Adani Exits Completely from the Fortune Brand Company

Adani Exits Completely from the Fortune Brand Company

Why in News?

Recently, the Adani Group fully withdrew from its FMCG venture after selling its remaining 7% stake in AWL Agri Business Ltd (formerly Adani Wilmar Ltd) through a major block deal. With this strategic exit, the conglomerate has now completely stepped away from the Fortune brand business.

Details of the Final Stake Sale of Adani Exit

• Transaction Summary: The Adani Group sold its remaining stake in AWL Agri Business Ltd in a block deal. The sale completed the group’s exit from the Fortune branded FMCG business. The transaction took place in November 2025. The block deal covered about 7 percent of AWL Agri’s equity. The total deal amount is close to Rs 15,700 crore. 
• Parties Involved: Adani Commodities acted as the seller for the block deal. Institutional buyers acquired the shares in the market. Wilmar and its unit Lence Pte Ltd bought a larger earlier parcel during the same divestment program. The final buyers included a mix of global and domestic investors. Wilmar International now holds a 57% stake in the AWL Agri business.
• Deal Price: In the Adani block deal for AWL Agri Business (formerly Adani Wilmar), approximately 90.98 million shares (about 7% stake) were sold at a price of around ₹275 per share in the final transaction, valuing the deal at approximately ₹2,502 crore. 
• Timeline of Divestment: Adani began a structured exit from AWL Agri in 2025. In January, the company sold 14% stake (Rs 4,856 crore). In July, 10.42% stake (Rs 3,732 crore) and in October 13% stake (Rs ₹4,646 crore) to Wilmar’s subsidiary. In November, the remaining 7% stake was sold in a block deal. 
• Regulatory approvals: The Competition Commission of India granted approval for the larger sale to Wilmar in November 2025. Company filings notified exchanges about each transaction. The deals followed standard disclosure rules for block deals and off market transfers.

Background of Adani Wilmar and the Evolution of the Fortune Brand

• The journey of Adani Wilmar Ltd began in 1999 when the Adani Group and Wilmar International of Singapore entered a joint venture to create a strong presence in India’s edible oil sector. The joint venture was established as a 50:50 partnership. Adani contributed its logistics and infrastructure capabilities. Wilmar provided global experience in agri-processing. 
• The company launched the Fortune brand in 2000 to tap the growing demand for packaged edible oils. Fortune entered the market with a positioning centred on purity and consistent quality. Fortune soon gained visibility in major Indian cities. 
• The company expanded its production facilities across India as demand for packaged oils increased. Plants were established in Gujarat, West Bengal, and Madhya Pradesh to improve distribution and operational efficiency. The company invested in port-based refineries that helped smooth raw material imports.  
• By 2010, the company had created one of the largest edible oil supply networks in the country. The wider reach supported Fortune’s growth in both retail and institutional markets.
• The company expanded into variants like Fortune Sunflower Oil, Fortune Soybean Oil, and Fortune Mustard Oil to serve different regional preferences. The brand gained recognition.
• Adani Wilmar expanded beyond edible oils by introducing staples like wheat flour, pulses, and basmati rice under the Fortune portfolio. Fortune Chakki Fresh Atta gained popularity because of its focus on consistency.
• Adani Wilmar was listed on the stock exchanges in 2022. The company expanded its distribution to thousands of retail outlets across India. The public listing encouraged long-term capacity building. This phase also saw the company improving sustainability practices.
• The Adani Group sold major portions of its stake between 2023 and 2025 to rebalance its business focus. The Fortune brand continued operating under AWL Agri Business Ltd. The group completed its exit in 2025 by selling the remaining stake.

Annual Performance Overview

• The company reported strong revenue growth in recent years. The company recorded consolidated revenue of about ₹69,732 crore for the fiscal year ending March 2025. 
• The company recorded net profit above ₹1,200 crore in the same year. The company widened its retail reach and pushed into new staples. 
• The company reported revenue of about ₹17,525 crore in Q2 of the 2025-26 year. The company reported net profit of about ₹245 crore in the same quarter. 
• The quarterly filings show margin compression due to higher commodity prices in parts of 2025. The company reduced some of its debt levels over the last few years. 
• The consolidated statements show working capital needs rose with higher volumes. The firm maintained adequate liquidity through bank lines and internal cash flows. 
• The company’s gross profit improved year on year in recent fiscal periods. The company’s net profit margin fluctuated with commodity cycles. The company posted operating profits that reflected both scale gains and cost pressures. 
• The company used capacity expansion and brand diversification to support growth. The company faces margin sensitivity to commodity swings going forward.

Implications 

The Adani Group exit from AWL Agri Business Ltd creates important implications for the company and the wider FMCG sector. The exit shifts full strategic control toward Wilmar International, which now leads future decisions without joint venture constraints. The change in promoter structure may influence how the company manages expansion in edible oils and staples. The edible oil market may see stronger competition because rivals may respond with new pricing strategies. The outcome now places the company on a new path where Wilmar drives growth plans from 2025 onward.