Wilmar International is set to become the majority owner of India-based AWL Agri after buying more shares from Adani Enterprises. The venture was originally Adani Wilmar until December when Adani Enterprises decided to focus on other sectors. Wilmar now holds 43.9% of AWL Agri and plans to acquire up to 63.9%.

AWL Agri reported a 22% revenue increase in the first quarter despite a 2% drop in volumes. Profit after tax fell 24% to Rs238m. The company operates 24 factories in 15 cities and spans edible oils, food products, and chemicals. Wilmar also recently acquired PZ Cussons’ stake in a Nigerian joint venture.

The deal will see Wilmar International hold between 54.9% and 63.9% of AWL Agri, with plans to bring in strategic partners for the remaining stake. Adani Enterprises will sell its 10.4% stake to pre-identified investors. Established in 1999, AWL Agri operates in Ahmedabad and has three divisions: edible oils, food products, and Industry Essentials.

Read more at Yahoo Finance: Wilmar to become AWL Agri majority shareholder