In a stock exchange filing on Thursday, Adani Enterprises denied reports of the conglomerate looking to sell its stake in its joint venture (JV) with Wilmar Group. 

Adani Group holds a 44% minority stake in Adani Wilmar. The fast-moving consumer goods (FMCG) company is valued at $6.17 billion.  

The clarification comes a day after Bloomberg News reported that the Adani Group’s flagship company was exploring selling its 44% stake in Adani Wilmar.

The company clarified in the exchange filing that there is no such event concerning the media report as of now. It added that it will disclose any developments that require disclosure under Regulation 30 of the SEBI Listing Regulations. 

Adani Wilmar offers a range of kitchen essentials such as edible oil, wheat flour, rice, pulses and sugar under its Fortune brand. The company posted a loss of Rs 79 crore in Q1FY23 due to a fall in cooking oil prices. The company posted a net profit of Rs 194 crore in the same quarter last year. 

Adani Wilmar reported a 12% year-on-year decline in consolidated revenue during the June 2023 quarter at Rs 12,928 crore from Rs 14,724 crore in the year-ago period. However, the food and FMCG segment grew 28% from the previous quarter to a record high of Rs 1,100 crores.