Adani Wilmar Limited: Please Read Section 32 of The Companies Act, 2013

RED HERRING PROSPECTUS
Dated January 19, 2022

Please read Section 32 of the Companies Act, 2013
Book Built Issue
ADANI WILMAR LIMITED

Our Company was incorporated on January 22, 1999 in Ahmedabad, Gujarat as a public company under the Companies Act, 1956, as amended pursuant to a certificate of incorporation dated January 22, 1999 issued by Registrar of
Companies, Gujarat (“RoC”). Our Company commenced its operations pursuant to the certificate of commencement of business dated January 25, 1999 issued by the RoC. For details of registered office of our Company, see “History
and Certain Corporate Matters” beginning on page 170.
Registered and Corporate Office: Fortune House, Near Navrangpura Railway Crossing, Ahmedabad 380009, Gujarat, India
Contact Person: Darshil Lakhia, Company Secretary and Compliance Officer; Tel: +91-79-26455848
E-mail: [email protected]; Website: www.adaniwilmar.com
Corporate Identity Number: U15146GJ1999PLC035320
OUR PROMOTERS: ADANI ENTERPRISES LIMITED, ADANI COMMODITIES LLP AND LENCE PTE. LTD.
INITIAL PUBLIC OFFER OF UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹1 EACH (“EQUITY SHARES”) OF ADANI WILMAR LIMITED (“COMPANY” OR “ISSUER”) FOR CASH AT A PRICE
OF ₹ [●] PER EQUITY SHARE AGGREGATING UP TO ₹ 36,000 MILLION (“ISSUE”).
THE ISSUE INCLUDES A RESERVATION OF UP TO [●] EQUITY SHARES AGGREGATING UP TO ₹ 1,070 MILLION (CONSTITUTING UP TO [●]% OF THE POST-ISSUE PAID-UP SHARE CAPITAL)
FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (“EMPLOYEE RESERVATION PORTION”) AND A RESERVATION OF UP TO [●] EQUITY SHARES AGGREGATING UP TO ₹ 3,600 MILLION
(CONSTITUTING UP TO [●]% OF THE POST-ISSUE PAID-UP SHARE CAPITAL) FOR SUBSCRIPTION BY ELIGIBLE AEL SHAREHOLDERS (“SHAREHOLDER RESERVATION PORTION”). IN
ACCORDANCE WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED (THE “SEBI ICDR
REGULATIONS”), THE SHAREHOLDER RESERVATION PORTION SHALL NOT EXCEED 10% OF THE ISSUE SIZE. THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION AND THE
SHAREHOLDER RESERVATION PORTION IS HEREINAFTER REFERRED TO AS “NET ISSUE”. THE ISSUE AND NET ISSUE SHALL CONSTITUTE [●]% AND [●]%, RESPECTIVELY, OF THE POST-
ISSUE PAID-UP SHARE CAPITAL OF OUR COMPANY.
THE FACE VALUE OF EQUITY SHARES IS ₹1 EACH. THE PRICE BAND AND THE MINIMUM BID LOT SHALL BE DECIDED BY OUR COMPANY IN CONSULTATION WITH THE MANAGERS AND
WILL BE ADVERTISED IN ALL EDITIONS OF FINANCIAL EXPRESS, AN ENGLISH NATIONAL DAILY NEWSPAPER, ALL EDITIONS OF JANSATTA, A HINDI NATIONAL DAILY NEWSPAPER
AND REGIONAL EDITION OF JAI HIND, A GUJARATI NEWSPAPER, GUJARATI BEING THE REGIONAL LANGUAGE OF GUJARAT, WHERE OUR REGISTERED AND CORPORATE OFFICE IS
LOCATED, WITH WIDE CIRCULATION, AT LEAST TWO WORKING DAYS PRIOR TO THE BID/ISSUE OPENING DATE AND SHALL BE MADE AVAILABLE TO THE BSE LIMITED (“BSE”) AND
THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”, AND TOGETHER WITH BSE, THE “STOCK EXCHANGES”) FOR THE PURPOSE OF UPLOADING ON THEIR RESPECTIVE
WEBSITES IN ACCORDANCE WITH THE SEBI ICDR REGULATIONS.
In case of any revision in the Price Band, the Bid/Issue Period will be extended by at least three additional Working Days after such revision in the Price Band, subject to the Bid/Issue Period not exceeding 10 Working Days. In
cases of force majeure, banking strike or similar circumstances, our Company may, for reasons to be recorded in writing, extend the Bid/Issue Period for a minimum of three Working Days, subject to the Bid/Issue Period not
exceeding 10 Working Days. Any revision in the Price Band and the revised Bid/Issue Period, if applicable, shall be widely disseminated by notification to the Stock Exchanges, by issuing a public notice, and also by indicating
the change on the respective websites of the Managers and at the terminals of the Syndicate Members and by intimation to Designated Intermediaries and the Sponsor Banks, as applicable.
The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in
compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”), provided
that our Company may, in consultation with the Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of
which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation
in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder
of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 15% of the Net Issue
shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue shall be available for allocation to RIBs in accordance with the SEBI ICDR Regulations, subject to valid
bids being received at or above the Issue Price. All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of Issue
respective ASBA accounts, and UPI ID in case of RIBs using the UPI Mechanism, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as the case may be, to the
extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA process. For details, see “Issue Procedure” beginning on page 362.
RISKS IN RELATION TO THE FIRST ISSUE
This being the first public issue of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the Equity Shares is ₹1. The Floor Price, Cap Price and Issue Price should not be
considered to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active or sustained trading in the Equity Shares nor regarding the price at which the
Equity Shares will be traded after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Issue unless they can afford to take the risk of losing their entire investment. Investors are advised to read
the risk factors carefully before taking an investment decision in the Issue. For taking an investment decision, investors must rely on their own examination of our Company and the Issue, including the risks involved. The Equity
Shares in the Issue have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of this Red Herring Prospectus. Specific
attention of the investors is invited to “Risk Factors” beginning on page 21.
OUR COMPANY’S ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Red Herring Prospectus contains all information with regard to our Company and the Issue, which is material in the context
of the Issue, that the information contained in this Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held
and that there are no other facts, the omission or inclusion of which makes this Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect.
LISTING
The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received ‘in-principle’ approvals from BSE and NSE for the listing of the Equity Shares pursuant
to letters dated August 27, 2021 and August 20, 2021, respectively. For the purposes of the Issue, the Designated Stock Exchange shall be NSE. A copy of this Red Herring Prospectus and the Prospectus shall be delivered to the
RoC in accordance with Section 26(4) and 32 of the Companies Act 2013. For details of the material contracts and documents available for inspection from the date of this Red Herring Prospectus up to the Bid/Issue Closing Date,
see “Material Contracts and Documents for Inspection” beginning on page 385.
BOOK RUNNING LEAD MANAGERS
Kotak Mahindra Capital Company J.P. Morgan India Private Limited^ BofA Securities India Limited^ Credit Suisse Securities (India) Private ICICI Securities Limited^
Limited^ J.P. Morgan Tower, Off. C.S.T. Road Ground Floor, “A” Wing Limited^ ICICI Venture House
1st Floor, 27 BKC Kalina, Santacruz (East), One BKC, “G” Block 9th Floor, Ceejay House Plot F Appasaheb Marathe Marg, Prabhadevi
Plot No. 27, ‘G’ Block Mumbai 400 098 Bandra Kurla Complex Shivsagar Estate, Dr. Annie Besant Road Mumbai 400 025
Bandra Kurla Complex, Bandra (East) Maharashtra, India Bandra (East), Mumbai 400 051 Worli, Mumbai 400 018 Maharashtra, India
Mumbai 400 051 Tel: +91 22 6157 3000 Maharashtra, India Maharashtra, India Tel: +91 22 6807 7100
Maharashtra, India E-mail: [email protected] Tel: +91 22 6632 8000 Tel: +91 22 6777 3885 E-mail: [email protected]
Tel: +91 22 4336 0000 Website: www.jpmipl.com E-mail: [email protected] E-mail: [email protected] Website: www.icicisecurities.com
E-mail: [email protected] Investor Grievance ID: Website: www.ml-india.com Website: www.credit- Investor Grievance ID:
Website: https://investmentbank.kotak.com [email protected] Investor Grievance ID: suisse.com/in/en/investment-banking- [email protected]
Investor Grievance ID: Contact Person: Saarthak K Soni [email protected] apac/investment-banking-in-india/ipo.html Contact Person: Sumit Singh
[email protected] SEBI Registration Number: INM000002970 Contact Person: Abhrajeet Banerjee Investor Grievance ID: list.igcellmer- SEBI Registration Number: INM000011179
Contact Person: Ganesh Rane SEBI Registration Number: INM000011625 [email protected]
SEBI Registration Number: INM000008704 Contact Person: Abhishek Joshi
SEBI Registration Number: INM000011161
BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE ISSUE
HDFC Bank Limited BNP Paribas Link Intime India Private Limited
Investment Banking Group 1-North Avenue C 101, 247 Park
Unit 401 & 402, 4th Floor Maker Maxity, Bandra Kurla Complex L.B.S Marg
Tower B Peninsula Business Park Bandra (E), Mumbai 400 051 Vikhroli (West)
Lower Parel, Mumbai 400 013 Maharashtra, India Mumbai 400 083
Maharashtra, India Tel: +91 22 3370 4000 Maharashtra, India
Tel: +91 22 3395 8233 E-mail: [email protected] Tel: +91 22 4918 6200
E-mail: [email protected] Website: www.bnpparibas.co.in E-mail: [email protected]
Website: www.hdfcbank.com Investor Grievance ID: [email protected] Website: www.linkintime.co.in
Investor Grievance ID: [email protected] Contact Person: Soumya Guha Investor Grievance ID: [email protected]
Contact Person: Ravi Sharma / Harsh Thakkar SEBI Registration Number: INM000011534 Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INM000011252 SEBI Registration Number: INR000004058
BID/ISSUE PROGRAMME
BID/ISSUE OPENS ON* January 27, 2022
BID/ISSUE CLOSES ON** January 31, 2022
* Our Company in consultation with the Managers may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the
Bid/Issue Opening Date.
** Our Company in consultation with the Managers may consider closing the Bid/Issue Period for QIBs one Working Day prior to the Bid/Issue Closing Date in accordance with the SEBI ICDR Regulations.
^Kotak, JP Morgan, BofA Securities, Credit Suisse and I-Sec are also acting as the GCBRLMs.
(This page is intentionally left blank)
TABLE OF CONTENTS
SECTION I: GENERAL ........................................................................................................................................................... 1

DEFINITIONS AND ABBREVIATIONS .............................................................................................................................. 1
SUMMARY OF THIS RED HERRING PROSPECTUS ...................................................................................................... 12
CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA ......................... 17
FORWARD-LOOKING STATEMENTS ............................................................................................................................. 20
SECTION II: RISK FACTORS ............................................................................................................................................. 21
SECTION III: INTRODUCTION.......................................................................................................................................... 50
THE ISSUE............................................................................................................................................................................ 50
SUMMARY OF FINANCIAL INFORMATION .................................................................................................................. 51
GENERAL INFORMATION ................................................................................................................................................ 56
CAPITAL STRUCTURE ...................................................................................................................................................... 64
OBJECTS OF THE ISSUE .................................................................................................................................................... 71
BASIS FOR ISSUE PRICE ................................................................................................................................................... 92
STATEMENT OF SPECIAL TAX BENEFITS .................................................................................................................... 95
SECTION IV: ABOUT OUR COMPANY ............................................................................................................................ 98
INDUSTRY OVERVIEW ..................................................................................................................................................... 98
OUR BUSINESS ................................................................................................................................................................. 137
KEY REGULATIONS AND POLICIES ............................................................................................................................. 163
HISTORY AND CERTAIN CORPORATE MATTERS ..................................................................................................... 170
OUR MANAGEMENT ....................................................................................................................................................... 183
OUR PROMOTERS AND PROMOTER GROUP .............................................................................................................. 199
OUR GROUP COMPANIES ............................................................................................................................................... 205
DIVIDEND POLICY........................................................................................................................................................... 221
SECTION V: FINANCIAL INFORMATION .................................................................................................................... 222
RESTATED FINANCIAL STATEMENTS ........................................................................................................................ 222
OTHER FINANCIAL INFORMATION ............................................................................................................................. 284
FINANCIAL INDEBTEDNESS ......................................................................................................................................... 286
CAPITALISATION STATEMENT .................................................................................................................................... 288
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
............................................................................................................................................................................................. 289
SECTION VI: LEGAL AND OTHER INFORMATION .................................................................................................. 314
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS .......................................................................... 314
GOVERNMENT AND OTHER APPROVALS .................................................................................................................. 330
OTHER REGULATORY AND STATUTORY DISCLOSURES ....................................................................................... 332
SECTION VII: ISSUE INFORMATION ............................................................................................................................ 354
TERMS OF THE ISSUE ...................................................................................................................................................... 354
ISSUE STRUCTURE .......................................................................................................................................................... 359
ISSUE PROCEDURE .......................................................................................................................................................... 362
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES..................................................................... 378
SECTION VIII: DESCRIPTION OF EQUITY SHARES AND TERMS OF ARTICLES OF ASSOCIATION ......... 380
SECTION IX: OTHER INFORMATION ........................................................................................................................... 385
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ............................................................................. 385
DECLARATION ................................................................................................................................................................... 387
i
SECTION I: GENERAL
DEFINITIONS AND ABBREVIATIONS
This Red Herring Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or implies,
shall have the meaning as provided below. References to any legislation, act, regulation, rules, guidelines or policies shall be
to such legislation, act, regulation, rules, guidelines or policies as amended, supplemented or re-enacted from time to time, and
any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision.
The words and expressions used in this Red Herring Prospectus but not defined herein shall have, to the extent applicable, the
same meaning ascribed to such terms under the SEBI ICDR Regulations, the Companies Act, the SCRA, the Depositories Act
and the rules and regulations made thereunder. Further, Issue related terms used but not defined in this Red Herring Prospectus
shall have the meaning ascribed to such terms under the General Information Document. Notwithstanding the foregoing, the
terms used in “Industry Overview”, “Key Regulations and Policies”, “Statement of Special Tax Benefits”, “Financial
Information”, “Basis for Issue Price”, “Outstanding Litigation and Material Developments” and “Description of Equity
Shares and Terms of Articles of Association” beginning on pages 98, 163, 95, 222, 92, 314 and 380, respectively, shall have
the meaning ascribed to them in the relevant section.
General Terms
Term Description
“our Company” and “the Adani Wilmar Limited, a public limited company incorporated under the Companies Act, 1956 and having
Company” its Registered and Corporate Office at Fortune House, Near Navrangpura Railway Crossing, Ahmedabad
380 009, Gujarat, India
“we”, “us” or “our” Unless the context otherwise indicates or implies, refers to our Company together with our Subsidiaries
Company Related Terms
Term Description
ACL Adani Commodities LLP
Adani Group Adani Enterprises Limited and its group of companies
AEL Adani Enterprises Limited
“Articles of Association” or Articles of association of our Company, as amended
“AoA”
Associates Gujarat Agro Infrastructure Mega Food Park Private Limited and our Joint Ventures
We have disclosed our Joint Ventures as associates of our Company in accordance with the Companies
Act, 2013.
Audit Committee Audit committee of our Board, constituted in accordance with the applicable provisions of the Companies
Act, 2013 and the SEBI Listing Regulations, and as described in “Our Management” beginning on page
183
“Auditors” or “Statutory Statutory auditor of our Company, namely, M/s Shah Dhandharia & Co. LLP, Chartered Accountants
Auditors”
“Board” or “Board of Board of directors of our Company, as described in “Our Management” beginning on page 183
Directors”
Company Secretary and The company secretary and compliance officer of our Company, Darshil Lakhia. For details, see “General
Compliance Officer Information – Company Secretary and Compliance Officer” beginning on page 56
Corporate Social Corporate social responsibility committee of our Board, constituted in accordance with the applicable
Responsibility Committee provisions of the Companies Act, 2013, and as described in “Our Management” beginning on page 183
Director(s) Directors on our Board as described in “Our Management” beginning on page 183
Equity Shares Equity shares of face value of ₹1 each of our Company
Group Companies Companies as identified in “Our Group Companies” beginning on page 205
Independent Directors Independent directors on our Board, as described in “Our Management” beginning on page 183
IPO Committee IPO committee of our Board, as described in “Our Management” beginning on page 183
Joint Ventures The joint ventures of our Company, namely AWN Agro Private Limited, K.T.V. Health Food Private
Limited and Vishakha Polyfab Private Limited
“Key Managerial Personnel” or Key managerial personnel of our Company identified in accordance with Regulation 2(1)(bb) of the SEBI
“KMP” ICDR Regulations as described in “Our Management – Key Managerial Personnel” on page 195
LPL Lence Pte. Ltd.
Managing Director Managing director of our Company, Angshu Mallick. For details, see “Our Management” beginning on
page 183
1
Term Description
“Memorandum of Association” Memorandum of association of our Company, as amended
or “MoA”
Nomination and Remuneration Nomination and remuneration committee of our Board, constituted in accordance with the applicable
Committee provisions of the Companies Act, 2013 and the SEBI Listing Regulations, and as described in “Our
Management” beginning on page 183
Non-Executive Directors Non-executive directors on our Board, as described in “Our Management” beginning on page 183
Promoter Group Entities constituting the promoter group of our Company in terms of Regulation 2(1)(pp) of the SEBI
ICDR Regulations, as disclosed in “Our Promoters and Promoter Group” beginning on page 199
Promoters The promoters of our Company, namely Adani Enterprises Limited, Adani Commodities LLP and Lence
Pte. Ltd. For details, see “Our Promoters and Promoter Group” beginning on page 199
Registered and Corporate Fortune House, Near Navrangpura Railway Crossing, Ahmedabad 380009, Gujarat, India
Office
“Registrar of Companies” or Registrar of Companies, Ahmedabad, Gujarat
“RoC”
Restated Financial Statements Restated consolidated financial statements of our Company as at and for the six months ended September
30, 2021 and September 30, 2020 and the financial years ended March 31, 2021, March 31, 2020 and
March 31, 2019, comprising (i) the restated consolidated balance sheet for the six months ended September
30, 2021 and September 30, 2020 and the financial years ended March 31, 2021, March 31, 2020 and
March 31, 2019, (ii) the restated summary statements of profit and loss and the restated summary statement
of cash flows for the six months ended September 30, 2021 and September 30, 2020 and the financial
years ended March 31, 2021, March 31, 2020 and March 31, 2019, and (iii) notes thereto prepared in terms
of the requirements of Section 26 of Part I of Chapter III of the Companies Act, the SEBI ICDR
Regulations and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the
ICAI, as amended from time to time
SHA Shareholders’ agreement dated April 12, 1999 between Adani Exports Limited (now AEL) and Wilmar
Investments (Mauritius) Limited, as amended by the first amendment to shareholders’ agreement dated
March 29, 2014, deed of adherence dated March 30, 2017 and second amendment and termination
agreement dated July 30, 2021
Shareholders Holders of equity shares of our Company from time to time
Stakeholders Relationship Stakeholders relationship committee of our Board, constituted in accordance with the applicable provisions
Committee of the Companies Act, 2013 and the SEBI Listing Regulations, and as described in “Our Management”
beginning on page 183
Subsidiaries The subsidiaries of our Company, namely AWL Edible Oils and Foods Private Limited, Golden Valley
Agrotech Private Limited, Adani Wilmar Pte. Ltd., Leverian Holdings Pte. Ltd, Bangladesh Edible Oil
Limited and Shun Shing Edible Oil Ltd.
Wholetime Director Wholetime director on our Board as described in “Our Management” beginning on page 183
Wilmar Group Wilmar International Limited and its group of companies
Issue Related Terms
Term Description
Acknowledgement Slip The slip or document issued by the relevant Designated Intermediary to a Bidder as proof of registration
of the Bid cum Application Form
“Allot” or “Allotment” or Unless the context otherwise requires, the allotment of Equity Shares pursuant to the Issue
“Allotted”
Allotment Advice A note or advice or intimation of Allotment, sent to the successful Bidders who have been or are to be
Allotted the Equity Shares after the Basis of Allotment has been approved by the Designated Stock
Exchange
Allottee A successful Bidder to whom the Equity Shares are Allotted
Anchor Investor A Qualified Institutional Buyer, applying under the Anchor Investor Portion in accordance with the
requirements specified in the SEBI ICDR Regulations and this Red Herring Prospectus and who has Bid
for an amount of at least ₹100 million
Anchor Investor Allocation The price at which Equity Shares will be allocated to the Anchor Investors in terms of this Red Herring
Price Prospectus and the Prospectus, which will be decided by our Company in consultation with the Managers
Anchor Investor Application The application form used by an Anchor Investor to make a Bid in the Anchor Investor Portion and which
Form will be considered as an application for Allotment in terms of this Red Herring Prospectus and the
Prospectus
Anchor Investor Bid/Issue One Working Day prior to the Bid/ Issue Opening Date, on which Bids by Anchor Investors shall be
Period submitted and allocation to the Anchor Investors shall be completed
2
Term Description
Anchor Investor Issue Price The final price at which the Equity Shares will be Allotted to the Anchor Investors in terms of this Red
Herring Prospectus and the Prospectus, which will be a price equal to or higher than the Issue Price but not
higher than the Cap Price.
The Anchor Investor Issue Price will be decided by our Company in consultation with the Managers
Anchor Investor Portion Up to 60% of the QIB Portion which may be allocated by our Company in consultation with the Managers,
to the Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations.
One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid
Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in
accordance with the SEBI ICDR Regulations
“Application Supported by An application, whether physical or electronic, used by ASBA Bidders to make a Bid and authorizing an
Blocked Amount” or “ASBA” SCSB to block the Bid Amount in the ASBA Account and will include applications made by RIBs using
the UPI Mechanism where the Bid Amount will be blocked upon acceptance of UPI Mandate Request by
RIBs and Eligible AEL Shareholders Bidding under the Shareholder Reservation Portion (subject to the
Bid Amount being up to ₹ 200,000) using the UPI Mechanism
ASBA Account A bank account maintained with an SCSB by an ASBA Bidder, as specified in the ASBA Form submitted
by ASBA Bidders for blocking the Bid Amount mentioned in the relevant ASBA Form and includes the
account of an RIB which is blocked upon acceptance of a UPI Mandate Request made by the RIBs and
Eligible AEL Shareholders Bidding under the Shareholder Reservation Portion (subject to the Bid Amount
being up to ₹ 200,000) using the UPI Mechanism
ASBA Bid A Bid made by an ASBA Bidder
ASBA Bidders All Bidders except Anchor Investors
ASBA Form An application form, whether physical or electronic, used by ASBA Bidders to submit Bids, which will be
considered as the application for Allotment in terms of this Red Herring Prospectus and the Prospectus
Bankers to the Issue Collectively, Escrow Collection Bank, Public Issue Bank, Sponsor Banks and Refund Bank, as the case
may be
Basis of Allotment Basis on which Equity Shares will be Allotted to successful Bidders under the Issue and which is described
in “Issue Procedure” beginning on page 362
“Bid” or “Bidding” An indication to make an offer during the Bid/ Issue Period by an ASBA Bidder pursuant to submission of
the ASBA Form, or during the Anchor Investor Bid/ Issue Period by an Anchor Investor, pursuant to
submission of the Anchor Investor Application Form, to purchase the Equity Shares at a price within the
Price Band, including all revisions and modifications thereto as permitted under the SEBI ICDR
Regulations and in terms of this Red Herring Prospectus and the Bid cum Application Form. The term
“Bidding” shall be construed accordingly
Bid Amount The highest value of Bids indicated in the Bid cum Application Form and, in the case of RIBs Bidding at
the Cut off Price, the Cap Price multiplied by the number of Equity Shares Bid for by such RIBs and
mentioned in the Bid cum Application Form and payable by the Bidder or blocked in the ASBA Account
of the ASBA Bidder, as the case may be, upon submission of the Bid.
However, Eligible Employees applying in the Employee Reservation Portion can apply at the Cut-off Price
and the Bid Amount shall be Cap Price, multiplied by the number of Equity Shares Bid for by such Eligible
Employee and mentioned in the Bid cum Application Form
Eligible AEL Shareholders applying in the Shareholder Reservation Portion (subject to the Bid Amount
being up to ₹ 200,000) can apply at the Cut-off Price and the Bid Amount shall be Cap Price, multiplied
by the number of Equity Shares Bid for by such Eligible AEL Shareholder and mentioned in the Bid cum
Application Form
Bid cum Application Form Anchor Investor Application Form or the ASBA Form, as the context requires
Bid Lot [●] Equity Shares and in multiples of [●] Equity Shares thereafter
Bid/Issue Closing Date Except in relation to any Bids received from the Anchor Investors, the date after which the Designated
Intermediaries will not accept any Bids, which shall be published in all editions of Financial Express, an
English national daily newspaper, all editions of Jansatta, a Hindi national daily newspaper and regional
edition of Jai Hind, a Gujarati newspaper, Gujarati being the regional language of Gujarat, where our
Registered and Corporate Office is located, each with wide circulation.
Our Company in consultation with the Managers may, consider closing the Bid/Issue Period for QIBs one
Working Day prior to the Bid/Issue Closing Date in accordance with the SEBI ICDR Regulations. In case
of any revision, the extended Bid/Issue Closing Date shall also be notified on the websites of the Managers
and at the terminals of the Syndicate Members and communicated to the Designated Intermediaries and
the Sponsor Banks, which shall also be notified in an advertisement in the same newspapers in which the
Bid/Issue Opening Date was published, as required under the SEBI ICDR Regulations
Bid/ Issue Opening Date Except in relation to any Bids received from the Anchor Investors, the date on which the Designated
Intermediaries shall start accepting Bids, which shall be published in all editions of Financial Express, an
English national daily newspaper, all editions of Jansatta, a Hindi national daily newspaper and regional
edition of Jai Hind, a Gujarati newspaper, Gujarati being the regional language of Gujarat, where our
Registered and Corporate Office is located, each with wide circulation
3
Term Description
Bid/ Issue Period Except in relation to Anchor Investors, the period between the Bid/ Issue Opening Date and the Bid/ Issue
Closing Date, inclusive of both days, during which prospective Bidders can submit their Bids, including
any revisions thereof
Bidder Any prospective investor who makes a Bid pursuant to the terms of this Red Herring Prospectus and the
Bid cum Application Form and unless otherwise stated or implied, includes an Anchor Investor
Bidding Centres The centres at which the Designated Intermediaries shall accept the Bid cum Application Forms, i.e.,
Designated Branches for SCSBs, Specified Locations for the Syndicate, Broker Centres for Registered
Brokers, Designated RTA Locations for RTAs and Designated CDP Locations for CDPs
BNP BNP Paribas
BofA Securities BofA Securities India Limited
Book Building Process Book building process, as provided in Part A of Schedule XIII of the SEBI ICDR Regulations, in terms of
which the Issue is being made
“Book Running Lead The book running lead managers to the Issue, namely, HDFC and BNP
Managers” or “BRLMs”
Broker Centres Centres notified by the Stock Exchanges where ASBA Bidders can submit the ASBA Forms to a Registered
Broker.
The details of such Broker Centres, along with the names and the contact details of the Registered Brokers
are available on the respective websites of the Stock Exchanges (www.bseindia.com and
www.nseindia.com)
“CAN” or “Confirmation of Notice or intimation of allocation of the Equity Shares sent to Anchor Investors, who have been allocated
Allocation Note” the Equity Shares, on or after the Anchor Investor Bid/ Issue Period
Cap Price The higher end of the Price Band, subject to any revisions thereto, above which the Issue Price and the
Anchor Investor Issue Price will not be finalised and above which no Bids will be accepted
Cash Escrow and Sponsor Agreement dated January 19, 2022 entered into amongst our Company, the Managers, Syndicate Members,
Bank Agreement the Bankers to the Issue and Registrar to the Issue, inter alia, for the appointment of the Sponsor Banks in
accordance with the UPI Circulars, for collection of the Bid Amounts from Anchor Investors, transfer of
funds to the Public Issue Account and where applicable, remitting refunds of the amounts collected from
Anchor Investors, on the terms and conditions thereof
Client ID The client identification number maintained with one of the Depositories in relation to the demat account
“Collecting Depository A depository participant as defined under the Depositories Act registered with SEBI and who is eligible to
Participant” or “CDP” procure Bids from relevant Bidders at the Designated CDP Locations in terms of the SEBI circular number
CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 issued by SEBI as per the list available on
the websites of BSE and NSE, as updated from time to time
Credit Suisse Credit Suisse Securities (India) Private Limited
Cut-off Price The Issue Price, finalised by our Company in consultation with the Managers, which shall be any price
within the Price Band.
Only RIBs Bidding in the Retail Portion, Eligible Employees under the Employee Reservation Portion and
Eligible AEL Shareholders under the Shareholder Reservation Portion (subject to the Bid Amount being
up to ₹ 200,000) are entitled to Bid at the Cut-off Price. QIBs, Non-Institutional Bidders and Eligible AEL
Shareholders submitting Bid Amount of more than ₹ 200,000 under the Shareholder Reservation Portion
are not entitled to Bid at the Cut-off Price
Demographic Details Details of the Bidders including the Bidders’ address, name of the Bidders’ father/husband, investor status,
occupation, bank account details and UPI ID, wherever applicable
Designated Branches Such branches of the SCSBs which shall collect the ASBA Forms, a list of which is available on the website
of SEBI at https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes or at such other
website as may be prescribed by SEBI from time to time
Designated CDP Locations Such locations of the CDPs where Bidders can submit the ASBA Forms.
The details of such Designated CDP Locations, along with names and contact details of the CDPs eligible
to accept ASBA Forms are available on the respective websites of the Stock Exchanges
(www.bseindia.com and www.nseindia.com), as updated from time to time
Designated Date The date on which the Escrow Collection Bank transfers funds from the Escrow Account to the Public
Issue Account or the Refund Account, as the case may be, and the instructions are issued to the SCSBs (in
case of RIBs using UPI Mechanism, instruction issued through the Sponsor Banks) for the transfer of
amounts blocked by the SCSBs in the ASBA Accounts to the Public Issue Account, as the case may be, in
terms of this Red Herring Prospectus following which Equity Shares will be Allotted in the Issue after
finalization of the Basis of Allotment in consultation with the Designated Stock Exchange
Designated Intermediary(ies) In relation to ASBA Forms submitted by RIBs by authorising an SCSB to block the Bid Amount in the
ASBA Account, Designated Intermediaries shall mean SCSBs.
In relation to ASBA Forms submitted by RIBs where the Bid Amount will be blocked upon acceptance of
UPI Mandate Request by such RIB using the UPI Mechanism, Designated Intermediaries shall mean
Syndicate, sub-syndicate/agents, Registered Brokers, CDPs, SCSBs and RTAs.
4
Term Description
In relation to ASBA Forms submitted by QIBs and non-institutional Bidders, Designated Intermediaries
shall mean Syndicate, Sub-Syndicate/ agents, SCSBs, Registered Brokers, the CDPs and RTAs
Designated RTA Locations Such locations of the RTAs where Bidders can submit the ASBA Forms to RTAs. The details of such
Designated RTA Locations, along with names and contact details of the RTAs eligible to accept ASBA
Forms are available on the respective websites of the Stock Exchanges (www.bseindia.com and
www.nseindia.com), as updated from time to time
Designated Stock Exchange NSE
“Draft Red Herring The draft red herring prospectus dated August 2, 2021 issued in accordance with the SEBI ICDR
Prospectus” or “DRHP” Regulations, which does not contain complete particulars of the price at which the Equity Shares will be
Allotted and the size of the Issue, read with the corrigendum dated November 19, 2021 filed with SEBI
Eligible AEL Shareholders Individuals and HUFs who are the public equity shareholders of Adani Enterprises Limited, our Promoter
(excluding such persons who are not eligible to invest in the Issue under applicable laws) as on the date of
this Red Herring Prospectus.
The maximum Bid Amount under the Shareholder Reservation Portion by an Eligible AEL Shareholder
shall not exceed the Shareholder Reservation Portion
Eligible Employee(s) Permanent employees, working in India, of our Company or our Promoters or Subsidiaries and a Director
of our Company, whether whole time or not, as on the date of filing of this Red Herring Prospectus with
the RoC, who is eligible to apply under the Employee Reservation Portion under applicable law, but not
including Directors who either themselves or through their relatives or through any body corporate, directly
or indirectly, hold more than 10% of the outstanding Equity Shares of our Company.
The maximum Bid Amount under the Employee Reservation Portion by an Eligible Employee shall not
exceed ₹ 500,000. However, the initial Allotment to an Eligible Employee in the Employee Reservation
Portion shall not exceed ₹ 200,000. Only in the event of under-subscription in the Employee Reservation
Portion, the unsubscribed portion will be available for allocation and Allotment, proportionately to all
Eligible Employees who have Bid in excess of ₹ 200,000, subject to the maximum value of Allotment
made to such Eligible Employee not exceeding ₹ 500,000
Eligible NRI(s) NRI(s) from jurisdictions outside India where it is not unlawful to make an offer or invitation under the
Issue and in relation to whom the ASBA Form and this Red Herring Prospectus will constitute an invitation
to subscribe to or to purchase the Equity Shares
Employee Reservation Portion The portion of the Issue being up to [●] Equity Shares aggregating to ₹ 1,070 million, available for
allocation to Eligible Employees, on a proportionate basis
Escrow Account(s) The account(s) opened with the Escrow Collection Bank and in whose favour the Anchor Investors will
transfer money through NACH/direct credit/NEFT/RTGS in respect of the Bid Amount when submitting
a Bid
Escrow Collection Bank Bank which is a clearing member and registered with SEBI as a banker to an issue under the SEBI BTI
Regulations and with whom the Escrow Accounts has been opened, in this case being HDFC Bank Limited
First Bidder or Sole Bidder Bidder whose name shall be mentioned in the Bid cum Application Form or the Revision Form and in case
of joint Bids, whose name shall also appear as the first holder of the beneficiary account held in joint names
Floor Price The lower end of the Price Band, subject to any revision(s) thereto, not being less than the face value of
Equity Shares, at or above which the Issue Price and the Anchor Investor Issue Price will be finalised and
below which no Bids will be accepted
Fugitive Economic Offender An individual who is declared a fugitive economic offender under Section 12 of the Fugitive Economic
Offenders Act, 2018
“General Information The General Information Document for investing in public issues prepared and issued in accordance with
Document” or “GID” the SEBI circular no. SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17, 2020 and the UPI Circulars,
as amended from time to time. The General Information Document shall be available on the websites of
the Stock Exchanges and the Managers
“Global Co-ordinators and The global co-ordinators and book running lead managers to the Issue, namely, Kotak, JP Morgan, BofA
Book Running Lead Securities, Credit Suisse and I-Sec
Managers” or “GCBRLMs”
HDFC HDFC Bank Limited
I-Sec ICICI Securities Limited
Issue Initial public offer of up to [●] Equity Shares of face value of ₹1 each of our Company for cash at a price
of ₹ [●] per Equity Share aggregating up to ₹ 36,000 million. The Issue comprises the Net Issue, the
Employee Reservation Portion and the Shareholder Reservation Portion
Issue Price The final price at which Equity Shares will be Allotted to ASBA Bidders in terms of this Red Herring
Prospectus and the Prospectus. Equity Shares will be Allotted to Anchor Investors at the Anchor Investor
Issue Price, which will be decided by our Company, in consultation with the Managers, in terms of this
Red Herring Prospectus and the Prospectus.
The Issue Price will be decided by our Company in consultation with the Managers, on the Pricing Date in
accordance with the Book Building Process and this Red Herring Prospectus
5
Term Description
Issue Proceeds The proceeds of the Issue. For further information about use of the Issue Proceeds, see “Objects of the
Issue” beginning on page 71
JP Morgan J.P. Morgan India Private Limited
Kotak Kotak Mahindra Capital Company Limited
L&T Technology L&T Technology Services Limited
Managers Global Co-ordinators and Book Running Lead Managers and Book Running Lead Managers
Monitoring Agency HDFC Bank Limited
Monitoring Agency The Agreement dated January 19, 2022 entered into between our Company and the Monitoring Agency
Agreement
Mutual Fund Portion 5% of the Net QIB Portion, or [●] Equity Shares which shall be available for allocation to Mutual Funds
only on a proportionate basis, subject to valid Bids being received at or above the Issue Price
Net Issue The Issue, less the Employee Reservation Portion and Shareholder Reservation Portion
Net Proceeds Proceeds of the Issue less our Company’s share of the Issue expenses. For further details regarding the use
of the Net Proceeds and the Issue expenses, see “Objects of the Issue” beginning on page 71
Nielsen Nielsen (India) Private Limited
Net QIB Portion QIB Portion less the number of Equity Shares Allotted to the Anchor Investors
Non-Institutional Bidders All Bidders that are not QIBs or RIBs and who have Bid for Equity Shares for an amount of more than
₹200,000 (but not including NRIs other than Eligible NRIs)
Non-Institutional Portion The portion of the Issue being not less than 15% of the Net Issue consisting of [●] Equity Shares which
shall be available for allocation on a proportionate basis to Non-Institutional Bidders, subject to valid Bids
being received at or above the Issue Price or through such other method of allocation as may be introduced
under applicable law
Non-Resident Person resident outside India, as defined under FEMA
Offer Agreement Agreement dated August 2, 2021 entered amongst our Company and the Managers, pursuant to which
certain arrangements have been agreed to in relation to the Issue, as amended pursuant to the First
Amendment to the Offer Agreement dated January 14, 2022
Price Band The price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and the maximum price of ₹[●]
per Equity Share (Cap Price) including any revisions thereof.
The Price Band and the minimum Bid Lot size for the Issue will be decided by our Company in consultation
with the Managers, and will be advertised, at least two Working Days prior to the Bid/Issue Opening Date,
in all editions of Financial Express, an English national daily newspaper, all editions of Jansatta, a Hindi
national daily newspaper and regional edition of Jai Hind, a Gujarati newspaper, Gujarati being the regional
language of Gujarat, where our Registered and Corporate Office is located, each with wide circulation and
shall be made available to the Stock Exchanges for the purpose of uploading on their respective websites
Pricing Date The date on which our Company, in consultation with the Managers, will finalise the Issue Price
Prospectus The prospectus to be filed with the RoC on or after the Pricing Date in accordance with Section 26 of the
Companies Act, 2013 and the SEBI ICDR Regulations containing, inter alia, the Issue Price that is
determined at the end of the Book Building Process, the size of the Issue and certain other information,
including any addenda or corrigenda thereto
Public Issue Account Bank account opened with the Public Issue Bank, under Section 40(3) of the Companies Act, 2013 to
receive monies from the Escrow Account and ASBA Accounts on the Designated Date
Public Issue Bank Bank which is a clearing member and registered with SEBI as a banker to an issue and with which the
Public Issue Account has been opened, in this case being HDFC Bank Limited
QIB Portion The portion of the Issue (including the Anchor Investor Portion) being not more than 50% of the Net Issue
comprising [●] Equity Shares which shall be allocated to QIBs (including Anchor Investors), subject to
valid Bids being received at or above the Issue Price or Anchor Investor Issue Price (for Anchor Investors).
Our Company, in consultation with the Managers may allocate up to 60% of the QIB portion to Anchor
Investors on a discretionary basis
Qualified Institutional Buyers Qualified institutional buyers as defined under Regulation 2(1)(ss) of the SEBI ICDR Regulations
or QIBs or QIB Bidders
Red Herring Prospectus or This red herring prospectus dated January 19, 2022 issued by our Company in accordance with Section 32
RHP of the Companies Act, 2013 and the provisions of the SEBI ICDR Regulations, which does not have
complete particulars of the Issue Price and the size of the Issue, including any addenda or corrigenda
thereto. This Red Herring Prospectus will be filed with the RoC at least three Working Days before the
Bid/Issue Opening Date and will become the Prospectus upon filing with the RoC after the Pricing Date
Refund Account Account opened with the Refund Bank, from which refunds, if any, of the whole or part of the Bid Amount
to the Bidders shall be made
Refund Bank Bank which is a clearing member and registered with SEBI as a banker to an issue under the SEBI BTI
Regulations and with whom the Refund Account will be opened, in this case being HDFC Bank Limited
6
Term Description
Registered Brokers Stock brokers registered with SEBI and the stock exchanges having nationwide terminals, other than the
members of the Syndicate and eligible to procure Bids in terms of the SEBI circular number
CIR/CFD/14/2012 dated October 4, 2012 issued by SEBI
Registrar Agreement Agreement dated July 31, 2021 entered by and amongst our Company and the Registrar to the Issue, in
relation to the responsibilities and obligations of the Registrar to the Issue pertaining to the Issue
“Registrar and Share Transfer Registrar and share transfer agents registered with SEBI and eligible to procure Bids from relevant Bidders
Agents” or “RTAs” at the Designated RTA Locations as per the list available on the websites of BSE and NSE, and the UPI
Circulars
“Registrar to the Issue” or Link Intime India Private Limited
“Registrar”
“Retail Individual Bidder(s)” Individual Bidders, who have Bid for the Equity Shares for an amount not more than ₹200,000 in any of
or “RIB(s)” the bidding options in the Issue (including HUFs applying through their Karta and Eligible NRIs)
Retail Portion Portion of the Issue being not less than 35% of the Net Issue consisting of [●] Equity Shares which shall
be available for allocation to RIBs (subject to valid Bids being received at or above the Issue Price), which
shall not be less than the minimum Bid Lot subject to availability in the Retail Portion, and the remaining
Equity Shares to be Allotted on a proportionate basis
Revision Form Form used by the Bidders to modify the quantity of the Equity Shares or the Bid Amount in any of their
ASBA Form(s) or any previous Revision Form(s), as applicable.
QIB Bidders and Non-Institutional Bidders are not allowed to withdraw or lower their Bids (in terms of
quantity of Equity Shares or the Bid Amount) at any stage. RIBs can revise their Bids during the Bid/ Issue
Period and withdraw their Bids until Bid/ Issue Closing Date
Self-Certified Syndicate The banks registered with SEBI, which offer the facility of ASBA services, (i) in relation to ASBA, where
Bank(s) or SCSB(s) the Bid Amount will be blocked by authorising an SCSB, a list of which is available on the website of
SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 and updated
from time to time and at such other websites as may be prescribed by SEBI from time to time, (ii) in relation
to RIBs using the UPI Mechanism, a list of which is available on the website of SEBI at
https://sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40 or such
other website as may be prescribed by SEBI and updated from time to time.
Applications through UPI in the Issue can be made only through the SCSBs mobile applications (apps)
whose name appears on the SEBI website. A list of SCSBs and mobile application, which, are live for
applying in public issues using UPI mechanism is provided as Annexure ‘A’ to the SEBI circular number
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019. The said list is available on the website of SEBI
at https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43, as updated
from time to time
Shareholder Reservation The portion of the Issue being up to [●] Equity Shares aggregating to ₹ 3,600 million, available for
Portion allocation to Eligible AEL Shareholders, on a proportionate basis
Specified Locations Bidding Centres where the Syndicate shall accept ASBA Forms from Bidders
Sponsor Bank(s) HDFC Bank Limited and ICICI Bank Limited, each registered with SEBI as bankers to the Issue, appointed
by our Company to act as conduits between the Stock Exchanges and NPCI in order to push the mandate
collect requests and / or payment instructions of the RIBs using the UPI Mechanism and carry out other
responsibilities, in terms of the UPI Circulars
“Syndicate” or “Members of Collectively, the Managers and the Syndicate Members
the Syndicate”
Syndicate Agreement Agreement dated January 19, 2022 entered amongst our Company, the Managers, the Registrar and the
Syndicate Members, in relation to collection of Bids by the Syndicate
Syndicate Members Intermediaries registered with SEBI who are permitted to carry out activities as an underwriter, namely,
Kotak Securities Limited, HDFC Securities Limited and Sharekhan Limited
Systemically Important Non- Systemically important non-banking financial company as defined under Regulation 2(1)(iii) of the SEBI
Banking Financial Company ICDR Regulations
Technopak Technopak Advisors Private Limited
Technopak Report Report titled “Report on Indian Packaged Food Industry” dated November 1, 2021, issued by Technopak
and which has been commissioned by our Company
Underwriters [●]
Underwriting Agreement Agreement to be entered amongst our Company and the Underwriters to be entered into on or after the
Pricing Date but prior to filing of the Prospectus with the RoC
UPI Unified payments interface which is an instant payment mechanism, developed by NPCI
UPI PIN Password to authenticate UPI transaction
UPI Circulars SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018, SEBI circular
number SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, SEBI circular number
SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, SEBI circular number
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, SEBI circular number
SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019, SEBI circular number
7
Term Description
SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020, SEBI circular number
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 and SEBI circular number
SEBI/HO/CFD/DIL1/CIR/P/2021/47 dated March 31, 2021, SEBI circular number
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and any subsequent circulars or notifications
issued by SEBI in this regard
UPI ID ID created on the UPI for single-window mobile payment system developed by the NPCI
Wilful Defaulter A company or person, as the case may be, categorised as a wilful defaulter by any bank or financial
institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the RBI
UPI Mandate Request A request (intimating the RIB by way of a notification on the UPI linked mobile application as disclosed
by SCSBs on the website of SEBI and by way of an SMS on directing the RIB to such UPI linked mobile
application) to the RIB initiated by the Sponsor Banks to authorise blocking of funds on the UPI application
equivalent to Bid Amount and subsequent debit of funds in case of Allotment
UPI Mechanism The bidding mechanism that may be used by an RIB in accordance with the UPI Circulars to make an
ASBA Bid in the Issue
Working Day(s) All days on which commercial banks in Mumbai are open for business provided however, with reference
to (a) announcement of Price Band and (b) Bid/Issue Period, the term Working Day shall mean all days,
excluding Saturdays, Sundays and public holidays, on which commercial banks in Mumbai are open for
business and (c) the time period between the Bid/Issue Closing Date and the listing of the Equity Shares
on the Stock Exchanges, “Working Day” shall mean all trading days of the Stock Exchanges, excluding
Sundays and bank holidays, as per circulars issued by SEBI
Technical/Industry Related Terms or Abbreviations
Term Description
B2B Business-to-business
B2C Business-to-consumer
FMCG Fast-moving consumer goods
ISO International Organization for Standardization
MT Metric tons
ROCP Refined Oil in Consumer Packs
RSPO Roundtable on Sustainable Palm Oil
TPD Tonnes per day
Conventional and General Terms or Abbreviations
Term Description
₹/Rs./Rupees/INR Indian Rupees
AIFs Alternative Investments Funds, as defined in, and registered under the SEBI AIF Regulations
AGM Annual general meeting
AS or Accounting Standards Accounting standards issued by the ICAI
BSE BSE Limited
CAGR Compound annual growth rate
Category I AIF AIFs who are registered as “Category I Alternative Investment Funds” under the SEBI AIF Regulations
Category II AIF AIFs who are registered as “Category II Alternative Investment Funds” under the SEBI AIF Regulations
Category I FPIs FPIs who are registered as “Category I Foreign Portfolio Investors” under the SEBI FPI Regulations
Category III AIF AIFs who are registered as “Category III Alternative Investment Funds” under the SEBI AIF Regulations
Category II FPIs FPIs who are registered as “Category II foreign portfolio investors” under the SEBI FPI Regulations
CDSL Central Depository Services (India) Limited
CIN Corporate Identity Number
Companies Act or Companies Companies Act, 2013, along with the relevant rules made thereunder
Act, 2013
Companies Act, 1956 Companies Act, 1956, along with the relevant rules made thereunder
Depositories NSDL and CDSL
Depositories Act Depositories Act, 1996
DIN Director Identification Number
DP or Depository Participant A depository participant as defined under the Depositories Act
DP ID Depository Participant’s Identification
DPIIT Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry,
Government of India (formerly known as the Department of Industrial Policy and Promotion)
8
Term Description
DP ID Depository Participant Identification
DP/ Depository Participant Depository participant as defined under the Depositories Act
EBITDA Earnings before interest, taxes, depreciation and amortisation
EMI Equated Monthly Instalment
EPS Earnings Per Share
FDI Foreign direct investment
FDI Policy Consolidated Foreign Direct Investment Policy notified by the DPIIT by way of circular bearing number
DPIIT file number 5(2)/2020-FDI Policy dated October 15, 2020 effective from October 15, 2020
FEMA The Foreign Exchange Management Act, 1999, read with rules and regulations thereunder
FEMA Non-debt Instruments Foreign Exchange Management (Non-debt Instruments) Rules, 2019
Rules
FEMA Regulations The Foreign Exchange Management (Non Debt Instruments) Rules, 2019, the Foreign Exchange
Management (Mode of Payment and Reporting of Non Debt Instruments) Regulations, 2019 and the
Foreign Exchange Management (Debt Instruments) Regulations, 2019, as applicable
Financial Year/ Fiscal/Fiscal Unless stated otherwise, the period of 12 months ending March 31 of that particular year
Year/ FY
FPI(s) Foreign portfolio investors as defined under the SEBI FPI Regulations
FSSA Food Safety and Standards Act, 2006, read with rules and regulations thereunder
FSSAI Food Safety and Standards Authority of India
FVCI(s) Foreign venture capital investors as defined and registered under the SEBI FVCI Regulations
Gazette Gazette of India
GDP Gross domestic product
GoI or Government or Central Government of India
Government
GST Goods and services tax
IBC The Insolvency and Bankruptcy Code, 2016
ICAI The Institute of Chartered Accountants of India
ICSI The Institute of Company Secretaries of India
HUF Hindu Undivided Family
IFRS International Financial Reporting Standards
IFSC Indian Financial System Code
IMPS Immediate Payment Service
Ind AS/ Indian Accounting Indian Accounting Standards notified under Section 133 of the Companies Act, 2013 read with the
Standards Companies (Indian Accounting Standards) Rules, 2015
India Republic of India
Indian GAAP/ IGAAP Generally Accepted Accounting Principles in India notified under section 133 of the Companies Act and
read together with paragraph 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting
Standards) Amendment Rules, 2016
IPO Initial public offering
IST Indian Standard Time
IT Information Technology
IT Act The Income Tax Act, 1961
KYC Know your customer
LIBOR London Interbank Offered Rate
MCA Ministry of Corporate Affairs
MSMEs Micro, Small, and Medium Enterprises
Mutual Funds Mutual funds registered under the Securities and Exchange Board of India (Mutual Funds) Regulations,
1996
N/A Not applicable
NACH National Automated Clearing House
NAV Net Asset Value
NBFC Non-banking financial company
NEFT National Electronic Funds Transfer
9
Term Description
NPCI National Payments Corporation of India
NRI Person resident outside India, who is a citizen of India or a person of Indian origin, and shall have the
meaning ascribed to such term in the Foreign Exchange Management (Deposit) Regulations, 2016 or an
overseas citizen of India cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955
NSDL National Securities Depository Limited
NSE National Stock Exchange of India Limited
OCB or Overseas Corporate A company, partnership, society or other corporate body owned directly or indirectly to the extent of at
Body least 60% by NRIs including overseas trusts, in which not less than 60% of beneficial interest is irrevocably
held by NRIs directly or indirectly and which was in existence on October 3, 2003 and immediately before
such date had taken benefits under the general permission granted to OCBs under FEMA. OCBs are not
allowed to invest in the Issue
p.a. Per annum
P/E Price/earnings
P/E Ratio Price to Earnings ratio
PAN Permanent Account Number
PAT Profit after tax
PFA Act Prevention of Food Adulteration Act, 1954
PFA Rules Prevention of Food Adulteration Rules, 1955
RBI The Reserve Bank of India
RBI Act The Reserve Bank of India Act, 1934
Regulation S Regulation S under the U.S. Securities Act
RTGS Real Time Gross Settlement
Rule 144A Rule 144A under the U.S. Securities Act
SARFAESI Act The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
SCRA Securities Contracts (Regulation) Act, 1956
SCRR Securities Contracts (Regulation) Rules, 1957
SEBI Securities and Exchange Board of India constituted under the SEBI Act
SEBI Act Securities and Exchange Board of India Act, 1992
SEBI AIF Regulations Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
SEBI BTI Regulations Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994
SEBI FPI Regulations Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
SEBI FVCI Regulations Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000
SEBI ICDR Regulations Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
SEBI Listing Regulations Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015
SEBI Merchant Bankers Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992
Regulations
SEBI SBEB Regulations Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014
SEBI VCF Regulations Securities and Exchange Board of India (Venture Capital Fund) Regulations, 1996 as repealed pursuant to
the SEBI AIF Regulations
SME Small and Medium Enterprises
Stamp Act The Indian Stamp Act, 1899
State Government The government of a state in India
Stock Exchanges BSE and NSE
STT Securities transaction tax
Systemically Important NBFC Systemically important non-banking financial company as defined under Regulation 2(1)(iii) of the SEBI
ICDR Regulations
Takeover Regulations Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011
TAN Tax deduction account number
U.S. GAAP Generally Accepted Accounting Principles (as adopted by the U.S. Securities and Exchange Commission)
U.S. Holder A beneficial owner of Equity Shares that is for United States federal income tax purposes: (a) an individual
who is a citizen or resident of the United States; (b) a corporation organised under the laws of the United
States, any state thereof or the District of Columbia; (c) an estate whose income is subject to United States
10
Term Description
federal income taxation regardless of its source; or (d) a trust that (1) is subject to the primary supervision
of a court within the United States and the control of one or more U.S. persons for all substantial decisions
of the trust, or (2) has a valid election in effect under the applicable U.S. Treasury regulations to be treated
as a U.S. person
U.S. Securities Act United States Securities Act of 1933, as amended
U.S./USA/United States United States of America
USD or US$ United States Dollars
VCFs Venture Capital Funds as defined in and registered with SEBI under the SEBI VCF Regulations
11
SUMMARY OF THIS RED HERRING PROSPECTUS
The following is a general summary of the terms of the Issue and is neither exhaustive, nor purports to contain a summary of
all the disclosures in this Red Herring Prospectus, or all details relevant to prospective investors. This summary should be read
in conjunction with, and is qualified in its entirety by, the more detailed information appearing elsewhere in this Red Herring
Prospectus, including “Risk Factors”, “Objects of the Issue”, “Our Business”, “Industry Overview”, “Outstanding Litigation
and Material Developments”, “Description of Equity Shares and Terms of Articles of Association” and “Issue Procedure”
beginning on pages 21, 71, 137, 98, 314, 380 and 362 respectively.
Primary business of our Company
We offer a wide array of packaged foods, including edible oil, wheat flour, rice, pulses, besan, soya chunks, ready-to-cook
khichdi and sugar, under a diverse range of brands to cater to various price points, including “Fortune”, our flagship brand,
which is the largest selling oil brand in India (Source: Technopak Report). We also offer personal hygiene products, including
soaps, handwash and sanitizers, and various industry essentials, including oleochemicals, castor oil and its derivatives and de-
oiled cakes.
Primary Industry in which our Company operates
We operate in the following industries:
• packaged food industry. We are one of the fastest growing packaged food companies in India, based on the growth in
revenues during the last five years (Source: Technopak Report);
• packaged edible oil industry. As of March 31, 2021, the Refined Oil in Consumer Packs (“ROCP”) market share of
our branded edible oil was of 18.3%, putting us as the dominant No. 1 edible oil brand in India (Source: Nielsen Retail
Index – MAT March 2021);
• personal care industry. We have introduced soaps, handwash and sanitizers;
• castor oil and derivatives industry; and
• oleochemical industry.
The information in the section “Industry Overview” has been derived from “Report on Indian Packaged Food Industry” dated
November 1, 2021, which has been commissioned on March 31, 2021 and paid for by our Company from Technopak Advisors
Private Limited (“Technopak”). For risks in relation to commissioned reports, see “Risk Factors – 56. We have used
information from an industry report which we commissioned and paid for, as well as other information reported by market
survey firms, for industry related data in this Red Herring Prospectus.” on page 42.
Technopak has experience of over 20 years of tracking the Indian trade and consumer behaviour, with a team of over 80
professionals and has provided industry reports in relation for the purposes of offer documents in multiple public market listings
and other fund raise initiatives.
Names of our Promoters
Our Promoters are Adani Enterprises Limited (“AEL”), Adani Commodities LLP (“ACL”) and Lence Pte. Ltd. (“LPL”).
Issue size
Issue of Equity Shares(1) Up to [●] Equity Shares aggregating up to ₹ 36,000 million

