AWL

March 4 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - EXECUTES SPA TO ACQUIRE G.D. FOODS

• ADANI WILMAR LTD - FIRST TRANCHE VALUED AT 6.03 BILLION RUPEES FOR 80% SHARE

Source text: ID:nBSE80zXt1

Further company coverage: ADAW.NS

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Feb 25 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - GETS TAX ORDER WITH PENALTY OF 1.9 MILLION RUPEES

Source text: ID:nBSE5dWSHN

Further company coverage: ADAW.NS

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Feb 6 (Reuters) - Solid demand in rural areas, as well as higher prices of staples including edible oil and wheat flour, helped the consumer goods sector report a 10.6% sales growth in the December quarter, market researcher NielsenIQ said on Thursday.

India's rural areas - which account for just over a third of consumer goods sales - have proven a bright spot for an industry struggling with an inflation-led spending slowdown in large cities.

"Rural markets (continued) to lead the charge, outpacing urban consumption (during the December quarter)," Roosevelt Dsouza, head of customer success for consumer goods at NielsenIQ, said in a statement.

Sales volume jumped 9.9% in rural areas in the December quarter, up from 5.7% in the previous quarter - double the 5% increase in urban centers, NielsenIQ said. But it added urban pockets also improved from the September quarter's 2.6% growth.

Rural areas have outperformed urban locations for the last four quarters, benefiting from income support schemes rolled out by several Indian states, while slowing salary increases in cities have squeezed consumer spending.

In the October-December quarter, overall volume rose by 7.1% - the highest in over a year - driven by demand for laundry products and edible oil, even as prices rose by 3.3%, according to NielsenIQ.

Dabur India DABU.NS and Hindustan Unilever HLL.NS reported a higher December-quarter profit on recovering rural demand.

However, large consumer goods makers, with topline exceeding 50 billion rupees ($571.2 million) are also facing stiff competition from smaller rivals, whose sales increased roughly twice as fast during the festive quarter, NielsenIQ said.

Consumer goods makers have also raised product prices to counter price increases in commodities such as copra and cocoa, with cooking oil maker Adani Wilmar ADAW.NS and Hindustan Unilever warning of further hikes.

Indians also preferred smaller product packs during the quarter, NielsenIQ said, echoing comments from Hindustan Unilever.

($1 = 87.5400 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Eileen Soreng)

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Adds details on sales in paragraphs 6-7, Adani group exit in paragraphs 8-10

By Praveen Paramasivam

Feb 5 (Reuters) - Consumer goods firm Adani Wilmar ADAW.NS expects its sales volumes to grow around 10% next fiscal year, CEO Angshu Mallick said on Wednesday, counting on demand from 10-minute grocery delivery apps and a tax cut-led revival in urban spending.

Top executives in sectors including consumer goods and automobiles expect India's plans to cut personal income tax rates to put more disposable income in the hands of the people and eventually boost consumption.

"Whenever consumers have excess money, we have found they first go and buy good food," Mallick told Reuters, adding Adani Wilmar's food business would grow over 20% for the financial year ending March 2026.

For the third quarter, the company, which makes 'Kohinoor' rice, reported a 5% rise in sales volumes, with the edible oil business - its biggest - growing by 4%.

Edible oil sales, including its 'Fortune' cooking oil, will grow at least 6% next year, helping the broader group return to growth of about 10%, Mallick said.

The growth, he expects, will be led by demand from delivery apps, including Zomato-owned ZOMT.NS Blinkit and Zepto, which are expanding to smaller cities.

Adani Wilmar plans to launch higher-priced products and bundled offers on these apps, which Mallick said may bring in more revenue in the next six months as compared to traditional platforms, including Amazon and Flipkart.

In December, the Adani group said it would exit its consumer goods joint venture with Singapore's Wilmar International WLIL.SI in a $2 billion deal.

Mallick said the new name of Adani Wilmar, post a shareholder vote, would be AWL Agri Business Ltd, even as he said the firm's strategy would not change post the deal close, the date for which has not been disclosed.

He said Adani Wilmar will continue to focus on expanding its presence in branded foods, including the basmati rice and wheat flour segments, as nearly four-fifths of sales come from unbranded products.

