Adani Enterprises Limited (BSE:512599) (Adani Group) and its joint venture partner Wilmar International Limited (SGX:F34) have approached several private equity firms to sell part of their stake in their food products firm, Adani Wilmar Limited (NSEI:AWL). Both partners own an 88% stake in the company and have offered a majority stake to the private equity firms, say top officials of private equity companies. ?A joint team of Adani and Wilmar have approached the PEs for a possible stake sale, and we are looking at the proposal,?

said the head of a large US-based private equity firm, asking not to be quoted. The source said the PEs have billions of dollars of dry powder (capital available for deployment) for investment in Indian companies ? provided the valuations sought by the Indian companies are realistic.

Healthcare, consumer retail, and technology are top investment destinations for the PEs, and Adani Wilmar fits the bill as a consumer product company, said the source. The Adani group and Wilmar International declined to comment. In an event held last week, Adani Group Chief Financial Officer Jugeshinder Singh said the group is currently studying whether to keep or divest the Wilmar stake.

Adani owns a 44% stake in the company and may retain a small stake, the source said. Both the Adani and Wilmar stake is worth INR 226,130 million each ? taking into account the market valuation as on Dec.

06, 2023.