Singapore’s Wilmar International said on Tuesday its unit has agreed to purchase a 13% stake in India’s AWL Agri Business from Adani Commodities for Rs 4,650 crore ($529.04 million).
The unit Lence will buy 169 million shares in the consumer goods joint venture between Wilmar and Adani Group, it added.
Lence will hold a 56.94% interest in the Indian firm upon completion of the deal.
In July, the companies had announced the signing of a definitive agreement where Lence had agreed to buy up to 20% in AWL Agri for Rs 275 per share. The current deal is being executed at the same per share price.
Earlier in the day, AWL Agri announced that the Competition Commission of India has approved the transaction.
Both Adani and Wilmar did not immediately respond to Reuters requests for comment on the remaining 7% of the initially agreed-upon 20% interest.
Reuters