(Reporting by Praveen Paramasivam; Editing by Sonia Cheema)

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Jan 31 (Reuters) - Indian consumer goods maker Marico MRCO.NS reported a smaller-than-expected quarterly profit on Friday, as higher raw material costs and marketing spends overshadowed price increases-led growth.

Rising prices of raw materials including copra and vegetable oil weighed on the Parachute coconut oil maker's profits, while the company also faces intense competition and continues to spend heavily on marketing and advertising.

Marico's expenses rose 17.7% to 23.18 billion rupees ($267.54 million) during the third quarter ended Dec. 31.

Consolidated net profit stood at 3.99 billion rupees ($46.05 million), compared to 3.83 billion rupees a year earlier. Analysts, on average, were expecting a profit of 4.02 billion rupees, according to data compiled by LSEG.

Revenue, however, came in at 27.94 billion rupees, up 15.4% from a year earlier, supported by improving demand in rural areas and product price increases.

Marico said it would raise prices of its products further to make up for an expected "firmness" in commodity prices, noting copra prices, up 38% this financial year, were ahead of its forecasts.

It also said its revenue would increase in the double-digit percentage range in the medium term by increasing its market share across its portfolio of brands.

Meanwhile, Dove soap maker and industry bellwether Hindustan Unilever HLL.NS reported below-expectation results last week and forecast margin pressures ahead.

($1 = 86.6400 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Shailesh Kuber)

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Jan 27 (Reuters) - India's Adani Wilmar ADAW.NS reported a two-fold surge in third-quarter profit on Monday, buoyed by higher demand in its core edible oils segment.

The consumer goods company, which makes the Fortune brand of cooking oil, reported a consolidated net profit of 4.11 billion rupees ($47.56 million) for the quarter ended Dec. 31 from 2.01 billion rupees a year ago.

Shares rose 3% after the results.

Revenue from its core edible oils segment - which accounted for over 79% of total revenue - grew 38% during the quarter, driven by increased demand for sunflower and mustard oils.

The company said it recorded in 5% growth in volumes in the quarter.

Cooking oil has largely resisted the broader slowdown in branded consumer goods due to its essential nature, despite brands increasing prices in recent months to offset rising ingredient costs, as per analysts.

Expenses rose 30% due to a sharp rise in underlying commodity prices, driven by a hike in customs duty in mid-September.

Adani Wilmar's foods unit, which includes products such as soya chunks and basmati rice, recorded a 22% revenue growth, driven by increased demand from general trade and e-commerce channels, according to its quarterly update.

It reported a 31% increase in total revenue, hitting 168.59 billion rupees.

In late December, the Adani Group announced its exit from the consumer goods unit - which it owned in a joint venture with Singapore's Wilmar International WLIL.SI - selling its entire stake to its Singaporean partner and through the open market.

Rival Marico MRCO.NS said in its update it anticipated third-quarter revenue growth in the mid-teen percentage range, supported by improving rural consumption and stronger demand for its Parachute and Saffola oil brands.

($1 = 86.4250 Indian rupees)

(Reporting by Ashna Teresa Britto; Editing by Janane Venkatraman)

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Jan 23 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• COMMENCEMENT OF OPERATIONS AT ITS FOOD PROCESSING PLANT IN GOHANA

Source text: [ID:]

Further company coverage: ADAW.NS

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Jan 14 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• PROMOTER GROUP SHAREHOLDING REDUCED TO 74.36%

• NOW COMPLIANT WITH 25% MINIMUM PUBLIC SHAREHOLDING

Source text: ID:nNSE2YCxzd

Further company coverage: ADAW.NS

(([email protected];;))

Jan 10 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - INTENTION TO EXERCISE OVERSUBSCRIPTION OPTION

• ADANI WILMAR - INTENTION TO EXERCISE OVERSUBSCRIPTION OPTION OF ADDITIONAL 1.51% STAKE

Source text: ID:nNSEbnF3MZ

Further company coverage: ADAW.NS

(([email protected];;))

Jan 9 (Reuters) - India's Adani Group said on Thursday it plans to sell a stake of up to 20% in Adani Wilmar ADAW.NS to the public, as the conglomerate looks to comply with minimum public shareholding rules amid plans to exit the consumer goods company.