Employee Reservation Portion(2) Up to [●] Equity Shares aggregating up to ₹ 1,070 million
Shareholder Reservation Portion(3) Up to [●] Equity Shares aggregating up to ₹ 3,600 million
Net Issue Up to [●] Equity Shares aggregating up to ₹ [●] million
(1) The Issue has been authorized by a resolution of our Board of Directors at their meeting held on July 30, 2021 and by our Shareholders pursuant to a
special resolution passed on July 31, 2021.
(2) In the event of under-subscription in the Employee Reservation Portion (if any), the unsubscribed portion will be available for allocation and Allotment,
proportionately to all Eligible Employees who have Bid in excess of ₹200,000, subject to the maximum value of Allotment made to such Eligible Employee
not exceeding ₹500,000. The unsubscribed portion, if any, in the Employee Reservation Portion (after allocation of up to ₹500,000), shall be added to
the Net Issue. For further details, see “Issue Structure” beginning on page 359.
(3) The Shareholder Reservation Portion shall not exceed [●]% of the post-Issue paid-up Equity Share capital and in accordance with the SEBI ICDR
Regulations, shall not exceed 10% of the Issue size.
Objects of the Issue
Our Company proposes to utilise the Net Proceeds towards funding the following objects:
Objects Amount* (in ₹ million)

Capital Expenditure 19,000.00
Repayment/prepayment of our borrowings 10,589.00
12
Objects Amount* (in ₹ million)
Funding strategic acquisitions and investments 4,500.00
General corporate purposes(1) [●]
Total [●]
(1) To be finalized upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC. The amount utilised for general corporate
purposes shall not exceed 25% of the Net Proceeds.
Aggregate pre-Issue shareholding of Promoters and Promoter Group
The aggregate pre-Issue shareholding of our Promoters and Promoter Group as a percentage of the pre-Issue paid-up equity
share capital of our Company is set out below:
Sr. No. Name of the Shareholder Number of Equity Shares held(2) Percentage of the pre-Issue paid
up equity share capital (%)
Promoters
1. AEL Nil Nil
2. ACL(1) 571,474,430 50.00
3. LPL 571,474,430 50.00
Promoter Group
Nil
Total 1,142,948,860 100.00
(1) Includes 10,000 Equity Shares each held by Priti Gautam Adani, Dhaval Bhavik Shah jointly with Bhavik Bharat Shah, Pranav Vinod Adani, Shilin
Rajesh Adani, Karan Gautam Adani and Namrata Pranav Adani as nominees of ACL, aggregating to a total of 60,000 Equity Shares.
(2) Pursuant to a resolution passed by our Shareholders on May 5, 2021, our Company sub-divided the face value of its equity shares from ₹ 10 each to ₹ 1
each. Accordingly, the cumulative number of issued, subscribed and paid-up equity shares pursuant to sub-division is 1,142,948,860 Equity Shares of
face value of ₹ 1 each.
For further details, see “Capital Structure” beginning on page 64.
Summary of Financial Information
A summary of the financial information of our Company as per the Restated Financial Statements is as follows:
(in ₹ million)
Particulars As of and for the six months ended As of and for the Fiscal ended
September 30, 2021 September 30, 2020 March 31, 2021 March 31, 2020 March 31, 2019
Equity share capital 1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
Net worth(1) 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07
Total income 249,572.86 162,737.33 371,956.58 297,669.86 289,196.81
Profit after tax 3,571.33 2,887.89 7,276.49 4,608.72 3,755.21
Earnings per Share (₹ /
share)
- Basic 3.12 2.53 6.37 4.03 3.29
- Diluted 3.12 2.53 6.37 4.03 3.29
Net Asset Value per equity 31.95 25.01 28.86 22.49 18.47
share(2) (₹)
Total borrowings (as per 19,443.55 21,133.31 19,040.08 23,002.76 18,294.56
restated consolidated
balance sheet)
(1) Net worth means aggregate of equity share capital and other equity.
(2) Net Asset Value per equity share represents total equity as at the end of the fiscal year, as restated, divided by the number of Equity Shares outstanding at
the end of the period/year.
(3) Pursuant to a resolution passed by our Shareholders on May 5, 2021, our Company sub-divided the face value of its equity shares from ₹ 10 each to ₹ 1
each. Accordingly, the cumulative number of issued, subscribed and paid-up equity shares pursuant to sub-division is 1,142,948,860 Equity Shares of face
value of ₹ 1 each.
(4) The figures disclosed above for net asset value per equity share and earnings per share are based on the restated financial information of our Company,
as adjusted for the sub-division.
(5) Earnings per share for the six months ended is not annualized.
(6) Total borrowing does not include acceptances.
Qualifications by the Statutory Auditors which have not been given effect to in the Restated Financial Statements
The Restated Financial Statements do not contain any qualifications by the Statutory Auditors.
Summary of outstanding litigations and material developments
A summary of outstanding litigation proceedings involving our Company, Directors, Promoters and Subsidiaries, as on the date
of this Red Herring Prospectus is provided below:
13
Litigation involving our Company
S. No. Nature of Case Number of Amount involved

outstanding cases (in ₹ million)
Litigation against our Company
1. Criminal matters 2 -
2. Actions by regulatory/statutory authorities 156 -
3. Civil matters above the materiality threshold of ₹ 72.77 million 1 100.00
4. Civil matters below the materiality threshold of ₹ 72.77 million but otherwise 1 10.00
deemed material
5. Civil matters that are non-quantifiable but otherwise deemed material 3 -
6. Direct tax 7 126.65
7. Indirect Tax 24 667.18
Litigation by our Company
4. Indirect tax 57 4,412.61
Note: The amounts indicated above are approximate amounts and have been disclosed to the extent ascertainable.
Litigation involving our Directors

Litigation against our Directors
Litigation involving our Promoters

Litigation against our Promoters
2. Actions by regulatory/statutory authorities 1 50.00
3. Direct tax 26 1,476.27
4. Indirect Tax 28 2,667.47*
Litigation by our Promoters
2. Civil matters above the materiality threshold of ₹ 261.44 million 7 93,950.72**
4. Direct tax 12 122.36
5. Indirect Tax 71 10,362.98***
* This includes the ₹ 778.94 million deposited by AEL with the relevant tax authorities.
** This includes a counter claim of ₹ 510.00 million made by West Bengal Power Development Corporation Limited and a demand of ₹ 78,548 million made
by Mahaguj Collieries Limited. For details, see “Outstanding Litigation and Material Developments – Litigation involving our Promoters – Litigation
by Promoters – Civil litigation” on page 323.
*** This includes the ₹ 4,103.19 million deposited by AEL with the relevant tax authorities.
Litigation involving our Subsidiaries

Litigation by our Subsidiaries
1. Direct tax 9 283.92*
2. Indirect Tax 26 24.64**
* This includes claims amounting to BDT 326.35 million in direct tax matters involving Bangladesh Edible Oil and Shun Shing at the exchange rate of ₹
0.87 per BDT as on September 30, 2021.
** This includes claims amounting to BDT 14.99 million in indirect tax matters involving Bangladesh Edible Oil at the exchange rate of ₹ 0.87 per BDT as
on September 30, 2021.
For further details, see “Outstanding Litigation and Material Developments” beginning on page 314.
Risk factors
Investors should see “Risk Factors” beginning on page 21 to have an informed view before making an investment decision.
14
Summary of contingent liabilities and commitments
The details of our contingent liabilities are set forth in the table below:
(in ₹ million)
S. No. Particulars As at September 30, 2021
1. Bank guarantees favouring commercial taxes 69.73
2. Disputed customs duty 492.40
3. Commercial taxes 398.67
4. Income tax 477.74
5. Service tax and excise duty 321.88
Total 1,760.42
The details of our commitments are set forth in the table below:
(in ₹ million)
1. Capital commitment (net of advance) 1,660.34
Total 1,660.34
For further details, see “Restated Financial Statements – Notes forming part of the Restated Consolidated Financial Information
- Note 33: Contingent liabilities and Commitments” on page 261.
Summary of related party transactions

(in ₹ million)
Particulars As of and for the six months ended As of and for the Fiscal
September 30, 2021 September 30, 2020 March 31, 2021 March 31, 2020 March 31, 2019
Purchase of goods 46,979.83 22,159.54 57,554.90 36,787.14 52,029.38
Purchase of assets/upfront 29.41 0.13 3.59 11.11 910.29
charges for right
Purchase of license 45.11 2,311.41 2,328.47 6,372.02 2,271.41
(MEIS/SEIS)
Sale of goods 4,677.38 4,421.14 10,306.50 8,089.09 19,233.56
Lease rent paid 26.64 26.46 29.46 15.87 14.62
Rent paid 0.24 0.36 2.97 12.47 -
Rent received 0.16 0.19 0.38 0.38 0.49
Rendering of services 9.15 26.07 31.45 32.12 9.27
Receiving of services 483.79 470.47 1,036.64 1,101.60 572.72
Interest received 21.61 21.72 43.22 44.47 42.70
Sale of franchise rights 325.00 - - - -
Reimbursement of expenses 3.58 0.07 0.07 - 6.71
Loan given - 20.00 20.00 750.00 255.00
Loan received back - 21.19 21.19 750.00 200.00
Sitting fees to Non- 0.30 - - 0.03 0.16
Executive Directors
Remuneration 48.25 27.06 62.69 57.61 113.74
Purchase of equity shares 1,788.00 - - - -
Corporate responsibility 60.00 20.00 63.00 99.40 72.15
payment
For further details, see “Restated Financial Statements – Notes forming part of the Restated Consolidated Financial Information
- Note 37: Related Party Disclosures” beginning on page 263.
Financing Arrangements
There have been no financing arrangements whereby our Promoters, members of our Promoter Group, directors of our
Promoters, our Directors and their relatives have financed the purchase by any other person of securities of our Company (other
than in the normal course of business of the relevant financing entity) during a period of six months immediately preceding the
date of filing of the Draft Red Herring Prospectus and this Red Herring Prospectus.
Details of price at which specified securities were acquired in the three years preceding the date of this Red Herring
Prospectus
Our Shareholders, including our Promoters, ACL and LPL and members of our Promoter Group have not acquired any Equity
Shares in the three years preceding the date of this Red Herring Prospectus.
15
Weighted average price at which the Equity Shares were acquired by Shareholders in the one year preceding the date
of this Red Herring Prospectus
Our Shareholders have not acquired any Equity Shares in the one year preceding the date of this Red Herring Prospectus.
Weighted average price at which the Equity Shares were acquired by Shareholders in the three years preceding the date
of this Red Herring Prospectus
Our Shareholders have not acquired any Equity Shares in the three years preceding the date of this Red Herring Prospectus.
Average cost of acquisition of Equity Shares by our Promoters
The average cost of acquisition of Equity Shares held by our Promoters are set forth in the table below:
S. Name Number of Equity Shares acquired Average cost of Acquisition

