The Competition Commission of India (CCI) has approved Lence Pte Ltd’s proposal to acquire between 11% and 20% shareholding in AWL Agri Business Limited, a move that will further strengthen the Singapore-based investor’s position in the Indian agri and food processing sector.
Transaction Overview
Lence Pte Ltd, a wholly owned subsidiary of Wilmar International, will acquire the stake from Adani Commodities LLP under a share purchase agreement (SPA) signed on July 17, 2025, with Adani Enterprises Ltd acting as the confirming party.
Following the transaction, Lence’s total holding in AWL Agri Business will increase from 43.94% to between 54.94% and 63.94%, depending on the final number of shares purchased. The SPA covers the acquisition of 142.96 million to 259.93 million equity shares, with Lence retaining flexibility to determine the final quantum.
Company Background
AWL Agri Business Limited—formerly Adani Wilmar Limited—is a leading player in the edible oils, packaged foods, soaps, cleaners, and industrial essentials segments. The company’s diverse portfolio includes popular consumer brands and a significant presence in India’s fast-moving consumer goods (FMCG) market.
Financial Performance
For the September 2025 quarter, AWL Agri Business reported a 21% year-on-year decline in consolidated net profit to ₹244.85 crore, down from ₹311.02 crore in the same quarter last year. However, total income rose 20% to ₹17,525.61 crore, compared to ₹14,552.04 crore a year earlier, indicating strong top-line growth despite margin pressures.
Strategic Significance
The transaction marks a deepening of Wilmar International’s strategic investment in India’s agri and food ecosystem through its subsidiary Lence. With CCI approval secured, the deal is expected to enhance operational synergies and expand AWL Agri Business’s access to global supply chains and expertise in food processing and agri commodities.
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