Indian company
Adani Wilmar Limited (AWL) is an Indian multinational food and beverage conglomerate based in Ahmedabad.[6] The company was founded in 1999 as a joint venture between Adani Enterprises and Wilmar International. It is India's largest processor of palm oil.[7][8][9] As of 2022, it had 22 plants located across 10 states in India.[10] It exports its products to the Middle East, Africa, and South East Asia.[11]
History
Adani Wilmar Ltd. was incorporated in 1999 as an equal joint venture between Adani Enterprises and Singapore based Wilmar International.[12][13]
Adani Wilmar's brand Fortune is an edible oils & foods brand.[12] Between 2014 and 2017, the company launched other packaged products such as rice, soya chunks, and flour under the same brand name.[14] Between 2019 and 2020, the company entered the personal care market under the brand Alife. During the same period, AWL entered the Ready to cook (RTC) products market.[11] As of 2021, the company had 18.3% market share of the branded edible oil market in India.[15][16]
Adani Wilmar opened its three-day initial public offering (IPO) on 27 January 2022 and the issue closed on 31 January 2022. The listing happened on 8 February 2022.[12]
Subsidiary, acquisition & joint ventures
In 1993, BEOL (Bangladesh Edible Oil Limited), was established in Dhaka, Bangladesh, as a 100% foreign-owned joint venture between Wilmar International of Singapore and Adani Group of India.[17]
In 2005, Adani Wilmar acquired Mantralayam[18] and Haldia plants (refining).[19][20][21] From 2006 to 2009, AWL acquired multiple crushing and refining units at Bundi, Shujalpur, Nagpur and Neemuch, it also acquired Rajshri Packagers (refining), Acalmar Oils and Fats and Satya Sai Agroils (refining).[22] In 2011, the AWL group acquired Alwar and Mundra castor units (Crushing, refining and industry essentials). It also acquired Gokul Refoils & Solvent (Edible oil refining co.). In 2018, the AWL group acquired Refinery from Louis Dreyfus Commodities, Edible oil refinery from Cargill and Rice plants from Ferozepur Foods. Joint ventures of AWL include KOG-KTV Foods Pvt ltd, KTV Health Foods Pvt. Ltd and Visakha Polyfab Pvt Ltd.[22]
In 2022, Adani Wilmar acquired Kohinoor, Trophy Royale, and Charminar rice brands from Mccormick & company.[23]
Social responsibility
Adani Wilmar Limited, along with Adani Foundation, the CSR arm of Adani Group runs Fortune SuPoshan initiative to work for malnutrition and anemic children.[24][25]
Criticism and controversies
In 2016, the Government of Maharashtra released an official statement indicating that Adani Wilmar had contravened the regulations established by the Food and Drug Administration, Maharashtra State while promoting its blended edible vegetable oil, known as Fortune Vivo. The company had made claims about the oil's medicinal attributes, including its ability to regulate diabetes. Madan Yerawar, Minister of State for FDA, a raid on Adani Wilmar's storage facility in Panvel was carried out after identifying deceptive information printed on both product advertisements and packaging.[26]
The Adani Group is also developing a major port in Myanmar, leasing land from a corporation owned by the Myanmarse military."[27]
In August 2021, SEBI put a hold on Adani Wilmar's IPO.[28][29] While SEBI did not provide a specific reason for the hold, reports from the media indicate that the IPO was halted due to a Foreign Portfolio Investment (FPI) investigation into the flagship company of the Adani group, Adani Enterprises.[30]
In June 2022, C4ADS said in its report that food companies including Adani Wilmar "continue to enable forced labor through their indiscriminate import of tainted palm oil".[31]
On 9 February 2023, Himachal Pradesh Excise Department raided company warehouses in the state.[32]
Environmental impact
The nonprofit Adani Watch says that "through its joint venture with Wilmar, Adani is a major refiner and trader in palm oil, an industry responsible for devastating huge areas of rainforest in South-East Asia.[27]
In February 2023, Adani Wilmar's joint venture with KTV Group, was penalised by the Indian supreme court for violations of coastal regulations in Tamil Nadu. The company had constructed an oil storage facility and pipeline and it was claimed by local fisherman that oil leaks from the 7 kilometer pipeline were killing fish in the area. The court ordered that the facility be demolished.[33]
₹58,446.20 crore (US$7.3 billion) (2023)[3]
₹1,302.50 crore (US$160 million) (2023)