No. per Equity Share (in ₹)*
1. ACL along with its nominees 571,474,430 12.675
2. LPL 571,474,430 6.156
*As certified by Shah Dhandharia & Co. LLP, Chartered Accountants, our Statutory Auditor, pursuant to the certificate dated January 19, 2022. The figures
disclosed above are adjusted for sub-division of equity shares of our Company pursuant to resolution passed by our Shareholders dated May 5, 2021.
Details of pre-IPO placement
Our Company does not contemplate any issuance or placement of Equity Shares from the date of this Red Herring Prospectus
until the listing of the Equity Shares.
Issue of equity shares for consideration other than cash in the last one year
Our Company has not issued any Equity Shares for consideration other than cash in the one year preceding the date of this Red
Herring Prospectus.
Split / Consolidation of Equity Shares in the last one year
Except as disclosed below, our Company has not undertaken a split or consolidation of the Equity Shares in the one year
preceding the date of this Red Herring Prospectus.
Date Particulars
May 5, 2021 Pursuant to a resolution passed by our Shareholders on May 5, 2021, our Company sub-divided the face value of its equity
shares from ₹10 each to ₹1 each. Accordingly, the cumulative number of issued, subscribed and paid-up equity shares
pursuant to sub-division is 1,142,948,860 Equity Shares of face value of ₹1 each.
For further details of split of equity shares in the last one year, see “Capital Structure – Notes to the capital structure - Equity
share capital history of our Company” beginning on page 64.
16
CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA
Certain Conventions
All references in this Red Herring Prospectus to “India” are to the Republic of India and all references to the “US”, “U.S.”
“USA” or “United States” are to the United States of America.
Unless otherwise specified, any time mentioned in this Red Herring Prospectus is in Indian Standard Time. Unless indicated
otherwise, all references to a year in this Red Herring Prospectus are to a calendar year. Further, unless stated otherwise, all
references to page numbers in this Red Herring Prospectus are to the page numbers of this Red Herring Prospectus.
Financial Data
Unless stated otherwise or the context otherwise requires, the financial data in this Red Herring Prospectus is derived from the
restated consolidated financial statements of our Company as at and for the six months ended September 30, 2021 and
September 30, 2020 and the financial years ended March 31, 2021, March 31, 2020 and March 31, 2019, comprising (i) the
restated consolidated balance sheet for the six months ended September 30, 2021 and September 30, 2020 and the financial
years ended March 31, 2021, March 31, 2020 and March 31, 2019, (ii) the restated summary statements of profit and loss and
the restated summary statement of cash flows for the six months ended September 30, 2021 and September 30, 2020 and the
financial years ended March 31, 2021, March 31, 2020 and March 31, 2019, and (iii) notes thereto prepared in terms of the
requirements of Section 26 of Part I of Chapter III of the Companies Act, the SEBI ICDR Regulations and the Guidance Note
on Reports in Company Prospectuses (Revised 2019) issued by the ICAI, as amended from time to time. For further information
on our Company’s financial information, see “Financial Information” beginning on page 222.
There are significant differences between Ind AS, Indian GAAP, US GAAP and IFRS. We do not in the ordinary course prepare
our financial statements as per IFRS or US GAAP and accordingly, we do not provide reconciliation of our financial information
to IFRS or US GAAP. Our Company has not attempted to explain those differences or quantify their impact on the financial
data included in this Red Herring Prospectus and it is urged that you consult your own advisors regarding such differences and
their impact on our Company’s financial data. For details in connection with risks involving differences between Ind AS, US
GAAP and IFRS see “Risk Factors – 66. Significant differences exist between Ind AS and other accounting principles, such as
Indian GAAP, IFRS and U.S. GAAP and IFRS, which may be material to investors’ assessment of our financial condition”. on
page 46. The degree to which the financial information included in this Red Herring Prospectus will provide meaningful
information is entirely dependent on the reader’s level of familiarity with Indian accounting policies and practices, the
Companies Act and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian accounting policies and
practices on the financial disclosures presented in this Red Herring Prospectus should accordingly be limited.
Unless the context otherwise indicates, any percentage or amounts, with respect to financial information of our Company in
this Red Herring Prospectus have been derived from the Restated Financial Statements.
Our Company’s Financial Year commences on April 1 and ends on March 31 of the next year. Accordingly, all references to a
particular Financial Year, unless stated otherwise, are to the 12-month period ended on March 31 of that year.
In this Red Herring Prospectus, any discrepancies in any table between the total and the sums of the amounts listed are due to
rounding off. All figures in decimals have been rounded off to the second decimal and all the percentage figures have been
rounded off to two decimal places. Further, any figures sourced from third-party industry sources may be rounded off to other
than two decimal points to conform to their respective sources.
Non-GAAP Financial Measures
Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial
performance have been included in this section and elsewhere in this Red Herring Prospectus. We compute and disclose such
non-GAAP financial measures and such other statistical information relating to our operations and financial performance as we
consider such information to be useful measures of our business and financial performance, and because such measures are
frequently used by securities analysts, investors and others to evaluate the operational performance of edible oil and food
manufacturing companies, many of which provide such non-GAAP financial measures and other statistical and operational
information when reporting their financial results. Such non-GAAP measures are not measures of operating performance or
liquidity defined by generally accepted accounting principles. These non-GAAP financial measures and other statistical and
other information relating to our operations and financial performance may not be computed on the basis of any standard
methodology that is applicable across the industry and therefore may not be comparable to financial measures and statistical
information of similar nomenclature that may be computed and presented by other companies in India or elsewhere.
Currency and Units of Presentation
All references to:
• “Rupees” or “₹” or “INR” or “Rs.” are to Indian Rupee, the official currency of the Republic of India;
• “USD” or “US$” or “$” are to United States Dollar, the official currency of the United States of America;
17
• “EUR” or “€” are to Euro, the official currency of the European Union;
• “GBP” or “£” are to British pound, the official currency of the United Kingdom;
• “SGD” is to Singapore Dollar, the official currency of Singapore;
• “RMB” or “¥” are to Renminbi, the official currency of the People’s Republic of China;
• “NZD” is to New Zealand Dollar, the official currency of New Zealand;
• “BDT” is to Bangladeshi Taka, the official currency of the People’s Republic of Bangladesh; and
• “CHF” is to Swiss franc, the official currency of Switzerland.
Except otherwise specified, our Company has presented certain numerical information in this Red Herring Prospectus in
“million” and “billion” units. One million represents 1,000,000 and one billion represents 1,000,000,000.
Figures sourced from third-party industry sources may be expressed in denominations other than millions or may be rounded
off to other than two decimal points in the respective sources, and such figures have been expressed in this Red Herring
Prospectus in such denominations or rounded-off to such number of decimal points as provided in such respective sources.
Exchange Rates
This Red Herring Prospectus contains conversion of certain other currency amounts into Indian Rupees that have been presented
solely to comply with the SEBI ICDR Regulations. These conversions should not be construed as a representation that these
currency amounts could have been, or can be converted into Indian Rupees, at any particular rate or at all.
The following table sets forth, for the periods indicated, information with respect to the exchange rate between the Rupee and
other currencies:
(in ₹)
Currency As at*
September 30, 2021 March 31, 2021 March 31, 2020 March 29, 2019
1 USD 74.26 73.50 75.38 69.17
1 EUR 86.14 86.10 83.05 77.70
1 GBP 99.86 100.95 93.08 90.48
1 SGD 54.62 54.43 53.01 51.13
1 RMB 11.51 11.17 10.65 10.32
1 NZD 51.19 51.13 44.91 47.25
1 BDT 0.87 0.86 0.89 0.83
1 CHF 79.43 77.69 78.32 69.52
Source: FBIL Reference Rate as available on https://www.fbil.org.in/, https://www.x-rates.com/ and https://www.exchangerates.org.uk/.
* Exchange rate as on March 29, 2019 considered as exchange rate is not available due to March 30, 2019 being a Saturday and March 31, 2019 being a
Sunday.
Industry and Market Data
Unless stated otherwise, industry and market data used in this Red Herring Prospectus has been obtained or derived from
publicly available information as well as industry publication and sources such as Nielsen (India) Private Limited and Kantar
WorldPanel. Further, the information has also been derived from the Technopak Report dated November 1, 2021, which has
been commissioned by our Company from Technopak. For risks in relation to commissioned reports, see “Risk Factors – 56.
We have used information from an industry report which we commissioned, as well as other information reported by market
survey firms, for industry related data in this Red Herring Prospectus.” on page 42.
Industry publications generally state that the information contained in such publications has been obtained from publicly
available documents from various sources believed to be reliable but their accuracy, completeness and underlying assumptions
are not guaranteed and their reliability cannot be assured. Although the industry and market data used in this Red Herring
Prospectus is reliable, the data used in these sources may have been re-classified by us for the purposes of presentation. Data
from these sources may also not be comparable.
In accordance with the SEBI ICDR Regulations, “Basis for Issue Price” beginning on page 92 includes information relating to
our peer group companies. Such information has been derived from publicly available sources. No investment decision should
be made solely on the basis of such information.
The extent to which the market and industry data used in this Red Herring Prospectus is meaningful depends on the reader’s
familiarity with and understanding of the methodologies used in compiling such data. There are no standard data gathering
methodologies in the industry in which business of our Company is conducted, and methodologies and assumptions may vary
widely among different industry sources.
18
Such data involves risks, uncertainties and numerous assumptions and is subject to change based on various factors, including
those discussed in “Risk Factors” beginning on page 21. Accordingly, investment decisions should not be based solely on such
information.
Disclaimer of Nielsen (India) Private Limited
This Red Herring Prospectus contains data and statistics provided by Nielsen, which is subject to the following disclaimer:
“Nielsen Information reflects estimates of market conditions based on samples, and is prepared primarily as a marketing
research tool for the industry. This information should not be viewed as a basis for investments and references to Nielsen should
not be considered as Nielsen’s opinion as to the value of any security or the advisability of investing in the company.”
Notice to Prospective Investors in the United States
The Equity Shares have not been recommended by any U.S. federal or state securities commission or regulatory authority.
Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Prospectus or
approved or disapproved the Equity Shares. Any representation to the contrary is a criminal offence in the United States. In
making an investment decision, investors must rely on their own examination of our Company and the terms of the Issue,
including the merits and risks involved. The Equity Shares have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so
registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity
Shares are being offered and sold (a) in the United States only to persons reasonably believed to be “qualified institutional
buyers” (as defined in Rule 144A under the U.S. Securities Act and referred to in this Prospectus as “U.S. QIBs”) in transactions
exempt from the registration requirements of the U.S. Securities Act and (b) outside the United States in compliance with
Regulation S and the applicable laws of the jurisdiction where those offers and sales are made. For the avoidance of doubt, the
term “U.S. QIBs” does not refer to a category of institutional investors defined under applicable Indian regulations and referred
to in this Prospectus as “QIBs”.
19
FORWARD-LOOKING STATEMENTS
This Red Herring Prospectus contains certain “forward-looking statements”. These forward-looking statements generally can
be identified by words or phrases such as “aim”, “anticipate”, “believe”, “expect”, “estimate”, “intend”, “objective”, “plan”,
“propose”, “project”, “will”, “will continue”, “will pursue” or other words or phrases of similar import. Similarly, statements
that describe our strategies, objectives, plans or goals are also forward-looking statements. All forward-looking statements are
subject to risks, uncertainties, expectations and assumptions about us that could cause actual results to differ materially from
those contemplated by the relevant forward-looking statement.
Actual results may differ materially from those suggested by forward-looking statements due to risks or uncertainties associated
with expectations relating to and including, regulatory changes pertaining to the industries in India in which we operate and our
ability to respond to them, our ability to successfully implement our strategy, our growth and expansion, technological changes,
our exposure to market risks, general economic and political conditions in India which have an impact on its business activities
or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign
exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in
domestic laws, regulations and taxes and changes in competition in the industries in which we operate.
Certain important factors that could cause actual results to differ materially from our expectations include, but are not limited
to, the following:
• unfavourable local and global weather patterns;
• availability of raw materials and arrangements with suppliers for raw materials;
• dependency on imports of raw materials;
• inability to manage our diversified operations given the three business categories we operate in;
• reduction in demand or in the production of edible oil products;
• fluctuations in the prices of our products; and
• fluctuations in the exchange rate between the Indian rupee and foreign currencies.
For details regarding factors that could cause actual results to differ from expectations, see “Risk Factors”, “Our Business” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages 21, 137 and
289, respectively. By their nature, certain market risk disclosures are only estimates and could be materially different from what
actually occurs in the future. As a result, actual gains or losses could materially differ from those that have been estimated.
There can be no assurance to Bidders that the expectations reflected in these forward-looking statements will prove to be correct.
Given these uncertainties, Bidders are cautioned not to place undue reliance on such forward-looking statements and not to
regard such statements to be a guarantee of our future performance.
Forward-looking statements reflect current views as on the date of this Red Herring Prospectus and are not a guarantee of future
performance. These statements are based on our management’s beliefs and assumptions, which in turn are based on currently
available information. Although we believe the assumptions upon which these forward-looking statements are based are
reasonable, any of these assumptions could prove to be inaccurate, and the forward-looking statements based on these
assumptions could be incorrect. Neither our Company, our Directors, the Managers nor any of their respective affiliates have
any obligation to update or otherwise revise any statements reflecting circumstances arising after the date hereof or to reflect
the occurrence of underlying events, even if the underlying assumptions do not come to fruition. In accordance with the SEBI
ICDR Regulations, our Company and the Managers will ensure that the Bidders in India are informed of material developments
until the time of the grant of listing and trading permission by the Stock Exchanges for the Issue.
20
SECTION II: RISK FACTORS
An investment in Equity Shares involves a high degree of risk. You should carefully consider all the information in this Red
Herring Prospectus, including the risks and uncertainties described below, before making an investment in our Equity Shares.
The risks described below are not the only ones relevant to us or our Equity Shares, the industry and segments in which we
currently operate or propose to operate. Additional risks and uncertainties, not presently known to us or that we currently deem
immaterial may also impair our businesses, results of operations, financial condition and cash flows. If any of the following
risks, or other risks that are not currently known or are currently deemed immaterial, actually occur, our businesses, results of
operations, financial condition and cash flows could suffer, the trading price of our Equity Shares could decline, and you may
lose all or part of your investment. To obtain a complete understanding of us, prospective investors should read this section in
conjunction with “Our Business”, “Industry Overview” and “Management’s Discussions and Analysis of Financial Condition
and Results of Operations” on pages 137, 98 and 289, respectively, as well as the financial, statistical and other information
contained in this Red Herring Prospectus. In making an investment decision, prospective investors must rely on their own
examination of us and the terms of the Issue including the merits and risks involved. You should consult your tax, financial and
legal advisors about the particular consequences to you of an investment in our Equity Shares.
To the extent the COVID-19 pandemic adversely affects our business and results of operations, it may also have the effect of
heightening many of the other risks described in this section.
Prospective investors should pay particular attention to the fact that our Company is incorporated under the laws of India and
is subject to a legal and regulatory environment, which may differ in certain respects from that of other countries. This Red
Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates and uncertainties. Our
actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors,
including the considerations described below and elsewhere in this Red Herring Prospectus. For details, see “Forward-
Looking Statements” on page 20.
Unless specified or quantified in the relevant risk factors below, we are not in a position to quantify the financial or other
implications of any of the risks described in this section. Unless the context requires otherwise, our financial information has
been derived from the Restated Financial Statements.
Internal Risk Factors
1. Our operations are dependent on the supply of large amounts of raw materials, such as unrefined palm oil,
soyabean oil and sunflower oil, wheat, paddy and oilseeds. Unfavourable local and global weather patterns may
have an adverse effect on the availability of raw materials. In addition, we do not have long term agreements with
suppliers for our raw materials. Any increase in the cost of, or a shortfall in the availability of, such raw materials
could have an adverse effect on our business and results of operations, and seasonable variations could also result
in fluctuations in our results of operations.
Our business depends on the availability of reasonably priced and high quality raw materials in the quantities required
by us. For example, we source certain raw materials from global suppliers. Predominantly, unrefined soybean oil is
imported from Argentina and Brazil, unrefined sunflower oil from Ukraine and Russia, and palm oil from Indonesia
and Malaysia. We also source wheat, paddy and oilseeds domestically, either directly from farmers or through agents
acting on behalf of them. For details, please see “Our Business – Our Business and Operations – Raw Materials and
Procurement” on page 155.
The price and availability of such raw materials depend on several factors beyond our control, including overall
economic conditions, production levels, market demand and competition for such materials, production and
transportation cost, duties and taxes and trade restrictions. Unfavourable local and global weather patterns, including
extremes such as drought, floods and natural disasters, may have an adverse effect on the availability of raw materials.
There is growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse
impact on global temperatures, weather patterns and the frequency and severity of extreme weather and natural
disasters. The availability of raw materials for our operations, which includes, amongst others, unrefined palm oil,
soya oil and sunflower oil, wheat, paddy and oilseeds may be adversely affected by longer than usual periods of heavy
rainfall in certain regions or a drought caused by weather patterns such as the El Nino. For example, natural disasters,
excessive rainfall or extended periods of dry weather will lead to a decrease in the overall yield of fresh fruit bunches
(“FFB”) at the oil palm plantations of our suppliers. Excessive rainfall may lead to poor pollination of palms, decrease
the effectiveness of fertilizers and affect harvesting, while drought may result in oil palm plantations forming fewer
FFB. Such events may have an adverse impact on the availability and prices of raw materials for our operations, which
may increase the costs of our operations as well as negatively affect our business, results of operations and financial
condition. Adverse weather conditions may also result in decreased availability of water, which could impact our
manufacturing operations.
In addition, we do not have long term supply contracts with any of our raw material suppliers and we typically place
orders with them in advance of our anticipated requirements. The absence of long term contracts at fixed prices exposes
us to volatility in the prices of raw materials that we require and we may be unable to pass these costs onto our
customers. We also face a risk that one or more of our existing suppliers may discontinue their supplies to us, and any
21
inability on our part to procure raw materials from alternate suppliers in a timely fashion, or on commercially
acceptable terms, may adversely affect our operations. If, for any reason, primary suppliers of raw materials curtail or
discontinue their delivery of such materials or products to us in the quantities we need, or on commercially acceptable
terms, production schedules could be disrupted and our business and results of operations could be adversely affected.
Additionally, the supply of raw materials for our business operations is subject to seasonal variations. For example,
the supply of raw materials which we procure domestically depends on the harvesting season of various crops, and
crushing operations peak in 3 to 4-month period after the harvesting season. Soya, for instance, is primarily harvested
in the month of November, with its peak crushing season being the months of November till February, whereas mustard
is typically harvested in the month of March with its peak crushing season being the months of March till June. As a
result of such seasonal fluctuations, and the fact that we do not have adequate storage infrastructure for off-season
sales and arbitrage, our sales and results of operations may vary by fiscal quarter, and the sales and results of operations
of any given fiscal quarter may not be relied upon as indicators of the sales or results of operations of other fiscal
quarters or of our future performance. Such seasonal fluctuations may also result in a shortfall in the availability of the
raw materials required for our business operations during certain periods, which could also have an adverse effect on
our business and results of operations.
2. We depend significantly on imports of raw materials/finished goods in addition to domestic supplies, and various
factors may result in an inadequate supply of raw materials/finished goods or result in an increase in our cost in
order to secure sufficient raw materials/finished goods to meet our operational requirements.
Although much of our raw materials/finished goods is imported from global suppliers which are typically reliable
suppliers, it is nevertheless possible for an inadequate supply of raw materials/finished goods of sufficient quality to
be caused by the default of the supplier, by import restrictions imposed by the Indian government or by export
restrictions imposed by governments of foreign countries where we import our raw materials/finished goods from, or
for any other reason, which could hamper our operations. For instance, the Indian government imposed restrictions on
imports of refined palm oil from Malaysia in early 2020, and while our operations were not affected as we import
crude palm oil (which was not restricted by the Indian government) rather than refined palm oil from Malaysia, any
similar restrictions imposed by the Indian government on the import of crude palm oil could have affected our
operations. Further, it is reported that Indonesia may stop exporting crude palm oil in the future. Additionally, we have
to estimate the transportation time for imports of raw materials/finished goods (especially raw materials/finished goods
from distant countries) several months in advance of the actual time that they are required by us, and any error in our
estimate or any change in market conditions by the time the raw materials/finished goods arrive may lead to a shortfall
in raw materials/finished goods. In such situations, it may not be possible to meet the raw material/finished goods
requirements for our edible oil production operations due to the low domestic production of edible oil raw
materials/finished goods in India. Even in situations where it is possible to meet our raw material/finished goods
requirements through domestic suppliers, this may result in an increase in our cost. With respect to our operations in
India, for the financial years 2019, 2020 and 2021 and the six months ended September 30, 2021, ₹111,555.86 million,
₹117,701.99 million, ₹150,701.83 million and ₹125,448.96 million, or 54.90%, 59.26%, 59.76% and 66.14% of our
cost of raw materials/finished goods was imported, respectively, and ₹91,654.13 million, ₹80,931.33 million and
₹101,488.35 million and ₹64,212.76 million, or 45.10%, 40.74%, 40.24% and 33.86% of our cost of raw
materials/finished goods was obtained through domestic suppliers, respectively. Although we may seek to pass on
some or all of the additional costs of raw materials/finished goods to customers, we cannot assure you that we will be
successful in doing so. This may adversely affect our results of operations, and consequently our sales and profitability.
3. We have a diverse range of products primarily in three business categories and our inability to manage our
diversified operations may have an adverse effect on our business, results of operations and financial condition.
We offer a diverse range of products primarily in three business categories: (i) edible oils such as soya oil, palm oil,
sunflower oil, groundnut oil, cottonseed oil, mustard oil, rice bran oil and specialty fats, (ii) food products such as
wheat flour, basmati rice, soya nuggets, pulses and besan and other FMCG products such as personal hygiene products,
and (iii) industry essentials such as de-oiled cakes, oleochemicals and castor oil and derivatives. As a result of operating
such diverse businesses, our management requires considerable expertise and skill to manage and allocate an
appropriate amount of time and attention to each business. Operating such diverse businesses also makes forecasting
future revenue and operating results difficult, which may impair our operations and your ability to assess our prospects.
In addition, our cost controls, internal controls, and accounting and reporting systems must be integrated and upgraded
on a continual basis to support our diversified businesses. In order to manage and integrate our diversified businesses
effectively, we will be required to, among other things, stay abreast with key developments in each geography in which
we operate, implement and continue to improve our operational, financial and management systems, develop the
management skills of our managers and continue to train, motivate and manage our employees. If we are unable to
manage our diversified operations, our business, results of operations and financial condition may be adversely
affected.
22
4. The COVID-19 pandemic has affected, and could continue to affect, the global economy as a whole and markets
in which we operate.
The COVID-19 pandemic has caused volatility in the global economy and significant shifts in the prices of raw
materials that we purchase as well as the prices of, and demand for, the products that we sell. Although the prices for
our products had risen due to them being food, industrial and essential commodities which are non-discretionary in
nature, as well as due to the increase in stockpiling of such products, we cannot assure you that the prices of our
products will not be adversely affected by the COVID-19 pandemic.
Government measures taken in response to the pandemic, including quarantine orders, as well as other indirect effects
that the COVID-19 pandemic is having on global economic activity have also resulted in operating and logistics risks
for us, and almost all industrial operations were impacted by changed protocols or working practices. Preventative
measures put in place to tackle the COVID-19 pandemic in any jurisdiction where we operate could impact in a
negative way on our operations. For example, due to the severe restrictions imposed during the COVID-19 pandemic
lockdown in India in 2020, we were only able to operate two of our largest plants, namely Mundra and Haldia. While
we were able to operate both plants at over 90% capacity, any further COVID-19 pandemic restrictions may
significantly curtail our operations. For instance, a complete lockdown may impact our supply chain for at least a few
days, which may result in a delay in the supply of our finished goods.
Further, the Food Safety and Standards Authority of India (“FSSAI”) has issued a guidance note on ‘Food Hygiene
and Safety Guidelines for Food Businesses during Coronavirus Disease (COVID-19) Pandemic’ (“FSSAI
Guidelines”) with an intent to provide guidance to food businesses like ours, including the personnel involved in
handling of food and other employees to prevent spread of COVID-19 in the work environment and any incidental
contamination of food/food packages. The FSSAI Guidelines mandates strict adherence to General Hygiene Practices
specified under Schedule 4 of Food Safety and Standards (Licensing and Registration of Food Businesses) Regulation,
2011. The schedule enumerates multiple compulsory measures to be adopted by food business operators in the interest
of human nutrition, safety and hygiene which may result in increased costs. Although we are currently in compliance
with the FSSAI Guidelines, any failure in the future to fully comply or adhere to the measures and guidelines set out
in the FSSAI Guidelines or any other similar regulations could lead to the imposition of penalties, fines or other
sanctions, which could have an adverse impact on our business.
The impact of the COVID-19 pandemic on our business going forward will depend on a range of factors which we are
not able to accurately predict, including the duration and scope of the pandemic, a repeat of the spike in the number of
COVID-19 cases, the geographies impacted, the impact of the pandemic on economic activity and the nature and
severity of measures adopted by governments, including restrictions on travel, mandates to avoid large gatherings and
orders to self-quarantine or shelter in place. For example, while the increased public awareness on hygiene as a result
of the COVID-19 pandemic has led to an increase in our branded sales in retail for oils such as ricebran oil, sunflower
oil and mustard oil which may be perceived to be healthier than other oils, the COVID-19 pandemic has also resulted
in a severe impact to our sales to the food service and hospitality industries. Further, COVID-19 pandemic restrictions
had initially disrupted our supply chains in the first half of 2020, resulting in:
• Increased transportation cost: Due to the lockdown, we were only able to operate two of our largest plants,
namely Mundra and Haldia, to cater to the overall market demand which continued up to May 2020. This led
to increased transportation costs. After May 2020, we resumed operations at all the plants across the country.
• Delayed shipments of imported crude edible oil: Due to the COVID-19 restrictions and safety and
quarantine guidelines, our shipments of imported unrefined edible oil were delayed, which led to an increase
in raw material prices and impacted our supply chain for 2-3 months from the onset of COVID-19.
• Financing cost: We use letter of credits issued by foreign banks to settle payments with suppliers for our
imports. Due to a temporary liquidity crunch in the market during the onset of COVID-19, foreign banks
typically charged us a higher interest rate due to a temporary uncertainly in the risks involved, which increased
our financing costs.
• Labour shortage: We were temporarily impacted by unavailability of truck drivers and delivery vehicles as
well as labour shortage due to migration of labour to their hometown as a result of the lockdown restrictions.
The labour shortage lasted for only a short period up to June 2020 and reduced drastically since July 2020.
• Export business: Due to the reduced demand and supply chain disruptions, the revenue from our export sales
reduced from ₹29,270.87 million in the financial year 2020 to ₹27,461.55 million in the financial year 2021.
Our operations have been largely normalised post-July 2020 with minimal disruptions from COVID-19 pandemic
restrictions ever since, and the initial supply chain disruption in the first half of 2020 did not have a significant impact
on our overall sales. Nonetheless, it remains difficult to predict the impact of the COVID-19 pandemic on our business
and, going forward, it remains possible that the COVID-19 pandemic will have a material adverse impact on our
business operations.
23
The COVID-19 pandemic has also led to sharp reductions in global growth rates and the ultimate impact on the global
economy remains uncertain. Accordingly, the COVID-19 pandemic may have significant negative impacts in the
medium and long term, including on our business, financial condition and results of operations.
5. Certain companies within the Adani group (including certain members of our Promoters, Promoter Group and
Group Companies) are involved in various legal, regulatory and other proceedings which could have an adverse
impact on our business and reputation.
Certain companies within the Adani group (including certain members of our Promoters, Promoter Group and Group
Companies) (“Relevant Entities”) from time to time are involved in litigation, claims, enquiries, investigations and
other proceedings including tax disputes, criminal and civil matters, and regulatory proceedings by the GoI and other
agencies against the Relevant Entities. If any of these litigation, claims, enquiries, investigations and other proceedings
are adversely determined, it could have an adverse impact on the Relevant Entities or us.
In November 2020, Investigations Department of SEBI had approached Adani Enterprises Limited (being one of the
Promoters), Adani Ports And Special Economic Zone Limited, Adani Total Gas Limited and Adani Transmission
Limited (being Group Companies) and directed them to provide certain specific information and documents with
respect to themselves, including (amongst others) copies of constitutional documents, disclosure made under specific
regulations and shareholders agreements, if any, details of directors and certain others, shareholders holding more than
1% stake, chronology of compliance with minimum public shareholding and association with certain identified
persons/entities, etc. These requests were responded by each of these entities to SEBI in November 2020. Separately,
from November 2020 to May 2021, Investigations Department of SEBI has approached Adani Global Limited (being
a member of the Promoter Group) and Adani Enterprises Limited and directed them to provide certain specific
information and documents with respect to Adani Global Limited including (amongst others) KYC details, details of
directors and certain others, shareholders holding more than 1% stake and association with certain identified
persons/entities, etc. Specific information with respect to Adani Global Limited was also sought from Adani
Enterprises Limited under Section 11C(3) of the Securities and Exchange Board of India Act, 1992, as amended. These
requests have been responded by them to SEBI. As on the date of this Red Herring Prospectus, the abovementioned
Adani group entities have not received any further communication (including show cause notices) from SEBI and no
proceedings have been initiated against them by SEBI, pursuant to such engagement with SEBI. However, in the event
SEBI is not satisfied with the responses provided or has made a prima facie determination that relevant Adani group
entity are in breach of law, SEBI may initiate regulatory proceedings against such entities, its promoters or directors
and may impose fines or penalties on such entities. SEBI has broad powers to take action or issue directions in the
interests of investors and the securities market, including through imposition of monetary penalty, debarment from
accessing capital markets, restrictions on undertaking certain activities, etc. The nature of action that may be taken by
SEBI pursuant to an adverse determination in a regulatory proceeding would depend on the nature of proceedings
initiated by SEBI.
If Relevant Entities receive similar directions / request in the future or in case any proceedings are initiated or adversely
determined against them, it could have an adverse impact on such Relevant Entities including cost implications, loss
of reputation and diversion of management’s attention or other recourses. Further, please see “– 33. We are dependent
on the strength of our brand and reputation, as well as the brand and reputation of our Promoters and other Adani
group and Wilmar group entities.” on page 36.
6. We derive a significant portion of our revenue from our edible oil business segment and any reduction in demand
or in the production of such products could have an adverse effect on our business, results of operations and
financial condition.
We derive a significant portion of our revenue from our edible oil business segment in India. For the financial years
2019, 2020 and 2021 and the six months ended September 30, 2021, our revenue from our edible oil business was
₹215,398 million, ₹234,767 million, ₹304,978 million and ₹201,174 million, or 74.80%, 79.16%, 82.23% and 82.70%
of our revenue from operations, respectively. For details, please see “Our Business – Our Business and Operations –
Our Product Portfolio – Edible Oil” on page 148. Consequently, any reduction in demand or a temporary or permanent
discontinuation of manufacturing of our edible oil products could have an adverse effect on our business, results of
operations and financial condition.
7. Our products are in the nature of commodities and their prices are subject to fluctuations that may affect our
profitability.
Our earnings are to an extent dependent on the prices of the commodities that we sell, including, amongst others, palm
oil, sunflower oil, grain and castor oil. These fluctuate due to factors beyond our control, including, amongst others,
world supply and demand, supply of raw materials, weather, crop yields, trade disputes between governments of key
producing and consuming countries and governmental regulation. Global demand for agricultural commodities may
be adversely affected in periods of sustained economic downturn, while supply may increase due to weather patterns
or long-term technological developments, all of which are factors beyond our control.
24
For instance, as commodity prices are currently high, this has had an impact on our earnings. In particular, due to the
increased commodity prices, our revenues increased by ₹74,333.86 million, or 25.06%, in financial year 2021 as
compared to financial year 2020, compared to an increase in volume of products sold of 3-4% between for the same
period. For details, please see “Management’s Discussion and Analysis of Financial Condition and Results of
Operations – Significant Factors Affecting our Financial Condition and Results of Operations – Fluctuations in
Commodity Prices” on page 294. However, notwithstanding our increased revenue, the high commodity prices have
also led to an exponential rise in raw material prices, which resulted in a decrease in our EBITDA margin in percentage
terms for the same period. We minimize our commodity risks by hedging our sales either through direct sales of similar
commodity or through futures contracts on the commodity exchanges. With respect to our operations in India, for the
financial years 2019, 2020 and 2021 and the six months ended September 30, 2021, approximately 87%, 76%, 54%
and 61%, respectively, of our commodity purchases and inventory were hedged through future sale contracts. We
recognized a commodity hedging gain of ₹3,494.96 million for the financial year 2019, and a commodity hedging loss
of ₹755.63 million, ₹16,218.65 million and ₹2,833.28 million for the financial year 2020 and 2021 and the six months
ended September 30, 2021, respectively. See “Management’s Discussion and Analysis of Financial Condition and
Results of Operations – Quantitative and Qualitative Analysis of Market Risks – Commodity Risk” on page 311. For
accounting treatment of the hedging gains or losses, see “Restated Financial Statements – Note 2.3 – g – 2) ” on page
241. However, although we have thus far been able to pass on the increased raw materials costs to consumers by
increasing prices for our products, and are adequately hedged against adverse increases in raw material prices through
our policy of hedging our purchases either through direct sales of similar commodity or through futures contracts on
the commodity exchanges, we cannot assure you that we will always be successful in doing so. If commodity prices
fall from this level, it is possible for our revenue to fall in terms of absolute value, while our EBITDA margins may
increase in percentage terms. Nonetheless, it is difficult to predict the specific price fluctuations that may occur and
the exact impact which they may have on our earnings, and it is possible for such price fluctuations to adversely affect
our business, results of operations and financial condition.
8. Fluctuation in the exchange rate between the Indian rupee and foreign currencies may have an adverse effect on
our business.
Although we follow established risk management policies, including the use of derivatives, such as foreign exchange
forward contracts and options, to hedge our exposure to foreign currency risks, we are nevertheless exposed to risks
from foreign exchange rate fluctuations since our business is dependent on imports and exports entailing large foreign
exchange transactions, in currencies including the U.S. dollar, Euro, British Pound, Swiss Franc and the Swedish
Krona. In addition, we have certain foreign currency borrowings and our future capital expenditures, including any
imported equipment and machinery, may be denominated in foreign currencies. Exchange rates between some of these
currencies and the Indian rupee in recent years have fluctuated significantly and may do so in the future, thereby
impacting our results of operations and cash flows in Indian rupee terms. For the financial years 2019, 2020 and 2021
and the six months ended September 30, 2021, approximately 95%, 100%, 98% and 100%, respectively, of our
exposure to foreign exchange fluctuations was hedged through derivatives. We recognized a foreign exchange hedging
loss of ₹2,431.09 million, ₹3,215.01 million, ₹718.75 million and ₹1,943.85 million for the financial years 2019, 2020
and 2021 and the six months ended September 30, 2021, respectively. See “Management’s Discussion and Analysis
of Financial Condition and Results of Operations – Quantitative and Qualitative Analysis of Market Risks – Currency
Risk” on page 312. For accounting treatment of the hedging gains or losses, see “Restated Financial Statements – Note
2.3 – g – 1) ” on page 241 and “Restated Financial Statements – Note 2.3 – k) ” on page 242. In addition, the policies
of the RBI may also change from time to time, which may limit our ability to effectively hedge our foreign currency
exposures. The risks of foreign exchange fluctuations may also compel us to enter into further hedging arrangements.
Further, given that we rely on the importation of raw materials, any adverse movement in currency exchange rates
may result in an increase in the costs of our raw materials. Such a situation could have an adverse effect on our business,
results of operations and financial condition.
9. Import restrictions by other countries on our products may have a material adverse impact on our business,
financial condition and result of operations.
We are the largest exporter of castor oil and castor oil derivatives, and among the five largest exporters of
oleochemicals in India as of March 31, 2020 (Source: Technopak Report). As such, official and unofficial policies
implemented by other countries or international organisations to limit imports from certain countries and/or exporters
of our products (such as the imposition of qualitative or quantitative restrictions, increased inspections and quarantines
or additional requirements for sales) may affect our ability to sell such products abroad. In particular, as far as Indian
operations are concerned, China is our largest export market (accounting for ₹8,413.66 million (or approximately
51.21%) (predominantly from castor sales) out of our overall export sales of ₹16,429.81 million for the six months
ended September 30, 2021). Any import restriction imposed by China on our products may have a disproportionate
impact on our export sales as compared to similar restrictions imposed by other countries. Although export sales
currently account for only less than 10% of our overall revenue (as our exports are mostly under our industry essentials
business segment) and does not presently represent a significant portion of our revenue, we cannot assure you that this
will always remain the case, and it is possible that export sales may account for a larger portion of our overall revenue
in future. As such, any import restrictions implemented by other countries or international organisations on our
products may have a material adverse effect on our business, financial condition and results of operations.
25
10. Our inability to effectively manage our growth could have an adverse effect on our business, results of operations
and financial condition.
We have experienced a rapid growth. In the financial years 2019, 2020 and 2021 and the six months ended September
30, 2020 and 2021, our total income was ₹289,196.81 million, ₹297,669.86 million, ₹371,956.58 million, ₹162,737.33
million and ₹249,572.86 million, respectively, our EBITDA was ₹12,534.57 million, ₹14,194.75 million, ₹14,305.59
million, ₹7,431.01 million and ₹8,896.58 million, respectively, and our net profit was ₹3,755.21 million, ₹4,608.72
million, ₹7,276.49 million, ₹2,887.89 million and ₹3,571.33 million, respectively. For details, please see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Key Financial and
Operational Performance Indicators” on page 292. Our inability to manage our expansion effectively and execute our
growth strategy in a timely manner, or within budget estimates or our inability to meet the expectations of our
customers and other stakeholders could have an adverse effect on our business, results of operations and financial
condition. We intend to continue expansion to pursue existing and potential market opportunities. In this regard, we
plan to invest approximately ₹19,000 million from the Net Proceeds as capital expenditure for expanding our food
processing capacities across India. Further, we also propose to utilise approximately ₹4,500 million from the Net
Proceeds for funding strategic acquisitions and investments. For details, see “Objects of the Issue – Details of the
Objects” on page 72. Our future prospects will depend on our ability to grow our business and operations, which could
be affected by many factors, including our ability to introduce new products and maintain the quality of our products,
general political and economic conditions in India, government policies or strategies in respect of specific industries,
prevailing interest rates, price of equipment and raw materials, energy supply and currency exchange rates.
In order to manage our growth effectively, we must implement, upgrade and improve our operational systems,
procedures and internal controls on a timely basis. If we fail to implement these systems, procedures and controls on
a timely basis, or if there are weaknesses in our internal controls that would result in inconsistent internal standard
operating procedures, we may not be able to meet our customers’ needs, hire and retain new employees or operate our
business effectively. Moreover, our ability to sustain our rate of growth depends significantly upon our ability to select
and retain key managerial personnel, maintaining effective risk management policies and training managerial
personnel to address emerging challenges.
We cannot assure you that our existing or future management, operational and financial systems, procedures and
controls will be adequate to support future operations or establish or develop business relationships beneficial to future
operations. Failure to manage growth effectively could have an adverse effect on our business and results of operations.
11. The improper handling, processing or storage of raw materials or products, or spoilage of and damage to such raw
materials and products, or any real or perceived contamination in our products, could subject us to regulatory and
legal action, damage our reputation and have an adverse effect on our business, results of operations and financial
condition.
The products that we manufacture or process are subject to risks such as contamination, adulteration and product
tampering during their manufacture, transport or storage. We face inherent business risks of exposure to product
liability or recall claims in the event that our products fail to meet the required quality standards including as prescribed
under the Food Safety and Standards Act, 2006 and the rules thereunder or are alleged to result in harm to customers.
For example, the refining of edible oil involves several complex processes like degumming, neutralizing, bleaching
and deodorizing. Any occurrence of negligence and/or oversight in the process of refining, may lead to impure oil
being sold in the market which could be harmful for the consumers. Such incidences may expose us to liabilities and
claims, which could adversely affect our growth and profitability. Additionally, for instance, storage of crops for our
products entails significant risks associated with the storage environment, including moisture, temperature, humidity
levels, pests, parasites and/or diseases. Excessively high or low levels of moisture, temperature or humidity may result
in damage to stored crops and seeds, which may have a material adverse effect to our business, financial condition and
results of operations.
Such risks may be controlled, but not eliminated, by adherence to good manufacturing practices and finished product
testing. We have little, if any, control over proper handling once our products are shipped to our customers, particularly
our retail customers. We cannot assure you that there will not be incidents of contaminated products or ingredients in
the future which may result in product liability claims, product recall and negative publicity. Further, we face the risk
of legal proceedings and product liability claims being brought by various entities, including consumers, distributors
and government agencies for various reasons including for defective or contaminated products sold or services
rendered. For further details, please see “Outstanding Litigation and Material Developments – Litigation against our
Company” on page 314. If we experience a product recall or are a party to a product liability case, we may incur
considerable expense in litigation. For the financial years 2019, 2020 and 2021 and the six months ended September
30, 2021, we did not incur any costs associated with product liability claims. Although we have product liability
insurance cover for our domestic and international markets for certain of our businesses, we cannot assure you that
this insurance coverage is adequate or that any losses will be adequately compensated by our insurers in the event of
a product liability claim. Any product recall, product liability claim or adverse regulatory action may adversely affect
our reputation and brand image, as well as entail significant costs in excess of available insurance coverage, which
could adversely affect our reputation, business, results of operations and financial condition.
26
12. We rely heavily on our existing brands, the dilution of which could adversely affect our business.
Our product portfolio spans various brands including our flagship brand, Fortune, and King’s, Bullet, Raag, Avsar,
Jubilee, Fryola, Alife, Alpha and Aadhaar. Our brands and reputation are among our most important assets and serve
in attracting customers to our products in preference over those of our competitors. We believe that continuing to
develop awareness of our brands, through focused and consistent branding and marketing initiatives, among retail
consumers and institutional customers, is important for our ability to increase our sales volumes and our revenues,
grow our existing market share and expand into new markets. Decrease in product quality due to reasons beyond our
control or allegations of product defects, even when false or unfounded, could tarnish the image of the established
brands and may cause consumers to choose other products. Our reputation and brands could also be affected by socially
motivated groups, which could lead to a decline in our sales volume. Further, the considerable expansion in the use of
social media over recent years has compounded the impact of negative publicity. Consequently, any adverse publicity
involving our brands, our Company or our products may impair our reputation, dilute the impact of our branding and
marketing initiatives and adversely affect our business and our prospects. Additionally, the revenue we generated from
our top 5 products under Fortune, our flagship brand, amounted to ₹105,005.16 million, ₹120,229.12 million,
₹143,126.19 million and ₹86,124.95 million, respectively, for the financial years 2019, 2020 and 2021 and the six
months ended September 30, 2021. As we rely heavily on our flagship brand, Fortune, in particular, any adverse
publicity involving our Fortune brand may result in a substantial impairment to our reputation and negatively affect
our business and our prospects in a disproportionate manner.
13. A slowdown or shutdown in our manufacturing operations or under-utilization of our manufacturing facilities
could have an adverse effect on our business, results of operations and financial condition.
As of September 30, 2021, we had established 22 plants in India which are strategically located across 10 states,
comprising 10 crushing units and 19 refineries. For details, please see “Our Business – Our Business and Operations
– Manufacturing Facilities” on page 151. Our business is dependent upon our ability to manage our manufacturing
facilities, which are subject to various operating risks, including those beyond our control, such as the breakdown and
failure of equipment or industrial accidents and severe weather conditions and natural disasters. Any significant
malfunction or breakdown of our machinery may entail significant repair and maintenance costs and cause delays in
our operations. If we are unable to repair malfunctioning machinery in a timely manner or at all, our operations may
need to be suspended until we procure machinery to replace the same. In addition, we may be required to carry out
planned shutdowns of our units for maintenance, statutory inspections and testing, or may shut down certain units for
capacity expansion and equipment upgrades. We may also face protests from local citizens at our existing units or
while setting up new units, which may delay or halt our operations. For example, our rice manufacturing unit in
Ferozepur, Punjab is currently closed as a result of protests outside of the unit relating to the Farmers’ Produce Trade
and Commerce (Promotion and Facilitation) Act, 2020 and the Farmers (Empowerment and Protection) Agreement
on Price Assurance and Farm Services Act, 2020 which were passed by the Parliament of India in September 2020.
Certain of our products depend on either one or two manufacturing units, such as rice and wheat flour. Further, the
raw materials for the staple food that we produce, such as wheat, are perishable products and consequently any
malfunction or break-down of our machinery or equipment resulting in the slowdown or stoppage of our operations
may adversely affect the quality of such raw materials. In the financial years 2019, 2020 and 2021 and the six months
ended September 30, 2021, there was no slowdown or shutdown in our manufacturing operations, except for the current
shutdown of its rice manufacturing unit in Ferozepur as disclosed above.
For the capacity utilization for the financial years 2019, 2020 and 2021 and the six months ended September 30, 2021,
see “Our Business – Our Business and Operations – Installed Capacity, Actual Production and Capacity Utilization”
on page 154. Although we have not experienced any significant disruptions at our manufacturing units in the past, we
cannot assure you that there will not be any disruptions in our operations in the future. Our inability to effectively
respond to such events and rectify any disruption, in a timely manner and at an acceptable cost, could lead to the
slowdown or shut-down of our operations or the under-utilization of our manufacturing facilities, which in turn may
have an adverse effect on our business, results of operations and financial condition.
14. We utilize the services of certain third parties for our operations and any deficiency or interruption in their services
could adversely affect our business and results of operations.
We utilize and depend on the services of certain third parties for our operations. For instance, we rely on global
suppliers for the supply of certain raw materials such as unrefined soybean oil, sunflower oil and palm oil, while we
source wheat, paddy and oilseeds from domestic sources. We also depend on third party transport providers for the
dispatch of our products. Further, our manufacturing operations depend on reliable supply of electricity from power
companies, and we outsource our information technology needs such as enterprise resource planning processes.
Additionally, we outsource some of our manufacturing processes (including some of our manufacturing processes for
our food and oil products) to third party tolling units, so as to reduce supply chain cost for regions where we do not
have a manufacturing unit and to cover a wider area of sales without having to invest in capital expenditure. We also
prefer to rely on an arrangement of tolling operations for new food product launches for which we do not have
sufficient manufacturing capacity in place. The agreements entered into with such third party tolling units include
provisions which may allow the third party to terminate the agreement with prior notice of 30 to 60 days. In the event
27
that any of such third party tolling units opt to terminate their respective agreements, we cannot assure you that we
will be able to obtain a replacement in a timely manner.
We cannot assure you that we will be successful in continuing to receive uninterrupted, high quality service from
various third parties on whom we rely for all of our current and future products and developments. Any disruption or
inefficiencies in the operations of these third parties may adversely affect our business and results of operations.
15. Our Company, our Directors, our Promoters and Subsidiaries are involved in certain legal proceedings. Any
adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our
business and results of operations.
Our Company, our Directors, our Promoters and Subsidiaries are currently involved in certain legal proceedings. These
legal proceedings are pending at different levels of adjudication before various courts and tribunals. The summary of
outstanding litigation in relation to criminal matters, direct tax matters, indirect tax matters, actions by regulatory/
statutory authorities and matters above the materiality threshold against our Company, our Directors, Promoters and
Subsidiaries have been set out below.
S. Nature of Case Number of outstanding Amount involved

No. cases (in ₹ million)
2. Actions by regulatory/statutory authorities 156 -
3. Civil matters above the materiality threshold of ₹ 72.77 1 100.00
million
4. Civil matters below the materiality threshold of ₹ 72.77 1 10.00
million but otherwise deemed material
5. Civil matters that are non-quantifiable but otherwise 3 -
deemed material
deemed material
4. Indirect tax 57 4,412.61


2. Actions by regulatory/statutory authorities 1 50.00
3. Direct tax 26 1,476.27
4. Indirect Tax 28 2,667.47*
2. Civil matters above the materiality threshold of ₹ 7 93,950.72**
261.44 million
deemed material
4. Direct tax 12 122.36
28
5. Indirect Tax 71 10,362.98***
* This includes the ₹ 778.94 million deposited by AEL with the relevant tax authorities.
** This includes a counter claim of ₹ 510.00 million made by West Bengal Power Development Corporation Limited
and a demand of ₹ 78,548 million made by Mahaguj Collieries Limited. For details, see “Outstanding Litigation
and Material Developments – Litigation involving our Promoters – Litigation by Promoters – Civil litigation” on
page 323.

