According to individuals familiar with the subject, Adani Group is in talks to sell its whole 43.97% share in Adani Wilmar Ltd., the company that owns the Fortune brand of packaged groceries and edible oils, to a number of multinational consumer goods corporations. They stated that a transaction will probably be completed in a month.

According to the ports-to-renewable energy giant, Wilmar International, based in Singapore, owns 43.97% of the business, and it is anticipating to pay $2.5–3 billion for a share in the joint venture.

As of Sunday’s publication time, emails addressed to Adani Group and Adani Wilmar have not received a response.

Wilmar International did not provide a statement.

Adani Wilmar‘s market value is Rs 41,258 crore ($4.96 billion) after its share price dropped from Rs 488 in mid-May to Rs 317.45 on Friday.

“Adani Group will exit a few businesses to invest more deeply in core focus areas such as infrastructure,” a senior executive stated. He stated, “Plans to disinvest its stake in Adani Wilmar are along these lines,” and added that the money raised from the anticipated sale will probably go toward investments in other group companies rather than debt reduction.

One of the biggest companies in the edible oil market is Adani Wilmar. On revenue of Rs 55,262 crore, the company declared a net profit of Rs 607 crore for the previous fiscal year.

Since the Hindenburg short-seller report on the group earlier this year caused the abrupt cancellation of a planned share sale in the flagship Adani Enterprises and caused a $150 billion wealth erosion for investors, the group’s promoters have been considering stake sales in non-core assets to create a liquidity buffer. Since then, the majority of the share price losses have been made up by the group firms.

The promoters of the Adani group firm reportedly held talks with a number of consumer products companies to sell their full ownership in the joint venture company for $2.5-3 billion, which resulted in a nearly 1% increase in Adani Wilmar Ltd shares during Monday’s trading. The Adani Wilmar stock increased by 0.80% to a peak of Rs 320 in the wake of the event. In comparison to Friday’s Rs 41,258.30 crore, the company’s market capitalization at this pricing was 41,401.26 crore. The share has recently increased in value following its October 26 52-week low of Rs 303.45.