Adani, which holds a nearly 44% stake in the joint venture with Singapore's Wilmar International WLIL.SI, will sell up to 13.5% to the public in an offer for sale beginning Jan. 10, with an option to sell an additional 6.5%.

The group has set a floor price of 275 rupees per share, a near 15% discount to Thursday's closing price of 323.45 rupees on the National Stock Exchange.

Adani said in December it would exit Adani Wilmar in a $2 billion deal as it sharpens its focus on its infrastructure business.

According to the deal announced last month, Wilmar International would acquire a maximum of 31.06% stake in Adani Wilmar from Adani Group, while Adani would sell about 13% in the consumer goods venture to comply with minimum public shareholding requirements.

Indian regulations require listed companies to ensure that at least 25% of their shares are held by the public. Adani Wilmar has a public shareholding of about 12%, according to exchange data.

(Reporting by Chris Thomas and Manvi Pant in Bengaluru; editing by Jason Neely)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 6 (Reuters Breakingviews) - Gautam Adani is starting to move forward. The flagship firm of the Indian tycoon's infrastructure group laid out plans last week to exit a quarter century-old joint venture with Singaporean edible oil giant Wilmar International. The agreement offers clear benefits to the industrialist. It also hammers home the price he is paying for successive crises.

Adani Enterprises ADEL.NS will sell a 31% stake in Adani Wilmar ADAW.NS, the maker of India's largest cooking oil brand, to its partner for roughly $1.4 billion or less. That will leave the $15 billion Singaporean group with 75% of the Mumbai-listed company in a growing market for commodities Wilmar deals in, including rice, wheat flour and sugar.

There’s a caveat, though. Wilmar has bought itself a year to buy those shares and locked in a discount. Though the agreed ceiling price is only 7% less than the last close, Adani Wilmar was among the tycoon's stocks worst-hit in a short seller campaign in early 2023 and the shares of the company remain some 40% lower than before the attack.

That also buys time for the joint venture to look for new strategic partners. The regulator requires Adani Wilmar to raise its minimum public shareholding to at least 25% by February, up from 12% currently, and so Adani Enterprises will sell its remaining 13% stake to other investors.

The larger agreement with Wilmar helps because it offers prospective minority owners visibility on the ownership structure and valuation at a time when the Indian group's patriarch is facing U.S. charges of bribery, accusations he denies. Wilmar too will only increase its own stake in the venture once the freefloat hurdle is resolved.

Ultimately, Adani Enterprises' exit makes sense and will reinforce confidence in its ability to keep investing in its core infrastructure assets including renewable energy; lenders behind the wider group's $30 billion gross debt are still digesting the implications of the U.S. legal problems. These did not prompt Adani's decision to call time on the joint venture but it almost certainly cost it a better deal.

Follow @ShritamaBose on X

CONTEXT NEWS

India's Adani Enterprises said on Dec. 30 that it will exit its consumer goods joint venture with Singapore's Wilmar International in a two-part transaction.

Adani Enterprises will transfer a 31% stake in Adani Wilmar to its partner at a price not exceeding 305 rupees per share, the edible oil maker joint venture said in a stock exchange filing.

Singapore's Wilmar said its purchase of the stake will take place through call and put options exercisable only after twelve months from the date of the agreement. However, it added, the parties agreed to explore options to expedite the transaction once Adani Wilmar meets an unrelated regulatory requirement to increase its public shareholding.

To fulfil this obligation, Adani Enterprises and related entities first plan to sell their remaining 13% stake in Adani Wilmar to external shareholders.

(Editing by Una Galani and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

Dec 31 (Reuters) - India's Adani Wilmar ADAW.NS fell over 6% in early trade on Tuesday, a day after the Adani Group said it would sell its entire 44% stake in the consumer goods company in a $2 billion deal to focus on strengthening its infrastructure businesses.

The group will sell a 31% stake in Adani Wilmar to its joint venture partner, Singapore's Wilmar International WLIL.SI, at a maximum of 305 rupees per share, which is a 7.2% discount to the stock's closing price on Monday.

