Food giant Wilmar International Ltd will continue to support its joint venture with India’s under-fire Adani Group, saying a report by short-seller Hindenburg Research has raised no specific issues for the unit.
The daily operations of Adani Wilmar Ltd are managed by an independent team of professional managers and the board is chaired by an independent director, Singapore-based Wilmar said in an emailed response to questions on the company. Bloomberg news. In running the venture, Wilmar contributes expertise on commodity and consumer-food-products businesses, while Adani provides local logistics and regulatory support, the company said on Tuesday.
Spread Adani Groupcontrolled by tycoon Gautam Adani, has gotten to its core in recent days after Hindenburg Research alleged massive corporate improprieties, including market manipulation and accounting fraud. The allegations have prompted a sharp drop in the companies’ share prices despite lengthy denials from the Adani Group, in a bitter showdown among investors across the globe.
“We will continue to support our Indian partner,” Wilmar said. Adani Wilmar, which recently listed on India’s National Stock Exchange and Bombay Stock Exchange, went through a full initial public offering process under the scrutiny of regulators. . was incorporated in 1999, and is now one of India’s fastest growing packaged-food companies, supplying essential commodities like edible oil, wheat flour, rice, pulses and sugar.
Wilmar’s response comes as Abu Dhabi’s International Holding Co has pledged to invest $400 million in a follow-on share sale in Adani Enterprises Ltd, voicing confidence in the billionaire’s business despite market turmoil.
The text of this story is published from a wire agency feed without any modification. Only the headline has been changed.
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