Food Giant Wilmar Vows to Stand By Venture With Adani Group
- Hindenburg report hasn’t raised issues at unit, Wilmar says
- Other partners weighed in, including TotalEnergies and Posco
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Food giant Wilmar International Ltd. will continue to support its joint venture with India’s under-fire Adani Group, saying a report from short-seller Hindenburg Research had not raised any issues specific to the unit.
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, Singapore-based Wilmar said in an emailed response to questions from Bloomberg News. In running the venture, Wilmar contributes expertise on the commodity and consumer-food-products businesses, while Adani provides local logistical and regulatory support, the company said on Tuesday.