1. Direct tax 9 283.92*
2. Indirect Tax 26 24.64**
*This includes claims amounting to BDT 326.35 million in direct tax matters involving Bangladesh Edible Oil and
Shun Shing at the exchange rate of ₹ 0.87 per BDT as on September 30, 2021.
**This includes claims amounting to BDT 14.99 million in indirect tax matters involving Bangladesh Edible Oil at the
exchange rate of ₹ 0.87 per BDT as on September 30, 2021.
For further details, see “Outstanding Litigation and Material Developments” on page 314. Decisions in any of the
aforesaid proceedings adverse to our interests may have a material adverse effect on our business, results of operations,
financial condition and prospects. If the courts or tribunals rule against us or our Company, our Directors, Promoters
and Subsidiaries, we may face monetary and/or reputational losses and may have to make provisions in our financial
statements, which could increase our expenses and our liabilities.
16. Our inability to expand or effectively manage our distribution network may have an adverse effect on our business,
We have the fastest-growing distribution network among all packaged food players in India with 5,590 distributors,
generally on a non-exclusive business arrangement basis. Our distributors in India are located in 28 states and eight
union territories, catering to over 1.6 million retail outlets as of September 30, 2021 (Source: Technopak Report). We
had 88 depots in India, with an aggregate storage space of approximately 1.8 million square feet as of September 30,
2021, strategically located across the country to ensure availability of our products. For details, please see “Our
Business – Sales, Distribution Network and Marketing – Distribution Network” on page 156.
In addition to traditional retail distribution channels, we have been utilizing e-commerce platforms to market and
distribute our products. We have launched an exclusive website “Fortune Foods” showcasing the entire basket of
products available under the Fortune brand along with an option to shop through other prominent e-commerce
platforms. We intend to develop our own e-commerce platforms to extend our product reach. In this regard, we have
recently launched an online portal, Fortune Online, which is a one-stop-shop for all the products under the Fortune
brand along with the mobile application Fortune Online. It showcases our entire range and caters to our loyal
customers. We aim to expand our online reach in India from the 25 cities currently to 100 cities in the next few years.
For details, please see “Our Business – Sales, Distribution Network and Marketing – E-commerce Channels” on pages
158 to 159.
Our ability to expand and grow our product reach significantly depends on the reach and effective management of our
distribution network. We continuously seek to increase the penetration of our products by appointing new distributors
targeted at different customer groups and geographies. We cannot assure you that we will be able to successfully
identify or appoint new distributors or effectively manage our existing distribution network. If the terms offered to
such distributors by our competitors are more favourable than those offered by us, distributors may decline to distribute
our products and terminate their arrangements with us. We may be unable to appoint replacement distributors in a
timely fashion, or at all, which may reduce our sales volumes and adversely affect our business, results of operations
Further, our competitors may have exclusive arrangements with certain distributors who may be unable to stock and
distribute our products, which may limit our ability to expand our distribution network. Similarly, our competitors
may adopt innovative distribution models, which could be more effective than traditional distribution models resulting
in a reduction in the sales of our products. We may also face disruptions in the delivery of our products for various
reasons beyond our control, including poor handling by distributors of our products, transportation bottlenecks, natural
disasters and labour issues, which could lead to delayed or lost deliveries. In addition, failure to provide distributors
with sufficient inventories of our products may result in a reduction in the sales of our products. If our distributors fail
29
to distribute our products in a timely manner, or adhere to the terms of the distribution arrangement, or if our
distribution arrangements are terminated, our business and results of operations may be adversely affected.
17. If we pursue strategic acquisitions or joint ventures, we may not be able to successfully consummate favourable
transactions or successfully integrate acquired businesses.
From time to time, we may evaluate potential acquisitions or joint ventures that would further our strategic objectives.
For instance, our Company recently acquired 100% of the equity share capital in AWPL on June 25, 2021 for a
consideration of US$24.09 million. For details, see “Objects of the Issue – Details of the Objects – Funding strategic
acquisitions and investments” on page 87. However, we may not be able to identify suitable target assets or companies,
consummate a transaction on terms that are favourable to us, or achieve the anticipated synergies, expected returns
and other benefits as a result of integration challenges or anti-monopoly regulations. Companies or operations acquired
or joint ventures created by us may not be profitable or may not achieve sales levels and profitability that justify the
investments made. Our corporate development activities may entail financial and operational risks, including diversion
of management attention from its existing core businesses, difficulty in integrating or separating personnel, financial,
information technology and other systems, difficulty in retaining key employees, and negative impacts on existing
business relationships with suppliers and customers. Future acquisitions could also result in potentially dilutive
issuances of equity securities, the incurrence of debt, contingent liabilities and increased operating expenses, all of
which could adversely affect our business, financial condition, results of operations and prospects.
In addition, we started consolidating the financial statements of AWPL after we acquired its equity share capital on
June 25, 2021. For the six months ended September 30, 2021, AWPL along with its subsidiaries contributed a net loss
of ₹67.38 million to our net profit. Further, the difference between the purchase consideration and the net asset value
of AWPL was recorded as a goodwill in the amount of ₹562.21 million. No accumulated profits or losses in relation
to AWPL have been accounted for in our financial statements for the financial years 2019, 2020 and 2021. See
“History and Certain Corporate Matters – Amount of accumulated profits or losses” on page 178.
18. Our funding requirements and proposed deployment of the Net Proceeds are based on management estimates and
a report from L&T Technology Services Limited and may be subject to changes based on various factors, some of
which are beyond our control.
Our funding requirements and deployment of the Net Proceeds are based on internal management estimates and a
report from L&T Technology Services Limited dated January 13, 2022, based on assumptions, current market
conditions and our business plan. Our funding requirements may be subject to changes based on various factors such
as our financial and market condition, business and strategy, competition, negotiation with vendors, variation in cost
estimates on account of factors, including changes in design or configuration of the manufacturing unit, incremental
pre-operative expenses and other external factors such as changes in the business environment and interest or exchange
rate fluctuations, which may not be within the control of our management. We operate in a highly competitive and
dynamic industry and may have to revise our estimates from time to time on account of changes in external
circumstances or costs, or changes in other financial conditions, business or strategy. This may entail rescheduling,
revising or cancelling planned expenditure and funding requirements at our discretion. Our Company has appointed
HDFC Bank Limited as the monitoring agency in accordance with Regulation 41 of the SEBI ICDR Regulations. For
details, see “Objects of the Issue” beginning on page 71.
19. We intend to utilise a portion of the Net Proceeds for funding our capital expenditure requirements and for
purchase of certain plant and machinery. We are yet to place orders for such capital expenditure and purchase of
plant and machinery. Further, our proposed capacity expansion plans relating to our manufacturing facilities are
subject to the risk of unanticipated delays in implementation and cost overruns.
Our Company proposes to utilise ₹19,000 million from the Net Proceeds towards funding capital expenditure for
expansion of our existing manufacturing units and setting up new manufacturing units. For details, see “Objects of the
Issue” on page 71. While we have obtained quotations from various vendors in relation to the plant and machinery
required for funding such capital expenditure, we are yet to place orders for such plant and machinery. Accordingly,
orders worth ₹8,479.30 million, which constitutes approximately 100% of the total estimated costs in relation to the
purchase of plant and machinery (including expenditure for charges such as erection or services, loading or unloading),
are yet to be placed. There can be no assurance that we will be able to place orders for such plant and machinery, in a
timely manner or at all. Further, the costs of such plant and machinery may escalate or vary based on external factors
which may not be in our control. Additionally, in the event of any delay in placement of such orders, the proposed
schedule implementation and deployment of the Net Proceeds may be extended or may vary accordingly.
Our capital expenditure is expected to be ₹22,197.01 million, including ₹19,000 million from the Net Proceeds and
the balance from internal accruals. However, our capital expenditure plans remain subject to the potential problems
and uncertainties that construction activities face including cost overruns or delays. Problems that could adversely
affect our expansion plans include labour shortages, increased costs of equipment or manpower, inadequate
performance of the equipment and machinery installed in our manufacturing facilities, delays in completion, defects
in design or construction, the possibility of unanticipated future regulatory restrictions, delays in receiving
governmental, statutory and other regulatory approvals, incremental pre-operating expenses, taxes and duties, interest
30
and finance charges, working capital margin, environment and ecology costs and other external factors which may not
be within the control of our management. There can be no assurance that the proposed capacity additions and
expansions will be completed as planned or on schedule, and any delay could have an adverse impact on our growth,
prospects, cash flows and financial condition. In addition, if the actual capital expenditure significantly exceeds our
budgets and we do not have sufficient internal accruals to meet the proposed capital expenditure requirements, we may
need to utilize external financings to fund the balance at additional finance costs, and the proposed capacity additions
and expansions may not be completed as planned or on schedule, if at all. Even if our budgets were sufficient to cover
such activities, we may not be able to achieve the intended economic benefits of such capital expenditure, which in
turn may materially and adversely affect our financial condition, results of operations, cash flows, and prospects. There
can be no assurance that we will be able to complete the aforementioned expansion and additions in accordance with
the proposed schedule of implementation.
20. The deployment of the portion of the Net Proceeds towards our strategic acquisitions and investments may not take
place within the period currently intended, and may be reduced or extended.
Our Company proposes to utilise ₹4,500 million from the Net Proceeds towards strategic acquisitions and investments
as permitted under the Memorandum of Association, in particular, with a view to expand our food business through
acquisition of entity, brand acquisition, purchase of assets/business or partnerships with third party staple food
manufacturers. For further details, see “Objects of the Issue –Details of the Objects–Funding strategic acquisitions
and investments” on page 87. As we have not identified the potential acquisition targets, this amount is based on our
management’s current estimates, budgets and other relevant consideration and may not be the total value or cost of
any such acquisitions. In the event the portion of the Net Proceeds to be utilised for the strategic acquisitions are
insufficient, we may have to seek alternative sources of funding at additional finance costs, and the proposed
acquisitions may not be completed on schedule, if at all.
While we intend to deploy the aforesaid portion of the Net Proceeds towards strategic acquisitions and investments
over the next two financial years from listing of the Equity Shares pursuant to the Issue, and as described in the section
titled “Objects of the Issue” on page 71, the actual deployment of funds will depend on a number of factors, including
the timing, nature, size, location, cost of acquisition and number of acquisitions undertaken, as well as general macro
or microeconomic factors affecting our results of operation, financial condition and access to funds (debt or equity).
Depending upon such factors, we may, subject to applicable law, have to reduce or extend the deployment period for
the funding of strategic acquisitions and investments beyond the estimated two financial years, at the discretion of our
management. Further, pending utilisation of the Net Proceeds, our Company will temporarily invest the Net Proceeds
in deposits in one or more scheduled commercial banks included in the Second Schedule of RBI Act, as may be
approved by our Board. We cannot assure you that the deployment of the aforesaid portion of the Net Proceeds towards
strategic acquisitions and investments will take place within the two financial years from listing of Equity Shares, as
currently intended.
21. If we are unable to introduce new products and respond to changing consumer preferences in a timely and effective
manner, the demand for our products may decline, which may have an adverse effect on our business, results of
operations and financial condition. There is no guarantee that we will be successful in the new business segments
that we plan to expand into.
The success of our business depends upon our ability to anticipate and identify changes in consumer preferences and
offer products that consumers require. For example, consumers in the edible oil markets are becoming more health
conscious and select cooking oils based on considerations other than price and taste. Additionally, such consumer
preferences are influenced by a number of other factors beyond our control, such as the prices of alternative products
and economic conditions. We constantly seek to develop our research and development (“R&D”) capabilities to
distinguish ourselves from our competitors to enable us to introduce new products and different variant of our existing
products, based on consumer preferences and demand. For the fiscal years 2019, 2020 and 2021 and the six months
ended September 30, 2021, the R&D expenditure for our operations in India was ₹15.1 million, ₹14.7 million, ₹19.9
million and ₹11.5 million, respectively, representing 0.01%, 0.00%, 0.01% and 0.00% of our total income. Although
we seek to identify such trends and introduce new products, we recognise that customer tastes cannot be predicted
with certainty and can change rapidly, and that there is no certainty that these will be commercially viable or effective
or accepted by our customers or that we will be able to successfully compete in such new product segments.
Before we can introduce a new product, we must successfully execute a number of steps, including successful R&D,
obtaining required approvals and registrations, effective marketing strategies for our target customers, while scaling
our vendor, production and infrastructure networks to increase or change the nature of our production capacity. We
also depend on the successful introduction of new production and manufacturing processes to create innovative
products, achieve operational efficiencies and adapt to advances in, or obsolescence of our technology. We cannot
assure you that we will be able to successfully make timely and cost-effective enhancements and additions to our
technological infrastructure, keep up with technological improvements in order to meet our customers’ needs or that
the technology developed by others will not render our products less competitive or attractive. Our failure to
successfully adopt such technologies in a cost effective and a timely manner could increase our costs and lead to us
being less competitive in terms of our prices or quality of products we sell.
31
The development and commercialization process of a new product would require us to spend considerable time and
money. Our ongoing investments in R&D for new products and processes may result in higher costs without a
proportionate increase in revenues. Delays in any part of the process, our inability to obtain necessary regulatory
approvals for our products or failure of a product to be successful at any stage could adversely affect our business.
Consequently, any failure on our part to successfully introduce new products and processes may have an adverse effect
on our business, results of operations results and financial condition. While we have plans to expand into business
segments such as ready-to-cook and personal care, there is no guarantee that we will be successful, and any failure on
our part to successfully expand into new business segments may adversely affect our affect our business, results of
22. Our inability to accurately forecast demand or price for our products and manage our inventory may have an
adverse effect on our business, results of operations and financial condition.
Our businesses depend on our estimate of the demand for our products from customers. If we underestimate demand
or have inadequate capacity due to which we are unable to meet the demand for our products, we may manufacture
fewer quantities of products than required, which could result in the loss of business. While we forecast the demand
and price for our products and accordingly plan our production volumes, any error in our forecast could result in a
reduction in our profit margins and surplus stock, which may result in additional storage cost and such surplus stock
may not be sold in a timely manner, or at all. At times when we have overestimated demand, we may have incurred
costs to build capacity or purchased more raw materials and manufactured more products than required. In addition,
certain of our products have a shelf life of a specified period and if not sold prior to expiry, may lead to losses or if
consumed after expiry, may lead to health hazards. Our inability to accurately forecast demand for our products and
manage our inventory may have an adverse effect on our business, results of operations and financial condition.
23. A portion of the Net Proceeds may be utilized for repayment or pre-payment of loans taken from HDFC Bank
Limited which is one of our BRLMs.
We propose to repay loans from the Net Proceeds as disclosed in “Objects of the Issue” on page 71, including loans
obtained from HDFC Bank Limited which is one of our Book Running Lead Managers. Loans and facilities sanctioned
to our Company by HDFC Bank Limited is a part of its normal commercial lending activity and we do not believe that
there is any conflict of interest under the SEBI Merchant Bankers Regulations, or any other applicable SEBI rules or
regulations. For details, see “Objects of the Issue” on page 71.
24. A shortage or non-availability of electricity, fuel or water may adversely affect our manufacturing operations and
have an adverse effect on our business, results of operations and financial condition.
Our manufacturing operations require a significant amount and continuous supply of electricity, fuel and water and
any shortage or non-availability may adversely affect our operations. The production process of certain products, as
well as the storage of certain raw materials and products in temperature controlled environments requires significant
power. We currently source our water requirements from state and municipal corporations and local body water supply,
canals, bore wells and water tankers and depend on state electricity boards and private suppliers for our energy
requirements. Although we have diesel generators to meet exigencies at certain of our units, we cannot assure you that
our units will be operational during power failures. Any failure on our part to obtain alternate sources of electricity,
fuel or water, in a timely fashion, and at an acceptable cost, may have an adverse effect on our business, results of
25. We have indebtedness and may incur additional indebtedness in the future, which may adversely affect our business
and results of operations.
As of September 30, 2021, we had total outstanding borrowings of ₹ 92,353.33 million. As of September 30, 2021,
our Company's outstanding borrowings (on a standalone basis) was ₹ 86,900.69 million (net of margin deposits against
letters of credit, such borrowings was ₹ 82,145.49 million). Further, as of January 15, 2022, our Company's outstanding
borrowings (on a standalone basis) was ₹ 108,374.04 million (net of margin deposits against letters of credit, such
borrowings was ₹ 86,350.92 million). Our ability to meet our debt service obligations and repay our outstanding
borrowings will depend primarily on the cash generated by our business. Our financing agreements contain certain
restrictive covenants that limit our ability to undertake certain types of transactions, including any change in general
nature of business, accessing capital markets or change in ownership, which could adversely affect our business and
financial condition. For details, see “Financial Indebtedness” on page 286.
In addition, certain of our borrowings require us to maintain certain financial ratios and certain other information
covenants, which are tested at times typically on a quarterly, half yearly or annual basis. In the event we breach any
financial or other covenants contained in any of our financing arrangements or in the event we had breached any terms
in the past which is noticed in the future, we may be required to immediately repay our borrowings either in whole or
in part, together with any related costs. We may also be forced to sell some or all of our assets if we do not have
sufficient cash or credit facilities to make repayments. Some of our financing arrangements may become due for
renewal and we cannot guarantee that the facilities availed under such arrangements will be renewed on the previously
agreed terms and conditions, or conditions which are not more onerous on us. Further, under certain of our existing
32
financing arrangements, we are required to obtain prior consent from our lenders for, inter alia, change in constitutional
documents, change in the shareholding pattern of the Company, change in composition of the management or our
Board of Directors and dilution of the shareholding of the existing shareholders or undertake any new project or
expansion. Our failure to meet our obligations under the debt financing agreements could have an adverse effect on
our business, results of operations and financial condition.
Furthermore, our Company has availed certain secured and unsecured non-fund based facilities that are recallable on
demand by the lenders. In such cases, the lender is empowered to require repayment of the facility at any point in time
during the tenor. In case the loan is recalled on demand by the lender and our Company is unable to repay the
outstanding amounts under the facility at that point, it would constitute an event of default under the respective loan
agreements. As on September 30, 2021, the total amount of non-fund based facilities availed and outstanding by our
Group was ₹79,613.93 million and out of which, the total amount of unsecured non-fund based facilities availed and
outstanding is ₹9,263.17 million. For more details, see “Financial Indebtedness” on page 286. As a result, any such
demand may affect our business, cash flows, financial condition and results of operations.
26. Non-compliance with and changes in, safety, health and environmental laws and other applicable regulations, may
adversely affect our business, results of operations and financial condition.
We are subject to a broad range of safety, health, environmental, labour, workplace and related laws and regulations
in the jurisdictions in which we operate, which impose controls on the disposal and storage of raw materials, noise
emissions, air and water discharges; on the storage, handling, discharge and disposal of chemicals, employee exposure
to hazardous substances and other aspects of our operations. For example, laws in India limit the amount of hazardous
and pollutant discharge that our manufacturing units may release into the air and water. The discharge of substances
that are chemical in nature or of other hazardous substances into the air, soil or water beyond these limits may cause
us to be liable to regulatory bodies and incur costs to remedy the damage caused by such discharges. This may subject
us to future litigation initiated by regulators or the residents of the areas surrounding our units. We have in the past
received show cause notices from state pollution control boards in relation to inter alia effluent treatment and discharge
standards of effluents and air pollution caused due to boiler ash and black smoke. Some of these matters have been
closed pursuant to replies submitted by our Company, while some of these matters are currently outstanding. For
instance, a complaint has been filed against our unit at Krishnapatnam and other surrounding units alleging pollution
of the local air and water by such units. The matter is currently pending before National Green Tribunal, Southern
Zone. Further, the Sub-Divisional Magistrate, Vidisha issued an order to our Company in relation to pollution caused
by soot and tiny particles emerging from our factory in Vidisha. For details in relation to such outstanding matters see,
“Outstanding Litigation and Material Developments – Litigation involving our Company” on page 314. Further, any
accidents at our facilities may result in personal injury or loss of life of our employees, contract laborers or other
people, substantial damage to or destruction of property and equipment resulting in the suspension of operations. Any
of the foregoing could subject us to litigation, which may increase our expenses in the event we are found liable, and
could adversely affect our reputation. For instance, a complaint has been filed by the Director of Factories and Boiler,
Paradip against our Managing Director, Angshu Mallick, alleging the contravention of provisions of the Factories Act,
1948 in relation to inter alia safety standards for workmen in our Paradip unit. For details see “Outstanding Litigation
and Material Developments – Litigation involving our Directors” on page 324. Additionally, the government or the
relevant regulatory bodies may require us to shut down our units, which in turn could lead to product shortages that
delay or prevent us from fulfilling our obligations to customers. For instance, one of our units at our plant at Haldia
was closed for a short period pursuant to a closure order dated March 2, 2021 issued by the West Bengal Pollution
Control Board and such closure was suspended subject to our Company making payment of ₹ 1 million as
environmental compensation, submission of a performance bank guarantee of ₹ 2 million and adherence with
environmental norms in respect of stack emission/effluent discharge standards. The closure order was suspended with
effect from March 22, 2021 and the unit has since resumed operations. In addition, the increasing concern over climate
change may also result in enhanced regional and global legal and regulatory requirements to reduce or mitigate the
effects of greenhouse gases, as well as more stringent regulation of water rights. In the event that such regulations are
enacted and are more aggressive than the sustainability measures that we are currently undertaking, we may experience
significant increases in our costs of operations.
The adoption of stricter health and safety laws and regulations, stricter interpretations of existing laws, increased
governmental enforcement of laws or other developments in the future may require that we make additional capital
expenditures, incur additional expenses or take other actions in order to remain compliant and maintain our current
operations. Complying with, and changes in, these laws and regulations or terms of approval may increase our
compliance costs and adversely affect our business, prospects, results of operations and financial condition.
We are also subject to the laws and regulations governing relationships with employees in such areas as minimum
wage and maximum working hours, overtime, working conditions, hiring and termination of employees, contract
labour and work permits. There is a risk that we may inadvertently fail to comply with such regulations, which could
lead to enforced shutdowns and other sanctions imposed by the relevant authorities, as well as the withholding or delay
in receipt of regulatory approvals for our new products. We cannot assure that we will not be involved in future
litigation or other proceedings, or be held liable in any litigation or proceedings including in relation to safety, health
and environmental matters, the costs of which may be significant. For instance, we are presently involved in a pending
matter before the National Green Tribunal’s Chennai Bench relating to a complaint against us alleging water and air
33
pollution by our Krishnapatnam unit. Further, the labour department of the Government of Andhra Pradesh has issued
a notice to Krishnapatnam Oils and Fats Private Limited (now merged with our Company) in relation to payment of
cess under the Building and Other Construction Workers (Regulation of Employment and Conditions of Services) Act,
1996. For further details, see “Outstanding Litigation and Material Developments” on page 314.
27. We are subject to extensive government regulation and if we fail to obtain, maintain or renew our statutory and
regulatory licenses, permits and approvals required to operate our business, our business and results of operations
may be adversely affected.
Our operations are subject to extensive government regulation and we are required to obtain and maintain a number
of statutory and regulatory permits, certificates and approvals under central, state and local government rules in India,
including approvals under the Food Safety and Standards Act, 2006 (the “FSSA”), Water (Prevention and Control of
Pollution) Act, 1974, environmental related approvals, Legal Metrology Act, 2006, factory licenses and labour and
tax related approvals, generally for carrying out our business and for each of our manufacturing units. For instance,
the provisions of the FSSA along with relevant rules and regulations are applicable to us and our products, which sets
forth requirements relating to the license and registration of food businesses and general principles for food safety
standards, and manufacture, storage and distribution of food products. Contravention of the requirement to obtain a
license or carrying a business without obtaining a license under the FSSA is punishable with imprisonment for a period
of up to six months and fines. Subsequent contraventions are punishable with twice the punishment during the first
conviction and higher monetary and other penalties including cancellation of license. As we also export certain of our
products overseas, we are also required to comply with international rules and regulations in respect of such exports.
To remain compliant with all laws and regulations that apply to our operations and products, we may be required in
the future to modify our operations or make capital improvements. For details, see “Key Regulations and Policies” on
page 163. Further, for details of approvals relating to our business and operations, see “Government and Other
Approvals” on page 330.
A majority of these approvals are granted for a limited duration. Some of these approvals have expired or are about to
expire and we have either made or are in the process of making an application for obtaining the approval or its renewal,
including applications for (a) approval of a no-objection certificate of fire and emergency for our Mangalore facility
and grant of a fire safety certificate for our Meda Adraj facility and (b) renewal of hazardous waste authorization for
our Mangalore facility and boiler certificates for our Mundra refinery. While we have applied for some of these
approvals, we cannot assure you that such approvals will be issued or granted to us in a timely manner, or at all. For
details of pending approvals, see “Government and Other Approvals” on page 330. Further, some of the approvals in
relation to certain of our facilities which were acquired from other parties are in the name of the previous owners and
such approvals will be transferred in our name at the time of renewal of such approvals. For instance, the information
entrepreneur memorandum for the Haldia plant (Unit-II) is in the name of Gokul Refoils and Solvents Limited (from
whom we had acquired the plant), and the license for storage of hydrogen gas for our Nellore plant (Unit-II) is in the
name of Louis Dreyfus Commodities India Private Limited, from whom we acquired the plant. If we do not receive
such approvals or are not able to renew the approvals in a timely manner, our business and operations may be adversely
affected. Further, the relevant authorities may initiate penal action against us, restrain our operations, impose
fines/penalties or initiate legal proceedings for our inability to renew/obtain approvals in a timely manner or at all.
The approvals required by us are subject to numerous conditions and we cannot assure you that these would not be
suspended or revoked in the event of non-compliance or alleged non-compliance with any terms or conditions thereof,
or pursuant to any regulatory action. If there is any failure by us to comply with the applicable regulations or if the
regulations governing our business are amended, we may incur increased costs, be subject to penalties, have our
approvals and permits revoked or suffer a disruption in our operations, any of which could adversely affect our
business.
We engage various contractors at our manufacturing facilities. We cannot assure you that the contractors operating
our manufacturing facilities will be able to obtain and maintain relevant approvals for continuous operations of such
facilities. Failure of the contractors to maintain requisite government approvals may lead to a disruption at our
manufacturing facilities and consequently in the production and supply of our products and may adversely affect our
28. We may inadvertently deliver genetically modified organisms (“GMOs”) to those customers that request GMO-free
products.
Adverse publicity about genetically modified food has led to governmental regulation that limits or prevents sales of
GMO products in some of the markets in which we sells our products. It is possible that new restrictions on GMO
products will be imposed in major markets for our products or that our customers will decide to purchase lower levels
of GMO products or not to buy GMO products.
At present, the only raw material which we use which is derived from GMOs is imported soya oil. However, we
understand that the genetically-modified elements that remain in the oil are negligible and may not be able to be
detected. We may not always be able to verify all aspects of how and where the raw materials that we source are
produced and under what conditions they are so produced and it is therefore possible that we may inadvertently deliver
34
products that contain GMOs to those customers that request GMO-free products. As a result, we could lose customers
and may incur liability. We may also incur significant expenses related to upgrading procedures and facilities to detect
GMO-derived materials and/or produce products which are completely GMO-free. GMO products that have not
received regulatory approval may also enter the food chain. If we encounter incidents of this type, they can be costly
and time-consuming to rectify, may damage our reputation and may subject us to litigation. If regulators in the
countries that restrict or prohibit the sale of GMO products or customers who request GMO-free products do not have
confidence in our products, we could lose customers and could be prohibited from selling our product in those
countries, which could, in turn, affect our business, results of operations and/or financial condition.
29. Our operations are subject to various hazards and could expose us to the risk of liabilities, loss of revenue and
increased expenses.
Our operations are subject to various hazards associated with the production of chemical and other products, such as
the use, handling, processing, storage and transportation of hazardous materials, as well as accidents such as leakage
or spillages of chemicals. For example, we use certain chemicals for refining, which may be hazardous to the
environment and may lead to damage of assets, stock, premises, and loss of human lives. Any mishandling of
hazardous chemical and poisonous substances could also lead to fatal accidents. In addition, our employees operate
heavy machinery at our manufacturing facilities and accidents may occur while operating such machinery. Further,
the processing of oil, inside a boiler, involves dealing with high temperatures and is an extremely hazardous process.
These hazards can cause personal injury and loss of life, severe damage to and destruction of property and equipment,
environmental damage and may result in the suspension of operations and the imposition of civil and criminal
liabilities. Additionally, as a result of past or future operations, claims of injury by employees or members of the public
due to exposure, or alleged exposure, to the hazardous materials involved in our business may arise.
Liabilities incurred as a result of these events have the potential to adversely impact our financial position. Events like
these could result in liabilities, or adversely affect our reputation with suppliers, customers, regulators, employees and
the public, which could in turn affect our financial condition and business performance. While we maintain general
insurance against these liabilities, insurance proceeds may not be adequate to fully cover the substantial liabilities, lost
revenues or increased expenses that we might incur.
30. We are subject to business risks inherent to the palm oil and soy oil industries that may adversely affect our business.
Palm oil and soy oil products constitute a significant portion of our edible oil product offerings and we are subject to
risks inherent to the oil palm and soy oil industries, including, but not limited to, outbreaks of diseases, damage from
pests, fire or other natural disasters, unscheduled interruptions in fresh fruit bunch processing, spills from product
carriers or storage tanks and adverse climate conditions. This may adversely affect the availability and prices of
unrefined palm oil and soy oil which we use as raw materials for our operations, which may negatively impact our
business, results of operations and financial condition.
Our ability to mitigate these risks depends on various factors, including our ability to keep abreast of the latest
technologies related to planting materials, disease prevention, oil palm and soy oil operations and other developments
in the industry, as well as our ability to effectively implement strategies for farmer education. We cannot assure you
that we will be able to successfully mitigate the various risks of the oil palm and the soy oil industries or that we will
be successful in implementing our strategies to grow our oil palm and soy oil businesses.
Additionally, the demand for palm oil and soy oil products has in the past and may in the future be affected by
campaigns brought by non-governmental organizations (“NGOs”). These NGOs have raised concerns that palm oil
and soy oil farms result in illegal deforestation and the destruction of large areas of tropical forests and wildlife habitats,
and have campaigned to promote sustainable palm oil and soy oil cultivation and environmentally friendly practices
on palm oil and soy oil farms. More recently, these NGOs have also raised allegations about illegitimate social
activities such as human rights abuse and the displacement of indigenous communities in relation to palm oil and soy
oil operations. If such environment campaigns or allegations result in a reduction in the demand for palm oil and soy
oil products, or change in government or regulatory policy, our business, results of operations and financial condition
could be adversely affected.
31. Negative publicity relating to celebrities who endorse our products and brands may adversely affect our reputation
and negatively impact our business.
As some of our products and brands are endorsed by celebrities, any negative publicity affecting celebrities who have
endorsed our products and/or brands may impair our reputation and adversely affect our business. For example, as we
had featured a celebrity on advertisements of our Fortune Rice Bran cooking oil which we have marketed as being a
healthier choice for the heart, the recent heart attack suffered by the said celebrity in early January 2021 has drawn a
degree of negative publicity relating to our Fortune Rice Bran cooking oil. Our branding and marketing initiatives may
therefore be diluted by any negative publicity concerning celebrities who have endorsed our products and/or brands,
and this may adversely affect our business and prospects.
35
32. Our inability to protect or use our intellectual property rights may adversely affect our business.
We consider our brands and intellectual property to be one of our most valuable assets and we have several trademarks
registered in India and abroad. We also rely on unpatented proprietary know-how, continuing technological innovation
and other trade secrets to develop and maintain our competitive position. While we have applied for trademark
registration for certain of our products, some of which are currently pending (such as our pending trademark
registrations for ‘Fortune Soya Granules’, ‘Fortune Soya Chunkies Mexican Salsa’ and ‘Fortune Mini Soyachunks’),
we have not applied for such protection for some of our other products. If we are unable to register our trademarks for
various reasons including our inability to remove objections to our trademark applications, or if any of our unregistered
trademarks are registered in favour of or used by a third party, we may not be able to claim registered ownership of
such trademarks and consequently, we may not be able to seek remedies for infringement of those trademarks by third
parties other than relief against passing off by other entities, causing damage to our business prospects, reputation and
goodwill.
The measures we take to protect our intellectual property include relying on Indian and foreign laws and initiating
legal proceedings, which may not be adequate to prevent unauthorized use of our intellectual property by third parties.
Notwithstanding the precautions we take to protect our intellectual property rights, it is possible that third parties may
copy or otherwise infringe on our rights, which may have an adverse effect on our business, results of operations, cash
flows and financial condition.
While we take care to ensure that we comply with the intellectual property rights of others, we cannot determine with
certainty whether we are infringing any existing third-party intellectual property rights, which may force us to alter
our offerings. For instance, our trademark applications for ‘Fortune Basmati Rice’ and ‘Fortune Pulses’ in trademark
class 30 have been opposed, and our requests for amendment of the said applications are presently pending. We may
also be susceptible to claims from third parties asserting infringement and other related claims. For instance, we have
received notices for alleged infringement of the trademarks “Rozana” and “Everyday” in the past. If similar claims are
raised in the future, these claims could result in costly litigation, divert management’s attention and resources, subject
us to significant liabilities and require us to enter into potentially expensive royalty or licensing agreements or to cease
certain offerings. Any of the foregoing could have an adverse effect on our business, results of operations, cash flows
33. We are dependent on the strength of our brand and reputation, as well as the brand and reputation of our Promoters
and other Adani group and Wilmar group entities.
Our revenue, results of operation, business and prospects are, to a certain extent, dependent on the strength of our
brand and reputation, as well as the brand and reputation of our Promoters and other Adani group and Wilmar group
entities. While we have a well-recognised brand, we may be vulnerable to adverse market and customer perception,
particularly in an industry where integrity, trust and customer confidence are paramount. We are exposed to the risk
that litigation, misconduct, operational failure, adverse publicity (including through social media) or press speculation
could adversely affect our brand and reputation. Our reputation could also be affected if our products or services do
not perform as expected, whether or not the expectations are founded. In addition, our reputation could be affected by
the conduct or performance of third parties over which we have no control, such as other entities that are part of the
Adani group and Wilmar group. For details, see “– 5. Certain companies within the Adani group (including certain
members of our Promoters, Promoter Group and Group Companies) are involved in various legal, regulatory and
other proceedings which could have an adverse impact on our business and reputation.” on page 24. We are permitted
to use the trademark ‘‘Adani’ thereof by S.B. Adani Family Trust (“SBAFT”) under the terms of a license agreement
dated July 28, 2021, as amended by the first amendment agreement dated August 16, 2021 (“License Agreement”).
SBAFT has the right to terminate the License Agreement upon occurrence of certain events including but not limited
to the shareholding interest of the Adani Group falling below 10% of the total issued equity capital of our Company.
We have also entered into a trademark license deed dated June 24, 2021 (“License Deed”) with Wilmar International
Limited pursuant to which our Company has been granted a non-transferable and non-exclusive right and license to
use word marks, trade logos and domain name ‘Wilmar’ as part of its corporate name and trade name on the terms
stated in the Licence Deed. The License Deed can be terminated inter alia if the shareholding (direct or indirect) of
Wilmar International Limited falls below 10% of the total issued equity capital of our Company or if our Company is
convicted of any criminal offence. We may also be exposed to adverse publicity relating to the investment industry as
a whole. An incident related to us, or the conduct of a competitor unrelated to us may taint the reputation of the industry
as a whole and may affect the perception of customers and the attitude of market regulators. Further, adverse publicity
may result in greater regulatory scrutiny of our operations and of the industry generally. If we are unable to maintain
our brand name and our reputation, or there is reputational harm to other Adani or Wilmar group entities, our business,
results of operations, financial condition and cash flows could be adversely affected.
34. Certain members of our Promoter Group, Directors and related entities have interests in certain companies, which
are in businesses similar to ours and this may result in potential conflicts of interest with us.
A conflict of interest may occur between our business and the business of our Promoter Group companies which could
have an adverse effect on our operations. Conflicts of interest may also arise out of common business objectives shared
by us, our Promoter Group, Directors and their related entities. Our Promoter Group, Directors, their related entities
36
and our Group Companies may compete with us and have no obligation to direct any opportunities to us. For example,
Shree Renuka Sugars Limited, our Group Company, is engaged in a business similar to ours. Shree Renuka Sugars
Limited generated revenues from sale of manufactured sugar in the amount of ₹44,928.63 million for the financial
year 2021, representing approximately 80.87% of its revenue from operations for the same year. We launched sugar
business in 2021 and generated revenues from sales of sugar in the amount of ₹331.55 million for the financial year
2021, representing approximately 0.09% of our revenue from operations in India for the same year. Wilmar
International Limited, one of our Promoter Group entities, is also engaged in a business similar to ours, although we
operate in different regions. Further, our Non-Executive Chairman, Kuok Khoon Hong, has directorship in Shree
Renuka Sugars Limited and Wilmar International Limited as well. While we will adopt necessary procedures and
practices as permitted by law to address any instances of conflict of interest, if and when they may arise, we cannot
assure you that these or other conflicts of interest will be resolved in an impartial manner.
35. Under-utilization of our manufacturing capacities could have an adverse effect on our business and results of
operations.
Our revenues and profits are dependent on our ability to maximize our capacity utilization. Maximizing capacity
utilization rates at our manufacturing facilities allows us to increase our economies of scale and allocate fixed costs
over a greater number of units of products, thus increasing our profit margins. Our crushing plant operations have been
under-utilized as a result of low domestic production of seeds and better pricing parity for importation of unrefined
oil. The capacity utilization of our crushing units in India for the financial years 2019, 2020 and 2021 and the six
months ended September 30, 2021 was 23%, 20%, 25% and 22%, respectively. The capacity utilization of our
refineries was 61%, 51%, 55% and 48%, respectively. For details, please see “Our Business – Our Business Operations
– Installed Capacity, Actual Production and Capacity Utilization” on page 154. We are expending more costs to
maintain our production capabilities than may currently be necessary. While we seek to achieve greater cost efficiency
in our operations, we cannot assure you that we will always be successful in doing so, and any failure on our part in
doing so may have an adverse effect on our business, results of operations, cash flows and financial condition.
36. We are subject to counterfeit, cloned and pass-off products, which may reduce our sales and harm the reputation
and goodwill of our brands.
We are subject to counterfeit, cloned and pass-off products in our businesses. Counterfeit and cloned products are
products manufactured and sold illegally as legitimate products, whereas pass-off products are manufactured and
packaged to resemble legitimate products. In the past few years, advances in technology have contributed to the ease
at which legitimate products can be counterfeited. We have, over the past few years, taken action in respect of
numerous instances involving the sale of counterfeits of our products. The sale of counterfeit, cloned and pass-off
products may lead to lower sales for our businesses. In addition, such products may be harmful to consumers or may
be less effective than genuine products, which could harm our brands and reputation. The proliferation of unauthorized
copies of our products, and the time in pursuing claims and complaints about spurious products could have an adverse
effect on our reputation and our business.
37. Any failure of our information technology systems could adversely affect our business and our operations.
We have information technology systems which are run within our Company as well as by third party information
technology service providers that support our business processes, including product formulas, product development,
sales, order processing, production, procurement, inventory management, quality control, product costing, human
resources, distribution and finance. These systems may be susceptible to outages due to fire, floods, power loss,
telecommunications failures, natural disasters, break-ins and similar events. In such situations, our business processes,
such as order processing, inventory management and procurement, amongst others, may be disrupted. Effective
response to such disruptions will require effort and diligence on the part of our third-party vendors and employees to
avoid any adverse effect to our information technology systems. In addition, our systems and proprietary data stored
electronically may be vulnerable to computer viruses, cybercrime, computer hacking and similar disruptions from
unauthorized tampering. If such unauthorized use of our systems were to occur, data related to our product formulas,
product development and other proprietary information could be compromised. While we have not experienced any
disruptions to our information technology systems in the past, we cannot assure you that we will not encounter
disruptions in the future. The occurrence of any such events could adversely affect our business, interrupt our
operations, subject us to increased operating costs and expose us to litigation.
38. Competition in the industries in which we operate could result in a reduction in our market share or require us to
incur substantial expenditure on advertising and marketing, either of which could adversely affect our business,
results of operations and financial conditions.
The industries in which we operate are intensely competitive. We compete with several regional and local companies,
as well as large multi-national companies that are larger and have substantially greater resources than we do, including
the ability to spend more on advertising and marketing. Due to low entry barriers, we also face competition from new
entrants, especially at rural and semi-rural areas, who may have more flexibility in responding to changing business
and economic conditions. Competition in our businesses can be based on, among other things, pricing, innovation,
perceived value, brand recognition, promotional activities, advertising, special events, new product introductions and
37
other activities. It is difficult for us to predict the timing and scale of our competitors’ actions in these areas. We expect
competition to continue to be intense as our existing competitors expand their operations and introduce new products.
Our failure to compete effectively, including any delay in responding to changes in the industry and market, together
with increased spending on advertising, may affect the competitiveness of our products, which may result in a decline
in our revenues and profitability.
Our edible oil business faces significant competition from several edible oil manufacturers in India, including Ruchi
Soya Industries Limited, Kaleesuwari Refinery Private Limited and Emami Agrotech Limited, and they may therefore
make it more difficult for us to grow our market share in the edible oil business.
Our food and FMCG business faces significant competition from other market players such as Ruchi Soya Industries
Limited. and ITC Limited. In particular, for soya chunks and value added products, Ruchi Soya Industries Limited’s
Nutrela brand is our primary competitor. For wheat flour products, ITC Limited is our main competitor as it is the
largest player in the wheat flour products market in India. For rice products, big brands such as Daawat (LT Foods
Limited), India Gate (KRBL Limited) and Kohinoor (McCormmick & Co. Inc.) are our key competitors.
Additionally, the Indian edible oil/food market is historically dominated by the unorganised sector comprising of
traditional vendors, as well as smaller regional players, all of whom pose competition to our business as we expect to
shift towards focusing on branded packaged edible oil and food products as a key growth driver for us.
Further, our industry essentials business also faces significant competition from other market players. For instance,
Jayant Agro Group, Gokul Agro Group and N.K. Proteins Private Limited are our main competitors for castor oil
products. VVF Limited, Godrej Industries Limited, Jocil Limited, Mohini Organics Private Limited, Fairchem
Chemicals Limited and Gokul Agro Resources Limited are our key competitors for oleochemicals products, with
nearly all of them (with the exception of Godrej Industries Limited) also looking to enter the downstream oleochemical
products market which we are also planning to enter.
Some of our competitors may be larger than us, or develop alliances to compete against us, have more financial and
other resources and have products with greater brand recognition than ours. Our competitors in certain regions may
also have better access or exclusive arrangements to procure raw materials required in our operations and may procure
them at lower costs than us, and consequently be able to sell their products at lower prices. Some of our international
competitors may be able to capitalize on their overseas experience to compete in the Indian market. As a result, we
cannot assure you that we will be able to compete successfully in the future against our existing or potential competitors
or that our business and results of operations will not be adversely affected by increased competition.
39. Our financing agreements entail interest at variable rates and any increases in interest rates may adversely affect
our results of operations.
We are susceptible to changes in interest rates and the risks arising therefrom. Certain of our financing agreements
provide for interest at variable rates with a provision for the periodic resetting of interest rates. Further, under certain
of our financing agreements, the applicable rate of interest is subject to annual change, which is a combination of a
base rate that depends upon the policies of the RBI and a contractually agreed spread, and in the event of a change in
our Company’s credit rating. See the section “Financial Indebtedness” on page 286 for a description of interest payable
under our financing agreements. As such, any increase in interest rates may have an adverse effect on our business,
results of operations, cash flows and financial condition.
40. We may be unable to grow our business in semi urban and rural markets, which may adversely affect our business
prospects and results of operations
While we currently have a structured pan-India distribution network to cater to our retail and institutional customers,
we constantly seek to grow our product reach to new geographies. We intend to increase our penetration in rural and
semi-rural areas by launching our masstige brands, since these markets offer a significant growth opportunity for us.
However, we cannot assure you that we will be able to grow our business in these markets. Poor infrastructure and
logistical challenges in these regions may prevent us from expanding our presence in these regions, or increasing the
penetration of our products. Further, retail consumers in these regions are typically price conscious and we may be
unable to compete effectively with the products of our competitors. Also, general disposable income levels may not
continue to rise as anticipated by us, which may lead to a decline in the sales of our products. If we are unable to grow
our business in semi urban and rural markets effectively, our business prospects, results of operations and financial
condition may be adversely affected.
41. If we are unable to raise additional capital, our business prospects could be adversely affected.
We intend to fund our expansion plans through our cash on hand, cash flow from operations and from the Net Proceeds.
For details, see “Objects of the Issue” on page 71. We will continue to incur significant expenditure in maintaining
and growing our existing infrastructure. We cannot assure you that we will have sufficient capital resources for our
current operations or any future expansion plans that we may have. While we expect our cash on hand and cash flow
from operations to be adequate to fund our existing commitments, our ability to incur any future borrowings is
38
dependent upon the success of our operations. Additionally, the inability to obtain sufficient financing could adversely
affect our ability to complete expansion plans. Our ability to arrange financing and the costs of capital of such financing
are dependent on numerous factors, including general economic and capital market conditions, credit availability from
banks, investor confidence, the continued success of our operations and other laws that are conducive to our raising
capital in this manner. If we decide to meet our capital requirements through debt financing, we may be subject to
certain restrictive covenants. If we are unable to raise adequate capital in a timely manner and on acceptable terms, or
at all, our business, results of operations, cash flows and financial condition could be adversely affected.
42. Even if we are able to raise adequate capital to maintain and grow our infrastructure, we may not be able to
maximise returns from our capital expenditure.
Even if we are able to raise adequate capital to fund our capital expenditure in maintaining and growing our existing
infrastructure, we cannot assure you that we will be able to maximise the utility and profitability of any new
infrastructure, such as new manufacturing units, that we invest in. This may occur for various reasons, including that
there may be better price parity in importing the relevant raw materials and there may be inadequate supplies of raw
materials to keep a manufacturing facility fully utilized throughout the year. For example, not all of our existing
soybean crushing units are operational and, even if operational, we do not operate these units throughout the year as
we enjoy better price parity from the importation of unrefined soybean oil, and also due to the unavailability of
adequate raw material to keep all of our soybean crushing units operating at full capacity throughout the entire year.
Such a situation may occur in respect any new infrastructure that we invest in, and we may therefore not be able to
fully maximise returns from our capital expenditure.
43. Some of our business operations are being conducted on leased premises. Our inability to seek renewal or extension
of such leases may materially affect our business operations.
While most of our manufacturing units are located on freehold property, some of our business operations are being
conducted on premises leased from various third parties on a long-term basis, including certain of the land on which
we propose to undertake capital expenditure. For details, see “Objects of the Issue” on page 71. We may also enter
into such transactions with third parties in the future. Any adverse impact on the title, ownership rights, development
rights of the owners from whose premises we operate, breach of the contractual terms of any lease, leave and license
agreements, or any inability to renew such agreements on acceptable terms may materially affect our business
operations. For further details, see “Our Business – Our Property” on page 162.
44. Certain of our corporate filings and records are not traceable. We cannot assure that regulatory proceedings or
actions will not be initiated against us in the future and we will not be subject to any penalty imposed by the
competent regulatory authority in this regard.
Certain of our Company’s corporate regulatory filings and records are not traceable, including (a) the Form 32 and
challan evidencing the payment of fee filed for the change in designation from additional director to Director with
respect to Kuok Khoon Hong, pursuant to the resolution passed by the Shareholders on September 17, 1999, and (b)
challans evidencing the payment of fee towards Form 32 filed for the appointment of Kuok Khoon Hong as an
additional director pursuant to the resolution passed by the Board on February 27, 1999 and Form 2 filed for the
allotment of Equity Shares on November 26, 2004. Therefore, the disclosures in this Red Herring Prospectus in relation
to such untraceable records have been made in reliance on other supporting documents available in our records,
including the resolutions passed/noting made by the Board or Shareholders in their meetings. We cannot assure you
that the relevant corporate records will become available in the future, or actions will not be initiated against us in the
future, or that we will not be subject to any penalty imposed by the competent regulatory authority in this respect.
45. We are dependent on a number of key personnel, including our senior management, and the loss of, or our inability
to attract or retain such persons could adversely affect our business, results of operations and financial condition.
Our performance depends largely on the efforts and abilities of our senior management and other key personnel. We
believe that the inputs and experience of our Key Managerial Personnel are valuable for the development of business
and operations and the strategic directions taken by our Company. Although only 1 out of 10 Key Managerial
Personnel left the Company over the past 3 years, we cannot assure you that we will be able to retain these employees
or find adequate replacements in a timely manner, or at all. We may require a long period of time to hire and train
replacement personnel when qualified personnel terminate their employment with our Company. We may also be
required to increase our levels of employee compensation more rapidly than in the past to remain competitive in
attracting employees that our business requires.
Further, our ability to successfully carry out R&D depends on our ability to attract and retain skilled scientists. The
personnel at the helm of our R&D functions are critical for new product launches and creating differentiated offering
for our businesses. While we believe we have an experienced technical and production team, we may not be able to
continuously attract or retain such personnel, or retain them on acceptable terms, given the demand for such personnel.
Competition for qualified personnel with relevant industry expertise in India is intense and the loss of the services of
our key personnel may adversely affect our business, results of operations and financial condition. For further details,
see “Our Management” and “Our Promoters and Promoter Group” on pages 183 and 199, respectively.
39
46. Our ability to adopt new technology to respond to new and enhanced products poses a challenge in our business.
The cost of implementing new technologies for our operations could be significant and could adversely affect our
business, results of operations, cash flows and financial condition.
The industry in which we operate is subject to significant technological changes, with the constant introduction of new
and enhanced products. Our success will depend in part on our ability to respond to technological advances and
emerging standards and practices on a cost effective and timely basis. While we strive to keep our technology, facilities
and machinery current with the latest international standards, the technologies, facilities and machinery we currently
employ may become obsolete. We cannot assure you that we will be able to successfully make timely and cost-
effective enhancements and additions to our technological infrastructure, keep up with technological improvements in
order to meet our customers’ needs or that the technology developed by other will not render our products less
competitive or attractive. Our failure to successfully adopt such technologies in a cost effective and a timely manner
could increase our costs and lead to us being less competitive in terms of our prices or quality of products we sell.
Further, implementation of new or upgraded technology may not be cost effective, which may adversely affect our
business, results of operations, cash flows and financial condition.
47. We are subject to labour laws and other industry standards and our operations could be adversely affected by strikes,
work stoppages or increased wage demands by our employees or any other kind of disputes with our employees.
As of September 30, 2021, we employed 2,454 personnel in India across our operations, and our employees at our
plant in Haldia, West Bengal have formed a registered union. For details, please see “Our Business – Human
Resources” on page 159. Although we have not experienced any material labour unrest, we cannot assure you that we
will not experience disruptions in work due to disputes or other problems with our work force, which may adversely
affect our ability to continue our business operations. Any labour unrest directed against us, could directly or indirectly
prevent or hinder our normal operating activities, and, if not resolved in a timely manner, could lead to disruptions in
our operations. These actions are impossible for us to predict or control and any such event could adversely affect our
business, results of operations and financial condition.
Although we have not received any notices from the labour union of our employees against us for matters such as
wrongful termination of employment and reinstatement of workmen, back wages and payment of bonuses to workmen,
we cannot assure you that no such notices will be issued in future. Any such actions could adversely affect our business,
48. We rely on contract labour for carrying out certain of our operations and we may be held responsible for paying
the wages of such workers, if the independent contractors through whom such workers are hired default on their
obligations, and such obligations could have an adverse effect on our results of operations and financial condition.
In order to retain flexibility and control costs, we appoint independent contractors who in turn engage on-site contract
labour for performance of certain of our operations in each of our business verticals. As of September 30, 2021, we
had 9,801 contract laborers. Although we do not engage these laborers directly, we may be held responsible for any
wage payments to be made to such laborers in the event of default by such independent contractor. Any requirement
to fund their wage requirements may have an adverse impact on our results of operations and financial condition. In
addition, under the Contract Labour (Regulation and Abolition) Act, 1970, as amended, we may be required to absorb
a number of such contract labourers as permanent employees. In the event of any non-compliance by contractors with
statutory requirements, legal proceedings may be initiated against us. Thus, any such order from a regulatory body or
court may have an adverse effect on our business, results of operations and financial condition. Further, any upward
revision of wages that may be required by the state government to be paid to such contract labourers or the
unavailability of the required number of contract labourers, may adversely affect the business and future results of our
operations.
49. Our insurance coverage may not be sufficient or may not adequately protect us against all material hazards, which
may adversely affect our business, results of operations and financial condition.
We could be held liable for accidents that occur at our manufacturing facilities or otherwise arise out of our operations.
For example, the processing of oil, inside a boiler, involves dealing with high temperatures. This is an extremely
hazardous process and can expose us to liabilities and claims, in case of occurrence of any accident. Further, we use
hydrogen gas and certain chemicals for refining, which may be hazardous to the environment and may lead to damage
of assets, stock, premises, and loss of human lives. Such incidences may lead to unforeseen costs and we may have to
compensate for any losses or damages suffered by third parties as a result of such incidents. In the event of personal
injuries, fires or other accidents suffered by our employees or other people, we could face claims alleging that we were
negligent, provided inadequate supervision or be otherwise liable for the injuries. Our principal types of coverage
include all risk insurance policy, boiler and pressure plant insurance policy, electronic equipment insurance policy,
standard fire and special perils insurance policy, machinery breakdown insurance policy, money insurance policy,
burglary insurance policy and comprehensive general liability insurance. As of September 30, 2021, our gross block
of total fixed tangible assets and inventory in India was ₹46,575.02 million and ₹71,212.11 million, respectively, and
the insurance coverage on such assets and inventory was ₹48,546.17 million and ₹74,341.36 million, respectively, or
104.23% and 104.39%, respectively.
40
While we believe that the insurance coverage which we maintain would be reasonably adequate to cover the normal
risks associated with the operation of our business, we cannot assure you that any claim under the insurance policies
maintained by us will be honoured fully, in part or on time, or that we have taken out sufficient insurance to cover all
our losses. In addition, our insurance coverage expires from time to time. We apply for the renewal of our insurance
coverage in the normal course of our business, but we cannot assure you that such renewals will be granted in a timely
manner, at acceptable cost or at all. To the extent that we suffer loss or damage for which we did not obtain or maintain
insurance, and which is not covered by insurance, exceeds our insurance coverage or where our insurance claims are
rejected, the loss would have to be borne by us and our results of operations, cash flows and financial performance
could be adversely affected.
50. The emergence of modern trade channels in the form of hypermarkets, supermarkets and online retailers may
adversely affect our pricing ability, which may have an adverse effect on our results of operations and financial
condition.
While most of our current sales are through traditional trade channels, we sell some of our products to retail customers
through modern trade channels, which include supermarkets, hypermarkets and ecommerce, and we expect to have to
do so more going forward with the increasing popularity of modern trade channels. In this regard, India has recently
witnessed the emergence of supermarket and hypermarket chains and online retailers and the market penetration of
large scaled organized retail in India is likely to increase further. While we believe this provides us with an opportunity
to improve our supply chain efficiencies and increase the visibility of our brands, it also increases the negotiating
position of such stores. We cannot assure you that we will be able to negotiate new distribution agreements or
renegotiate our existing distribution agreements going forward, specially our pricing or credit provisions, on terms
favourable to us, or at all. Any inability to enter into distribution agreements and on terms favourable to us, may have
an adverse effect on our pricing and margins, and consequently adversely affect our results of operations and financial
condition. Additionally, several large retailers have their own private labels under which they sell private label products
which are typically cheaper than our brands, and this presents competition for our brands on the retail market.
51. Information relating to the historical capacity of our production facilities included in this Red Herring Prospectus
is based on third party certificates as well as on various assumptions and estimates and future production and
capacity may vary.
Information relating to the historical capacity of our production units included in this Red Herring Prospectus is based
on third party certificates as well as on various assumptions including those relating to availability of raw materials
and operational efficiencies. Actual production levels and rates may differ significantly from the estimated production
capacities and historical capacity utilisation rates. In addition, capacity utilization is calculated differently in different
countries, industries and for the kinds of products we manufacture. Undue reliance should therefore not be placed on
our historical capacity information for our existing units included in this Red Herring Prospectus.
52. We have in the past entered into related party transactions and may continue to do so in the future, which may
potentially involve conflicts of interest with the equity shareholders.
We have entered into various transactions with related parties, including Wilmar Trading Pte. Ltd, Goodman Fielder
Consumer Foods Pty Limited, K.T.V. Health Food Private Limited, KOG- KTV Food Products (India) Private Limited
(now amalgamated with KTV Health Foods Private Limited). While all such transactions have been approved by our
Board (on which our majority shareholders are represented) and while we believe that all such transactions have been
conducted on an arm’s length basis, we cannot assure you that we could not have achieved more favourable terms had
such transactions been entered into with unrelated parties. It is likely that we may enter into related party transactions
in the future. Such related party transactions may potentially involve conflicts of interest. For example, we procure
crude palm oil from Wilmar Group, which is the largest palm oil supplier in the world (Source: Technopak Report)
but also our joint venture promoter. Further, we sell oleochemicals and castor products to associate companies of
Wilmar International Limited. Additionally, we have entered into related party transactions with Adani Enterprises
Limited for the use of certain port and power utilities in India. For details on our related party transactions, see “Other
Financial Information – Related Party Transactions” on page 284. For details on the interest of our Promoter,
Directors and key management personnel of our Company, see “Our Management – Interests of Directors” and “Our
Management – Interests of Key Management Personnel” on pages 188 and 196, respectively. We cannot assure you
that such transactions, individually or in the aggregate, will always be in the best interests of our shareholders and will
not have an adverse effect on our business, results of operations, cash flows and financial condition.
53. Our Company has acquired land in the last five years from entity which is related to our Director and may undertake
such acquisition in the future.
In the last five years, our Company acquired leasehold rights for 40.50 acres of land at Mundra for an annual rent of
₹100 per square metre, subject to escalation in every three years at the rate of 20%, from Adani Ports and Special
Economic Zone Limited which is related to our Director, Malay Ramesh Mahadevia, since he is also a director on the
board of directors of Adani Ports and Special Economic Zone Limited. The land is leased to us for a period of 30 years
for the purpose of setting up manufacturing units and the processing of edible oil and food and FMCG. We believe
that the transaction has been conducted on an arms-length basis, however, there can be no assurance that our Company
41
could not have achieved more favourable terms had the transaction not been entered into with related parties. In the
future, we may undertake further acquisitions of land from entities related to any of our Promoters or Directors. For
more information, please see “Our Promoters and Promoter Group” on page 199.
54. We have certain contingent liabilities that have not been provided for in our financial statements, which, if they
materialize, may adversely affect our financial condition.
As of September 30, 2021 our contingent liabilities that have not been provided for are as set out in the table below:
(in ₹ million)
1. Bank Guarantees favouring Commercial Taxes 69.73
2. Disputed Customs Duty 492.40
3. Commercial Taxes 398.67
4. Income Tax 477.74
5. Service Tax & Excise Duty 321.88
Total 1760.42
The details of our commitments are set forth in the table below:
(in ₹ million)
1. Capital Commitment (net of advance) 1,660.34
Total 1,660.34
If a significant portion of these liabilities materialize, it could have an adverse effect on our business, financial
condition and results of operations. For details, see “Restated Financial Statements – Notes forming part of the
Restated Consolidated Financial Information - Note 33: Contingent liabilities and Commitments” on page 261.
55. Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital
requirements, capital expenditures and restrictive covenants of our financing arrangements.
Our ability to pay dividends in the future will depend on our earnings, financial condition, cash flow, working capital
requirements, capital expenditure and restrictive covenants of our financing arrangements. Any future determination
as to the declaration and payment of dividends will be at the discretion of our Board in accordance with the dividend
distribution policy adopted by our Company on July 31, 2021 and will depend on factors that our Board deems relevant,
including among others, our future earnings, financial condition, cash requirements, business prospects and any other
financing arrangements. We have not paid any dividends for the financial years 2019, 2020 and 2021 and the six
months ended September 30, 2021, and for the period from October 1, 2021 till the date of filing this Red Herring
Prospectus, and we cannot assure you that we will be able to pay dividends in the future.
56. We have used information from an industry report which we commissioned, as well as other information reported
by market survey firms, for industry related data in this Red Herring Prospectus.
We have used the information from an industry report which we commissioned on March 31, 2021 and paid for, titled
“Report on Indian Packaged Food Industry” dated November 1, 2021 prepared by Technopak Advisors Private
Limited, as well as other information reported by market survey firms Nielsen (India) Private Limited and Kantar
Worldpanel India dated June 23, 2021 and July 2, 2021, respectively, for industry related data in this Red Herring
Prospectus. These reports use certain methodologies for market sizing and forecasting. These reports are also subject
to various limitations and based upon certain assumptions that are subjective in nature. While we believe the data to
be true, we cannot assure you that they are complete or reliable. Accordingly, investors should read the industry related
disclosure in this Red Herring Prospectus in this context. Industry sources and publications are also prepared based on
information as of specific dates and may no longer be current or reflect current trends. Industry sources and
publications may also base their information on estimates, projections, forecasts and assumptions that may prove to
be incorrect. While industry sources take due care and caution while preparing their reports, they do not guarantee the
accuracy, adequacy or completeness of the data. Accordingly, investors should not place undue reliance on, or base
their investment decision solely on this information.
57. Our Company is currently a joint venture between the Promoters and we will continue to be controlled by our
Promoters after completion of the Issue, which may limit your ability to influence the outcome of matters submitted
for approval of our shareholders.
As of the date of this Red Herring Prospectus, our Promoters, directly and indirectly, along with their nominees hold
100% of the issued, subscribed and paid-up Equity Share capital of our Company. After the completion of the Issue,
our Promoters (by themselves and along with their nominees) will continue to hold a substantial portion of our paid
up Equity Share capital. As a result, our Promoters will continue to exercise significant control over us, including
being able to control the composition of our Board and determine matters requiring shareholder approval or approval
42
of our Board. Our Promoters may take or block actions with respect to our business, which may conflict with our
interests or the interests of our minority shareholders. By exercising their control, our Promoters could delay, defer or
cause a change of our control or a change in our capital structure, delay, defer or cause a merger, consolidation,
takeover or other business combination involving us, discourage or encourage a potential acquirer from making a
tender offer or otherwise attempting to obtain control of us. Accordingly, the interests of our Promoters in their capacity
as Shareholders of our Company may conflict with your interests and the interest of other Shareholders of our
Company. We cannot guarantee that our Promoters and Promoter Group will act in our interest while exercising their
rights. Any conflict of interest may adversely affect our ability to execute our business strategy or to operate our
business.
Further, pursuant to the SHA (as amended by the second amendment and termination agreement) and Articles of
Association and upon receipt of approval by the shareholders of our Company by way of a special resolution in a
general meeting after listing, the Promoters shall have the right to nominate a director on the Board as per the following
thresholds:
Shareholding of each of the AEL and AC LLP Number of Directors Number of Directors
(together, the “Adani Shareholders”) or LPL, as which may be which may be
applicable, as a percentage of the Equity Share capital nominated by the Adani nominated by LPL
of our Company Shareholders
30% or more Three Three
20% or more but less than 30% Two Two
Less than 20% but more than 10% One One
Additionally, the Adani Shareholders and LPL have also agreed on certain inter-se rights that shall come into effect
upon the listing of our Equity Shares. For details, see “History and Certain Corporate Matters - Summary of Key
Agreements” on page 180.
Further, AEL and Wilmar International Limited, the ultimate holding company of LPL, are both listed companies. To
the extent that business or financial information relating to our Company can be derived from the annual or other
public reports of AEL and/or LPL prepared in the ordinary course or filings made with the relevant stock exchanges
in accordance with applicable standards and requirements for listed company disclosure, investors are reminded that
such information has not been and will not be prepared for purposes of this Issue and does not form a part of this Red
Herring Prospectus, the Red Herring Prospectus or the Prospectus. Any investment decision in connection with the
Issue must be taken only on the basis of the information in the Red Herring Prospectus.
External Risk Factors
Risks Related to India
58. Political, economic or other factors that are beyond our control may have an adverse effect on our business and
We are dependent on domestic, regional and global economic and market conditions. Our performance, growth and
market price of our Equity Shares are and will be dependent to a large extent on the health of the economy in which
we operate. There have been periods of slowdown in the economic growth of India. Demand for our products may be
adversely affected by an economic downturn in domestic, regional and global economies. Economic growth in the
countries in which we operate is affected by various factors including domestic consumption and savings, balance of
trade movements, namely export demand and movements in key imports (oil and oil products), global economic
uncertainty and liquidity crisis, volatility in exchange currency rates, and annual rainfall which affects agricultural
production. Consequently, any future slowdown in the Indian economy could harm our business, results of operations,
financial condition and cash flows. Also, a change in the government or a change in the economic and deregulation
policies could adversely affect economic conditions prevalent in the areas in which we operate in general and our
business in particular and high rates of inflation in India could increase our costs without proportionately increasing
our revenues, and as such decrease our operating margins.
59. Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax
laws, may adversely affect our business, prospects and results of operations.
The regulatory and policy environment in which we operate is evolving and subject to change. The government of
India (“GoI”) may implement new laws or other regulations and policies that could affect the food industry, which
could lead to new compliance requirements, including requiring us to obtain approvals and licenses from the
Government and other regulatory bodies, or impose onerous requirements. Any changes to such laws, including the
instances mentioned below, may adversely affect our business, results of operations and prospects, to the extent that
we are unable to suitably respond to and comply with any such changes in applicable law and policy.
43
For instance, as per the amended IT Act to provide an option to the domestic companies to pay a reduced statutory
corporate income tax of 22%, plus applicable surcharge and cess (as compared to a normal corporate tax of 25% or
30%), provided such companies do not claim certain specified deduction or exemptions. Further, where a company
has opted to pay the reduced corporate tax rate of 22%, the minimum alternate tax provisions would not be applicable.
Earlier, distribution of dividends by a domestic company was subject to Dividend Distribution Tax (“DDT”), in the
hands of the company at an effective rate of 20.56% (inclusive of applicable surcharge and health and education cess).
Such dividends were generally exempt from tax in the hands of the shareholders. However, GOI has amended the IT
Act to abolish the DDT regime. Accordingly, any dividend distributed by a domestic company is subject to tax in the
hands of the investor at the applicable rate. Additionally, the company is required to withhold tax on such dividends
distributed at the applicable rate.
The Finance Act, 2019 has also clarified that, in the absence of a specific provision under an agreement, the liability
to pay stamp duty in case of sale of securities through stock exchanges will be on the buyer, while in other cases of
transfer for consideration through a depository, the onus will be on the transferor. The stamp duty for transfer of
securities other than debentures, on a delivery basis is specified at 0.015% and on a non-delivery basis is specified at
0.003% of the consideration amount.
Additionally, the GoI has recently introduced (a) the Code on Wages, 2019; (b) the Code on Social Security, 2020; (c)
the Occupational Safety, Health and Working Conditions Code, 2020; and (d) the Industrial Relations Code, 2020
which consolidate, subsume and replace numerous existing central labour legislations. While the rules for
implementation under these codes have not been notified, we are yet to determine the impact of all or some such laws
on our business and operations which may restrict our ability to grow our business in the future.
As such, there is no certainty on the impact that the aforementioned provisions may have on our Company’s business
and operations. Further, our Company cannot predict whether any tax laws or other regulations impacting it will be
enacted, or predict the nature and impact of any such laws or regulations or whether, if at all, any laws or
regulations would have a material adverse effect the Company’s business, results of operations and financial
condition.
60. Under Indian law, foreign investors are subject to investment restrictions that limit our ability to attract foreign
investors, which may adversely affect the trading price of the Equity Shares.
Under foreign exchange regulations currently in force in India, transfer of shares between non-residents and residents
are freely permitted (subject to certain restrictions), if they comply with the pricing guidelines and reporting
requirements specified by the RBI. If the transfer of shares, which are sought to be transferred, is not in compliance
with such pricing guidelines or reporting requirements or falls under any of the exceptions referred to above, then a
prior regulatory approval will be required. Additionally, shareholders who seek to convert Rupee proceeds from a sale
of shares in India into foreign currency and repatriate that foreign currency from India require a no-objection or a tax
clearance certificate from the Indian income tax authorities.
In addition, pursuant to the Press Note No. 3 (2020 Series), dated April 17, 2020, issued by the DPIIT, which has been
incorporated as the proviso to Rule 6(a) of the FEMA Rules, investments where the beneficial owner of the Equity
Shares is situated in or is a citizen of a country which shares land border with India, can only be made through the
Government approval route, as prescribed in the Consolidated FDI Policy dated October 15, 2020 and the FEMA
Rules. We cannot assure you that any required approval from the RBI or any other governmental agency can be
obtained with or without any particular terms or conditions or at all.
We cannot assure investors that any required approval from the RBI or any other governmental agency can be obtained
on any particular terms or at all. For further information, see “Restrictions on Foreign Ownership of Indian Securities”
on page 378.
61. A downgrade in our credit ratings and the credit ratings of India, may affect the trading price of the Equity Shares.
Our borrowing costs and our access to the debt capital markets depend significantly on our credit ratings and the credit
ratings of India. We have a long-term rating of “CARE A+” and a short-term rating of “CARE A1+” from CARE
Ratings. India’s sovereign rating decreased from Baa2 with a “negative” outlook to Baa3 with a “negative” outlook
by Moody’s and from BBB with a “stable” outlook to BBB with a “negative” outlook (Fitch) in June 2020; and from
BBB “stable” to BBB “negative” by DBRS in May 2020. India’s sovereign ratings from S&P is BBB- with a “stable”
outlook in September 2020. Any further adverse revisions to India’s credit ratings for domestic and international debt
by international rating agencies may adversely impact our ability to raise additional financing and the interest rates
and other commercial terms at which such financing is available, including raising any overseas additional financing.
A downgrading of India’s credit ratings may occur, for reasons beyond our control such as, upon a change of
government tax or fiscal policy. This could have an adverse effect on our ability to fund our growth on favorable terms
or at all, and consequently adversely affect our business and financial performance and the price of the Equity Shares.
44
62. If inflation rises in India, increased costs may result in a decline in profits.
Inflation rates in India have been volatile in recent years, and such volatility may continue. India has experienced high
inflation in the recent past. Increasing inflation in India could cause a rise in the costs of rent, wages, raw materials
and other expenses. High fluctuations in inflation rates may make it more difficult for us to accurately estimate or
control our costs. Any increase in inflation in India can increase our expenses, which we may not be able to adequately
pass on to our clients, whether entirely or in part, and may adversely affect our business and financial condition. If we
are unable to increase our revenues sufficiently to offset our increased costs due to inflation, it could have an adverse
effect on our business, prospects, financial condition, results of operations and cash flows. Further, the GoI has
previously initiated economic measures to combat high inflation rates, and it is unclear whether these measures will
remain in effect. There can be no assurance that Indian inflation levels will not worsen in the future.
63. Terrorist attacks or war or conflicts involving India or other countries could adversely affect consumer and business
sentiment and the financial markets and adversely affect our business.
Terrorist attacks and other acts of violence or war may adversely affect global equity markets and economic growth
as well as the Indian economy and stock markets. Such acts negatively impact business and economic sentiment, which
could adversely affect our business and profitability.
Also, India has from time to time experienced, and continues to experience, social and civil unrest and hostilities with
neighbouring countries. Armed conflicts could disrupt communications and adversely affect the Indian economy. Such
events could also create a perception that investments in Indian companies involve a high degree of risk. This, in turn,
could have a material adverse effect on the market for securities of Indian companies, including our Equity Shares.
The consequences of any armed conflicts are unpredictable and we therefore may not be able to foresee events that
could have an adverse effect on our business.
64. An outbreak of other infectious or virulent diseases, if uncontrolled, may have an adverse effect on our operations.
An outbreak of other infectious or virulent diseases, such as severe acute respiratory syndrome, the COVID-19 virus,
the H1N1 virus, avian influenza (bird flu), the Zika virus or the Ebola virus, if uncontrolled, may have a material
adverse effect on the economies of certain countries and our operations. If any of our employees or the employees of
our suppliers and/or customers are infected with such diseases or if a signification portion of our workforce refuses to
work for fear of contracting an infectious disease, our Company, our suppliers and/or our customers may be required
to shut down operations for a period of time, and this could adversely affect our business, results of operations and
financial condition.
65. Investors may not be able to enforce a judgment of a foreign court against our Company.
Our Company is incorporated under the laws of India. Our Company’s assets are primarily located in India and all of
our Key Managerial Personnel as well as a majority of our Company’s current Directors are residents of India. As a
result, it may not be possible for investors to effect service of process upon our Company or such persons in
jurisdictions outside India, or to enforce against them judgments obtained in courts outside India.
Recognition and enforcement of foreign judgments is provided for under Section 13 of Civil Code on a statutory basis.
Section 13 of the Civil Code provides that foreign judgments shall be conclusive regarding any matter directly
adjudicated upon, except: (i) where the judgment has not been pronounced by a court of competent jurisdiction; (ii)
where the judgment has not been given on the merits of the case; (iii) where it appears on the face of the proceedings
that the judgment is founded on an incorrect view of international law or a refusal to recognize the law of India in
cases to which such law is applicable; (iv) where the proceedings in which the judgment was obtained were opposed
to natural justice; (v) where the judgment has been obtained by fraud; and (vi) where the judgment sustains a claim
founded on a breach of any law then in force in India. Under the Civil Code, a court in India shall, upon the production
of any document purporting to be a certified copy of a foreign judgment, presume that the judgment was pronounced
by a court of competent jurisdiction, unless the contrary appears on record. However, under the Civil Code, such
presumption may be displaced by proving that the court did not have jurisdiction.
India is not a party to any international treaty in relation to the recognition or enforcement of foreign judgments.
Section 44A of the Civil Code provides that where a foreign judgment has been rendered by a superior court, within
the meaning of that Section, in any country or territory outside of India which the Central Government has by
notification declared to be in a reciprocating territory, it may be enforced in India by proceedings in execution as if
the judgment had been rendered by the relevant court in India. However, Section 44A of the Civil Code is applicable
only to monetary decrees not being of the same nature as amounts payable in respect of taxes, other charges of a like
nature or of a fine or other penalties.
We have been advised by our Indian counsel that the United States and India do not currently have a treaty providing
for reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial
matters. Therefore, a final judgment for the payment of money rendered by any federal or state court in the United
States on civil liability, whether or not predicated solely upon the federal securities laws of the United States, would
45
not be enforceable in India. However, the party in whose favour such final judgment is rendered may bring a new suit
in a competent court in India based on a final judgment that has been obtained in the United States. The suit must be
brought in India within three years from the date of the judgment in the same manner as any other suit filed to enforce
a civil liability in India.
It is unlikely that a court in India would award damages on the same basis as a foreign court if an action was brought
in India. Furthermore, it is unlikely that an Indian court would enforce a foreign judgment if that court were of the
view that the amount of damages awarded was excessive or inconsistent with public policy or Indian practice. It is
uncertain as to whether an Indian court would enforce foreign judgments that would contravene or violate Indian law.
However, a party seeking to enforce a foreign judgment in India is required to obtain approval from the RBI under the
Indian Foreign Exchange Management Act, 1999, to execute such a judgment or to repatriate any amount recovered.
66. Significant differences exist between Ind AS and other accounting principles, such as Indian GAAP, IFRS and
U.S. GAAP, which may be material to investors’ assessment of our financial condition.
The Restated Financial Statements for the financial years 2019, 2020 and 2021 and the six months ended September
30, 2021 included in this Red Herring Prospectus have been prepared under Ind AS notified under the Companies
(Indian Accounting Standards) Rules, 2015 read with Section 133 of the Companies Act, 2013 to the extent applicable.
In accordance with Ind AS 101 First-time Adoption of Indian Accounting Standard, we have presented reconciliation
from Indian GAAP to Ind AS. Please refer to the Restated Financial Statements beginning on page 222. Except as
otherwise provided in the Restated Financial Statements with respect to Indian GAAP, no attempt has been made to
reconcile any of the information given in this Red Herring Prospectus to any other principles or to base the information
on any other standards. Ind AS differs from other accounting principles with which prospective investors may be
familiar, such as Indian GAAP, IFRS and U.S. GAAP. Accordingly, the degree to which the financial statements
included in this Red Herring Prospectus will provide meaningful information is entirely dependent on the reader’s
level of familiarity with Ind AS. Persons not familiar with Ind AS should limit their reliance on the financial disclosures
presented in this Red Herring Prospectus.
In addition, our Restated Financial Statements may be subject to change if new or amended Ind AS accounting
standards are issued in the future or if we revise our elections or selected exemptions in respect of the relevant
regulations for the implementation of Ind AS.
67. We may be affected by competition law in India and any adverse application or interpretation of the Competition
Act could in turn adversely affect our business.
The Competition Act was enacted for the purpose of preventing practices that have or are likely to have an adverse
effect on competition in India and has mandated the CCI to separate such practices. Under the Competition Act, any
arrangement, understanding or action, whether formal or informal, which causes or is likely to cause an appreciable
adverse effect on competition is void and attracts substantial penalties.
Further, any agreement among competitors which, directly or indirectly, involves determination of purchase or sale
prices, limits or controls production, or shares the market by way of geographical area or number of subscribers in the
relevant market is presumed to have an appreciable adverse effect in the relevant market in India and shall be void.
The Competition Act also prohibits abuse of a dominant position by any enterprise. On March 4, 2011, the Central
Government notified and brought into force the combination regulation (merger control) provisions under the
Competition Act with effect from June 1, 2011. These provisions require acquisitions of shares, voting rights, assets
or control or mergers or amalgamations that cross the prescribed asset and turnover based thresholds to be mandatorily
notified to, and pre-approved by, the CCI. Additionally, on May 11, 2011, the CCI issued the Competition Commission
of India (Procedure for Transaction of Business Relating to Combinations) Regulations, 2011, as amended, which sets
out the mechanism for implementation of the merger control regime in India. The Competition Act aims to, among
other things, prohibit all agreements and transactions which may have an appreciable adverse effect in India.
Consequently, all agreements entered into by us could be within the purview of the Competition Act. Further, the CCI
has extra-territorial powers and can investigate any agreements, abusive conduct or combination occurring outside of
India if such agreement, conduct or combination has an appreciable adverse effect in India. However, the impact of
the provisions of the Competition Act on the agreements entered into by us cannot be predicted with certainty at this
stage. We are not currently party to any outstanding proceedings, nor have we received notice in relation to non-
compliance with the Competition Act or the agreements entered into by us.
However, if we are affected, directly or indirectly, by the application or interpretation of any provision of the
Competition Act, or any enforcement proceedings initiated by the CCI, or any adverse publicity that may be generated
due to scrutiny or prosecution by the CCI or if any prohibition or substantial penalties are levied under the Competition
Act, it would adversely affect our business, financial condition, results of operations and prospects.
68. Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
Indian legal principles related to corporate procedures, directors’ fiduciary duties and liabilities, and shareholders’
rights may differ from those that would apply to a company in another jurisdiction. Shareholders’ rights including in
46
relation to class actions, under Indian law may not be as extensive as shareholders’ rights under the laws of other
countries or jurisdictions. Investors may have more difficulty in asserting their rights as shareholder in an Indian
company than as shareholder of a corporation in another jurisdiction.
Risks Related to the Equity Shares and the Issue
69. We cannot be certain that an active trading market for the Equity Shares will develop or be sustained after this
offering, and, following the offering, the price of the Equity Shares may fluctuate significantly, which could cause
you to suffer substantial losses.
We cannot guarantee that an active trading market will develop or be sustained after the offering. Nor can we predict
the prices at which the Equity Shares may trade after the offering.
The Issue Price of our Equity Shares may not be indicative of the market price for the Equity Shares after the Issue. If
you purchase the Equity Shares in our initial public offering, you may not be able to resell them at or above the initial
public offering price. We cannot assure you that the initial public offering price of the Equity Shares, or the market
price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our shares
that may have occurred from time to time prior to our initial public offering. The market price of the Equity Shares
may decline or fluctuate significantly due to a number of factors, some of which may be beyond our control, including:
• developments with respect to the spread or worsening of the COVID-19 pandemic;
• the impact of COVID-19 on our business operations and our ability to be able to service customers, and the
consequential impact on our operating results;
• actual or anticipated fluctuations in our operating results;
• announcements about our earnings that are not in line with analyst expectations;
• the public’s reaction to our press releases, other public announcements and filings with the regulator;
• significant liability claims, complaints from our customers, shortages or interruptions in the availability of
raw materials, or reports of incidents of tampering of raw materials;
• changes in senior management or key personnel;
• macroeconomic conditions in India;
• fluctuations of exchange rates;
• the operating and stock price performance of comparable companies;
• changes in our shareholder base;
• changes in our dividend policy;
• issuances, exchanges or sales, or expected issuances, exchanges or sales;
• changes in accounting standards, policies, guidance, interpretations or principles; and
• changes in the regulatory and legal environment in which we operate; or
• market conditions in the construction and development industry and the domestic and worldwide economies
as a whole, including in relation to the COVID-19 crisis.
Any of these factors may result in large and sudden changes in the volume and trading price of the Equity Shares. In
the past, following periods of volatility in the market price of a company’s securities, shareholders have often instituted
securities class action litigation against that company. If we were involved in a class action suit, it could divert the
attention of management, and, if adversely determined, have a material adverse effect on our business, results of
70. Any future issuance of Equity Shares, or convertible securities or other equity linked securities by us and any sale
of Equity Shares by our Promoters or Promoter Group may dilute your shareholding and adversely affect the
trading price of the Equity Shares.
Any future issuance of the Equity Shares, convertible securities or securities linked to the Equity Shares by us,
including through exercise of employee stock options may dilute your shareholding in our Company, adversely affect
the trading price of the Equity Shares and our ability to raise capital through an issue of our securities. In addition, any
47
perception by investors that such issuances or sales might occur could also affect the trading price of the Equity Shares.
We cannot assure you that we will not issue additional Equity Shares. The disposal of Equity Shares by any of our
Promoters and Promoter Group, or the perception that such sales may occur may significantly affect the trading price
of the Equity Shares. Except as disclosed in “Capital Structure” beginning on page 64, we cannot assure you that our
Promoters and Promoter Group will not dispose of, pledge or encumber their Equity Shares in the future.
71. Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and
thereby suffer future dilution of their ownership position.
Under the Companies Act, a company incorporated in India must offer its equity shareholders pre-emptive rights to
subscribe and pay for a proportionate number of equity shares to maintain their existing ownership percentages prior
to issuance of any new equity shares, unless the pre-emptive rights have been waived by the adoption of a special
resolution by holders of three-fourths of the equity shares voting on such resolution.
However, if the law of the jurisdiction that you are in does not permit the exercise of such pre-emptive rights without
our filing an offering document or registration statement with the applicable authority in such jurisdiction, you will be
unable to exercise such pre-emptive rights, unless we make such a filing. If we elect not to file a registration statement,
the new securities may be issued to a custodian, who may sell the securities for your benefit. The value such custodian
receives on the sale of any such securities and the related transaction costs cannot be predicted. To the extent that you
are unable to exercise pre-emptive rights granted in respect of our Equity Shares, your proportional interests in our
Company may be reduced.
72. QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of
Equity Shares or the Bid Amount) at any stage after submitting a Bid.
Pursuant to the SEBI ICDR Regulations, QIBs and Non-Institutional Investors are not permitted to withdraw or lower
their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid. Retail
Individual Investors can revise their Bids during the Bid/Issue Period and withdraw their Bids until Bid/Issue Closing
Date. While our Company is required to complete Allotment pursuant to the Issue within six Working Days from the
Bid/Issue Closing Date, events affecting the Bidders’ decision to invest in the Equity Shares, including material
adverse changes in international or national monetary policy, financial, political or economic conditions, our business,
results of operation or financial condition may arise between the date of submission of the Bid and Allotment. Our
Company may complete the Allotment of the Equity Shares even if such events occur, and such events limit the
Bidders’ ability to sell the Equity Shares Allotted pursuant to the Issue or cause the trading price of the Equity Shares
to decline on listing.
73. You may be subject to Indian taxes arising out of capital gains on the sale of our Equity Shares.
Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity shares in an
Indian company are generally taxable in India. Under the IT Act long-term capital gains (i.e. gain realized on the sale
of shares held for more than 12 months) exceeding ₹100,000 arising from sale of equity shares listed on a recognized
stock exchange, are taxed at the rate of 10% (plus applicable surcharge and cess). This beneficial rate is subject to
payment of Securities Transaction Tax (“STT”). Further, any gain realized on the sale of Equity Shares held for more
than 12 months, which are sold other than on a recognized stock exchange and on which no STT has been paid, will
be subject to long term capital gains tax in India at the rate of 10% (plus applicable surcharge and cess), without
indexation benefits or 20% (plus applicable surcharge and cess) with indexation benefits.
The Finance Act, 2019 amended the Indian Stamp Act, 1899 with effect from July 1, 2020 clarified that, in the absence
of a specific provision under an agreement, the liability to pay stamp duty in case of sale of securities through stock
exchanges will be on the buyer, while in other cases of transfer for consideration through a depository, the onus will
be on the transferor. The stamp duty for transfer of securities other than debentures on a delivery basis is specified at
0.015% and on a non-delivery basis is specified at 0.003% of the consideration amount. As such, there is no certainty
on the impact that the Finance Act, 2019 may have on our Company’s business and operations.
Further, any gain realized on the sale of listed equity shares held for a period of 12 months or less will be subject to
short-term capital gains tax in India. Such gains will be subject to tax at the rate of 15% (plus applicable surcharge and
cess), subject to STT being paid at the time of sale of such shares. Otherwise, such gains will be taxed at the applicable
rates.
In cases where the seller is a non-resident, the aforementioned rates would be subject to the beneficial provisions of
the tax treaty between India and the country of which the seller is resident, read with Multilateral Instruments (“MLI”)
(if and to the extent applicable).
Generally, Indian tax treaties do not limit India’s ability to impose tax on capital gains. As a result, residents of other
countries may be liable for tax in India as well as in their own jurisdictions on gains arising from a sale of the shares
subject to relief that may be available under the applicable tax treaty read with MLI (if and to the extent applicable) or
under the laws of their own jurisdiction.
48
74. Government regulation of foreign ownership of Indian securities may have an adverse effect on the price of our
Equity Shares.
Foreign ownership of Indian securities is subject to Government regulation. In accordance with foreign exchange
regulations currently in effect in India, under certain circumstances the RBI must approve the sale of the Equity Shares
from a non-resident of India to a resident of India or vice-versa if the sale does not meet certain requirements specified
by the RBI. Additionally, any person who seeks to convert the Rupee proceeds from any such sale into foreign currency
and repatriate that foreign currency from India is required to obtain a no-objection or a tax clearance certificate from
the Indian income tax authorities. As provided in the foreign exchange controls currently in effect in India, the RBI
has provided that the price at which the Equity Shares are transferred be calculated in accordance with internationally
accepted pricing methodology for the valuation of shares at an arm’s length basis, and a higher (or lower, as applicable)
price per share may not be permitted. We cannot assure investors that any required approval from the RBI or any other
government agency can be obtained on terms favorable to a non-resident investor in a timely manner or at all. Because
of possible delays in obtaining requisite approvals, investors in the Equity Shares may be prevented from realizing
gains during periods of price increase or limiting losses during periods of price decline. See “Restrictions on Foreign
Ownership of Indian Securities” beginning on page 378.
75. The average cost of acquisition of Equity Shares by our Promoters may be less than the Issue Price.
The average cost of acquisition of Equity Shares by our Promoters may be less than the Issue Price. The details of
average cost of acquisition of Equity Shares acquired by our Promoters is set out below:
Name of our Promoters Average cost of acquisition per Equity Share (in ₹)#
ACL along with its nominees 12.675
LPL 6.156
# As certified by Shah Dhandharia & Co. LLP, Chartered Accountants, our Statutory Auditor, pursuant to the
certificate dated January 19, 2022. The figures disclosed above are adjusted for sub-division of equity shares of
our Company pursuant to resolution passed by our Shareholders dated May 5, 2021.
49
SECTION III: INTRODUCTION
THE ISSUE
The following table summarizes the Issue details:
Issue of Equity Shares(1) Up to [●] Equity Shares aggregating up to ₹ 36,000 million

