Singapore-based food giant Wilmar International Ltd. has announced that it will continue to support its joint venture with India’s Adani Group, despite recent allegations of widespread corporate allegations. The allegations, made by short-seller Hindenburg Research, have caused a stir among investors worldwide and led to steep falls in the companies’ share prices.
However, Wilmar stated in an email response to Bloomberg News that the day-to-day operations of Adani Wilmar Ltd. are managed by an independent team of professional managers, and the board is chaired by an independent director.
Adani Wilmar was recently listed on India’s National Stock Exchange and Bombay Stock Exchange. It also went through a full initial public offering process that was closely watched by regulators.
Since it was founded in 1999, the joint venture has become one of India’s fastest-growing packaged food companies. It sells essentials like edible oil, wheat flour, rice, pulses, and sugar. Wilmar provides commodity and consumer food product expertise, while Adani provides local logistical and regulatory support.
Wilmar is still confident in its Indian partner, Adani Wilmar, despite the recent accusations. They say they will continue to support Adani Wilmar. The joint venture has been running successfully for over two decades and has become one of India’s leading packaged food companies.
Abu Dhabi’s International Holding Co. has also said that it believes in Adani’s businesses by promising to invest about $400 million in a follow-on share sale at Adani Enterprises Ltd. This shows that despite the market turmoil, there are still investors who believe in Adani’s businesses and are willing to support them.
In conclusion, Wilmar International Ltd. and Abu Dhabi’s International Holding Co. have shown their commitment to the Adani Group, despite recent allegations of corporate malfeasance. The joint venture between Wilmar and Adani, Adani Wilmar Ltd., has been running successfully for over two decades and has become one of India’s leading packaged-food companies.
The companies’ support for Adani Group highlights the confidence they have in the billionaire’s businesses and their commitment to their joint venture.
