Khaitan & Co, Cyril Amarchand Mangaldas (CAM) and Trilegal have acted for parties involved in Wilmar International’s proposed USD2 billion acquisition of 31.06% equity in Adani Wilmar, held by Adani Commodities via a sale to Singapore-based Lence.
Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, currently has a market capitalisation of USD5 billion. Adani Commodities is a subsidiary of Adani Enterprises, while Lence is a wholly owned subsidiary of Wilmar International. Adani Enterprises, which is the flagship entity of the Adani Group, is an incubator focusing on establishing diverse new businesses.
“Adani Wilmar is a classic success story in the halls of Indian joint ventures — the deal is quite monumental and showcases the complexities of public M&A. It’s been an enriching experience advising Wilmar on the deal,” said partner Abhishek Dadoo, one of the transaction team members from Khaitan.
Partner Karun Cariappa, who led the Khaitan team, added: “This marks a pivotal moment for Wilmar and its business in India. Khaitan is proud to have used its Singapore and India offices to help with this landmark transaction.” The Khaitan team comprised partners Cariappa and Dadoo, counsel Gaurav Malhotra and associate Gaurang Mansinghka, with additional support from the tax, capital markets and competition law teams.
The firm advised on the legal aspects of the transaction, including the negotiation and finalisation of the transaction documents.
CAM advised Adani Enterprises and Adani Commodities on the sale of its entire shareholding to Lence.
Partners Anchal Dhir and Jay Parikh led the CAM team with the assistance of principal associate Ayushi Toshniwal as well as support from the competition and the capital markets teams.
Trilegal advised the brokers, including Jefferies India, ICICI Securities, Nuvama Wealth Management, SBICAP Securities and Antique Stock Broking, on a 13.51% portion of the stake sale, comprising 17,56,01,314 equity shares, in Adani Wilmar by Adani Commodities, a promoter entity of the Adani group.
Partner Richa Choudhary led the Trilegal team, with counsel Maitreya Rajurkar, senior associate Sanya Chaudhari and associate Shivayana Balodia.
This INR48.08 billion (USD555 million) transaction was executed via an offer for sale through the stock exchange mechanism, ensuring compliance with the Securities and Exchange Board of India’s minimum public shareholding norms. The offer was also part of the Adani group’s publicly announced divestment plan.
Adani Wilmar is a leading multinational food and beverage giant, producing edible oils such as soy, sunflower, rice bran and palm. It has 24 factories in 15 cities and operates a distribution network across India.
Wilmar International is a Singapore-based integrated agribusiness company, covering the entire value chain of the agricultural commodities business from processing, branding and merchandising to distribution of a wide range of edible food and industrial products. It produces palm oil, flour, rice and sugar among other products.