of which:
(i) Employee Reservation Portion(2) Up to [●] Equity Shares aggregating up to ₹ 1,070 million
(ii) Shareholder Reservation Portion(3) Up to [●] Equity Shares aggregating up to ₹ 3,600 million
(iii) Net Issue Up to [●] Equity Shares aggregating up to ₹ [●] million
of which:
A) QIB Portion(4) Not more than [●] Equity Shares
of which:
Anchor Investor Portion(5) Up to [●] Equity Shares
Net QIB Portion (assuming Anchor Investor Portion is [●] Equity Shares
fully subscribed)
of which:
Available for allocation to Mutual Funds only (5% of the [●] Equity Shares
Net QIB Portion)
Balance of the Net QIB Portion for all QIBs, including [●] Equity Shares
Mutual Funds
B) Non-Institutional Portion Not less than [●] Equity Shares
C) Retail Portion Not less than [●] Equity Shares
Pre-Issue and post- Issue Equity Shares
Equity Shares outstanding prior to the Issue 1,142,948,860 Equity Shares

Equity Shares outstanding after the Issue [●] Equity Shares
Utilization of Net Proceeds See “Objects of the Issue” beginning on page 71 for details regarding
the use of proceeds from the Issue.
(1) The Issue has been authorized pursuant to a resolution passed by our Board of Directors at their meeting held on July 30, 2021 and by our Shareholders
pursuant to special resolution passed on July 31, 2021.
(2) In the event of under-subscription in the Employee Reservation Portion (if any), the unsubscribed portion will be available for allocation and Allotment,
proportionately to all Eligible Employees who have Bid in excess of ₹ 200,000, subject to the maximum value of Allotment made to such Eligible Employee
not exceeding ₹ 500,000. The unsubscribed portion, if any, in the Employee Reservation Portion (after allocation of up to ₹ 500,000), shall be added to
the Net Issue. The Employee Reservation Portion shall constitute up to [●]% of the post-Issue paid-up Equity Share capital. For further details, see
“Issue Structure” beginning on page 359.
(3) The Shareholder Reservation Portion shall not exceed [●]% of the post-Issue paid-up Equity Share capital and in accordance with the SEBI ICDR
Regulations, shall not exceed 10% of the Issue size. Any unsubscribed portion remaining in the Shareholder Reservation Portion shall be added to the
Net Issue. For further details, see “Issue Structure” beginning on page 359.
(4) Subject to valid bids being received at or above the Issue Price, undersubscription, if any, in any category, except in the QIB Portion, would be allowed
to be met with spill-over from any other category or combination of categories of Bidders at the discretion of our Company in consultation with the
Managers, and the Designated Stock Exchange, subject to applicable laws. For details, see “Issue Procedure” beginning on page 362.
(5) Our Company may, in consultation with the Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance
with the SEBI ICDR Regulations. One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds only, subject to valid Bids being
received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription in the Anchor Investor Portion,
the remaining Equity Shares shall be added to the Net QIB Portion. For details, see “Issue Procedure” on page 362.
Allocation to Bidders in all categories except the Anchor Investor Portion and the Retail Portion, shall be made on a
proportionate basis subject to valid Bids received at or above the Issue Price or through such other method of allocation as may
be introduced under applicable law. The allocation to each RIB shall not be less than the minimum Bid Lot, subject to
availability of Equity Shares in the Retail Portion, and the remaining available Equity Shares, if any, shall be allocated on a
proportional basis. For further details, see “Issue Procedure” beginning on page 362.
For details of the terms of the Issue, see “Terms of the Issue” beginning on page 354.
50
SUMMARY OF FINANCIAL INFORMATION
The summary financial information presented below should be read in conjunction with “Financial Information” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages 222 and 289,
respectively.
(The remainder of this page is intentionally left blank)
51
RESTATED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS AT AS AT AS AT AS AT AS AT
PARTICULARS NOTES 30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
Amount in ₹ Mn Amount in ₹ Mn Amount in ₹ Mn Amount in ₹ Mn Amount in ₹ Mn
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 3 (a) 38,231.03 34,821.40 34,657.60 35,080.00 28,045.49
Right of Use Assets 3 (b) 2,368.31 2,240.96 2,207.30 2,316.69 2,038.92
Capital Work in Progress 3 (d) 6,878.62 4,221.24 5,305.29 3,248.93 5,703.87
Goodwill 3 (e) 546.65 - - - -
Other Intangible Assets 3 (c) 141.39 161.51 148.98 181.93 189.34
Financial Assets
(a) Investments 4 3,044.56 2,489.06 2,820.62 2,060.16 1,470.26
(b) Other Financial Assets 5 449.60 319.45 325.32 454.92 357.48
Deferred Tax Assets (Net) 32 - - - 0.75 0.59
Income Tax Asset (net) 32 11.99 13.21 8.20 14.97 35.51
Other Non Current Assets 6 1,027.62 1,196.00 981.81 1,186.20 1,872.76
TOTAL NON-CURRENT ASSETS 52,699.77 45,462.83 46,455.12 44,544.55 39,714.22
CURRENT ASSETS
Inventories 7 75,652.08 49,035.67 47,777.00 38,264.30 40,415.87
Financial Assets
(a) Investments 8 500.02 499.98 500.02 - -
(b) Trade Receivables 9 18,576.55 11,678.43 15,151.36 9,211.78 12,580.48
(c) Cash and Cash Equivalents 10 1,731.06 510.63 572.51 3,460.00 788.57
(d) Bank balance other than (c) above 11 15,263.80 18,126.86 11,312.13 10,861.01 11,366.04
(e) Loans 12 430.56 427.10 430.64 431.63 423.70
(f) Other Financial Assets 13 3,161.88 2,938.84 1,303.94 3,746.68 2,474.70
Other Current Assets 14 11,221.35 10,598.78 9,763.67 7,339.22 8,265.13
TOTAL CURRENT ASSETS 126,537.30 93,816.29 86,811.27 73,314.62 76,314.49
TOTAL ASSETS 179,237.07 139,279.12 133,266.39 117,859.17 116,028.71
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 15 1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
Other Equity 16 35,371.21 27,443.87 31,838.46 24,564.02 19,967.12
Equity Attributable to Owners of the Company 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07
Non-Controlling Interest - - - - -
TOTAL EQUITY 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07
LIABILITIES
NON-CURRENT LIABILITIES
Financial Liabilities
(a) Borrowings 17 9,408.39 10,945.71 10,240.94 11,463.90 9,646.93
(b) Lease Liabilities 40 908.66 747.08 734.93 796.84 534.30
(c) Other Financial Liabilities 18 4,265.32 2,785.54 3,720.32 2,518.65 2,425.31
Provisions 19 533.79 278.05 275.19 248.15 192.32
Deferred Tax Liabilities (Net) 32 2,472.84 2,273.30 2,089.05 3,892.69 2,885.13
TOTAL NON-CURRENT LIABILITIES 17,589.00 17,029.68 17,060.43 18,920.23 15,683.99
CURRENT LIABILITIES
(a) Borrowings 20 10,035.16 10,187.60 8,799.14 11,538.86 8,647.63
(c) Trade Payables
I. Total outstanding dues of Micro and Small Enterprises 21 636.57 180.31 760.30 60.82 1.79
II. Total outstanding dues other than (I) above 21 104,022.72 69,929.25 61,883.37 56,910.09 66,501.92
(d) Other Financial Liabilities 22 2,575.04 5,554.72 5,073.37 1,720.65 2,762.87
Other Current Liabilities 23 7,297.37 4,932.84 6,336.80 2,541.41 706.26
Provisions 24 103.19 57.97 68.83 62.42 47.99
Liabilities for Current Tax (Net) 32 168.88 2,547.76 28.59 143.74 328.13
TOTAL CURRENT LIABILITIES 125,133.91 93,662.62 83,224.55 73,231.97 79,234.65
TOTAL LIABILITIES 142,722.91 110,692.30 100,284.98 92,152.20 94,918.64
TOTAL EQUITY AND LIABILITIES 179,237.07 139,279.12 133,266.39 117,859.17 116,028.71
- - - - -
Note:
See accompanying notes to the restated consolidated financial information
In terms of our report attached
For, Shah Dhandharia & Co LLP For and on behalf of the Board of Directors
Chartered Accountants
Firms Registration No.: 118707W/W100724
Harshil Shah Angshu Mallick Pranav Adani

Partner CEO & Managing Director Director
M. No.: 181748 DIN 02481358 DIN 00008457
Shrikant Kanhere Darshil Lakhia

Chief Financial Officer Company Secretary
Place : Ahmedabad Place : Ahmedabad

Date : 16 November 2021 Date : 16 November 2021
52
RESTATED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Period Ended Period Ended Year Ended Year Ended Year Ended
PARTICULARS Notes 30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
INCOME
Revenue from Operations 25 248,745.19 161,885.86 370,904.22 296,570.36 287,974.59
Other Income 26 827.67 851.47 1,052.36 1,099.50 1,222.22
TOTAL INCOME 249,572.86 162,737.33 371,956.58 297,669.86 289,196.81
EXPENSES
Cost of Materials Consumed 27 219,650.29 135,737.85 322,760.55 223,265.52 218,448.49
Purchases of Traded Goods 10,630.93 7,138.76 11,587.96 25,739.05 31,850.07
Changes in Inventories of Finished Goods and By Products 28 (6,742.63) (3,983.84) (9,450.97) 4,697.49 352.95
Employee Benefit Expenses 29 1,706.45 1,521.51 3,217.17 2,239.34 2,068.85
Finance Costs 30 2,910.34 2,276.85 4,066.08 5,691.93 4,868.93
Depreciation and Amortization Expenses 3 1,441.47 1,328.23 2,673.10 2,412.69 1,993.12
Other Expenses 31 15,431.24 14,892.04 29,536.28 27,533.71 23,941.88
TOTAL EXPENSES 245,028.09 158,911.40 364,390.17 291,579.73 283,524.29
Restated Profit Before Tax 4,544.77 3,825.93 7,566.41 6,090.13 5,672.52
Tax Expense 32
(a) Current Tax 866.18 3,180.15 2,819.44 1,569.38 1,273.29
(b) Deferred Tax 330.42 (1,824.09) (1,781.82) 521.78 824.69
(c) Adjustments of Tax relating to Earlier Years (0.13) 0.06 1.08 (31.39) 24.97
Total Tax Expense 1,196.47 1,356.12 1,038.70 2,059.77 2,122.95
Restated Profit for the period / year before Share in Joint Ventures 3,348.30 2,469.81 6,527.71 4,030.36 3,549.57
Share of profit in Joint ventures 223.03 418.08 748.78 578.36 205.64
Restated Profit for the period / year 3,571.33 2,887.89 7,276.49 4,608.72 3,755.21
Other Comprehensive Income

Items that will not be reclassified to Profit or loss in subsequent
periods
Re-measurement (loss) on defined benefit plans (17.06) (12.31) (2.68) (18.16) (13.88)
Income tax impact 32 4.26 4.27 0.63 6.34 4.85
(12.80) (8.04) (2.05) (11.82) (9.03)
Items that will be reclassified to Profit or loss in subsequent periods

Exchange difference on translation of foreign operations (25.78) - - - -
(25.78) - - - -
Restated Other Comprehensive Income / (Loss) (Net of Tax) (38.58) (8.04) (2.05) (11.82) (9.03)
Restated Total Comprehensive Income for the period / year 3,532.75 2,879.85 7,274.44 4,596.90 3,746.18
Restated Total Comprehensive Income Attributable to:

Owners of the Company 3,532.75 2,879.85 7,274.44 4,596.90 3,746.18
3,532.75 2,879.85 7,274.44 4,596.90 3,746.18
Restated Earnings per Share (Face Value of ₹ 1/- each)

- Basic and Diluted (in ₹) 36 3.12 2.53 6.37 4.03 3.29
Note:


M. No.: 181748 DIN 02481358 DIN 00008457


53
RESTATED CONSOLIDATED STATMENT OF CASH FLOWS
PARTICULARS 30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
A CASH FLOW FROM OPERATING ACTIVITIES
Adjustment for:
Depreciation and Amortization Expenses 1,441.47 1,328.23 2,673.10 2,412.69 1,993.12
Interest on Income Tax Refund (5.63) (6.38) (6.38) (1.16) (6.49)
Loss / ( Profit ) on Sale of Property, plant and Equipments 1.42 5.99 4.14 (0.09) (0.61)
Sundry Balance Written back (11.71) (11.62) (84.88) (15.13) -
Net Gain on sale / fair valuation of Investment at FVTPL (13.50) (1.51) (8.70) (1.82) (23.78)
Gain on termination of Finance Lease Contract (6.94) - (26.54) (1.67) -
Financial Guarantee (0.30) (4.96) (10.00) (10.03) (9.97)
Unrealised Foreign Exchange Fluctuation Loss / ( Gain ) 490.24 (3,336.11) (2,615.54) 3,653.28 (1,363.72)
Mark to Market (Gain) / Loss on Derivative Contracts 131.91 1,339.32 830.81 (1,606.59) 920.12
Loss of Inventory due to Fire / Theft / Accident - - - - 4.29
Bad Debts Written Off 0.35 - - - 3.34
Provision for Doubtful Debts 10.09 - 23.87 1.38 9.55
Provision for Doubtful Loans - - - - 18.62
Reversal of Export Benefit and Other Incentive - - - 40.42 63.78
Finance Cost 1,624.90 1,672.69 3,222.94 4,172.78 3,511.70
Unamortisation of Ancillary Cost of Borrowing 8.60 (3.52) 5.85 (1.23) (2.53)
Interest Income on Bank Deposits and Inter Corporate Deposits (317.25) (328.43) (621.82) (796.20) (887.67)
Operating Profit Before Working Capital Changes 7,898.42 4,479.63 10,953.26 13,936.76 9,902.27
Adjustment for:
(Increase) / Decrease in Inventories (23,397.57) (10,771.37) (9,512.70) 2,151.57 (2,938.61)
(Increase) / Decrease in Trade Receivables (3,057.99) (2,490.26) (5,970.93) 3,400.75 (714.62)
(Increase) / Decrease in Financial Loans 0.08 3.34 16.53 (36.44) (86.83)
(Increase) / Decrease in Financial Assets (1,805.45) (13.76) 1,686.89 (487.19) (1,693.91)
(Increase) / Decrease in Other Assets (818.40) (3,212.11) (2,066.63) 910.18 (3,161.95)
(Decrease) / Increase in Trade Payables 34,014.25 16,156.61 8,026.90 (12,758.50) 16,327.30
(Decrease) / Increase in Provisions 19.33 13.15 30.78 52.09 7.05
(Decrease) / Increase in Financial Liability (2,287.07) 4,339.92 5,243.51 17.31 512.44
(Decrease) / Increase in Other Liabilities 578.63 2,391.44 3,795.39 1,835.14 117.09
Cash Generated From Operations 11,144.23 10,896.59 12,203.00 9,021.67 18,270.23
Income Tax Paid (Net of Refunds) (917.73) (558.38) (2,942.96) (1,208.71) (1,339.87)
Net Cash Generated From Operating Activities A 10,226.50 10,338.21 9,260.04 7,812.96 16,930.36
B CASH FLOW FROM INVESTING ACTIVITIES

Payment for Property, Plant, Equipment ,ROU Assets
and Intangible Assets (Including Capital Work in
(2,474.25) (2,591.44) (4,620.37) (6,306.88) (9,078.64)
Progress, Capital Advance, Capital Creditor and
Retention Money)
Proceeds from Sale of Property, Plant and equipment 1.53 1.15 5.09 0.87 1.42
Investments made in Mutual Funds - (499.98) (500.02) - -
Loans (given) / received back - Joint Ventures - 1.19 - - (55.00)
Proceeds from / (Deposit in) Bank Deposits (Net) (3,951.66) (7,265.84) (451.12) 505.03 (1,271.49)
(including margin money deposits)
Payment for Acquisition of Subsidiary Company (1,791.57) - - - -
Net Gain on sale / fair valuation of Investment through
12.58 0.67 7.03 0.29 28.83
Statement of Profit and Loss
Interest Received 343.71 471.32 721.45 736.88 1,038.23
Net Cash (Used In) Investing Activities B (7,859.66) (9,882.93) (4,837.94) (5,063.81) (9,336.65)
C CASH FLOW FROM FINANCING ACTIVITIES

Proceeds / (Repayment) of Current Borrowings (Net) 949.23 (1,694.74) (3,806.20) 2,090.03 (10,483.29)
Proceeds from Non Current Borrowings 144.32 1,757.01 2,489.78 3,625.15 8,754.05
Repayment of Non Current Borrowings (1,428.88) (1,570.78) (2,306.63) (1,433.59) (2,312.51)
Repayment of Lease Liabilities (188.48) (162.47) (329.54) (321.19) (199.95)
Finance Cost Paid (1,480.54) (1,733.67) (3,357.00) (4,038.12) (3,381.04)
Net Cash (Used In) Financing Activities C (2,004.35) (3,404.65) (7,309.59) (77.72) (7,622.74)
Net Increase In Cash and Cash Equivalents (A+B+C) 362.49 (2,949.37) (2,887.49) 2,671.43 (29.03)
Cash and Cash Equivalents at the Beginning of the Period / Year 572.51 3,460.00 3,460.00 788.57 817.60
Cash and Cash Equivalents on Acquisition of Subsidiary
Company (Refer Note 46) 796.06 - - - -
Cash and Cash Equivalents at the End of the Period / Year

1,731.06 510.63 572.51 3,460.00 788.57
(Refer Note 10)
Components of Cash and Cash Equivalents (Refer Note 10)

Cash On Hand 0.30 - - - -
Balances with Banks :
-In Current Account 1,730.76 510.63 572.51 3,460.00 788.57
Cash and Cash Equivalents at the End of the Period / Year 1,731.06 510.63 572.51 3,460.00 788.57
54
Reconciliation of liabilities arising from financing activities

Amount in ₹ Mn
Non Cash Changes
AS AT Exchange Rate AS AT
PARTICULARS Cash Flows
31st March, 2018 Difference Others* 31st March, 2019
Adjustment
Non Current Borrowings (Including Current Maturity) 4,085.51 6,441.54 7.79 (2.53) 10,532.31
Current Borrowings 18,354.66 (10,483.29) (109.12) - 7,762.25
Total 22,440.17 (4,041.75) (101.33) (2.53) 18,294.56
Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowing (Including Current Maturity) 10,532.31 2,191.56 131.83 (1.23) 12,854.47
Current Borrowing 7,762.25 2,090.03 296.01 - 10,148.29
Total 18,294.56 4,281.59 427.84 (1.23) 23,002.76
Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowing (Including Current Maturity) 12,854.47 183.15 (56.92) 5.85 12,986.55
Current Borrowing 10,148.29 (3,806.20) (288.56) - 6,053.53
Total 23,002.76 (3,623.05) (345.48) 5.85 19,040.08
Amount in ₹ Mn
Non Cash Changes
AS AT Exchange Rate AS AT 30th
31st March, 2020 Difference Others* September, 2020
Adjustment
Non Current Borrowing (Including Current Maturity) 12,854.47 186.23 (38.17) (3.52) 12,999.01
Total 23,002.76 (1,508.51) (357.41) (3.52) 21,133.32
Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowing (Including Current Maturity) 12,986.55 (1,284.56) 24.13 519.02 12,245.14
Current Borrowing 6,053.53 949.23 42.46 153.19 7,198.41
Total 19,040.08 (335.33) 66.59 672.21 19,443.55
* Others includes amortisation of ancillary cost of borrowings. In September 30,2021, others also includes Non Current borrowings and Current Borrowings of ₹ 510.42 Mn and ₹ 153.20 Mn
respectively relating to acquisition of Subsidiary Company along with foreign exchange translation effects thereon.