Adani Wilmar's shares dropped 6.4% to 307.10 rupees in early trading.

The Adani group will sell the remaining 13% stake in the edible oil maker in the open market, it said.

(Reporting by Ashna Teresa Britto; Editing by Savio D'Souza)

(([email protected];))

Dec 30 (Reuters) - India's Adani Group said on Monday it will exit Adani Wilmar ADAW.NS, its consumer goods joint venture with Singapore's Wilmar International WLIL.SI.

Adani Enterprises ADEL.NS, the group's flagship firm, will sell a 13% stake, with the remaining 31% going to Wilmar.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

(([email protected]; X: @MukherjeeHritam;))

Dec 6 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• ADANI WILMAR LTD - NAMES SHRIKANT KANHERE AS DEPUTY CEO

• ADANI WILMAR LTD - SHRIKANT KANHERE TO CONTINUE AS CFO

Source text: ID:nBSE2Df0YH

Further company coverage: ADAW.NS

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Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator to seek a settlement in a case that accuses them of violating public shareholding regulations through improper practices at four of the conglomerate's listed companies, the Economic Times reported on Tuesday.

Adani Group did not immediately respond to Reuters inquiry, seeking comments.

(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)

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NEW DELHI, Dec 2 (Reuters) - Both houses of Indian parliament were suspended on Monday after disruptions by opposition groups demanding a discussion on bribery allegations against the Adani Group and communal tensions in a northern town.

Parliament was similarly adjourned for all of last week as opposition parties, led by the main opposition Congress, demanded a discussion on the indictment of Adani chair Gautam Adani by U.S. authorities.

(Reporting by Sakshi Dayal; Editing by YP Rajesh)

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NEW DELHI, Nov 29 (Reuters) - The lower house of India's parliament was suspended temporarily on Friday for a fourth day in a row this week following disruptions as opposition lawmakers sought a discussion on the allegations against Adani Group.

U.S. authorities last week accused Group Chairman Gautam Adani and seven others from the company of being part of a $265 million scheme to bribe Indian officials, and of misleading U.S. investors while raising funds there.

The ports-to-power conglomerate has termed the allegations "baseless" and said it would seek "all possible legal recourse".

(Reporting by Sakshi Dayal; Editing by Kim Coghill)

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NEW DELHI, Nov 28 (Reuters) - Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.

U.S. authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.

(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)

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Corrects paragraph 17 to remove language suggesting that Gautam Adani faces a criminal charge of foreign bribery, independent of the three criminal charges he faces

BENGALURU, Nov 27 (Reuters) - Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.

Here is what you need to know.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after he was charged along with seven others over alleged bribery related to power supply deals in India, in what U.S. authorities called "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

Meanwhile, Indian Prime Minister Narendra Modi's party has distanced itself from the billionaire amid opposition calls for a probe and allegations that Modi is shielding Adani, charges his ruling party deny.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who is alleged to have kept track of hundreds of millions of dollars paid to Indian officials in what U.S. authorities described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with authorities alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure, further exacerbated by credit ratings agencies including Fitch and Moody's cutting their outlook for several of the listed companies owned by the conglomerate.

The indictment has had other ramifications across the globe, including some bankers considering pausing fresh lending to the group and oil major TotalEnergies halting any further investments into Adani Group.

Kenya has ordered the cancellation of Adani infrastructure deals worth more than $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance.

In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani, while in India, a key southern state which figured in the indictment charges, Andhra Pradesh, is considering suspending a power purchase deal with Adani.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what next for Gautam Adani? He is charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, although he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, although any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul, Toby Chopra and Alexander Smith)

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Ambuja Cements Ltd ABUJ.NS:

• SRI LANKA'S FINANCE MINISTRY AND FOREIGN MINISTRY STUDYING ADANI ALLEGATIONS - CABINET SPOKESPERSON

• SRI LANKA TAKING CONCERNS SERIOUSLY, WILL CONSIDER ALL ASPECTS OF ADANI PROJECTS BUT NO FINAL DECISION MADE YET - CABINET SPOKESPERSON

Source text: [ID:]

Further company coverage: ABUJ.NS

Updates with moves by Bangladesh and US government bodies, CFO statement

BENGALURU, Nov 25 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous ports-to-soybeans business conglomerate.

