MUMBAI, Jan 21 (Reuters) - India"s leading edible oil refiner Adani Wilmar has set the indicative price band for its initial public offering (IPO) of shares at between 218 rupees and 230 rupees apiece, according to a marketing term sheet for the offering reviewed by Reuters. The IPO, which will open for bidding on Jan. 27, will value the 50-50 joint venture between Singapore agribusiness Wilmar International (WLIL.SI) and Indian conglomerate Adani Group (ADEL.NS) at 299 billion rupees ($4.01 billion) at the top end of the price range. The firm has cut the IPO size to 36 billion rupees from 45 billion rupees announced in 2021. Adani Wilmar sells kitchen commodities such as edible oil and wheat in India under a diverse range of brands. ($1 = 74.5150 Indian rupees)