M. No.: 181748 DIN 02481358 DIN 00008457


55
GENERAL INFORMATION
Registered and Corporate Office of our Company
Adani Wilmar Limited

Fortune House, Near Navrangpura Railway Crossing
Ahmedabad 380 009
Gujarat, India
Company Identification Number: U15146GJ1999PLC035320
Company Registration Number: 035320
Address of the RoC
Our Company is registered with the RoC situated at the following address:
Registrar of Companies, Ahmedabad
RoC Bhavan, Opposite to Rupal Park Society

Behind Ankur Bus Stop
Naranpura, Ahmedabad 380 013
Gujarat, India
Board of Directors
As on the date of this Red Herring Prospectus, our Board of Directors of the Company comprises the following:
Name Designation DIN Address

Kuok Khoon Hong Non-Executive Chairman 00021957 35 Victoria Park Road, Singapore 266516
Angshu Mallick Chief Executive Officer and 02481358 A-701, Ratnakar Apartments, Opposite IOC Petrol Pump,
Managing Director Shivranjani Char Rasta, Satellite, Ahmedabad 380 015
Pranav Vinod Adani Non-Executive, Non- 00008457 Paramshanti Bunglow, Survey No. 100/1, Near Shaswat
Independent Director Bunglow, Behind Rajpath Club, Bodakdev, Ahmedabad 380
059
Malay Ramesh Non-Executive, Non- 00064110 12/8, Gyankunj Society, Opposite St. Xaviers College,
Mahadevia Independent Director Navrangpura, Ahmedabad 380 009
Madhu Ramachandra Independent Director 02683483 3C, Sahajeevan Apartments, 219, RMV Extension, Opposite
Rao HDFC Bank, Sadashivnagar, Bangalore North, Bengaluru
560080
Dorab Erach Mistry Independent Director 07245114 278 Ocean Drive, #06-19, Singapore 098 540
Dipali H Sheth Independent Director 07556685 Lodha Bellissmo, A 2002, N M Joshi Marg Apollo Mills
Compound, Mahalaxmi, Mumbai 400 011
Anup Pravin Shah Independent Director 00293207 Room No. 8, Jal Kiran Building, G.D. Somani Street, President
Hotel, Colaba, Mumbai 400 005
For further details of our Directors, see “Our Management” beginning on page 183.
Company Secretary & Compliance Officer
Darshil Lakhia
Fortune House, Near Navrangpura Railway Crossing
Ahmedabad 380 009
Gujarat, India
Tel: +91 79 2645 5848
E-mail: [email protected]
Book Running Lead Managers
Kotak Mahindra Capital Company Limited* J.P. Morgan India Private Limited*
1st Floor, 27 BKC J.P. Morgan Tower, Off. C.S.T. Road
Plot No. 27, "G" Block Kalina, Santacruz (East)
Bandra Kurla Complex, Bandra (East) Mumbai 400 098
Mumbai 400 051 Maharashtra, India
Maharashtra, India Tel: +91 22 6157 3000
Tel: +91 22 4336 0000 E-mail: [email protected]
E-mail: [email protected] Website: www.jpmipl.com
Website: https://investmentbank.kotak.com Investor Grievance ID:
Investor Grievance ID: [email protected] [email protected]
Contact Person: Ganesh Rane Contact Person: Saarthak K Soni
SEBI Registration Number: INM000008704 SEBI Registration Number: INM000002970
56
BofA Securities India Limited* Credit Suisse Securities (India) Private Limited*
Ground Floor, “A” Wing 9th Floor, Ceejay House Plot F
One BKC, “G” Block Shivsagar Estate, Dr. Annie Besant Road
Bandra Kurla Complex Worli, Mumbai 400 018
Bandra (East), Mumbai 400 051 Maharashtra, India
Maharashtra, India Tel: +91 22 6777 3885
Tel: +91 22 6632 8000 E-mail: [email protected]
E-mail: [email protected] Website: www.credit-suisse.com/in/en/investment-
Website: www.ml-india.com banking-apac/investment-banking-in-india/ipo.html
Investor Grievance ID: [email protected] Investor Grievance ID: list.igcellmer-bnkg@credit-
Contact Person: Abhrajeet Banerjee suisse.com
SEBI Registration No.: INM000011625 Contact Person: Abhishek Joshi
ICICI Securities Limited* HDFC Bank Limited

ICICI Venture House Investment Banking Group
Appasaheb Marathe Marg, Prabhadevi Unit 401 & 402, 4th Floor
Mumbai 400 025 Tower B, Peninsula Business Park
Maharashtra, India Lower Parel, Mumbai 400 013
Tel: +91 22 6807 7100 Maharashtra, India
E-mail: [email protected] Tel: +91 22 3395 8233
Website: www.icicisecurities.com E-mail: [email protected]
Investor Grievance ID: [email protected] Website: www.hdfcbank.com
Contact Person: Sumit Singh Investor Grievance ID:
SEBI Registration Number: INM000011179 [email protected]
Contact Person: Ravi Sharma / Harsh Thakkar
BNP Paribas
1-North Avenue
Maker Maxity, Bandra Kurla Complex
Bandra (East), Mumbai 400 051
Maharashtra, India
Tel: +91 22 3370 4000
Website: www.bnpparibas.co.in
Investor Grievance ID:
[email protected]
Contact Person: Soumya Guha
*Kotak, JP Morgan, BofA Securities, Credit Suisse and I-Sec are also acting as the GCBRLMs
Legal Counsel to our Company as to Indian law
Cyril Amarchand Mangaldas

Peninsula Chambers
Peninsula Corporate Park, Ganpatrao Kadam Marg
Lower Parel, Mumbai 400 013
Maharashtra, India
Tel: +91 22 2496 4455
Legal Counsel to the Managers as to Indian law
IndusLaw
#107, 1st Floor, Mistry Mansion,
M.G. Road, Fort,
Mumbai - 400001,
Maharashtra, India
Tel: +91 22 40074400
International Legal Counsel to the Managers
Sidley Austin LLP

Level 31, Six Battery Road
57
Singapore 049909
Tel: +65 6230 3900
Registrar to the Issue
Link Intime India Private Limited
C 101, 247 Park
L.B.S. Marg, Vikhroli (West)
Mumbai 400 083
Tel: 022 4918 6200
Investor Grievance E-mail: [email protected]
Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058
Statutory Auditor to our Company

M/s Shah Dhandharia & Co. LLP
807 Abhijeet - 1, Mithakhali Six Roads
Navrangpura, Ahmedabad 380009
Gujarat, India
Tel: +91 79 4890 1710
Email: [email protected]
Firm Registration Number: 118707W/W100724
Peer Review Certificate Number: 010595*
Shah Dhandharia & Co LLP has applied for renewal of its peer review certificate bearing number 010595 dated December 19, 2017 which was valid till
*
December 18, 2021. Pursuant to filing of the renewal application, a peer reviewer has been identified and appointed.
Bankers to the Issue

Escrow Collection Bank / Refund Bank / Public Issue Sponsor Bank
Bank / Sponsor Bank
HDFC Bank Limited ICICI Bank Limited
FIG – OPS Department – Lodha Capital Market Division
I Think Techno Campus O-3 Level 1st Floor, 122, Mistry Bhawan
Next to Kanjurmarg Railway Station Dinshaw Vaccha Road, Backbay Reclamation
Kanjurmarg (East), Mumbai 400042 Churchgate, Mumbai 400 020
Maharashtra, India Maharashtra, India
Tel: +91 22 3075 2927 / 2928 / 2914 Tel: 022 6681 8911 / 23 / 24
Email: [email protected], E-mail: [email protected]
[email protected], Website: www.icicibank.com
[email protected], [email protected] Contact Person: Sagar Welekar
Website: www.hdfcbank.com SEBI Registration Number: INBI00000004
Contact Person: Tushar Gavankar, Siddharth Jadhav,
Prasanna Uchil, Neerav Desai
SEBI Registration Number: INBI00000063
Bankers to our Company

Axis Bank Limited Bank of Baroda
Axis Bank Ltd, 3rd Eye One Corporate Financial Services Branch,
Near Panchvati Cross Roads, CG Road 4th Floor, Dena Laxmi Building
Ahmedabad 380 009 Ashram Road, Ahmedabad 380 009
Tel: +91 84548 40601 Tel: 079 2659 4142
E-mail: [email protected] E-mail: [email protected]
Contact Person: Shantanu Kanhe Contact Person: Branch Head
Coöperatieve Rabobank U.A., Hong Kong Branch Coöperatieve Rabobank U.A., Mumbai Branch
13/F, One Pacific Place 20th Floor, Tower A, Peninsula Business Park
88 Queensway, Honk Kong Senapati Bapat Marg
Tel: +852 3123 2355 Lower Parel, Mumbai 4000 013
E-mail: [email protected] Tel: +91 95999 69223
Contact Person: Namit Chopra E-mail: [email protected]
Contact Person: Namit Chopra
58
Export-Import Bank of India HDFC Bank Limited
Centre One Building, Floor 21 HDFC Bank House
World Trade Centre Complex Opp. Jain Derasar, Navrangura
Cuffe Parade, Mumbai 400 005 Ahmedabad 380 009
Tel: 079 2657 6848 Tel: +91 79660 01016
E-mail: [email protected] E-mail: [email protected]
Contact Person: Hirva Mamtora Contact Person: Ramesh Jain
ICICI Bank Limited IDFC FIRST Bank Limited

ICICI Bank Towers, Bandra Kurla Complex 3rd Floor, Sun Square Building
Bandra East, Mumbai 400 051 Near Hotel Antrim Regenta, Off CG Road
Tel: +91 9930061084 Ahmedabad 380 006
Contact Person: Abhishek Gupta E-mail: [email protected]
Contact Person: Sachin Gupta
Punjab National Bank RBL Bank Limited

Large Corporate Branch, Neelkamal Building Ground Floor, Viva Complex
Ashram Road, Ahmedabad 380 009 Opposite Parimal Garden, Ellisbridge
Tel: 079 2754 0206 Ahmedabad 380 004
Contact Person: Sanjay Kumar Garg E-mail: [email protected]/
[email protected]
Contact Person: Dwigesh Joshi and Mihir Patel
Standard Chartered Bank State Bank of India

Parinee Crescenzo, Plot no. C-38 & 39 58, Shrimali Society
G-Block, Bandra Kurla Complex Navrangpura, Ahmedabad
Bandra (E), Mumbai, 400 051 Tel: 079 2642 6492
Tel: +91 98205 08736 E-mail: [email protected]
E-mail: [email protected] Contact Person: Devendra Prasad Sharma
Contact Person: Alok Khetawat
Syndicate Members
Kotak Securities Limited
4th Floor, 12 BKC, G Block
Bandra Kurla Complex
Bandra (East), Mumbai 400 051
Telephone: +91 22 6218 5470
Website: www.kotak.com
Contact Person: Umesh Gupta
SEBI Registration No.: INZ000200137
HDFC Securities Limited

iThink Techno Campus Building-B,
'Alpha', 8th Floor, Opp. Crompton Greaves,
Near Kanjurmarg Station,
Kanjurmarg (East), Mumbai 400 042
Telephone: +91 22 3075 3400
Website: www.hdfcsec.com
Contact Person: Sharmila Kambli
SEBI Registration No.: INZ000186937
Sharekhan Limited
10th Floor, Beta Building
Lodha iThink Techno Campus
Off Jogeshwari-Vikhroli Link Road
Opposite Kanjurmarg Railway Station
Kanjurmarg (East), Mumbai - 400042
Telephone: +91 22 6115 0000
Email: [email protected]
Website: www.sharekhan.com
Contact person: Pravin Darji
SEBI registration number: INB231073330/INB011073351
59
IPO Grading
No credit agency registered with SEBI has been appointed in respect of obtaining grading for the Issue.
Monitoring Agency
Our Company has appointed HDFC Bank Limited as the Monitoring Agency in accordance with Regulation 41 of the SEBI
ICDR Regulations. The details of the Monitoring Agency are as follows:
HDFC Bank Limited

FIG – OPS Department – Lodha
I Think Techno Campus O-3 Level
Next to Kanjurmarg Railway Station
Kanjurmarg (East), Mumbai 400042
Maharashtra, India
Tel: +91 22 3075 2927 / 2928 / 2914
Email: [email protected], [email protected], [email protected],
[email protected]
Website: www.hdfcbank.com
Contact Person: Tushar Gavankar, Siddharth Jadhav, Prasanna Uchil, Neerav Desai
SEBI Registration Number: INBI00000063
Appraising Entity
None of the objects for which the Net Proceeds will be utilised have been appraised by any agency.
Credit Rating
As the Issue is a fresh issuance of Equity Shares by the Company, there is no credit rating required.
Trustees
As the Issue is a fresh issuance of Equity Shares by the Company, the appointment of trustees is not required.
Green Shoe Option
No green shoe option is contemplated under the Issue.
Changes in auditors
There have been no changes in the auditors of our Company during the three years preceding the date of this Red Herring
Prospectus.
Designated Intermediaries
Self-Certified Syndicate Banks
The list of SCSBs notified by SEBI for the ASBA process is available at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 or
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35, as applicable, or at such other website as
may be prescribed by SEBI from time to time. A list of the Designated SCSB Branches with which an ASBA Bidder (other
than a RIBs using the UPI Mechanism), not bidding through Syndicate/Sub Syndicate or through a Registered Broker, RTA or
CDP may submit the Bid cum Application Forms, available at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34, or at such other websites as may
be prescribed by SEBI from time to time.
SCSBs and mobile applications enabled for UPI Mechanism
In accordance with SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019 and SEBI Circular No.
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, RIBs Bidding using the UPI Mechanism may apply through the
SCSBs and mobile applications whose names appears on the website of the SEBI
(https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40) and
(https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43) respectively, as updated from
time to time.
60
Syndicate SCSB Branches
In relation to Bids (other than Bids by Anchor Investor) submitted to a member of the Syndicate, the list of branches of the
SCSBs at the Specified Locations named by the respective SCSBs to receive deposits of Bid cum Application Forms from the
members of the Syndicate is available on the website of the SEBI
(https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35) as updated from time to time. For
more information on such branches collecting Bid cum Application Forms from the Syndicate at Specified Locations, see the
website of the SEBI (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35) as updated
from time to time.
Registered Brokers
Bidders can submit ASBA Forms in the Issue using the stock broker network of the stock exchange, i.e. through the Registered
Brokers at the Broker Centres. The list of the Registered Brokers, including details such as postal address, telephone number
and e-mail address, is provided on the websites of the Stock Exchanges at https://www.bseindia.com/ and
https://www.nseindia.com, or any such websites of the Stock Exchanges, as updated from time to time.
Registrar and Share Transfer Agents
The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details such as address,
telephone number and e-mail address, is provided on the websites of Stock Exchanges at
http://www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx?expandable=6 and www.nseindia.com, respectively, as
updated from time to time.
Collecting Depository Participants
The list of the CDPs eligible to accept ASBA Forms at the Designated CDP Locations, including details such as name and
contact details, is provided on the websites of BSE at
http://www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx?expandable=6 and on the website of NSE at
www.nseindia.com, as updated from time to time.
Inter-se allocation of responsibilities among the Managers
The following table sets forth the inter-se allocation of responsibilities for various activities among the Managers:
Sr. No. Activity Responsibility Co-ordinator

1. Due diligence of the Company including its operations/management/business GCBRLMs and Kotak
plans/legal etc. Drafting and design of the Draft Red Herring Prospectus, Red BRLMs
Herring Prospectus, Prospectus, abridged prospectus and application form. The
BRLMs shall ensure compliance with stipulated requirements and completion
of prescribed formalities with the Stock Exchanges, RoC and SEBI including
finalisation of Prospectus and RoC filing
2. Capital structuring with the relative components and formalities such as type of GCBRLMs and Kotak
instruments, size of issue, allocation between primary and secondary, etc. BRLMs
3. Drafting and approval of all statutory advertisement GCBRLMs and Kotak
BRLMs
4. Drafting and approval of all publicity material other than statutory GCBRLMs and BNP
advertisement as mentioned above including corporate advertising, brochure, BRLMs
etc. and filing of media compliance report
5. Appointment of intermediaries - Registrar to the Issue, advertising agency, GCBRLMs and HDFC
Banker(s) to the Issue, Sponsor Banks, printer and other intermediaries, BRLMs
including coordination of all agreements to be entered into with such
intermediaries
6. Preparation of road show presentation and frequently asked questions GCBRLMs and BofA Securities
BRLMs
7. Institutional marketing of the Issue, which will cover, inter alia: GCBRLMs and International Institutional
• international and domestic marketing strategy; BRLMs marketing: JP Morgan
• finalizing the list and division of investors for one-to-one meetings; and Domestic Institutional
• finalizing road show and investor meeting schedule marketing: Kotak
Anchor coordination,
Anchor CAN and
intimation of Anchor
allocation: BofA Securities
8. Retail marketing of the Issue, which will cover, inter alia, GCBRLMs and I-Sec
• finalising media, marketing and public relations strategy; BRLMs
• finalising the list of frequently asked questions at retail road shows;
• finalising centres for holding conferences for brokers, etc.;
• follow-up on distribution of publicity and Issue material including
application form, the Prospectus and deciding on the quantum of the Issue
material; and
61
Sr. No. Activity Responsibility Co-ordinator
• finalising collection centres
9. Non-Institutional marketing of the Issue, which will cover, inter alia, GCBRLMs and HDFC
formulating marketing strategies for Non-Institutional Investors and finalise BRLMs
media and public relations strategy
10. Coordination with Stock Exchanges for book building software, bidding GCBRLMs and Credit Suisse
terminals, mock trading, payment of 1% security deposit BRLMs
11. Managing the book and finalization of pricing in consultation with the GCBRLMs and JP Morgan
Company BRLMs
12. Post bidding activities including management of escrow accounts, coordinate GCBRLMs and HDFC
non- institutional allocation, coordination with Registrar, SCSBs, Sponsor BRLMs
Banks and other Bankers to the Issue, intimation of allocation and dispatch of
refund to Bidders, etc. Other post-Issue activities, which shall involve essential
follow-up with Bankers to the Issue and SCSBs to get quick estimates of
collection and advising Company about the closure of the Issue, based on
correct figures, finalisation of the basis of allotment or weeding out of multiple
applications, listing of instruments, dispatch of certificates or demat credit and
refunds and coordination with various agencies connected with the post-Offer
activity such as Registrar to the Issue, Bankers to the Issue, Sponsor Banks,
SCSBs including responsibility for underwriting arrangements, as applicable.
Coordinating with Stock Exchanges and SEBI for submission of all post-Issue
reports including the final post-Issue report to SEBI, release of 1% security
deposit post closure of the Issue
Filing
A copy of the Draft Red Herring Prospectus has been filed electronically on the SEBI’s online portal and at [email protected],
in accordance with the instructions issued by the SEBI on March 27, 2020, in relation to “Easing of Operational Procedure –
Division of Issues and Listing – CFD”.
A copy of this Red Herring Prospectus, along with the material contracts and documents required to be filed under Section 32
of the Companies Act has been delivered for filing to the RoC and a copy of the Prospectus to be filed under Section 26 of the
Companies Act, 2013 would be filed with the RoC.
Experts
Except as disclosed below, our Company has not obtained any expert opinions:
Our Company has received written consent dated January 13, 2022 from our Statutory Auditors, namely M/s Shah Dhandharia
& Co. LLP, Chartered Accountants, holding a valid peer review certificate from the ICAI, to include their name in this Red
Herring Prospectus, as an “expert” as defined under section 2(38) of the Companies Act, 2013 to the extent and in their capacity
as our Statutory Auditors, and in respect of their (i) examination report, dated November 16, 2021 on our Restated Financial
Statements; and (ii) their report dated November 29, 2021 on the statement of possible special tax benefits included in this Red
Herring Prospectus and such consent has not been withdrawn as on the date of this Red Herring Prospectus. However, the term
“expert” shall not be construed to mean an “expert” as defined under the U.S. Securities Act.
Our Company has received written consent dated November 29, 2021 from the independent chartered engineer, namely M/s
Multi Engineers Private Limited, Chartered Engineer, to include their name in this Red Herring Prospectus, as an “expert” as
defined under section 2(38) and section 26(5) of the Companies Act, 2013 to the extent and in their capacity as a chartered
engineer, certifying the manufacturing capacity and capacity utilisation of the manufacturing facilities owned and/or controlled
by our Company and such consent has not been withdrawn as on the date of this Red Herring Prospectus.
Book Building Process
The book building, in the context of the Issue, refers to the process of collection of Bids from investors on the basis of this Red
Herring Prospectus and the Bid cum Application Forms and the Revision Forms within the Price Band. The Price Band and the
minimum Bid Lot will be decided by our Company, in consultation with the Managers, and shall be advertised in all editions
of Financial Express, an English national daily newspaper, all editions of Jansatta, a Hindi national daily newspaper and regional
edition of Jai Hind, a Gujarati newspaper, Gujarati being the regional language of Gujarat, where our Registered and Corporate
Office is located, each with wide circulation, at least two Working Days prior to the Bid/ Issue Opening Date and shall be made
available to the Stock Exchanges for the purpose of uploading on their respective websites. The Issue Price shall be determined
by our Company in consultation with the Managers after the Bid/ Issue Closing Date. For details, see “Issue Procedure”
beginning on page 362.
All Bidders, except Anchor Investors, are mandatorily required to use the ASBA process for participating in the Issue
by providing details of their respective ASBA Account in which the corresponding Bid Amount will be blocked by
SCSBs. In addition to this, the RIBs may participate through the ASBA process by either (a) providing the details of
their respective ASBA Account in which the corresponding Bid Amount will be blocked by the SCSBs; or (b) through
the UPI Mechanism. Anchor Investors are not permitted to participate in the Issue through the ASBA process.
62
In accordance with the SEBI ICDR Regulations, QIBs and Non-Institutional Bidders are not allowed to withdraw or
lower the size of their Bids (in terms of the quantity of the Equity Shares or the Bid Amount) at any stage. RIBs, Eligible
Employees Bidding in the Employee Reservation Portion (subject to the Bid Amount being up to ₹500,000) and Eligible
AEL Shareholders Bidding in the Shareholder Reservation Portion (subject to the Bid Amount being up to ₹200,000)
can revise their Bid(s) during the Bid/Issue Period and withdraw their Bid(s) until Bid/Issue Closing Date. Further,
Anchor Investors cannot withdraw their Bids after the Anchor Investor Bid/ Issue Period. Allocation to the Anchor
Investors will be on a discretionary basis.
For further details on the method and procedure for Bidding and book building process, see “Issue Structure” and “Issue
Procedure” beginning on pages 359 and 362, respectively.
The process of Book Building under the SEBI ICDR Regulations and the Bidding Process are subject to change from
time to time and the investors are advised to make their own judgment about investment through this process prior to
submitting a Bid in the Issue.
Bidders should note the Issue is also subject to (i) obtaining final listing and trading approvals of the Stock Exchanges, which
our Company shall apply for after Allotment; and (ii) filing of the Prospectus with the RoC.
For an illustration of the Book Building Process and the price discovery process, see “Issue Procedure” beginning on page
362.
Underwriting Agreement
After the determination of the Issue Price and allocation of Equity Shares, but prior to the filing of the Prospectus with the RoC,
our Company shall enter into an Underwriting Agreement with the Underwriters for the Equity Shares offered in the Issue. The
Underwriting Agreement is dated [●]. Pursuant to the terms of the Underwriting Agreement, the obligations of each of the
Underwriters will be several and will be subject to certain conditions specified therein.
The Underwriters have indicated their intention to underwrite the following number of Equity Shares:
(This portion has been intentionally left blank and will be filled in before filing of the Prospectus with the RoC.)
Name, Address, Telephone number and E-mail Indicative Number of Equity Shares Amount Underwritten
address of the Underwriters to be Underwritten (in ₹ million)
[●] [●] [●]
[●] [●] [●]
[●] [●] [●]
[●] [●] [●]
The above-mentioned underwriting commitments are indicative and will be finalised after determination of Issue Price and
Basis of Allotment and subject to the provisions of the SEBI ICDR Regulations.
In the opinion of our Board (based on representations made to our Company by the Underwriters), the resources of the
aforementioned Underwriters are sufficient to enable them to discharge their respective underwriting obligations in full. The
aforementioned Underwriters are registered with SEBI under Section 12(1) of the SEBI Act or registered as brokers with the
Stock Exchanges. Our Board/ IPO Committee, at its meeting held on [●], has accepted and entered into the Underwriting
Agreement mentioned above on behalf of our Company.
Allocation among the Underwriters may not necessarily be in proportion to their underwriting commitment set forth in the table
above.
Notwithstanding the above table, the Underwriters shall be severally responsible for ensuring payment with respect to the
Equity Shares allocated to investors respectively procured by them in accordance with the Underwriting Agreement. In the
event of any default in payment, the respective Underwriter, in addition to other obligations defined in the Underwriting
Agreement, will also be required to procure subscribers for or subscribe the Equity Shares to the extent of the defaulted
amount in accordance with the Underwriting Agreement. The Underwriting Agreement has not been executed as on the date
of this Red Herring Prospectus and will be executed after determination of the Issue Price and allocation of Equity Shares, but
prior to the filing of the Prospectus with the RoC. The extent of underwriting obligations and the Bids to be underwritten in
the Issue shall be as per the Underwriting Agreement.
63
CAPITAL STRUCTURE
The equity share capital of our Company as on the date of this Red Herring Prospectus is set forth below:
(in ₹, except share data)

Sr. Particulars Aggregate value Aggregate value
No. at face value at Issue Price*
A AUTHORIZED SHARE CAPITAL(1)
3,627,600,000 Equity Shares of face value of ₹1 each 3,627,600,000 -
B ISSUED, SUBSCRIBED AND PAID-UP CAPITAL BEFORE THE ISSUE

1,142,948,860 Equity Shares of face value of ₹1 each 1,142,948,860 -
C PRESENT ISSUE IN TERMS OF THIS RED HERRING PROSPECTUS

Fresh Issue of up to [●] Equity Shares aggregating up to ₹36,000 million(2) [●] [●]
Which includes:
Employee Reservation Portion of up to [●] Equity Shares aggregating up to ₹ 1,070 million
Shareholder Reservation Portion of up to [●] Equity Shares aggregating up to ₹ 3,600
million(3)
D ISSUED, SUBSCRIBED AND PAID-UP CAPITAL AFTER THE ISSUE

[●] Equity Shares of face value of ₹[●] each [●] -
E SECURITIES PREMIUM ACCOUNT

Before the Issue (in ₹ million) 4,538.90
After the Issue (in ₹ million) [●]
* To be updated upon finalization of the Issue Price.
(1)
For details in relation to the changes in the authorised share capital of our Company, see “History and Certain Corporate Matters – Amendments to the
Memorandum of Association” on page 171.
(2)
The Issue has been authorized by our Board pursuant to its resolution dated July 30, 2021 and by our Shareholders pursuant to a special resolution
passed on July 31, 2021.
(3)
The Shareholder Reservation Portion shall not exceed [●]% of the post-Issue paid-up Equity Share capital and in accordance with the SEBI ICDR
Regulations, shall not exceed 10% of the Issue size. Any unsubscribed portion remaining in the Shareholder Reservation Portion shall be added to the
Net Issue. For further details, see “Issue Structure” beginning on page 359.
Notes to the capital structure
1. Equity share capital history of our Company
(a) The following table sets forth details of the history of the equity share capital of our Company:
Date of allotment Number of Face value Issue Nature of Nature of Cumulative Cumulative
of equity shares equity shares per equity price per consideration allotment number of paid-up
allotted share (₹) equity equity shares equity share
share (₹) capital (in ₹)
January 23, 1999 7,000 10 10 Cash Subscription to the 7,000 70,000
Memorandum of
Association(1)
December 27, 1999 25,774,900 10 10 Cash Private placement(2) 25,781,900 257,819,000
March 29, 2004 19,940,360 10 10 Cash Rights issue(3) 45,722,260 457,222,600
November 26, 2004 13,995,956 10 10 Cash Rights issue(4) 59,718,216 597,182,160
June 23, 2008 4,196,140 10 90 Cash Preferential 63,914,356 639,143,560
allotment(5)
October 4, 2008 11,490,200 10 90 Cash Private placement(6) 75,404,556 754,045,560
December 21, 2010 8,024,100 10 90 Cash Preferential 83,428,656 834,286,560
allotment(7)
March 9, 2011 17,918,350 10 90 Cash Preferential 101,347,006 1,013,470,060
allotment(8)
June 10, 2011 8,011,700 10 90 Cash Preferential 109,358,706 1,093,587,060
allotment(9)
January 9, 2015 4,936,180 10 125 Cash Rights issue(10) 114,294,886 1,142,948,860
May 5, 2021 Pursuant to a resolution passed by our Shareholders on May 5, 2021, our Company sub-divided the face value
of its equity shares from ₹10 each to ₹1 each. Accordingly, the cumulative number of issued, subscribed and
paid-up equity shares pursuant to sub-division is 1,142,948,860 Equity Shares of face value of ₹1 each.
(1) 1,000 equity shares were each allotted to Gautam Shantilal Adani, Vasant Shantilal Adani, Rajesh Shantilal Adani, Priti Gautam Adani, Shilin
Rajesh Adani, Pushpa Vasant Adani and Suvarna Mahasukh Adani.
(2) 12,883,950 equity shares were allotted to Adani Exports Limited and 12,890,950 equity shares were allotted to Wilmar Investments (Mauritius)
Limited.
(3) 9,970,180 equity shares were each allotted to Adani Agro Private Limited and Wilmar Investments (Mauritius) Limited.
(4) 6,997,978 equity shares were each allotted to Adani Agro Private Limited and Wilmar Investments (Mauritius) Limited. The challan in relation
to the Form 2 filed for the allotment is not traceable. For details, see “Risk Factors – 44. Certain of our corporate filings and records are not
traceable. We cannot assure that regulatory proceedings or actions will not be initiated against us in the future and we will not be subject to
any penalty imposed by the competent regulatory authority in this regard.” on page 39.
64
(5) 2,098,070 equity shares were each allotted to AEL and Wilmar Investments (Mauritius) Limited.
(10) 2,468,090 equity shares were each allotted to AEL and LPL.
2. Issue of Equity Shares for consideration other than cash or out of revaluation reserves
Our Company has not issued equity shares through bonus issue or for consideration other than cash. Our Company has not
issued any Equity Shares out of revaluation reserves since incorporation.
3. Issue of Equity Shares under Sections 230 to 234 of the Companies Act or Sections 391 to 394 of the Companies Act,
1956.
Our Company has not allotted any equity shares pursuant to any scheme approved under Sections 391 to 394 of the
Companies Act, 1956 or Sections 230 to 232 of the Companies Act, 2013.
4. Issue of Equity Shares at a price lower than the Issue Price in the last year
Our Company has not issued any equity shares at a price which may be lower than the Issue Price during a period of one
year preceding the date of this Red Herring Prospectus.
65
5. Shareholding Pattern of our Company
The table below presents the shareholding pattern of our Company as on the date of this Red Herring Prospectus:
Category Category of Number of Number of Number Number of Total Shareholding Number of voting rights held in each Number of Shareholding, Number of Number of Number of
(I) Shareholder Shareholders fully paid up of Equity number of as a % of class of securities Equity as a % locked in Equity Shares Equity Shares
(II) (III) Equity partly Shares Equity total number (IX) Shares assuming full Equity Shares pledged or held in
Shares held paid-up underlying Shares held of Equity underlying conversion of (XII) otherwise dematerialized
(IV) Equity Depository (VII) Shares outstanding convertible encumbered form
Shares Receipts =(IV)+(V)+ (calculated as convertible securities (as (XIII) (XIV)
held (VI) (VI) per SCRR, Number of Voting Rights Total securities a percentage Number As a Number As a
(V) 1957) Class e.g.: Class Total as a (including of diluted (a) % of (a) % of
(VIII) As a Equity e.g.: % of warrants) equity share total total
% of Shares others (A+B+ (X) capital) Equity Equity
(A+B+C2) C) (XI)= Shares Shares
(VII)+(X) As held held
a % of (b) (b)
(A+B+C2)
(A) Promoter* 8 1,142,948,860 - - 1,142,948,860 100.00 1,142,948,860 - 1,142,948,860 100.00 - 1,142,948,860 - - - - 1,142,948,860
and
Promoter
Group
(B) Public - - - - - - - - - - - - - - - - -
(C) Non- - - - - - - -
Promoter –
Non Public
(C1) Equity - - - - - - - - - - - - - - - - -
Shares
underlying
depository
receipts
(C2) Equity - - - - - - - - - - - - - - - - -
Shares held
by employee
trusts
Total 8 1,142,948,860 - - 1,142,948,860 100.00 1,142,948,860 - 1,142,948,860 100.00 - 1,142,948,860 - - - - 1,142,948,860
* Includes 10,000 Equity Shares each held by Priti Gautam Adani, Dhaval Bhavik Shah jointly with Bhavik Bharat Shah, Pranav Vinod Adani, Shilin Rajesh Adani, Karan Gautam Adani and Namrata Pranav Adani as nominees
of ACL.
66
6. Other details of shareholding of our Company
(a) Set forth below is a list of Shareholders holding 1% or more of the paid-up equity share capital of our Company on a
fully diluted basis, as on the date and as of ten days prior to the date of this Red Herring Prospectus:
Sr. Name of the Shareholder As on the date of this Red Herring As of ten days prior to the date of this
No. Prospectus Red Herring Prospectus
(Pre-Issue) (Pre-Issue)
Number of Equity Percentage of the Number of Equity Percentage of the
Shares^ fully diluted Shares^^ fully diluted
equity share equity share
capital (%) capital (%)
1. ACL* 571,474,430 50.00 571,474,430 50.00

2. LPL 571,474,430 50.00 571,474,430 50.00
Total 1,142,948,860 100.00 1,142,948,860 100.00
^ Based on the beneficiary position statement dated January 19, 2022.
^^ Based on the beneficiary position statement dated January 7, 2022.
* Includes 10,000 Equity Shares each held by Priti Gautam Adani, Dhaval Bhavik Shah jointly with Bhavik Bharat Shah, Pranav Vinod Adani,
Shilin Rajesh Adani, Karan Gautam Adani and Namrata Pranav Adani as nominees of ACL.
(b) Set forth below is a list of Shareholders holding 1% or more of the paid-up equity share capital of our Company, on a
fully diluted basis, as of one year prior to the date of this Red Herring Prospectus:
Sr. Name of the Shareholder Number of equity shares having Percentage of the fully
No. face value of ₹10 each^ diluted equity share capital
(%)
1. ACL* 57,147,443 50.00
2. LPL 57,147,443 50.00
Total 114,294,886 100.00
* Includes 1,000 equity shares each held by Priti Gautam Adani, Ranjan Vinod Adani, Pranav Vinod Adani, Shilin Rajesh Adani, Vinod Shantilal
Adani and Namrata Pranav Adani as nominees of ACL.
(c) Set forth below is a list of Shareholders holding 1% or more of the paid-up equity share capital of our Company, as of
two years prior to the date of this Red Herring Prospectus:
Sr. Name of the Shareholder Number of equity shares having Percentage of the fully
No. face value of ₹10 each^ diluted equity share capital
(%)
1. ACL* 57,147,443 50.00
2. LPL 57,147,443 50.00
Total 114,294,886 100.00
* Includes 1,000 equity shares each held by Priti Gautam Adani, Ranjan Vinod Adani, Pranav Vinod Adani, Shilin Rajesh Adani, Vinod Shantilal
Adani and Namrata Pranav Adani as nominees of ACL.
7. Our Company does not intend or propose to alter its capital structure for a period of six months from the Bid/Issue Opening
Date, by way of split or consolidation of the denomination of Equity Shares, or by way of further issue of Equity Shares
(including issue of securities convertible into or exchangeable, directly or indirectly for Equity Shares), whether on a
preferential basis, or by way of issue of bonus shares, or on a rights basis, or by way of further public issue of Equity
Shares, or otherwise.
8. As on the date of this Red Herring Prospectus, our Company has 8 Shareholders.
9. Our Promoter Group, directors of our Promoters, Directors and their relatives have not purchased or sold any Equity Shares
during a period of six months preceding the date of this Red Herring Prospectus.
10. Details of shareholding of our Promoters and members of the Promoter Group in our Company
(a) Build-up of our Promoters’ shareholding in our Company
For details of the total shareholding of our Promoters, see “- Shareholding of our Promoters and Promoter Group”
on page 68.
The following table sets forth details of the build-up of the shareholding of our Promoters since incorporation of our
Company:
67
Date of allotment / Nature of Nature of No. of Equity Face Issue / Percentage Percentag
transfer consideration transaction Shares allotted / value per acquisition of the pre- e of the
transferred Equity price (₹) Issue capital post-Issue
Share (%) capital
(₹) (%)
LPL
June 17, 2011 Cash Transfer of all equity 54,679,353 10 10 47.84 [●]
shares held by
Wilmar Investments
(Mauritius) Limited
to Wilmar Oleo Pte.
Limited(1)
January 9, 2015 Cash Rights issue 2,468,090 10 125 2.16 [●]
paid-up equity shares held by LPL pursuant to sub-division was 571,474,430 Equity Shares of face value of
₹1 each.
Total 571,474,430 - - 50.00 [●]
(1) Transfer of 54,679,353 equity shares from Wilmar Investments (Mauritius) Limited to Wilmar Oleo Pte. Limited. The name of Wilmar Oleo
Pte. Limited was consequently changed to LPL with effect from September 16, 2011.
ACL
March 30, 2017 Cash Transfer of all equity 57,147,443 10 10 50.00 [●]
shares held by AEL
to ACL(1)
paid-up equity shares held by ACL and its nominees pursuant to sub-division was 571,474,430 Equity Shares
of face value of ₹1 each.
Total 571,474,430 50.00 [●]
(1) Includes transfer of 1,000 equity shares each held by Priti Gautam Adani, Ranjan Vinod Adani, Pranav Vinod Adani, Shilin Rajesh Adani,
Vinod Shantilal Adani and Namrata Pranav Adani as nominees of AEL to Priti Gautam Adani, Ranjan Vinod Adani, Pranav Vinod Adani,
Shilin Rajesh Adani, Vinod Shantilal Adani and Namrata Pranav Adani respectively as nominees of ACL.
(2) Pursuant to a change of nomination request dated April 13, 2021 by ACL to the Company, 1,000 equity shares were transferred from Vinod
Shantilal Adani to Karan Gautam Adani and 1,000 equity shares were transferred from Ranjan Vinod Adani to Dhaval Bhavik Shah jointly
with Bhavik Bharat Shah.
All the Equity Shares held by our Promoters were fully paid-up on the respective dates of allotment of such Equity
Shares. As of the date of this Red Herring Prospectus, none of the Equity Shares held by our Promoters are pledged.
(b) Shareholding of our Promoters and Promoter Group
The details of the shareholding of our Promoters and the members of the Promoter Group as on the date of this Red
Herring Prospectus are set forth in the table below:
Sr. No. Name of the Shareholder Pre-Issue Post-Issue*