Here is what you need to know about the U.S. indictment.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with prosecutors alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure. Its dollar bond prices have fallen to almost a one-year low.

The indictment appears to now have ramifications across the globe, including news that some bankers are considering pausing fresh lending to the group.

Kenya has ordered the cancellation of Adani infrastructure deals worth over $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance. In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani.

Back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul and Toby Chopra)

(([email protected];))

Nov 22 (Reuters) - Adani Group companies' shares fell for a second straight day on Friday after U.S. prosecutors charged the Indian conglomerate's billionaire chairman in an alleged bribery and fraud scheme.

Gautam Adani's flagship Adani Enterprises ADEL.NS fell 4% to hit their lowest since May 2023.

Adani Ports APSE.NS, Adani Total Gas ADAG.NS, Adani Green ADNA.NS, Adani Power ADAN.NS, Adani Wilmar ADAW.NS and Adani Energy Solutions ADAI.NS fell between 3% and 10%.

ACC ACC.NS was down 0.5%, while Ambuja Cements ABUJ.NS and NDTV NDTV.NS rose about 1% each.

On Thursday, about $27 billion was wiped off the market value of Adani Group companies, while Kenya's president canceled a massive airport project with the group, in the aftermath of the indictments.

(Reporting by Sethuraman NR; Editing by Muralikumar Anantharaman)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

By Krishna N. Das and Munsif Vengattil

NEW DELHI, Nov 21 (Reuters) - Indian billionaire Gautam Adani, indicted in New York over a $265 million bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad.

Asia's second-richest person, who narrowly escaped death in 2008 as one of many people stuck inside Mumbai's Taj Mahal Palace Hotel when gunmen went on a killing spree, faces a U.S. arrest warrant and criminal penalties over the fraud and bribery charges.

Adani's businesses, ranging from power and ports to sugar and soybeans, lost more than $150 billion in combined market value last year after U.S.-based short seller Hindenburg Research accused his eponymous group of using offshore tax havens improperly. The group, which recouped some of the losses and now has a combined valuation of $141 billion, denied all of the allegations.

Before shares in Adani Group companies tanked last year, the 62-year-old high school dropout had briefly become the world's wealthiest person after Tesla TSLA.O CEO Elon Musk. Adani is now the 25th richest person with a net worth of about $57.6 billion, according to Forbes.

While the group's coal and power projects and other deals have been questioned in countries such as Australia and Bangladesh, Indian opposition leaders have regularly used Adani to hit out at the government of Prime Minister Narendra Modi, alleging favouritism, including in giving Adani the contract to redevelop a massive slum in Mumbai.

Both sides have rejected the charges.

U.S. authorities said on Wednesday that Adani and seven other defendants had agreed to pay the bribes to Indian government officials to obtain supply contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project. Adani Group has not responded to Reuters' requests for comment on the charges.

Born on June 24, 1962 in Ahmedabad city in the western state of Gujarat - also Modi's home state - Adani dropped out of school at age 16 after completing the 10th grade.

He set up Adani Group in 1988, beginning with commodities trading. He came from a middle-class textile family to build his riches, unlike many other billionaires who inherit their wealth.

Married to dentist Priti Adani, he has two sons, Karan and Jeet, both of whom are involved in the company businesses, like many others in the family.

According to one person with direct knowledge of his dealings, he has a "very hands-on" style of running his empire, which he said he aims to pass on to the next generation in the family when he turns 70.

In interviews with local and foreign media, Adani has called himself a shy person and credited the rise of his popularity in part to the political attacks he has faced.

He has been quick to praise politicians too.

Soon after Donald Trump's victory in the U.S. election, Adani said on X that the U.S. president-elect was "the embodiment of unbreakable tenacity, unshakeable grit, relentless determination and the courage to stay true to his beliefs".

Congratulating Trump, Adani said last week his group would invest $10 billion in U.S. energy and infrastructure projects, without providing details other than the investment aimed to create 15,000 jobs.

