Wilmar International Ltd will continue to support its joint venture with Adani Group
- ByStartupStory | January 31, 2023
Wilmar International Ltd. said it will continue to support its joint venture with India’s troubled Adani Group, despite a report from short-seller Hindenburg Research that found no issues with the unit.
Adani Wilmar Ltd.’s day-to-day operations are managed by an independent team of professional managers, and the board is chaired by an independent Singapore-based director.
Wilmar responded to Bloomberg News’ questions via email. Wilmar contributes commodity and consumer-food-products expertise to the venture, while Adani provides local logistical and regulatory support, the company said on Tuesday.
In recent days, the sprawling Adani Group, controlled by tycoon Gautam Adani, has been shaken to its core after Hindenburg Research accused the conglomerate of widespread corporate malfeasance, including market manipulation and accounting fraud. Despite Adani Group’s lengthy rebuttal, the allegations have resulted in steep drops in the companies’ share prices in a bitter showdown that has riveted investors worldwide.
Wilmar’s response 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 businesses despite market turmoil.
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