Adani Wilmar, the FMCG major that has grown to be the category leader through acquisitions, has set aside Rs 450 crore from its upcoming share sale to pursue additional acquisition-led growth opportunities, primarily in its non-edible oils business.

On January 27, the company, which is a joint venture between the Adani Group and Singapore's Wilmar Group, will launch a Rs 3,600-crore initial public offering.

According to a report by industry tracker Technopak, its flagship Fortune brand of edible oils is the category's best-selling brand, accounting for nearly a fifth of the organised market. Fortune is also one of the top five fastest growing packaged food companies in the country in terms of revenue. Also, the report states that Fortune owns 18.3 percent of the retail market, while runner-up brand Ruchi Soya owns about 8%.

The company operates 22 plants in ten states, with ten crushing units and nine refineries. Ten of the refineries are located near ports to facilitate the use of imported crude edible oil and reduce transportation costs, while the remaining refineries are located in the hinterland near raw material production bases to minimise storage costs. Additionally, as of September 2021, they have 36 leased tolling units.

Rupee depreciates by 19 paise to 74.62 against the US dollar.

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IPO: Adani Wilmar sets price band at Rs 218-Rs.230 per share