Adani Wilmar To Invest Rs 600 Cr In Edible Oil, Solar Power Expansion

Adani Wilmar, an equal joint venture between the Adani Group and Singapore's Wilmar, disclosed plans to invest approximately Rs 600 crore in the current fiscal year to expand its processing capacities in the edible oil business and to introduce more food products for consumers and institutional buyers.

The company's MD & CEO, Angshu Malick, stated on Tuesday that this investment aims to achieve higher growth in volume terms. This initiative is in addition to ongoing expansion programs worth around Rs 3,400 crore, which aim to enhance capacities across various business segments.

To comply with SEBI's minimum public shareholding norm of 25 per cent, the company revealed that its promoters would need to reduce their stakes from the current 88 per cent to 75 per cent by February next year. As of now, Adani Wilmar's market capitalisation stands at Rs 45,794 crore.

Adani Wilmar operates in the edible oil, food & FMCG, and industry essentials sectors, with most of its products marketed under the 'Fortune' brand.

In financial performance, the company reported a consolidated net profit of Rs 313.20 crore for the first quarter of the current fiscal year, a significant turnaround from a net loss of Rs 78.92 crore in the same period last year. The total income for the April-June period rose to Rs 14,229.87 crore from Rs 12,994.18 crore in the corresponding period of the previous year.

The food and FMCG business experienced substantial growth, with a 40 per cent increase in both volume and value terms. Excluding government-to-government rice exports, the volume growth was 19 per cent.