent bonus and an ex-gratia of 11.67 per cent, an official release here said.
.webp)
.webp)
.webp)
.webp)
.webp)