No. of Equity Shares % of total Share- No. of Equity % of total
holding Shares Share-
holding
Promoters
1. AEL Nil Nil Nil Nil
2. ACL** 571,474,430 50.00 [●] [●]
3. LPL 571,474,430 50.00 [●] [●]
Promoter Group
1. Nil
Total 1,142,948,860 100.00 [●] [●]
* Subject to finalisation of Basis of Allotment.
** Includes 10,000 Equity Shares each held by Priti Gautam Adani, Dhaval Bhavik Shah jointly with Bhavik Bharat Shah, Pranav Vinod Adani,
Shilin Rajesh Adani, Karan Gautam Adani and Namrata Pranav Adani as nominees of ACL.
Except for Pranav Vinod Adani, who is a director on the board of directors of AEL and Bhavik Bharat Shah, who is
one of the partners of ACL, as on the date of this Red Herring Prospectus, the directors of our Promoters do not hold
any shareholding in our Company.
11. Details of Promoters’ contribution and lock-in
(a) Pursuant to Regulations 14 and 16 of the SEBI ICDR Regulations, an aggregate of 20% of the fully diluted post-Issue
equity share capital of our Company held by our Promoters shall be locked in for a period of three years from the date
of commencement of commercial production at our proposed manufacturing plant at Gohana, Haryana as minimum
promoters’ contribution (“Promoters’ Contribution”), and our Promoters’ shareholding in excess of 20% of the fully
diluted post-Issue equity share capital shall be locked in for a period of one year from the date of Allotment. The term
68
‘date of commencement of commercial production’ in relation to the above shall mean the last date of the month in
which commercial production of the project in respect of which the proceeds of the Issue are proposed to be utilised.
For further details in relation to proposed utilisation of the proceeds of the Issue in this regard, see “Objects of the
Issue – Details of the Objects – Capital Expenditure” beginning on page 72.
(b) Details of the Equity Shares to be locked-in for three years from the date of Allotment as Promoters’ Contribution are
set forth in the table below.
Name of Number Date of Nature of Face Issue/ Percentage of Percentage of

Promoter of Equity Allotment/ Transaction Value Acquisition pre-Issue paid-up post-Issue paid-
Shares Transfer* (₹) Price per Equity equity share up equity share
Locked- Share (₹) capital capital
in(1)
[●] [●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●] [●]
* Subject to finalisation of Basis of Allotment
(1) All Equity Shares were fully paid-up at the time of allotment
Our Promoters have given their consent to include such number of Equity Shares held by them as disclosed above,
constituting 20% of the post-Issue equity share capital of our Company as Promoters’ Contribution and have agreed
not to sell, transfer, charge, pledge or otherwise encumber in any manner the Promoters’ Contribution from the date
of filing this Red Herring Prospectus, until the expiry of the lock-in period specified above, or for such other time as
required under SEBI ICDR Regulations, except as may be permitted, in accordance with the SEBI ICDR Regulations.
(c) Our Company undertakes that the Equity Shares that are being locked-in are not ineligible for computation of
Promoters’ Contribution in terms of Regulation 15 of the SEBI ICDR Regulations. In this connection, we confirm that
the Equity Shares considered as Promoters’ Contribution:
(i) have not been acquired during the immediately preceding three years from the date of this Red Herring Prospectus
for consideration other than cash, involving any revaluation of assets or capitalisation of intangible assets;
(ii) did not result from a bonus issue during the immediately preceding three years from the date of this Red Herring
Prospectus, by utilisation of revaluation reserves or unrealised profits of the Company, or from bonus issue against
Equity Shares which are otherwise ineligible for Promoters’ Contribution;
(iii) are not acquired or subscribed to during the immediately preceding year from the date of this Red Herring
Prospectus at a price lower than the price at which the Equity Shares are being offered to the public in the Issue;
and
(iv) are not subject to any pledge or any other encumbrance.
All Equity Shares held by our Promoters are held in dematerialized form prior to filing of this Red Herring Prospectus.
Further, our Company has not been formed by conversion of a partnership firm or a limited liability partnership firm
into a company.
12. Details of other lock-in
In addition to the 20% of the post-Issue shareholding of our Company held by our Promoters and locked in for three years
as specified above, in terms of the SEBI ICDR Regulations, the entire pre-Issue equity share capital of our Company will
be locked-in for a period of one year from the date of Allotment.
As required under Regulation 20 of the SEBI ICDR Regulations, our Company shall ensure that the details of the Equity
Shares locked-in are recorded by the relevant Depository.
In terms of Regulation 22 of the SEBI ICDR Regulations, the Equity Shares held by our Promoters, which are locked-in
may be transferred to and among the members of our Promoter Group or to any new promoter of our Company, subject to
continuation of the lock-in in the hands of the transferees for the remaining period (and such transferees shall not be eligible
to transfer until the expiry of the lock-in period) and compliance with the Takeover Regulations, as applicable.
Pursuant to Regulation 21(a) of the SEBI ICDR Regulations, the Equity Shares held by our Promoters, which are locked-
in for a period of three years from the date of Allotment may be pledged as collateral security for loans granted by scheduled
commercial banks, public financial institutions, NBFC-SI or housing finance companies, provided that such loans have
been granted by such bank or institution for the purpose of financing one or more of the objects of the Issue and pledge of
the Equity Shares is a term of sanction of such loans.
69
Pursuant to Regulation 21(b) of the SEBI ICDR Regulations, the Equity Shares held by our Promoters which are locked-
in for a period of one year from the date of Allotment may be pledged only with scheduled commercial banks, public
financial institutions, NBFC-SI or housing finance companies as collateral security for loans granted by such banks or
public financial institutions, provided that such pledge of the Equity Shares is one of the terms of the sanction of such
loans.
13. Lock-in of the Equity Shares to be allotted, if any, to the Anchor Investors
Any Equity Shares Allotted to Anchor Investors shall be locked-in for a period of 30 days from the date of Allotment.
14. Neither our Company, nor the Directors have entered into any buy-back arrangements for purchase of Equity Shares from
any person. Further, the Managers have not entered into any buy-back arrangements for purchase of Equity Shares from
any person.
15. Except as disclosed in “Our Management” beginning on page 183, none of our Directors or Key Managerial Personnel
hold any Equity Shares of our Company.
16. Our Company has no outstanding warrants, options to be issued or rights to convert debentures, loans or other convertible
instruments into Equity Shares as on the date of this Red Herring Prospectus.
17. All Equity Shares offered and Allotted pursuant to the Issue shall be fully paid-up at the time of Allotment.
18. As on the date of this Red Herring Prospectus, the Managers and its associates (as defined under the Securities and
Exchange Board of India (Merchant Bankers) Regulations, 1992) do not hold any Equity Shares of our Company.
19. There have been no financing arrangements whereby our Promoters, members of our Promoter Group, directors of our
Promoters, our Directors and their relatives have financed the purchase by any other person of securities of our Company
(other than in the normal course of the business of the relevant financing entity) during a period of six months immediately
preceding the date of filing of this Red Herring Prospectus.
20. No person connected with the Issue, including, but not limited to, the Managers, the members of the Syndicate, our
Company, Directors, Promoters, and member of our Promoter Group shall offer any incentive, whether direct or indirect,
in the nature of discount, commission and allowance, except for fees or commission for services rendered in relation to the
Issue, in any manner, whether in cash or kind or services or otherwise to any Bidder for making a Bid.
21. Our Company shall ensure that there shall be only one denomination of the Equity Shares, unless otherwise permitted by
law.
22. Our Company shall ensure that transactions in Equity Shares by our Promoters and our Promoter Group during the period
between the date of filing of this Red Herring Prospectus and the date of closure of the Issue shall be reported to the Stock
Exchanges within 24 hours of such transaction.
23. Employee Stock Option Scheme
As on the date of this Red Herring Prospectus, our Company has no stock option scheme.
70
OBJECTS OF THE ISSUE
Our Company proposes to utilise the Net Proceeds towards funding of the following objects:
1. Funding capital expenditure for expansion of our existing manufacturing facilities and developing new manufacturing
facilities (“Capital Expenditure”);
2. Repayment/prepayment of our borrowings;
3. Funding strategic acquisitions and investments; and
4. General corporate purposes.
(collectively, referred to herein as the “Objects”).
The main objects and objects incidental and ancillary to the main objects set out in the Memorandum of Association enable us
(i) to undertake our existing business activities; and (ii) to undertake the activities proposed to be funded from the Net Proceeds.
Further, our Company expects to receive the benefits of listing of the Equity Shares, including to enhance our visibility and our
brand image among our existing and potential customers.
Net Proceeds
The following table sets forth details of the Net Proceeds:
Particulars Estimated amount (₹ in million)

Gross Proceeds of the Issue 36,000.00
(Less) Issue related expenses in relation to the Issue(1) [●]
Net Proceeds(1) [●]
To be finalised upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC.
(1)
Utilisation of Net Proceeds
The Net Proceeds are proposed to be utilised in accordance with the details provided in the following table:
Particulars Amount (₹ in million)

Capital Expenditure 19,000.00
Repayment/prepayment of our borrowings 10,589.00
Funding strategic acquisitions and investments 4,500.00
General corporate purposes(1) [●]
Total [●]
To be finalised upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC. The amount utilised for general corporate
(1)
Proposed schedule of implementation and deployment of Net Proceeds
We propose to deploy the Net Proceeds towards the Objects in accordance with the estimated schedule of implementation and
deployment of funds as follows:
(₹ in million)
Particulars Amount to be Estimated deployment of the Net Proceeds
funded from Fiscal 2022 Fiscal 2023 Fiscal 2024 Fiscal 2025
the Net
Proceeds
Capital Expenditure 19,000.00 - 7,000.00 8,000.00 4,000.00
Repayment/prepayment of 10,589.00 9,324.56 1,264.44 - -
borrowings
Funding strategic acquisitions 4,500.00 1,000.00 3,500.00 - -
and investments
General corporate purposes(1) [●] [●] [●] [●]
Total [●] [●] [●] [●]
(1)
To be finalized upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC. The amount utilised for general corporate
The fund requirements, the deployment of funds and the intended use of the Net Proceeds as described herein are based on our
current business plan, management estimates, current and valid quotations from suppliers, and other commercial and technical
factors. However, such fund requirements and deployment of funds have not been appraised by any bank, or financial institution.
We may have to revise our funding requirements and deployment on account of a variety of factors such as our financial and
market condition, business and strategy, competition, negotiation with vendors, variation in cost estimates on account of factors,
71
including changes in design or configuration of the manufacturing unit, incremental pre-operative expenses and other external
factors such as changes in the business environment and interest or exchange rate fluctuations, which may not be within the
control of our management. This may entail rescheduling or revising the planned expenditure and funding requirements,
including the expenditure for a particular purpose at the discretion of our management, subject to compliance with applicable
laws.
In the event that the estimated utilization of the Net Proceeds in a scheduled fiscal year is not completely met, due to the reasons
stated above, the same shall be utilised in the next fiscal year, as may be determined by our Company, in accordance with
applicable laws. If the actual utilisation towards any of the Objects is lower than the proposed deployment such balance will be
used for future growth opportunities including funding other existing Objects of the Issue, if required and towards general
corporate purposes to the extent that the total amount to be utilised towards general corporate purposes will not exceed 25% of
the Net Proceeds in accordance with the SEBI ICDR Regulations. For details on risks involved, see “Risk Factors – 18. Our
funding requirements and proposed deployment of the Net Proceeds are based on management estimates and a report from
L&T Technology Services Limited and may be subject to changes based on various factors, some of which are beyond our
control.” on page 30.
Means of finance
The capital expenditure of ₹19,000 million will be met from the Net Proceeds and the balancing amount will be funded through
Company’s internal accruals and hence, no amount is proposed to be raised through any other means of finance. Accordingly,
we are in compliance with the requirements prescribed under Paragraph 9(C)(1) of Part A of Schedule VIII and Regulation
7(1)(e) of the SEBI ICDR Regulations which require firm arrangements of finance to be made through verifiable means towards
at least 75% of the stated means of finance, excluding the amount to be raised through the Issue and existing identifiable internal
accruals. In case of a shortfall in the Net Proceeds or any increase in the actual utilisation of funds earmarked for the Objects,
our Company may explore a range of options including utilizing our internal accruals. Further, as on date of this RHP, the
Company has not deployed any funds towards the Capital Expenditure.
Details of the Objects
I. Capital Expenditure
We are one of the few large FMCG food companies in India to offer most of the primary kitchen commodities for Indian
consumers, including edible oil, wheat flour, rice, pulses and sugar (Source: Technopak Report). Our products are offered
under a diverse range of brands across a broad price spectrum and cater to different customer groups.
As of March 31, 2021, the ROCP market share of our branded edible oil was 18.30%, putting us as the dominant No. 1
edible oil brand in India (Source: Nielsen Retail Index – MAT March 2021). “Fortune”, our flagship brand, is the largest
selling edible oil brand in India (Source: Technopak Report). We offer a comprehensive portfolio of edible oil products,
including soyabean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil,
vanaspati, specialty fats and a range of functional edible oil products with distinctive health benefits.
Our Company commenced its operations pursuant to the certificate of commencement of business dated January 25, 1999
issued by the RoC. As of the date of this Red Herring Prospectus, we have 22 plants which are strategically located across
10 states in India, comprising 10 crushing units and 19 refineries. Out of the 19 refineries, ten are port-based to facilitate
use of imported crude edible oil and reduce transportation costs, while the remaining are typically located in the hinterland
in proximity to raw material production bases to reduce storage costs. Our refinery in Mundra is the one of the largest
single location refineries in India with a designed capacity of 5,000 MT per day (Source: Technopak Report). In addition,
as of September 30, 2021, we had 36 tolling units across India to cater to the excess demand and ensure our presence across
different parts of the country, which produce mustard oil, rice bran oil, wheat flour, rice, pulses, sugar, soya chunks and
khichdi with raw materials we provide.
We operate both crushing units and refineries, which provide us with additional capability to secure crude oil for refining.
Further, our integrated business model has enabled us to derive synergy across different business lines. Therefore, we
intend to expand our business based on this integrated business model and seek to develop additional integrated
manufacturing facilities in the near future. Further, we plan to establish additional food processing units at our existing
crushing units or refineries. As part of such investment, we will incur expenditure towards site development, civil and
electrical works and purchase of various equipment.
For the six months ended September 30, 2021, the Company has capitalized ₹1,191.76 million. We have capitalized
₹1,930.97 million in the financial year 2021 as compare to ₹9,238.10 million and ₹7,790.42 million in the financial years
2020 and 2019, respectively, in line with our business expansion. Further, in the last three financial years and six months
ended September 30, 2021, some of the expansion and capitalized units that we have undertaken are set forth below.
(₹ million)
72
S. Location Type of Capacity Fiscal 2019 Fiscal 2020 Fiscal 2021 As of
No. Expansion September
30, 2021
1. Hazira, Gujarat Greenfield 2500 TPD Refinery - 5,309.03 626.24 -
2. Krishnapatnam-2 Acquisition 950 TPD Refinery 1,297.40 - - -
3. Paradip, Odisha Acquisition 900 TPD Refinery 947.73 - - -
4. Nimrani, Madhya Acquisition 880 TPD Wheat Flour - 562.88 - -
Pradesh
5. Mundra, Gujarat Brownfield 1500 TPD Refinery, Carton 3,184.46 - - -
Manufacturing, Water
treatment plant, PET
Blowing Machinery,
Automatic shuttle racking
system etc.
6. Kadi, Gujarat Brownfield 200 TPD Refinery, Packing 541.54 - - -
machines, Tank Farm, Boiler
etc.
7. Alwar, Rajasthan Brownfield 150 TPD - Besan Plant - 279.20 - -
8. Alwar, Rajasthan Brownfield 300 TPD - Oil Mill, Packing - 348.84 - -
machine and Silo
9. Mundra, Gujarat Brownfield Rice to rice line - 304.85 - -
10. Neemuch, Madhya Brownfield 150 TPD - Besan Plant, 455.11 - - -
Pradesh Packing etc.
11. Haldia, West Bengal Brownfield Nugget Plant - - - 503.87
Total 6,426.24 6,804.80 626.24 503.87
The following table sets forth the installed capacity, processed quantity and capacity utilization of our manufacturing
facilities in India for the periods indicated:
Facility Six Months Ended September 30,

2020 2021 Financial Year 2021 Financial Year 2020 Financial Year 2019
Installed Processed Capacity Installed Processed Capacity Installed Processed Capacity Installed Processed Capacity Installed Processed Capacity
Capacity* Quantity* Utilization** Capacity* Quantity* Utilization** Capacity Quantity Utilization** Capacity Quantity Utilization** Capacity Quantity Utilization**
(MT) (MT) (%) (MT) (MT) (%) (MT) (MT) (%) (MT) (MT) (%) (MT) (MT) (%)
Edible oil
Crushing 1,113,750 248,365 22 1,113,750 248,071 22 2,227,500 549,705 25 2,160,000 436,935 20 2,107,500 483,351 23
Refining 2,735,880 1,450,088 53 2,735,880 1,313,711 48 5,471,760 3,012,453 55 4,889,360 2,483,970 51 4,128,600 2,516,211 61
Packaged
foods 282,750 113,635 40 288,750 94,472 33 565,500 219,081 39 371,350 148,388 40 196,500 86,820 44
Oleochemicals 383,850 233,572 61 383,850 233,700 61 767,700 500,668 65 743,508 523,639 70 738,663 475,270 64
* Representing the half-year installed capacity and processed quantity for the six months ended September 30, 2020 and 2021, respectively.
** We determine our capacity utilization on the basis of the actual aggregate production of the relevant product during the relevant period, divided by the
average aggregate installed capacity for such product for such period, as adjusted for scheduled and unscheduled downtime.
Our Company is proposing to expand/develop the manufacturing facilities at the locations as set out below:
S. Location Description
No.
Expansion at manufacturing facility
1. Nagpur, Maharashtra 100 TPD soya nugget plant with BP and CP packing (“Nagpur 1”)
Soya value added products plants, namely, a) soya flour mill - 150 TPD, and (b) Flour Packing
- 100 TPD (“Nagpur 2”)
240 TPD chana dal plant (“Nagpur 3”)
2. Haldia, West Bengal 1,500 TPD palm oil refinery, 400 TPD neutralization plant, 300 kilo liters per day (“KLD”)
effluent treatment plant (“ETP”), 500 TPD fractionation plant, and suitable expansion in acid
oil
3. Paradip, Odisha Setting up packing section with warehouse of 4,000 square meter
4. Bundi, Rajasthan 500 TPD oil mill
5. Mantralayam, Andhra Pradesh 300 TPD solvent extraction plant, revamp of solvent extraction process, and warehouse for
de-oiled cake
6. Kadi, Gujarat 240 TPD dal plant and 150 TPD besan plant
7. Neemuch, Madhya Pradesh 240 TPD dal plant
Developing new manufacturing facility
8. Gohana, Haryana Integrated manufacturing including 12 TPH x 2 Line P2R and 8 TPH R2R x 2 lines, 400 TPD
rice bran oil extraction, 100 TPD Rice bran oil refinery, 500 TPD mustard oil mill and 200
TPD wheat flour plant
73
For further details on our existing manufacturing units, see “Our Business – Our Business and Operations – Manufacturing
Facilities” on page 151.
Expected benefits of having own capacity as compared to tolling units include, inter alia, products offered at a lower cost
resulting in an increase in profit. Further, given that our Company does want to be overly reliant on tolling units for its
manufacturing capacity. Moreover, typically tolling units are used by the Company for initial phase of product launch for
products where we do not have existing manufacturing capacity (typically food products) and once the product is stabilized
in the market, own capacities are installed by the Company based on feasibility study of setting up of own capacities.
Land
The manufacturing units are to be developed on the land parcels owned and possessed by us on a freehold or long term
leasehold basis. We are currently in possession of these land parcels and are registered in our name on freehold or leasehold
basis as set-forth below:
S. Location Address Freehold or leasehold

No. basis
1. Nagpur 1 Village: Malegaon, Tehsil: Saoner, District: Nagpur 441 107, Maharashtra Freehold
2. Nagpur 2
3. Nagpur 3
4. Haldia JL No 149, Mouza Debhog, P.S. Bhabanipur, District Purba Medinipur, West Leasehold (lease is valid
Bengal till March 8, 2099)
5. Paradip Village: Bhitaragarh, Oil Terminal Road, Atharbanki, Paradip, District: Leasehold (lease is valid
Jagatsinghpur 754 142, Odisha till November 25, 2032)
6. Bundi Silor Road, Kota Jaipur Highway, Bundi 323 001, Rajasthan Freehold
7. Mantralayam Village: Tungabhadra, Mantralayam Mandal, District: Kurnool 518 349, Andhra Freehold
Pradesh
8. Kadi Mouje Karannagar, Taluka Kadi, District Mehsana 382 715, Gujarat Freehold
9. Neemuch Village: Bhatkheda, Tehsil and District: Neemuch 458441, Madhya Pradesh. Freehold
10. Gohana Village: Mundlana, Tehsil: Gohana, District: Sonepat 131 301, Haryana Freehold
Estimated cost
The total estimated cost of the Capital Expenditure is ₹ 22,197.01 million, as certified by L&T Technology pursuant to its
report dated January 13, 2022. The detailed break-down of estimated cost is set forth below:
(₹ million)
S. Location Particulars Estimated cost*
No.
1. Nagpur 1 Building and civil work 281.06
Plant and machinery 578.85
Utilities 100.68
Miscellaneous 287.41
Total 1,248.00
Utilities 33.40
Miscellaneous 63.21
Total 298.43
Utilities 35.64
Total 696.63
4. Haldia Building and civil work 507.67
Plant and machinery 1,287.09
Utilities 225.12
Total 2,564.60
5. Paradip Building and civil work 146.63
Utilities 21.00
Miscellaneous 52.41
Total 247.40
6. Bundi Building and civil work 341.54
Utilities 424.04
74
S. Location Particulars Estimated cost*
No.
Total 1,756.58
7. Mantralayam Building and civil work 112.92
Utilities 109.82
Miscellaneous 75.83
Total 371.88
8. Kadi Building and civil work 380.90
Utilities 148.85
Total 1,288.56
9. Neemuch Building and civil work 171.84
Utilities 97.70
Total 735.78
10. Gohana Building and civil work 3,785.07
Plant and machinery 4,770.55
Utilities 1,662.43
Miscellaneous 2,771.10
Total 12,989.15
* Certified by L&T Technology pursuant to its report dated January 13, 2022. The estimated cost of the capital expenditure for plants and machineries
includes expenditure for charges such as erection or services, loading and unloading, which has been calculated as per standard market practice
and estimates by the Company as validated by L&T Technology.
Means of Finance for the Capital Expenditure
The total estimated cost for the Capital Expenditure is ₹ 22,197.01 million. We intend to deploy ₹ 19,000.00 million from
the Net Proceeds and balance amount from internal accruals, to fund the cost of the Capital Expenditure.
Building and civil work
Building and civil works for the Capital Expenditure include site development, development of infrastructural facilities for
raw materials and construction and engineering related work including building the foundation, structure, roof, doors and
windows, drainage and sewerage system.
Plant and machinery
Our Company has identified the plant and machinery to be purchased and obtained quotations from respective vendors.
The amount to be spent and plant and machinery to be procured by our Company will depend upon business requirements
and technology advancement. The details and total estimated cost towards purchasing plant and machinery for the Capital
Expenditure as certified by L&T Technology pursuant to its report dated January 13, 2022 are set forth below:
S. Location Description of equipment / Quantity/ Amount (₹ Name of the vendors Date of

No. activity as per the report Lot/ Set in million) quotations
1. Nagpur 1 Consumer pack machines 4 37.78 Syntegon Technology India Private May 25,
Limited 2021#
Changing room area items 1 1.05 M.K. Precision Metal Parts Private October 13,
Limited 2021#
Z Elevator 2 16.41 Shree Food Equipments May 24, 2021
Lined Carton Packing Machine 1 3.03 XPRT Engineered Packaging December 21,
Solutions Private Limited 2021
Soya waste dryer 2 3.52 Grundy & Grundy Consultants December 31,
2021
Food extrusion plant 2 29.60 November
25, 2021#
Extruder Machine 1 192.72@ Wenger Mfg., Inc January 6,
2022
Electronic platform weighing 6 0.32 Essae-Teraoka Private Limited June 18, 2021
machine (Capacity 150kg) #
Electronic platform weighing 6 0.15

machine (Capacity 3kg)
Automatic carton sealing machine 1 0.68 Shree Raj International October 13,
2021#
Printer for lined carton and HDPE 3 0.86 Domino Printech India LLP December 23,
bags 2021
75
Semi-Automatic Bag Filling 2 15.72 Indus Control & Automation December 23,
Machine Private Limited 2021
Conveying system and drier 1 109.41 Axtel Industries Limited December 22,
2021
Weighbridge 2 8.69 Avery India Limited June 18,
2021#
Pallets 1,000 6.30 Vishakha Mouldings Private October 20,
Limited 2021#
Steel Structure 1 111.20 CAN Group June 20,
2021#
Total estimated cost 537.44
2. Nagpur 2 Air Classifier Machine (ACM) 1 16.85 Rieco Industries Limited December 24,
outlet conveying system 2021
ACM-150 TPD 4 18.50 December 24,
2021
Flakes Storage Silo 2 13.21 Axtel Industries Limited December 22,
Pneumatic conveying system 1 3.02 2021
Changing room area items 1 1.08 MK Precision Metal Parts Private October 13,
Limited 2021#
Pallets 200 1.26 Vishakha Mouldings Private October 20,
Limited 2021#
Bagging machine 2 3.57 Payper Bagging India Private December 22,
Limited 2021
3. Nagpur 3 Chickpeas Processing Plant 1 195.43 Bühler (India) Private Limited December 23,
10.76@@ Bühler AG 2021
Sortex Machine 1 25.23$ Bühler UK Ltd
BP Dal Packing Line 1 5.33 Payper Bagging India Private December 22,
Limited 2021
CP Dal Packing Line 1 8.62 Saurabh Flexipack Systems Private May 12, 2021
Limited
Dedusting system for bagging 1 2.50 Indpro Engineering Systems Private December 22,
machines Limited 2021
Silo System 2 12.45^^ My Silo Grain Storage Systems Inc December 31,
Co. 2021
4. Haldia 1,500 TPD palm oil refinery
LIPICO refinery 1 567.10 Lipico Technologies India Private October 13,
Limited 2021#
3D Trasar 1 1.23 Nalco Water India Limited December 31,
2021
Cooling tower pump 6 8.35 Kirloskar Brothers Limited October 18,
2021#
High Pressure Thermosyphone 1 18.67^^ GekaKonus GmbH January 5,
2022
142 M2 Vertical Pressure Leaf 3 86.51 Sharplex Filters (India) Private January 4,
Filters Limited 2022
High pressure heating system 1 232.50 Thermax Limited December 27,
2021
Compressor 1 2.88 Kaeser Compressors (India) Private January 5,
Limited 2022
Separator 1 25.96^^^ GEA Westfalia Separator India January 4,
Private Limited 2022
Tanks 1 14.37 Gurukrupa Engineers Private December 29,
Limited 2021
500 TPD fractionation plant
Fractionation plant 1 104.10 Lipico Technologies India Private October 13,
Limited 2021#
Fractionation Filter press 1 49.59^^ PMI-Technology Sdn Bhd January 3,
2022
350 TR high efficiency water 1 7.40 Kirloskar Chillers Private Limited January 3,
cooled chillers 2022
400 TPD neutralization plant
75 M2 Vertical Pressure Leaf 3 17.68 SAP Filter Private Limited January 5,
Filters 2022
Shell and Tube Heat Exchanger 3 2.25 Gurukrupa Engineers Private January 6,
Limited 2022
76
Process Pumps 1 4.17 Seema Industrial Udyog January 3,
2022
Plate type heat exchanger 1 1.17 Alfa Laval India Private Limited January 6,
2022
High Shear In-Line Mixer 2 3.50 Alfa Laval India Private Limited January 7,
2022#
Vacuum System 1 0.47 Mazda Limited October 8,
2021#
300 KLD ETP
Effluent treatment plant 1 52.50 SUEZ Water Technologies & October 22,
Solutions (India) Private Limited 2021
Total estimated cost 1,200.40
5. Paradip Pallets 1,500 9.45 Vishakha Mouldings Private October 20,
Limited 2021#
Pouch filling machine 1 6.60 Samarpan Fabricators Private October 20,
Limited 2021#
SS hand wash station 1 0.18 Sanitt Equipment and Machines January 3,
Cross over bench 1 0.02 Private Limited 2022
S.S. Locker 5 0.37
Pencil conveyor 1 1.93 Rolltech Equipments March 24,
Roller conveyor 1 0.45 2021
Hygiene wear apron setup 55 0.55* Lindstrom India October 19,
*annual rent 2021#
Access controller system 3 0.03 Sai Infomatiques July 20, 2021#
Carton sealing machine 2 1.14 Concept Packaging International February 22,
Private Limited 2019#
Stabilizer and UPS 2 0.21 Aatiq Power Solution December 27,
2021
SS Polish Filter 1 0.34 SAP Filter Private Limited October 18,
2021#
Chiller units 1 1.67 Prasad GWK Cooltech Private December 28,
Limited 2021
Automatic shoe cover dispenser, 2 0.15 Euronics Industries Private Limited March 24,
automatic hand drier, automatic 2021#
hand sanitizer and auto soap station
Ax350i Duo CIJ printer for 1 0.30 Domino Printech India LLP March 24,
Rewinder 2021#
Gx350i TIK printer for carton 1 0.15
coding
Auto checkweigher 1 0.72 Precia Molen India Private Limited October 18,
2021#
6. Bundi 200 TPD CHILLEX Pungent 1 186.41 Rajendra Engineering Works October 30,
Mustard Oil Extraction Plant 2021
300 Pairs of Ghani Kolhu Oil Mill 1 395.00 Balajee Engineers October 13,
Machine 2021
7. Mantralayam Rice Bran Preparatory Module - 1 49.49 Kumar Metal Industries Private October 18,
Capacity 300 TPD Limited 2021
Gandhi Automation rolling 8 5.41 Gandhi Automation May 21, 2021
8. Kadi Besan Plant
Cleaning and grading section, de- 1 99.68 SS Milling & Engineering Co. June 17, 2021
husking, grading, conditioning,
splitting and drying section,
chunni/powder and husk section
erection
BP Besan Packing Line 2 10.48 Payper Bagging India Private December 22,
Limited 2021
CP Besan Packing Line 2 10.68 Saurabh Flexipack Systems Private May 12,
Limited 2021#
Silo System 1 52.87^^ My Silo Grain Storage Systems Inc. December 28,
Co. 2021
Dal Plant
77
S. Location Description of equipment /Quantity/ Amount (₹ Name of the vendors Date of
No. activity as per the reportLot/ Set in million) quotations
BP Dal Packing Machine 1 5.33 Payper Bagging India Private December 22,
Limited 2021
CP Dal Packing Line 1 8.37 Saurabh Flexipack Systems Private May 12,
Limited 2021#
Chickpeas Processing Plant 1 195.43 Bühler (Inda) Private Limited December 23,
10.76@@ Bühler AG 2021
Sortex machine 1 25.23$ Bühler UK Ltd
9. Neemuch Chickpeas Processing Plant 1 195.43 Bühler (Inda) Private Limited December 23,
2021
10.76@@ Bühler AG December 23,
2021
Sortex machine 1 25.23$ Bühler UK Ltd December 23,
2021
BP Dal Packing Line 1 5.33 Payper Bagging India Private December 22,
Limited 2021
CP Dal Packing Line 1 8.37 Saurabh Flexipack Systems Private May 12,
Limited 2021#
Common dedusting system 1 2.50 Indpro Engineering Systems December 22,
Silo System 2 12.45^^ MySilo Grain Storage Systems Inc December 31,
Co. 2021
10. Gohana Parts of atta chakki mill machinery 1 251.92 Haarish Equipments Private December 22,
(200 TPD (wheat input basis) Limited 2021
GIC Silo system for FBT 2500 MT 1 71.01 B.G. Shirke Construction October 19,
x 3 no FBT 200 MT x 8 no Technology Private Limited 2021
GIC FBT 5000 MT x 2 no 1 54.69
GIC HBT 500 MT x 2 no
Solvent extraction plant for 1 776.95 Kumar Metal Industries Private December 23,
processing rice brand and mustard Limited 2021
oil capacity: 400 TPD
200 TPD Chillex Pungent Mustard 1 186.41 Rajendra Engineering Works October 30,
Oil Extraction Plant 2021
300 pairs of Ghani Kolhu oil mill 1 395.00 Balajee Engineers October 13,
machine 2021
OSBL items including precleaning 1 22.40 Indopol Food Proceesing October 19,
section (Capacity 150 TPH) Machinery (P) Limited 2021
100 TPD RBO Refinery and 1 773.50 Mectech Process Engineers Private December 31,
100TPD Chemical Refinery Limited India 2021
Feed/Food/Oil Analysis Equipment 1 10.48 LCGC BioAnalytic Solutions LLP June 14, 2021
Filling machine for 2 litres and 5 2 13.00 Spheretech Packaging India Private June 21,
litres Limited. 2021#
Filling machine for 5 litres and 15 1 7.67

litres
Tin filling 1 10.24
Jar Blowing line 2-5 litres 1 56.92@ Akei Plastic Machine Mfy. Ltd. December 28,
2021
PET filing line 2 82.90^^ Clearpack Automation Private December 23,
Limited 2021
PET blowing line 1 13.49 Sidel India Private Limited December 22,
2021
Prism 50 Double head pouch 2 9.16 Samarpan Fabricators Private October 20,
machine Limited 2021#
Prism 50 Single head pouch 4 11.53

machine
Standing pouch machine 1 5.06 Uflex Limited December 27,

2021
Manual tin making 1 6.94 Ganga Singh Engineering Private October 7,
Limited 2021#
78
Packing system for rice (20 kg – 50 2 11.70 Chronos Richardson India Private October 8,
kg) Limited (Premier Tech) 2021#
Packing system for rice (5 kg - 20 3 24.63
kg)
Jar Rice Packing Line 1 11.79 Saurabh Flexipack Systems Private May 25,
Limited 2021#
Pouch Rice Packing Line 1 3.98 Nichrome India Limited October 23,
2021
Brick Pouch Rice Packing Line 1 47.19^^ VELTEKO CZ s.r.o August 20,
2020
Lab Equipment 1 3.94 Shiner Machinery January 5,
2022
Parboiling /Steam set up with 2 412.32 Agri Process Innovations January 3,
dryers 60 TPH Technologies LLP 2022
Paddy processing unit 12 TPH 2 613.39@ Satake India Engineering Private October 22,
input paddy Limited 2021
Rice processing unit 8 TPH 2 369.39@
Jar Blowing line 15 Litre 1 21.67 Jagmohan Pla-Mach Private December 27,
Limited 2021
Supply of engineering & services 1 1.53 Buhler (India) Private Limited December 28,
2021
Buhler Scopes – CHF 1 40.61@@ Bühler AG December 28,
2021
Buhler Scopes – INR 1 9.69 Buhler (India) Private Limited December 28,
2021
120 TPD Rice Bran Stabilization 1 41.5 Servotech December 22,
(Preparatory) Module 2021
Final Offer for GIC Silo System for 1 48.19 B.G. Shirke Construction October 19,
GIC HBT 250 MT x 8 No and GIC Technology Private Limited 2021
HBT 200 MT x 4 No
GIC HBT 500 MT x 16 No with 1 114.81 B.G. Shirke Construction November 9,
STD Accessories & MHE Technology Private Limited 2021
Carton Sealer 100 BPM 6 3.42 Concept Packaging International February 22.
Packing Pallets 4500 28.35 Vishakha Mouldings Private October 20,
Limited 2021#
Air Compressor 4 17.51 Keaser Comprerssor December 28,
2021
Powerised Roller Conveyor and 6 14.93 Rolltech Equipments March 24,
Pencil Roller Conveyor 2021
Packing (Atta) 1 1.85 Payper Bagging India Private December 22,

Limited 2021
Packing (Atta) 1 5.29 Minebea Intec India Private December 29,
Limited 2021
Packing (Atta) 1 2.32 Minebea Intec India Private December 29,
Limited 2021
Packing (Atta) 1 16.40 Haarish Equipments Private January 01,
Limited 2022
Total 8,025.79*
Note: The estimated cost of the capital expenditure for plants and machineries excludes (a) expenditure for charges such as erection or
services, loading and unloading, which has been calculated as per standard market practice and estimates by the Company as validated
by L&T Technology, and (b) the taxes for each of the equipment. However, it includes the cost of erection, commissioning and
transportation wherever such cost has been provided by the vendor. Further, the quantity, lot and set, as applicable, in relation to the
equipment required for each of the manufacturing facilities are based on estimates of the Company as validated by L&T Technology.
* This represents the aggregate cost as certified by L&T Technology pursuant to its report dated January 13, 2022. Aggregate costs
arrived due to rounding off of quotations have not been considered.
@ The cost of these equipment has been converted into Rupees, based on exchange rate of ₹73 per USD, as certified by L&T
Technology.
$ The cost of these equipment has been converted into Rupees, based on exchange rate of ₹103 per GBP, as certified by L&T
Technology.
@@ The cost of these equipment has been converted into Rupees, based on exchange rate of ₹82 per CHF, as certified by L&T
Technology.
^^ The cost of these equipment has been converted into Rupees, based on exchange rate of ₹87 per EUR, as certified by L&T
Technology.
79
^^^ The cost of these equipment has been converted into Rupees, based on exchange rate of ₹88 per EUR, as certified by L&T
Technology.
# As modified subsequently.
Utilities
We propose to utilise ₹ 2,858.68 million towards utilities including, electrification related work, firefighting equipment,
piping, arrangements for power and water supply. Such utilities are in addition to the existing utilities used for the purposes
of the existing plants at the various locations. The details and total estimated cost towards utilities for each of the proposed
manufacturing units are set forth below:
S.
Location Description of equipment / Quantity Amount (₹ Name of the vendors Date of
No.
activity as per the report in million) quotations
1.
Nagpur 1 Air Compressor 2 8.75 Kaeser Compressors (India) December 28,
Electrification work - 69.92 Pratibha Engineering Services January 10, 2022
Other utilities including - 22.01 - -

firefighting (as certified by L&T
Technology)

2.
Nagpur 2 Electrical work - 28.40 Pratibha Engineering Services January 10, 2022
Other utilities (as certified by L&T - 5.00 - -

Technology)

3.
Nagpur 3 Electrical works - 35.64 Pratibha Engineering Services October 27, 2021

4.
Haldia Electrification work - 177.86 Pratibha Engineering Services October 25, 2021

Technology)

5.
Paradip E&I 1 15.00 Pratibha Engineering Services October 22, 2021
Limited
Firefighting system 1 6.00

6.
Bundi Electric instruments including - 269.81 Akshar Elecinfra Private Limited October 22, 2021
132/33 KV switchyard
Conveyors and elevators for seed 1 109.10 Indopol Food Processing October 19, 2021
and cake, and piping Machinery (P) Limited
Other utilities including HVAC - 45.13 - -

duct (as certified by L&T
Technology)

7.
Mantralayam 300 KLD water treatment plant 1 11.99 Aldee Water Private Limited May 20, 2021
80
S.
No.
Bagging machine 2 1.20 Maqsood Engineering works May 20, 2021
Maintenance work of solvent - 42.28

extraction plant, SILO, doiled cake
(DOC) and solvent extraction
plant
Air compressor 1 2.55 Kaeser Compressors (India) July 1, 2021

Private Limited
Electrification work - 44.61 Pratibha Engineering Services October 22, 2021
Pumps and Valves 1 5.14 Mectech Process Engineers June 24, 2021
Private Limited
Other expenses such as - 2.05 - -

transportation and insurance (as
certified by L&T Technology)

8.
Kadi Electrification work 1 131.85 Pratibha Engineering Services October 21, 2021

Technology)

9. Electrification work
Neemuch 1 80.20 Pratibha Engineering Services October 21, 2021
Other utilities (as certified by L&T
- 17.50 - -
Technology)

10. 20 TPH (MCR 105 °C) 10.5
Gohana 2 610.50 Thermax Limited December 31,
kg/cm2 (g) Saturated Rice
2021
Husk/Imp. Coal
20 TPH (MCR 105 °C) 65 kg/cm2

(g) 485 Deg. C. SH Rice
Husk/Imp. Coal
E&I
1 653.53 Orbittal Electromech October 23, 2021
Engineering Projects Private
Limited
900 KLD MBR for Rice Mill
1 67.00 SUEZ Water Technologies & October 19, 2021
Effluent project
Solutions Private Limited
1.63 MW back pressure TG set
1 67.80 Triveni Turbine Limited January 04, 2022
Water treatment plant
1 39.65 Aldee Water Private Limited October 19, 2021
3D Level Scanner/ Transmitter
1 23.61 EIP Technologies Private December 31,
Limited 2021
Tank Pharma ATG & Mass Flow
1 32.83 Endress+Hauser India October 21, 2021
Meter
100 MT weighbridge
2 6.97 Avery India Limited June 18, 2021^^
81
S.
No.
Other utilities (as certified by L&T
- 160.54 - -
Technology)
Total 2,858.68*
Note: The quantity, lot and set, as applicable, of the equipment required for each of the manufacturing facilities are certified by the L&T
Technology.
* Certified by L&T Technology pursuant to its report dated January 13, 2022.
^^As modified subsequently.
All quotations received from the vendors mentioned above are valid as on the date of this Red Herring Prospectus. We
have not entered into any definitive agreements with any of these vendors and there can be no assurance that the same
vendors would be engaged to eventually supply the equipment or provide the service at the same costs. If there is any
increase in the costs of equipment, the additional costs shall be paid by our Company from its internal accruals. The quantity
of equipment to be purchased is based on the present estimates of our management. Our Company shall have the flexibility
to deploy such equipment in relation to the Capital Expenditure or such other equipment as may be considered appropriate,
according to the business or engineering requirements of such facilities, subject to the total amount to be utilized towards
purchase of such equipment not exceeding ₹ 19,000.00 million. For further details, see “Risk Factors – 18. Our funding
requirements and proposed deployment of the Net Proceeds are based on management estimates and a report from L&T
Technology Services Limited and may be subject to changes based on various factors, some of which are beyond our
control.” on page 30.
None of the orders for purchase of the machinery / equipment, as provided above, have been placed as on the date of this
Red Herring Prospectus. No second-hand or used machinery is proposed to be purchased out of the Net Proceeds.
Our Promoters, Promoter Group, Directors, Key Managerial Personnel and Group Companies do not have any interest in
the proposed construction of building and civil works, acquisition of plant and machinery, utilities, or in the entities from
whom we have obtained quotations in relation to such activities.
Miscellaneous
We propose to utilise ₹ 4,764.81 million towards other miscellaneous charges including indirect cost i.e. third party
inspection and consultant charges, taxes, contingency costs and escalations or operation charges, as certified by L&T
Technology pursuant to its report dated January 13, 2022.
Indirect cost: The consultancy expenses for the Capital Expenditure includes costs towards consultancy fees and project
engineering services. The total estimated cost for consultancy services and third party inspection charges is ₹ 299.12
million.
Taxes: The taxes for the Capital Expenditure includes payment of applicable taxes by the Company including in relation
to purchase of relevant plant and machinery. The total estimated cost for taxes for the Capital Expenditure is ₹ 3,220.90
million.
Contingency costs: The contingency costs for the Capital Expenditure has been estimated by L&T Technology as ₹ 886.56
million.
Escalations or operation charges: Escalations or operation charges in relation to the Capital Expenditure includes the any
increase in price of the equipment and operational charges. The total estimated cost in this regard is ₹ 358.23 million.
Proposed schedule of implementation
The Capital Expenditure is estimated to be completed by Fiscal 2025, as certified by L&T Technology pursuant to its report
dated January 13, 2022.
The expected schedule of implementation for the Capital Expenditure, as certified by L&T Technology pursuant to its
report dated January 13, 2022 is as follows.
Particular of activities Date

