Indian billionaire Gautam Adani is recasting his conglomerate and focusing on core infrastructure business, instead of engaging in direct competition with his biggest rival Mukesh Ambani. Adani, who is grappling with governance issues and allegations of manipulation and undisclosed transactions, has sold his consumer finance franchise to Bain Capital, and reportedly exploring the sale of his $2.6bn stake in Adani Wilmar.
Adani Group's stake in Adani Wilmar JV: The media reports came amid reports that the company is focusing on its core businesses and is aiming to shore up investments.
Adani Enterprises is reportedly looking to sell its 43.97% stake in Adani Wilmar, which is expected to be worth about $2.7 billion at the current share price.