(Reporting by Krishna N. Das and Munsif Vengattil; Editing by Jamie Freed)

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Oct 24 (Reuters) - India's Adani Wilmar ADAW.NS reported a profit for the second quarter on Thursday, buoyed by higher demand for its edible oils and food segments.

The company reported a consolidated net profit of 3.11 billion rupees ($37 million) for the quarter ended Sept. 30, compared to a loss of 1.31 billion rupees an year ago.

Adani Wilmar is a joint venture between the Adani group and Singapore's Wilmar International WLIL.SI.

Its revenue from its core edible oils segment, which contributes 76% to total revenue, grew 21% during the quarter, driven by a rise in demand for soyabean, sunflower and mustard oils.

"The stability in edible oil prices augurs well for our business," said CEO and Managing Director Angshu Mallick.

Revenue from the company's foods unit, which includes soya chunks and basmati rice, grew 34% as it added more stores, it said in its quarterly update.

It reported an 18% rise in total revenue to 144.6 billion rupees.

A rise in import duty, however, pushed up Adani Wilmar's total expenses, which rose 14% to 141.63 billion rupees.

Rival 'Saffola' oil-maker Marico MRCO.NS, which is set to report results later this month, expects second-quarter revenue to grow in the high single-digit percentage range as price hikes kept domestic demand steady.

Shares of Adani Wilmar, which is down 5% so far this year, gained 6% after posting its results.

($1 = 84.0450 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Rashmi Aich)

(([email protected];))

Oct 4 (Reuters) - India's Adani Wilmar ADAW.NS said on Friday it expects second-quarter standalone revenue to grow 16%, on account of higher sales volumes at its mainstay edible oil segment and fast-growing foods business.

Edible oil prices showed signs of recovery in the quarter ended Sept. 30 compared to previous quarters, although they remained below year-ago levels, said analysts.

Adani Wilmar, which sells the "Fortune" brand of cooking oils, said sales volume for edible oils, its biggest business, rose 15% in the September quarter.

Volumes at the food business, the company's second-biggest, grew 31% in the quarter, it said.

Rival Marico MRCO.NS, which makes the "Parachute" coconut oils, said on Wednesday it expects Q2 consolidated revenue to grow in the high single-digit percentage range.

(Reporting by Ashna Teresa Britto and Nandan Mandayam; Editing by Varun H K)

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Sept 3 (Reuters) - Adani Wilmar Ltd ADAW.NS:

• NO MATERIAL EVENT NEEDING DISCLOSURE AT THIS STAGE AFTER REPORT CO TO BUY 3 FMCG BRANDS

• KEEPS EVALUATING VARIOUS STRATEGIC OPPORTUNITIES IN ORDINARY COURSE

Source text for Eikon: ID:nBSE9qRSJZ

Further company coverage: ADAW.NS

(([email protected];))

In Aug 13 story, corrects headline and paragraph 1 to show the Adani Wilmar JV's earnings rose, not fell; removes reference to Hindenburg in paragraph 2

By Rajasik Mukherjee

Aug 13 (Reuters) - Singaporean agri-business Wilmar International's WLIL.SI first half profit inched higher, reflecting better performance at its food products segment and helped by higher earnings from the Adani Wilmar ADAW.NS joint venture.

Adani Group has reportedly been in talks with Wilmar over the sale of a minority stake worth $670 million in the joint venture.

Wilmar, the Singapore-headquartered food conglomerate co-founded by billionaire Kuok Khoon Hong in 1991, on Tuesday reported a first-half core net profit of $606.3 million, compared with $577.2 million a year earlier.

Its food product division, which includes consumer products, logged a 77% jump in pre-tax profit, buoyed by higher sales volume.

The company's share of results from joint ventures and associates, however, declined 58% to $83.2 million for the six months.

Wilmar's another top segment, its feeds and industrial unit that processes, manufactures and distributes agricultural commodities, among others, reported a 34% jump in first-half pre-tax profit to $534 million.

Hong, who also serves as the firm's CEO and chairman, flagged that refining margins for tropical oils are expected to remain challenging while demand for soybean products is eyed to improve.

Wilmar's shares are currently down about 1% at S$3.01 and analysts have previously flagged that the firm's valuation will likely remain suppressed until any significant earnings turnaround.

