Mumbai/IBNS: Adani Enterprises Ltd. and Wilmar International Ltd. have reportedly postponed plans to sell at least 12 percent of their stake in Adani Wilmar Ltd., their Indian food venture, following a US bribery indictment involving billionaire founder Gautam Adani, Bloomberg reported, citing sources familiar with the matter.

The joint venture between India’s Adani Group and Singapore-based Wilmar International was preparing to initiate the stake sale this month to comply with local regulations requiring at least 25 percent of a company’s holding to be with non-promoters within three years of listing, according to the report.

Since Adani Wilmar went public in 2022, it has until February 2025 to meet this requirement. 

Currently, the majority owners hold a combined 86.8 percent stake, significantly exceeding the maximum permissible 75 percent.

Adani Wilmar’s shares fell 2 percent to Rs 291.45 as of 1:51 pm on Tuesday (Nov. 26) in Mumbai. 

Adani Wilmar plans to request an extension from India’s capital market regulator, citing the challenges posed by the US bribery allegations.

Sources indicated that completing the share sale before the February deadline would be extremely difficult under the current circumstances, according to Bloomberg. 

The delay comes in the wake of US federal prosecutors accusing Gautam Adani, Asia’s second-richest individual, and his associates of orchestrating a $250 million bribery scheme.

The Adani Group has strongly denied the allegations, calling them baseless, and stated that it will pursue legal remedies. 

This is the latest fallout for the Adani Group following the indictment.

France’s TotalEnergies SE, a 50 percent partner in Adani Total Gas Ltd., announced on Monday (Nov. 25) that it would suspend any new investments in the conglomerate until the implications of the US indictments are clarified. 

Representatives from Adani Group did not immediately respond to requests for comment, while Wilmar International declined to comment on the matter, as per the Bloomberg report. 

Adani Wilmar, known for its Fortune brand cooking oils, wheat flour, and other food products, now faces increasing scrutiny as it navigates regulatory and reputational challenges.