Wilmar International
Adani Wilmar - a joint venture between Wilmar International and the Adani Group - and Ruchi Soya Industries, a leading Indian consumer goods firm, are to form a new joint venture.
The new firm will manage their combined procurement, marketing, sales and distribution businesses for certain products such as grains and oil seeds. The aim is to cater to increasing food demand in India, driven by a growing population and rising per capita consumption levels.
Adani and Wilmar, through Adani Wilmar, will hold 66.66 per cent of the joint venture, while Ruchi Soya will hold 33.34 per cent. They have signed a non-binding term sheet.
A statement said the new integrated platform is expected to raise efficiency in produce handling and sales. It will also increase the range of high-quality finished products, as "distribution networks will be optimised to provide the highest standards of quality and handling, at the lowest cost possible".
Sembcorp Industries
Sembcorp Industries has been named as one of several defendants in a lawsuit filed in the United States by EIG Management Company and the funds under its management relating to an investment of more than US$221 million (S$305 million) in Sete Brasil. Sembcorp Marine is also named in the lawsuit.
Sembcorp Industries said that the lawsuit is groundless and without merit and that it will contest the action if served with a summons.
Trek 2000
The Commercial Affairs Department (CAD) is investigating the chief financial officer of technology firm Trek 2000.
The firm, which invented the thumb drive, said in a statement to the Singapore Exchange that its chief financial officer and executive director, Mr Gurcharan Singh, is assisting the CAD in an investigation of a possible offence under the Penal Code.
The company said that Mr Gurcharan was interviewed by the CAD yesterday and has been asked to produce all personal banking, diaries, notebooks, phone books, e-mail and other storage devices.
The CAD also requested information and data relating to the company's financial performance from financial years 2011 to 2015, as well as all documents relating to transactions with Taiwanese manufacturing firm Unimicron Technology and Indian sign manufacturer Colite Technology.
