Gautam Adani is one the richest businessmen in India. He has a real-time net worth of USD 86.7 billion or Rs 725940 crore, as per Forbes. The 62-year-old billionaire continues to expand its business empire. Now, Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar, planning to invest around Rs 600 crore in this fiscal. It will expand its processing capacities of edible oil business.
The Rs 45766 crore company will also launch more food products for consumers as well as institutional buyers to achieve higher growth in volume terms, its MD and CEO Angshu Malick said on Tuesday. This is over and above the ongoing expansion programmes of around Rs 3,400 crore to add capacities across businesses.
Adani Wilmar also said that promoters need to bring down their stakes in the company to 75 per cent by February 2025 from the current 88 per cent to meet SEBI's minimum public shareholding norm of 25 per cent. The Ahmedabad-based company is into edible oil, food & FMCG and industry essentials businesses.
READ | Meet man whose company got Rs 239 crore from Ratan Tata's firm for...
The company sells most of its products under the 'Fortune' brand. On Monday, Adani Wilmar reported a consolidated net profit of Rs 313.20 crore for the first quarter of this fiscal against a net loss of Rs 78.92 crore in the year-ago period. The total income rose to Rs 14,229.87 crore during the April-June period this fiscal from Rs 12,994.18 crore in the corresponding period of the previous year.
(With inputs from PTI)