Wilmar predominantly operates in the plantation segment, which has recently faced issues over rising costs and poor prospects of expansion.

"With headwinds like lower yields, older trees, environmental pressures, higher costs, labour issues and lower profitability, the sector has to find ways to circumvent these," analysts at RHB said in a note.

RHB also reduced its fiscal 2025 earnings forecast on the firm by 11%, reflecting falling margins and a slow recovery in China operations.

(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Janane Venkatraman and Maju Samuel)

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BENGALURU, Aug 12 (Reuters) - Shares of Adani Group companies fell on Monday after U.S. short-seller Hindenburg Research alleged the head of India's market regulator previously held investments in offshore funds also used by the group.

Billionaire Gautam Adani's flagship company Adani Enterprises ADEL.NS fell nearly 5%, while Adani Ports APSE.NS, Adani Total Gas ADAG.NS, Adani Green ADNA.NS, Adani Power ADAN.NS, Adani Wilmar ADAW.NS and Adani Energy Solutions ADAI.NS fell between 3% and 8%.

Citing whistleblower documents, Hindenburg said on Saturday that Securities and Exchange Board of India (SEBI) Chair Madhabi Puri Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Gautam Adani.

A personal statement from Buch on Sunday said all disclosure requirements had been followed diligently and that investments in the fund referred to in the Hindenburg report were made in 2015 in a private capacity, two years before she joined the SEBI.

Adani Group on Sunday rejected the allegations and said its overseas holding structure was fully transparent.

"Under Buch, the market regulator has taken a lot of measures to protect retail investor sentiment. But allegations that came over the weekend have shaken market confidence, which can have an impact on retail investor sentiment," said Anita Gandhi, founder and head of institutional business at Arihant Capital Markets.

In January 2023 Hindenburg released a report alleging improper use of tax havens and stock manipulation by Adani Group, which led to a stock rout. Adani Group has denied all of the allegations and shares have partially recovered. The allegations led to a SEBI inquiry, which is still underway.

(Reporting by Sethuraman NR and Hritam Mukherjee in Bengaluru; Editing by Jamie Freed)

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CHENNAI/BENGALURU, Aug 5 (Reuters) - India's Marico MRCO.NS, which owns the Saffola and Parachute packaged oil brands, reported a slightly bigger-than-expected increase in first-quarter profit on Monday, helped by steady demand and said its earnings would grow this year.

The company's consolidated net profit rose 8.7% to 4.64 billion rupees ($55.4 million) in the April-June quarter, just above analysts' average estimate of 4.63 billion rupees, according to LSEG data.

Total revenue from operations increased 6.7% to 26.43 billion rupees, marking its biggest growth in more than two years. Revenue from India, which made up three-fourths of total revenue, climbed 7.4%.

For Marico, sales volumes for both cooking and hair oils increased in the quarter. While the Parachute hair oil business was helped by higher prices, its Saffola cooking oil business benefitted from price cuts.

Revenue growth will "trend upwards" on higher sales volumes, including in the international business, with earnings also increasing this financial year, Marico said in an investor update.

The company's shares were up 2.1% at 676.6 rupees at 14:05 IST, taking their gains for the year to more than 23%.

Branded cooking oil sellers in India, including Fortune-owner Adani Wilmar ADAW.NS and Ruchi Gold-owner Patanjali Foods PAFO.NS, typically book higher profits when edible oil prices are stable, according to industry executives.

Last month, both companies posted solid profits, also citing a stability in edible oil prices.

Overall, though, consumer goods makers have posted mixed results.

Dove soap-maker Hindustan Unilever HLL.NS reported higher earnings as price cuts boosted demand, while KitKat-maker Nestle India NEST.NS reported its slowest growth in eight years as price hikes drove consumers away.

($1 = 83.8220 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Ashna Teresa Britto in Bengaluru; Editing by Savio D'Souza)

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Aug 1 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI ENTERPRISES Q1 CONSOL NET PROFIT 14.55 BILLION RUPEES

• ADANI ENTERPRISES Q1 CONSOL REVENUE FROM OPERATIONS 254.72 BILLION RUPEES

Further company coverage: ADEL.NS

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