Adani Enterprises Ltd. (AEL) Indian billionaire Gautam Adani is selling his entire 44 percent stake in Mumbai-listed Adani Wilmar in a $2 billion, multi-stage deal with partner Wilmar International, the Singapore-based palm oil giant founded by the Malaysian tycoon Robert Kuok is supported.

As part of the deal, AEL said it will sell an initial 13% stake in Adani Wilmar to meet the minimum shareholding required by Indian regulators and the remaining 31% stake in the edible oil maker to the Singapore-listed one Wilmar International will sell.

Adani Enterprises, Gautam Adani’s flagship company, is exiting the joint venture with Wilmar to focus on its core infrastructure businesses and use the deal proceeds to expand its renewable energy, transportation and logistics ventures.

“AEL will continue to invest in infrastructure sectors, which will further strengthen AEL’s position as India’s largest listed platform incubator, addressing key macro themes that underpin India’s growth story,” the company said in a statement on Monday. Adani Enterprises added that its board representatives will resign from Adani WIlmar, whose company name will eventually be changed.

With a market capitalization of approximately $5 billion, the partners have together built the largest consumer foods manufacturer in India, spanning edible oils, oleochemicals and staples such as rice, sugar and wheat. Adani Wilmar has 100% urban coverage and presence in over 30,600 rural towns in the subcontinent and exports to over 30 countries worldwide.

Adani Wilmar, which made its market debut in India in 2022, is among more than 10 joint venture companies owned and managed worldwide by Wilmar International, the palm oil giant founded in 1991 by Robert Kuok and his nephew Kuok Khoon Hong. With a real-time net worth of $11.5 billion, Kuok owns a valuable stake in the resources company, in addition to his shares in the Shangri-La hotel chain, real estate, shipping and logistics. Khoon Hong, chairman of Wilmar International, has a net worth of $3.8 billion.