AWL Agri Business Limited

AWL Agri Business Limited, known at the time of its public issue as Adani Wilmar Limited, was incorporated in 1999 as a joint venture between the Adani Group and Singapore's Wilmar Group. The company is a diversified FMCG food business whose flagship brand, Fortune, is the largest-selling edible oil brand in India. Beyond edible oils, the company's product range covers packaged staples such as wheat flour, rice, pulses and sugar, along with a set of industrial essentials used by other manufacturers. At the time of listing the company operated a manufacturing network of 22 plants spread across 10 Indian states, supporting a nationwide distribution footprint. Edible oils historically made up the majority of revenue, with the balance coming from its expanding foods and industrial-essentials categories, reflecting a gradual diversification away from a pure commodity-oil business toward a broader packaged-foods portfolio. The company's public issue was entirely a fresh issue, with proceeds directed largely at capacity expansion and debt reduction rather than an exit for existing shareholders. Since listing, the ownership structure has changed: the Adani Group subsequently exited its stake and the company was renamed to AWL Agri Business Limited, with the Wilmar Group's affiliate continuing as a key shareholder.

Raised approximately Rs 940 crore from anchor investors ahead of the issue opening, with participation from sovereign and institutional investors including the Government of Singapore, the Monetary Authority of Singapore, Jupiter India Fund and HDFC Mutual Fund.