A report from short-seller Hindenburg Research did not raise any issues specific to the unit, and Wilmar International Ltd. will continue to support its joint venture with India's under-fire Adani Group.
The day-to-day operations of Adani Wilmar Ltd. are led 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 from Bloomberg News. Wilmar is the head of the company and Adani provides local logistical and regulatory support, while Wilmar contributes expertise on the commodity and consumer-food products businesses.
The expanding Adani Group, controlled by the tycoon Gautam Adani, has been rocked to its core in recent days after Hindenburg Research accused the conglomerate of widespread corporate malfeasance, including market manipulation and accounting fraud. The allegations have resulted in steep falls in share prices despite a lengthy rebuttal from Adani Group, which has resulted in a bitter showdown between investors worldwide.
Wilmar added that we will continue to support our Indian associate, adding that Adani Wilmar, which was recently listed India's National Stock Exchange and Bombay Stock Exchange, had undergone a full public offering process under the scrutiny of regulators. The joint-venture was founded in 1999 and is now one of India's fastest growing packaged-food companies, supplying essentials such as edible oil, wheat flour, rice, pulses, and sugar.
Wilmar's response came after Abu Dhabi s International Holding Co. pledged to invest about $400 million in a follow-on share sale at Adani Enterprises Ltd., voicing confidence in the billionaire's businesses despite market turmoil.
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