Adani Wilmar Ltd.’s day-to-day activities are overseen by an independent team of expert managers.
Wilmar International Ltd. will continue to back its joint venture with India’s troubled Adani Group, claiming that a report from short-seller Hindenburg Research identified no risks particular to the company.
Adani Wilmar Ltd.’s day-to-day activities are managed by an independent team of expert management, and the board is chaired by an independent director based in Singapore. Wilmar responded to inquiries from Bloomberg News via email. Wilmar adds expertise in the commodity and consumer-food-products businesses to the joint, while Adani provides local logistical and regulatory support, the firm said on Tuesday.
In recent days, the huge Adani Group, run by entrepreneur Gautam Adani, has been shaken to its core after Hindenburg Research accused the conglomerate of serious corporate misconduct, including market manipulation and accounting fraud. Despite Adani Group’s long defense, the charges have resulted in dramatic drops in the firms’ share values in a fierce fight that has enthralled investors worldwide.
“We will continue to support our Indian associate,” Wilmar said, adding that Adani Wilmar, which recently floated on India’s National Stock Exchange and Bombay Stock Exchange, has gone through a thorough initial public offering procedure under regulator inspection. The joint venture, which was established in 1999, is currently one of India’s fastest-growing packaged-food companies, supplying necessities such as edible oil, wheat flour, rice, lentils, and sugar.
Wilmar’s answer comes as Abu Dhabi’s International Holding Co. announced a $400 million investment in a follow-on share sale at Adani Enterprises Ltd., expressing faith in the billionaire’s enterprises amid market uncertainty.
