Dec 30 Reuters India39;s Adani group is exiting its consumer goods joint venture with Singapore39;s Wilmar International in a 2 billion deal as it looks to bolster its infrastructure business.

The divestment marks the Indian conglomerate39;s first major transaction since the U.S. indictment of its billionaire founder in November and will see Wilmar acquire the group39;s 31 stake in Adani Wilmar at a pershare price not exceeding 305 rupees.

The price is a 7.2 discount to Adani Wilmar as of Monday39;s close and values the portion being sold to Wilmar at 1.44 billion.

Adani will sell its remaining 13 stake in the edible oil maker in an offer for sale to comply with India39;s minimum public shareholding requirements, according to a company statement. Public shareholders already own about a 12 stake in Adani Wilmar.

Adani Group has been looking to exit the Wilmar business for quite some time as it does not align with the group39;s portfolio of being an infrastructure major, said Deven Choksey, managing director at DRChoksey Finserv.

The deal comes a month after U.S. authorities accused founder Gautam Adani and some top executives of being part of a scheme to pay bribes worth 265 million to secure Indian power supply contracts. The Adani group has called the charges baseless.

However, the indictment had major ripple effects as French oil major TotalEnergies to pause investments in the group, Adani Green shelved a 600 million bond issue, while credit rating agencies…