Estimated date of commencement April 2022
Date of installation of plant and machinery May 2023
Date of trials July 2024
Estimated date of completion March 2025
82
Note: The schedule of implementation could be impacted by restrictions, if any, imposed by government authorities due to events beyond control of the
Company.
Government approvals
In relation to the Capital Expenditure, we are required to obtain approvals such as consent to establish, licenses under the
Factories Act, 1948, Boilers Act, 1923, no-objection certificates from fire safety authorities, licenses under the Food Safety
and Standards Act, 2006 and rules and regulations made thereunder and industrial entrepreneur memorandum issued by
the Secretariat for Industrial Assistance, Ministry of Commerce and Industry, which are routine in nature, as certified by
L&T Technology pursuant to its report dated January 13, 2022.
Our Company had filed applications with the relevant authorities for seeking all initial approvals, namely consent to
establish and industrial entrepreneur memorandum, wherever applicable, prior to filing the Draft Red Herring Prospectus.
Our Company has obtained consent to establish and industrial entrepreneur memorandum for all the proposed expansion
or development of the manufacturing facilities, wherever applicable.
Our Company undertakes to file necessary applications with the relevant authorities for obtaining all final approvals as
applicable, at the relevant stages. In the event of any unanticipated delay in receipt of such approvals, the proposed schedule
implementation and deployment of the Net Proceeds may be extended or may vary accordingly. For further details, see
“Risk Factors – 27. We are subject to extensive government regulation and if we fail to obtain, maintain or renew our
statutory and regulatory licenses, permits and approvals required to operate our business, our business and results of
operations may be adversely affected.” on page 34.
II. Repayment/pre-payment of our borrowings
Our Company has entered into financing arrangements for availing terms loans and working capital loans. For further
details, see “Financial Indebtedness” beginning on page 286.
Given the nature of these borrowings and the terms of repayment/pre-payment, the aggregate outstanding borrowing
amounts may vary from time to time. In light of the above, at the time of filing this Red Herring Prospectus, the table below
has been suitably updated to reflect the revised amounts or loans as the case may be which have been availed by us. In the
event our Board deems appropriate, the amount allocated for estimated schedule of deployment of Net Proceeds in a
particular fiscal may be repaid/ pre-paid in part or full by our Company in the subsequent fiscal. The selection of borrowings
proposed to be repaid/pre-paid by us shall be based on various factors including (i) any conditions attached to the
borrowings restricting our ability to prepay the borrowings and time taken to fulfil such requirements, (ii) levy of any
prepayment penalties and the quantum thereof, and (iii) other commercial considerations including, among others, the
interest rate on the loan facility, the amount of the loan outstanding and the remaining tenor of the loan.
The reset date of majority of the outstanding long term borrowings identified below falls in the months of March and April
every year. As per the terms of the financing documents, we are not required to pay any penalty towards prepayment in
case of prepayment on reset date. Accordingly, we may also consider (i) making prepayment on the reset date without
paying prepayment penalty, or (ii) applying to lenders seeking waiver from prepayment penalty wherever the reset date
has already lapsed in the relevant financial year.
We believe that such repayment or prepayment will help reduce our outstanding indebtedness and our debt-equity ratio
and enable utilization of our internal accruals for further investment in business growth and expansion of our units. In
addition, we believe that the strength of our balance sheet and our leverage capacity will further improve, which shall
enable us to raise further capital in the future at competitive rates to fund potential business development opportunities and
plans to grow and expand our business in the coming years. We believe that prepayment of the loans will add to the
profitability of the Company due to reduced finance cost and also release additional cashflow pertaining to principal
repayment of term loans due within one year as per the repayment schedule. The resultant cashflow generated can be
deployed for further growth of the business and meeting various expenditure.
As on September 30, 2021, the aggregate outstanding borrowings of our Company (on a consolidated level) is ₹ 91,915.45
million excluding an unamortised ancillary cost of ₹ 56.80 million, ₹ 0.44 million financing arrangement with one of our
suppliers and ₹ 494.26 million overdraft facility availed against fixed deposits. We propose to utilise an amount of ₹
10,589.00 million from the Net Proceeds towards repayment or prepayment of borrowings of our Company listed in the
table below. The following table provides details of borrowings availed by our Company which are outstanding as on
November 30, 2021, out of which we may repay or prepay, in full or in part, any or all of the borrowings from the Net
Proceeds:
83
Name of Bank/ Nature of Principal loan amount Principal loan amount Interest rate Tenure Current end date/ Purpose for which Prepayment penalty/ conditions
Financial borrowing sanctioned as on outstanding as on as on (in Last repayment date disbursed loan
institution* November 30, 2021 (₹ in November 30, 2021 (₹ in November 30, years)^^ amount was utilised*
million) million) 2021 (%) (including projects /
location or end-use
of loan)
State Bank of India Term loan 2,500.00 1,872.36 8.40 6.00 March 31, 2026 Capital expenditure(1) Prepayment charges at 1% of the
principal amount prepaid within 3
years from first disbursement.
Further, the charges shall be
waived if loan to be prepaid from
higher cash accruals from project
or equity infusion by the
Promoters.
30 days prior written notice to be
given to lender.
Bank of Baroda Term loan 2,440.00 2,049.60 8.40 5.85 January 31, 2025 Capital expenditure(2) The prepayment on a day other
than the interest reset date shall be
made with accrued interest on the
amount prepaid and will be subject
to break costs of 1%.
30 business days prior written
notice to be given to lender.
HDFC Bank Term loan 1,000.00 195.00 9.20 7.01 June 20, 2022 Capital Expenditure(4) Prepayment is not allowed till four
years from first disbursement.
After that loan can be prepaid
without penalty by giving 45 days
prior notice.
414.00 41.10 8.81 5.00 May 31, 2022 Take-over of term loan Prepayment charges at 1% of the
from Tamil Nadu principal amount prepaid. Further,
Mercantile Bank loan to be prepaid within 7 days of
which has been benchmark reset date.
extended for the
capital expenditure(4)
1,220.00 1,024.80 8.40 5.81 January 16, 2025 Capital expenditure(2) The prepayment on a day other
than the interest reset date shall be
620.00 495.00 8.35 5.50 March 29, 2025 Capital expenditure(5) Prepayment charges at 2% of the
principal amount prepaid. The
prepayment is permitted without
the prepayment penalty upon
completion of two years of lock-in
84
location or end-use
of loan)
period from the date of first
disbursement.
RBL Bank Limited Term loan 550.00 111.45 8.55 4.51 September 16, 2022 Capital expenditure(4) -
1,000.00 166.67 8.15 2.96 March 5, 2022 Augmentation of -
working capital
Axis Bank Term loan 1,000.00 583.33 8.60 3.51 June 30, 2023 Capital expenditure(3) Prepayment charges at 1% of the
principal amount prepaid. Further,
penalty will not be applicable if
prepaid from internal
accruals/promotor contribution by
giving 30 business days prior
notice.
Export-Import Term loan 1,130.00 956.68 8.60 5.81 January 16, 2025 Capital Expenditure(2) The prepayment on a day other
Bank of India than the facility reset date shall be
1,580.00 761.00 8.85 5.51 March 31, 2026 Capital Expenditure(1) Facility can be prepaid after last
day of availability period i.e. 18
months from signing date.
Prepayment should be made within
45 days from reset date after giving
seven days prior written notice or
on reset date after giving at least 15
days prior notice.
Coöperatieve Term loan 1,220.00 1,024.80 7.91 5.81 January 16, 2025 Capital expenditure(2) 30 business days prior written
Rabobank U.A., notice to be given to lender.
Mumbai The prepayment on a day other
than the facility reset date shall be
Coöperatieve External 1,505.28$ 1,278.56$ 3.27 5.89 January 16, 2025 Capital expenditure(2) 30 business days prior written
Rabobank U.A., commercial notice to be given to lender.
Hong Kong borrowing@ The loan can be prepaid only after
the last day of the availability
period. Further, in the event of the
85
location or end-use
of loan)
voluntary prepayment on any date
other than the last day of an interest
period, the Company will have to
pay break cost of 1%.
External 3,345.08$ 751.65$ 3.27 6.03 September 15, 2026 Capital expenditure(1) 10 business days prior written
commercial notice to be given to lender.
borrowing# The loan can be prepaid only after
the last day of the availability
period. The prepayment on a day
other than the interest period shall
be made with accrued interest on
the amount prepaid and will be
subject to break costs of 1%.
Total - 19,578.52 11,311.99 - - - - -
* In accordance with Clause 9(A)(2)(b) of Part A of Schedule VI of the SEBI ICDR Regulations, which requires a certificate from the statutory auditor, certifying the utilization of loan for the purposes availed, our Company has
obtained the requisite certificates each dated January 13, 2022 from M/s Shah Dhandharia & Co. LLP, Chartered Accountants.
$
The sanctioned and outstanding amounts have been included by reinstating such amounts in Rupees, based on exchange rate of ₹75.165 per USD as on November 30, 2021.
@
The minimum average maturity period for this external commercial borrowing is three years. Accordingly, this may be prepaid after April 16, 2022.
#
The minimum average maturity period for this external commercial borrowing is one year pursuant to the RBI Notification dated September 19, 2018 on external commercial borrowings policy. Accordingly, this may be prepaid
after December 13, 2021 subject to cancellation of unavailed sanctioned external commercial borrowing.
^^ Tenure = Last repayment date minus the first disbursement date. For computation of tenure in years, the day convention considered for conversion to rupee term loans is 365 days, whereas for dollar denominated external commercial
borrowings (ECBs), 360 days has been considered.
(1) Utilised for the following projects / locations: (a) Alwar - 300 TPD expansion in Mustard Crushing Capacity, (b) Mundra – 400 TPD expansion in Oleochemical Plan, (c) Haldia I - 50 TPD expansion in Soya Nuggets Plant, (d)
Ferozepur – 6 TPH expansion in Rice Unit at Ferozepur, (e) Nimrani - Acquisition of 880 TPD Wheat Flour (Atta) Processing Unit, (f) Mundra – Plant Upgradation (Tank Farm), (g) Hazira - Plant Upgradation, (h) Nimrani –
Upgradation & Modification and (i) Multiple Locations - Automation (ATGS).
(2) Utilised for the following projects / locations: (a) Hazira - Green Field Refinery for 2,500 TPD, (b) Mundra – expansion of refining capacity by 1,500 TPD, (c) Kadi - expansion of refining capacity by 200 TPD, (d) Mantralayam –
expansion of refining capacity by 200 TPD, (e) Neemuch - Besan Plant of 150 TPD - Setting up of new food facility, (f) Kakinada – boiler and packing line of 500 TPD – Expansion, (g) Haldia - acquisition of refinery of 1,100 TPD,
(h) Odisha – acquisition of refinery of 900 TPD, (i) Mundra - 100 TPD Glycerin – Expansion and (j) Multiple Locations - Automation (ATGS).
(3) Utilized for operational capital expenditure at various locations, i.e., Alwar, Bundi, Haldia Unit 2, Kadi, Mundra, Nagpur, Neemuch and Vidisha.
(4) Utilized for the following projects / locations: (a) Addition/Upgradation in existing refineries at Mundra, Kakinada, Mangalore, Bundi, (b) Addition/Upgradation in packing facilities at Mundra, Haldia, Mangalore, Bundi & Alwar
and (c)Plant of Hydro generated castor Oil & 12 Hydro Stearic Acid -Castor at Mundra Pragpar.
(5) Utilized for Setup of margarine plant at Krishnapatnam.
86
III. Funding strategic acquisitions and investments
In line with our strategy to pursue strategic acquisitions, we intend to continue to expand our business through an active
evaluation of inorganic growth opportunities. In particular, we propose to expand our food business (including ready-to-
cook and ready-to-eat food product offerings) through acquisition of entity, brand acquisition, purchase of assets / business
or partnerships with third party staple food manufacturers.
We have undertaken various acquisitions in the past and we believe that we have benefited significantly from each of them.
Table below summarizes the key acquisitions that we have undertaken in the past:
Sr. Name of entity/location Nature of acquisition Year of Acquisition rationale

No. of unit acquired acquisition
1. Adani Wilmar Pte. Ltd. 100% equity share capital of AWPL from 2021 To have foothold in growing market of a
(“AWPL”)* Wilmar International Limited and Adani developing country and establish our
Global Pte. Ltd. for a total consideration of brand value out of India
USD 24.09 million (₹ 1,790.99 million#)
2. Nimrani, Madhya Acquisition of a wheat flour plant in 2019 With the strategy to grow further in food
Pradesh (wheat flour Nimrani, Madhya Pradesh from Parakh segment and to ensure quality product
unit) Agro Industries Limited for a supply.
consideration of ₹582.10 million
3. Nellore, Andhra Pradesh Acquisition of an edible oil refinery in 2018 To cater additional demand of sunflower
(edible oil refinery) Nellore, Andhra Pradesh from Louis in Andhra Pradesh and Tamil Nadu
Dreyfus Company India Private Limited
by way of an itemized asset transfer for a
consideration of ₹1,250 million
4. Ferozepur, Punjab (rice Acquisition of our first rice plant in 2018 With the strategy to grow further in
plant) Ferozepur, Punjab from Ferozepur Foods food segment and to ensure quality
Energy Private Limited for an aggregate product supply
consideration of ₹ 590 million
5. Paradip, Odisha (edible Acquisition of an edible oil refinery in 2017 To cater demand of Palm oil in eastern
oil refinery) Paradip, Odisha from Cargill India Private region
Limited for a consideration of ₹ 1,000
million
6. Haldia, West Bengal Acquisition of an edible oil refinery in 2017 To cater demand in eastern region
(edible oil refinery) Haldia, West Bengal from Gokul Refoils
and Solvent Limited as a going concern on
a slump sale basis for a consideration of ₹
2,875 million
* Through acquisition of 100% of the shareholding of AWPL, Leverian Holdings Pte. Ltd, Bangladesh Edible Oil Limited and Shun Shing Edible Oil
Limited, became Subsidiaries of our Company.
# The amount has been converted into Rupees based on the exchange rate of ₹74.34 per USD as on June 30, 2021.
For further details, see “Our Business – Our Strategies” beginning on page 146 and “History and Certain Corporate
Matters - Details regarding material acquisitions or divestments of business/undertakings, mergers, amalgamations or any
revaluation of assets, in the last 10 years” on page 178.
We from time to time continue to seek attractive inorganic opportunities that we believe will fit well with our strategic
business objectives and growth strategies.
In furtherance of the above, we intend to utilize ₹ 4,500 million from the Net Proceeds towards strategic acquisitions of
manufacturing unit or brand in the food staples business such as wheat flour, rice and besan, ready to cook and ready to eat
segments. However, any such acquisitions shall be focused on the broader packaged food industry which may include
edible oil, foods & staples, FMCG products, ready-to-cook, ready-to-eat, spices & condiments and may be in the same or
complimentary industry or in segments supporting the existing business model, whether in India or outside India. As on
the date of this Red Herring Prospectus, we are in active discussions and evaluating various strategic acquisitions, but we
have not identified the potential acquisition targets and this amount is based on our management’s current estimates,
budgets and other relevant consideration and may not be the total value or cost of any such acquisitions, but is expected to
provide us with sufficient financial leverage to enter into binding agreements. For further details, see “Risk Factors – 17.
If we pursue strategic acquisitions or joint ventures, we may not be able to successfully consummate favourable
transactions or successfully integrate acquired businesses” and “Risk Factors – 18. Our funding requirements and
proposed deployment of the Net Proceeds are based on management estimates and a report from L&T Technology Services
Limited and may be subject to changes based on various factors, some of which are beyond our control.” each on page 30.
Actual deployment of funds will depend on a number of factors, including the timing, nature, size, location, cost of
acquisition and number of acquisitions undertaken, as well as general macro or microeconomic factors affecting our results
of operation, financial condition and access to funds (debt or equity). These factors will also determine the form of
87
investment for these potential acquisitions, i.e., (i) whether they will be in form of strategic acquisition of entity or identified
asset or brand (including through purchase of business / assets, cash as consideration, subscription or purchase of equity
shares, preference shares, convertible or non-convertible securities, debt or any other instrument or combinations; share-
swap transaction; scheme of arrangement); formation of joint ventures; or combination thereof, and (ii) whether they will
be undertaken directly or indirectly by our Company.
Rationale for acquisitions in future
Some of the selection criteria that we may consider when evaluating strategic acquisitions include:
● deriving synergy from the acquisition in raw material procurement;
● increase our manufacturing capacity;
● enhance our geographical reach and expand our presence in and outside India;
● strategic fit to our existing business(es) or serving connected extensions;
● new customers/users that we can serve with our existing capabilities;
● expand our existing business;
● location and cost of acquisition.
Our Company shall evaluate potential acquisitions in both the edible oil and food & FMCG space with an intent to expand
our product portfolio and also enter into newer product categories like various value added products like ready-to-cook,
ready-to-eat, pasta and noodles. We may also evaluate opportunities to acquire a brand, company or assets in both edible
oil as well as the food & FMCG segments.
Edible oil:
While we are one of the leading players in the edible oil segment, we will continue to further work towards consolidation
of our market share given our go-to-market strategy aimed to capture the shift in consumption pattern from non-branded
to branded edible oil. We intend to grow our geographical presence. For example, we may pursue acquisitions in the edible
oil and food industry to strengthen our presence in the southern regions where regional companies are strong. We intend
to consolidate market share through acquisitions of regional players.
Food & FMCG:
We are leveraging our brand Fortune for expanding our food portfolio as well as our pan-India distribution network,
manufacturing setup and sourcing capabilities to derive synergies. As part of strategy, our next focus will be expand our
food & FMCG business portfolio. Our strategic intend is to expand our food staples business, FMCG and also value added
food products.
For further details, see “Our Business – Our Strategies – Pursue Strategic Acquisitions” on page 147.
Acquisition process
The typical framework and process followed by us for acquisitions involves identifying the strategic acquisitions based on
the criteria set out above, entering into requisite non-disclosure agreements and conducting diligence of the target. On
satisfactory conclusion of the diligence exercise, we enter into definitive agreements to acquire the target unit/entity based
on the approval of our Board and the shareholders, if required.
Schedule of Deployment
We intend to utilise the entire amount earmarked for funding strategic acquisitions and investments from the year 2022 to
year 2023, i.e. within a period of 24 months commencing from the date of receipt of the Net Proceeds our Company. As
on the date of this Red Herring Prospectus, we have not entered into any definitive agreements towards any future
acquisitions or strategic initiatives. However, we anticipate that the entire amount would be utilised for funding strategic
acquisitions and investments by Fiscal 2023. The process of acquisition is a time consuming process and is influenced by
other factors. In the event we are unable to utilise the funds earmarked towards funding strategic acquisitions and
investments by the end of Fiscal 2023, we may, subject to applicable law and with the approval of the Board of Directors
of the Company, utilise the earmarked funds towards capital expenditure of our manufacturing facilities (not including the
Capital Expenditure as mentioned in Point II above) as may be determined by the Board of Directors.
88
In case of a shortfall in raising requisite capital from the Net Proceeds towards meeting this Objects, our Company may
explore a range of options including utilising our internal accruals towards such shortfall. We believe that our internal
accruals would be available to fund any such shortfalls.
Other confirmations
Further, in accordance with the SEBI Listing Regulations, our Company will disclose to the Stock Exchanges, details of
acquisition such as cost of acquisition and nature of acquisition, as and when acquired.
We undertake that acquisition proposed to be undertaken from the proceeds of the Issue shall not be acquired from the
Promoter, Promoter Group entities, Group Companies, affiliates or any other related parties.
IV. General corporate purposes
Our Company proposes to deploy the balance Net Proceeds aggregating to ₹ [●] million towards general corporate
purposes, subject to such amount not exceeding 25% of the Net Proceeds, in compliance with the SEBI ICDR Regulations.
The general corporate purposes for which our Company proposes to utilise Net Proceeds include strategic initiatives,
funding growth opportunities, research and development expenses, maintenance of plants and machineries, meeting
exigencies, brand building, meeting expenses incurred by our Company and strengthening of our manufacturing
capabilities, as may be applicable.
In addition to the above, our Company may utilise the Net Proceeds towards other expenditure considered expedient and
as approved periodically by our Board, subject to compliance with necessary provisions of the Companies Act. The
quantum of utilisation of funds towards each of the above purposes will be determined by our Board, based on the amount
actually available under this head and the business requirements of our Company, from time to time. Our Company’s
management shall have flexibility in utilising surplus amounts, if any.
Issue Expenses
The total expenses of the Issue are estimated to be approximately ₹ [●] million. The expenses of the Issue include, among
others, listing fees, underwriting fees, selling commission, fees payable to the Managers, fees payable to legal counsels,
fees payable to the Registrar to the Issue, Escrow Collection Bank to the Issue and Sponsor Banks, including processing
fee to the SCSBs for processing ASBA Forms, brokerage and selling commission payable to Registered Brokers, collecting
RTAs and CDPs, printing and stationery expenses, advertising and marketing expenses and all other incidental and
miscellaneous expenses for listing the Equity Shares on the Stock Exchanges. The break up for the estimated Issue expenses
is as follows:
Activity Estimated expenses(1) As a % of the total As a % of the total

(in ₹ million) estimated Issue Issue size(1)
expenses(1)
Managers’ fees (including underwriting commission, [●] [●] [●]
brokerage and selling commission)
Commission/processing fee for SCSBs, Sponsor [●] [●] [●]
Banks and Bankers to the Issue. Brokerage and selling
commission and bidding charges for Members of the
Syndicate (including their sub-syndicate members),
Registered Brokers, RTAs and CDPs (2)(3)(4)(5)
Fees payable to the Registrar to the Issue [●] [●] [●]
Fees payable to others* [●] [●] [●]
Others
- Listing fees, SEBI filing fees, upload fees, [●] [●] [●]
BSE & NSE processing fees, book building
software fees and other regulatory expenses
- Printing and stationery [●] [●] [●]
- Advertising and marketing expenses [●] [●] [●]
- Fee payable to legal counsels [●] [●] [●]
- Miscellaneous [●] [●] [●]
Total estimated Issue expenses [●] [●] [●]
*This includes fees payable to the Statutory Auditors, Technopak for preparing the industry report commissioned by our Company, the virtual data
room provider in connection with due diligence for the Issue, L&T Technology for validation services and Multi Engineer for chartered engineering
services.
(1)
Selling commission payable to the SCSBs on the portion for RIBs and Non-Institutional Bidders, Eligible Employees Bidding in the Employee
Reservation Portion and Eligible AEL Shareholders Bidding in the Shareholder Reservation Portion which are directly procured and uploaded by
the SCSBs, would be as follows:
Portion for RIBs* 0.35% of the Amount Allotted* (plus applicable taxes)
89
Portion for Non-Institutional Bidders* 0.20% of the Amount Allotted* (plus applicable taxes)
Employee Reservation Portion* 0.20% of the Amount Allotted* (plus applicable taxes)
Shareholder Reservation Portion* 0.20% of the Amount Allotted* (plus applicable taxes)
*
Amount Allotted is the product of the number of Equity Shares Allotted and the Issue Price.
Selling commission payable to the SCSBs will be determined on the basis of the bidding terminal id as captured in the Bid book of BSE or NSE.
No processing fees shall be payable by our Company to the SCSBs on the applications directly procured by them.
Processing fees payable to the SCSBs of ₹ 10 per valid application (plus applicable taxes) for processing the Bid cum Application Form for RIBs,
Non-Institutional Bidders, Eligible Employees and Eligible AEL Shareholders which are procured by the members of the Syndicate/sub-
Syndicate/Registered Broker/RTAs/ CDPs and submitted to SCSB for blocking.
(2)
Selling commission on the portion for RIBs (using the UPI mechanism), Non-Institutional Bidders, Eligible Employees and Eligible AEL
Shareholders which are procured by members of the Syndicate (including their sub-Syndicate Members), RTAs and CDPs or for using 3-in-1 type
accounts- linked online trading, demat & bank account provided by some of the brokers which are members of Syndicate (including their sub-
Syndicate Members) would be as follows:
Portion for RIBs* 0.35% of the Amount Allotted* (plus applicable taxes)
Portion for Non-Institutional Bidders* 0.20% of the Amount Allotted* (plus applicable taxes)
Employee Reservation Portion* 0.20% of the Amount Allotted* (plus applicable taxes)
Shareholder Reservation Portion* 0.20% of the Amount Allotted* (plus applicable taxes)
*
Amount Allotted is the product of the number of Equity Shares Allotted and the Issue Price
The selling commission payable to the Syndicate / sub-Syndicate Members will be determined on the basis of the application form number / series,
provided that the application is also bid by the respective Syndicate / sub-Syndicate Member. For clarification, if a Syndicate ASBA application on
the application form number / series of a Syndicate / sub-Syndicate Member, is bid by an SCSB, the Selling Commission will be payable to the SCSB
and not the Syndicate / sub-Syndicate Member.
Uploading charges payable to members of the Syndicate (including their sub-Syndicate Members), RTAs and CDPs on the applications made by
RIBs using 3-in-1 accounts/Syndicate ASBA mechanism, Non-Institutional Bidders, Eligible Employees and Eligible AEL Shareholders which are
procured by them and submitted to SCSB for blocking or using 3-in-1 accounts/Syndicate ASBA mechanism, would be as follows: ₹ 10 plus
applicable taxes, per valid application bid by the Syndicate (including their sub-Syndicate Members), RTAs and CDPs.
The selling commission and bidding charges payable to Registered Brokers, the RTAs and CDPs will be determined on the basis of the bidding
terminal id as captured in the Bid Book of BSE or NSE.
Selling commission/ uploading charges payable to the Registered Brokers on the portion for RIBs, Non Institutional Bidders, Eligible Employees
and Eligible AEL Shareholders which are directly procured by the Registered Broker and submitted to SCSB for processing, would be as follows:
Portion for RIBs* ₹10 per valid application (plus applicable taxes)
Portion for Non-Institutional Bidders* ₹10 per valid application (plus applicable taxes)
Portion for Eligible Employees* ₹10 per valid application (plus applicable taxes)
Shareholder Reservation Portion* ₹10 per valid application (plus applicable taxes)
*
Based on valid applications
Uploading charges/ Processing fees for applications made by RIBs and Eligible AEL Shareholders using the UPI Mechanism would be as under:
Members of the Syndicate / RTAs / CDPs / ₹ 30 per valid application (plus applicable taxes)
Registered Brokers
Sponsor Banks Processing fees for applications made by Retail Individual Investors using the UPI
mechanism will be Nil for each valid Bid cum application form. The Sponsor Banks shall
be responsible for making payments to the third parties such as remitter bank, NPCI and
such other parties as required in connection with the performance of its duties under the
SEBI circulars, the Syndicate Agreement and other applicable laws.
All such commissions and processing fees set out above shall be paid as per the timelines in terms of the Syndicate Agreement and Escrow and
Sponsor Bank Agreement.
The processing fees for applications made by RIBs using the UPI Mechanism may be released to the remitter banks (SCSBs) only after such banks
provide a written confirmation on compliance with SEBI Circular No: SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 02, 2021 read with SEBI
Circular No: SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021.
Interim use of Net Proceeds
Pending utilisation of the Net Proceeds for the purposes described above, our Company will temporarily invest the Net
Proceeds in deposits in one or more scheduled commercial banks included in the Second Schedule of Reserve Bank of
India Act, 1934, as may be approved by our Board. In accordance with Section 27 of the Companies Act, 2013, our
Company confirms that it shall not use the Net Proceeds for buying, trading or otherwise dealing in shares of any other
listed company or for any investment in the equity markets.
Appraising entity
None of the objects for which the Net Proceeds will be utilised have been appraised by any agency.
90
Bridge financing facilities
Our Company has not raised any bridge loans from any bank or financial institution as on the date of this Red Herring
Prospectus, which are proposed to be repaid from the Net Proceeds.
Monitoring of utilisation of funds
Our Company has appointed HDFC Bank Limited as the Monitoring Agency in accordance with Regulation 41 of the SEBI
ICDR Regulations. Our Company will disclose the utilisation of the Net Proceeds, including interim use under a separate
head in our balance sheet for such fiscals as required under applicable law, specifying the purposes for which the Net
Proceeds have been utilised. Our Company will also, in its balance sheet for the applicable fiscals, provide details, if any,
in relation to all such Net Proceeds that have not been utilised, if any, of such currently unutilised Net Proceeds. Our
Company will indicate investments, if any, of unutilised Net Proceeds in the balance sheet of our Company for the relevant
fiscals subsequent to receipt of listing and trading approvals from the Stock Exchanges.
Pursuant to Regulation 32(3) of the SEBI Listing Regulations, our Company shall, on a quarterly basis, disclose to the
Audit Committee the uses and applications of the Net Proceeds. On an annual basis, our Company shall prepare a statement
of funds utilised for purposes other than those stated in this Red Herring Prospectus and place it before the Audit Committee
and make other disclosures as may be required until such time as the Net Proceeds remain unutilised. Such disclosure shall
be made only until such time that all the Net Proceeds have been utilised in full. The statement shall be certified by the
statutory auditor of our Company. Furthermore, in accordance with Regulation 32(1) of the SEBI Listing Regulations, our
Company shall furnish to the Stock Exchanges on a quarterly basis, a statement indicating (i) deviations, if any, in the
actual utilisation of the proceeds of the Fresh Issue from the objects of the Fresh Issue as stated above; and (ii) details of
category wise variations in the actual utilisation of the proceeds of the Fresh Issue from the objects of the Fresh Issue as
stated above. This information will also be published in newspapers simultaneously with the interim or annual financial
results and explanation for such variation (if any) will be included in our Director’s report, after placing the same before
the Audit Committee.
Variation in Objects
In accordance with Sections 13(8) and 27 of the Companies Act and applicable rules, our Company shall not vary the
objects of the Issue without our Company being authorised to do so by the Shareholders by way of a special resolution. In
addition, the notice issued to the Shareholders in relation to the passing of such special resolution (the “Notice”) shall
specify the prescribed details, including justification for such variation and be published and placed on website of our
Company, in accordance with the Companies Act, 2013, read with relevant rules.
The Notice shall simultaneously be published in the newspapers, one in English and one in Gujarati, the vernacular
language of the jurisdiction where our Registered and Corporate Office is situated. Pursuant to Section 13(8) of the
Companies Act, 2013, our Promoters will be required to provide an exit opportunity to the Shareholders who do not agree
to such proposal to vary the objects, subject to the provisions of the Companies Act, 2013 and in accordance with such
terms and conditions, including in respect of pricing of the Equity Shares, in accordance with our Articles of Association,
the Companies Act, 2013 and the SEBI ICDR Regulations.
Other confirmations
None of our Promoters, Directors, KMPs, Promoter Group or Group Companies will receive any portion of the Issue
Proceeds and there are no material existing or anticipated transactions in relation to utilization of the Net Proceeds with
our Promoters, Directors, KMPs or Promoter Group.
91
BASIS FOR ISSUE PRICE
The Issue Price will be determined by our Company in consultation with the Managers, on the basis of assessment of market
demand for the Equity Shares offered through the Book Building Process and on the basis of quantitative and qualitative factors
as described below. The face value of the Equity Shares is ₹1 each and the Issue Price is [●] times the Floor Price and [●] times
the Cap Price of the Price Band. Bidders should also see “Our Business”, “Risk Factors”, “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and “Restated Financial Statements” on pages 137, 21, 289 and
222, respectively, to have an informed view before making an investment decision.
Qualitative Factors
Some of the qualitative factors and our strengths which form the basis for computing the Issue Price are:
• Our differentiated and diversified product portfolio with market leading brands to capture large share of kitchen spends
across India;
• One of India’s leading consumer product companies with leadership in edible oil and packaged food business;
• One of the leading market positions in industry essentials;
• Strong raw material sourcing capabilities;
• Integrated business model with well-established operational infrastructure and strong manufacturing capabilities;
• Extensive pan-India distribution network;
• Focus on environmental and social sustainability; and
• Strong parentage with professional management and experienced board.
For details, see “Our Business – Our Competitive Strengths” on page 142.
Quantitative Factors
Some of the information presented below relating to our Company is derived from the Restated Financial Statements. For
details, see “Restated Financial Statements” on page 222.
Some of the quantitative factors which may form the basis for computing the Issue Price are as follows:
A. Basic and Diluted Earnings Per Share (“EPS”) at face value of ₹1, as adjusted for change in capital:
Financial Year ended Basic EPS (in ₹) Diluted EPS (in Weight
₹)
March 31, 2019 3.29 3.29 1
March 31, 2020 4.03 4.03 2
March 31, 2021 6.37 6.37 3
Weighted Average 5.07 5.07
September 30, 2021 3.12 3.12
Notes:
(1)
The weighted average basic and diluted EPS is a product of basic and diluted EPS and respective assigned weight, dividing the resultant by
total aggregate weight.
(2)
The figures disclosed above are based on the Restated Financial Information of our Company, as adjusted for the sub-division.
(3)
The face value of each Equity Share is ₹1 each.
(4)
Basic Earnings per Share (₹) = Restated profit attributable to equity shareholders for the period/weighted average number of equity shares
at the end of the period.
(5)
Diluted Earnings per Share (₹) = Restated profit attributable to equity shareholders for the period/weighted average number of diluted equity
shares at the end of the period.
(6)
Weighted average number of Equity Shares is the number of equity shares outstanding at the beginning of the year adjusted by the number of
equity shares issued during the year multiplied by the time weighting factor. The weighted average number of equity shares outstanding during
the period is adjusted for sub-division.
(7)
Basic and diluted earnings per equity share: Basic and diluted earnings per equity share are computed in accordance with Indian Accounting
Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended).
(8)
Pursuant to a resolution passed by our Shareholders on May 5, 2021, our Company sub-divided the face value of its equity shares from ₹ 10
each to ₹ 1 each. Accordingly, the cumulative number of issued, subscribed and paid-up equity shares pursuant to sub-division is
1,142,948,860 Equity Shares of face value of ₹ 1 each.
(9)
The above statement should be read with Significant Accounting Policies and the Notes to the Restated Financial Information as appearing
in “Restated Financial Statements” beginning on page 222.
(10)
Earnings per share for the six months ended September 30, 2021 is not annualized.
92
B. Price/Earning (“P/E”) ratio in relation to the in relation to Price Band of ₹[●] to ₹[●] per Equity Share:
Particulars P/E at the lower end of the P/E at the higher end of the
Price Band (no. of times) Price Band (no. of times)
Based on basic and diluted EPS for year ended March 31, 2021 [●] [●]
Industry Peer Group P/E ratio
Particulars Industry P/E

Highest 89.73
Lowest 46.79
Average 66.31
Notes:
(1)
The industry high and low has been considered from the industry peer set provided later in this section.
(2)
For Industry P/E, P/E figures for the peer is computed based on closing market price on NSE as on January 18, 2022, divided by Diluted EPS (on
consolidated basis unless otherwise available only on standalone basis) based on financials for the year ended March 31, 2021 for all listed industry
peers except for Nestle India Limited for which the financials are for the year ended December 31, 2020, submitted to stock exchanges.
C. Average Return on Net Worth (“RoNW”)
Derived from the Restated Financial Statements:
Financial Year ended RoNW (%) Weight

March 31, 2019 17.79 1
March 31, 2020 17.93 2
March 31, 2021 22.06 3
Weighted Average 19.97
September 30, 2021 9.78
Notes:
(1)
Return on Net Worth ratio: Profit/(loss) for the period attributable to equity shareholders of the Company divided by the total equity of the Company
at the end of the year/period.
(2)
“Net worth” means the aggregate of equity share capital and other equity.
(3)
The Weighted Average Return on Net Worth is a product of Return on Net Worth and respective assigned weight, dividing the resultant by total
aggregate weight.
(4)
The return on net worth for the six months ended September 30, 2021 is not annualized.
D. Net Asset Value (“NAV”) per Equity Share
Financial Year ended/ Period ended NAV per Equity Share (₹)
As on September 30, 2021 31.95
As on March 31, 2021 28.86
After the completion of the Issue At Floor Price: [●]
At Cap Price: [●]
Issue Price [●]
Notes:
(1)
Issue Price per Equity Share will be determined on conclusion of the Book Building Process
(2)
Net Asset Value per equity share represents total net worth as at the end of the fiscal year, as restated, divided by the number of Equity Shares
outstanding at the end of the period/year.
(3)
“Net worth” means the aggregate of equity share capital and other equity.
(4)
Pursuant to a resolution passed by our Shareholders on May 5, 2021, our Company sub-divided the face value of its equity shares from ₹ 10 each
to ₹ 1 each. Accordingly, the cumulative number of issued, subscribed and paid-up equity shares pursuant to sub-division is 1,142,948,860 Equity
Shares of face value of ₹ 1 each.
E. Comparison with Listed Industry Peers
Name of the company Total Face P/E EPS EPS RoNW NAV per
income (₹ Value per (Basic) (Diluted) (%) equity
in equity (₹) (₹) share (₹)
million) share (₹)
Adani Wilmar Limited* 371,956.5 1 [●] 6.37 6.37 22.06% 28.86
8
Listed Peers
Hindustan Unilever Limited 470,280 1 69.63 34.03 34.03 16.8% 202.99
Britannia Industries Limited 131,361 1 46.79 77.43 77.40 51.6% 148.80
Tata Consumer Products Limited 116,020 1 78.65 9.30 9.30 6.0% 169.57
Dabur India Limited 95,617 1 59.05 9.58 9.55 22.0% 43.57
Marico Limited 80,480 1 54.03 9.08 9.08 36.8% 25.23
Nestle India Limited 133,500 10 89.73 215.98 215.98 103.1% 209.44
93
Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone
basis) and is sourced from the annual reports/financial results as available of the respective company for the year ended March 31, 2021 except for
Nestle India Limited for which the financials are for the year ended December 31, 2020, submitted to stock exchanges.
Financial information for Adani Wilmar Limited is derived from the restated financial Information for the year ended March 31, 2021.
Notes:
(1) Basic and Diluted EPS refers to the Basic and Diluted EPS sourced from the financial statements of the companies respectively for the year ended
March 31, 2021 except for Nestle India Limited for which the financials are for the year ended December 31, 2020.
(2) P/E Ratio has been computed based on the closing market price of equity shares on NSE on January 18, 2022, divided by the Diluted EPS provided
under Note 1 above.
(3) RoNW is computed as net profit after tax (including profit attributable to non-controlling interest) divided by closing net worth. Net worth has been
computed as sum of paid-up share capital and other equity.
(4) NAV is computed as the net worth divided by the outstanding number of equity shares.
(5) Financial information for all listed industry peers is for the year ended March 31, 2021 except for Nestle India Limited for which the financials are
for the year ended December 31, 2020.
F. The Issue Price is [●] times of the face value of the Equity Shares
The Issue Price of ₹[●] has been determined by our Company in consultation with the Managers, on the basis of market
demand from investors for Equity Shares through the Book Building Process and is justified in view of the above qualitative
and quantitative parameters.
Investors should read the above mentioned information along with “Risk Factors”, “Our Business”, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and “Restated Financial Statements” on pages
21, 137, 289 and 222, respectively, to have a more informed view.
The trading price of the Equity Shares could decline due to the factors mentioned in the “Risk Factors” on page 21 and you
may lose all or part of your investment.
94
STATEMENT OF SPECIAL TAX BENEFITS
To,
The Board of Directors

Fortune House,
Near Navrangpura Railway Crossing,
Ahmedabad 380 009
Date: November 29, 2021
Re: Proposed initial public offering of equity shares of face value of ₹ 1 each (the “Equity Shares” and such offering,
the “Offer”) of Adani Wilmar Limited (the “Company”)
Dear Sir(s)/Ma’am(s),
We report that the enclosed statement in the Annexure, states the possible special tax benefits under direct and indirect tax
laws presently in force in India, available to the Company and its shareholders. Several of these benefits are dependent on the
Company and its shareholders, as the case may be, fulfilling the conditions prescribed under the relevant provisions of the
statute. Hence, the ability of the Company and its shareholders to derive the special tax benefits is dependent upon their
fulfilling such conditions, which based on business imperatives the Company and its shareholders faces in the future, the
Company and its shareholders may or may not choose to fulfill.
The benefits discussed in the enclosed Annexure are not exhaustive. This statement is only intended to provide general
information to the investors and is neither designed nor intended to be a substitute for professional tax advice. In view of the
individual nature of the tax consequences and the changing tax laws, each investor is advised to consult his or her own tax
consultant with respect to the specific tax implications arising out of their participation in the Offer. Neither are we suggesting
nor advising the investor to invest in the Offer based on this statement.
We do not express any opinion or provide any assurance as to whether:
(i) the Company or its shareholders will continue to obtain these benefits in future; or
(ii) the conditions prescribed for availing the benefits have been/would be met with; or
(iii) the revenue authorities will concur with the views expressed herein.
The contents of the enclosed statement are based on information, explanations and representations obtained from the Company
on the basis of our understanding of the business activities and operations of the Company.
Yours faithfully,
For and on behalf of SHAH DHANDHARIA & CO LLP
ICAI FRN: 118707W/W100724
Harshil Shah
Partner
Membership Number: 181748
UDIN: 21181748AAAAFU3784
Place: Ahmedabad
Date: November 29, 2021
95
ANNEXURE
STATEMENT OF POSSIBLE SPECIAL DIRECT TAX BENEFITS AVAILABLE TO THE COMPANY AND
SHAREHOLDERS OF THE COMPANY
I. Special Direct tax benefits available to the Company
The statement of tax benefits enumerated below is as per the Income-tax Act, 1961 (“Act”) as amended from time to
time and applicable for financial year 2021-22 relevant to assessment year 2022-23.
1. Lower corporate tax rate under section 115BAA
A new section 115BAA has been inserted in the Act by the Taxation Laws (Amendment) Act, 2019 (“the Amendment
Act, 2019”) w.e.f. April 1, 2020 (A.Y. 2020-21). Section 115BAA grants an option to a domestic company to be
governed by the section from a particular assessment year. If a company opts for section 115BAA of the Act, it can
pay corporate tax at a reduced rate of 25.168% (22% plus surcharge of 10% and education cess of 4%). As per Section
115JB(5A) of the Act domestic companies availing the option provided u/s 115BAA of the Act, will not be required
to pay Minimum Alternate Tax (MAT) on their ‘book profits’ under section 115JB of the Act.
However, such a company will no longer be eligible to avail specified exemptions / incentives under the Act and will
also need to comply with the other conditions specified in section 115BAA. Also, if a company opts for section
115BAA, the tax credit (under section 115JAA), if any, which it is entitled to on account of MAT paid in earlier years,
will no longer be available. Further, it shall not be allowed to claim set-off of any brought forward loss arising to it on
account of additional depreciation and other specified incentives.
The Company has decided to opt for the lower corporate tax rate of 25.168% (prescribed under section 115BAA of
the Act) with effect from FY 2020-21. Thus, the deferred tax asset / liability in the restated financials for FY 2020-21
has been computed using such lower corporate tax rate of 25.168%.
2. Deductions from Gross Total Income
Deduction in respect of employment of new employees
Subject to the fulfillment of prescribed conditions, the Company is entitled to claim deduction of an amount equal to
thirty per cent of additional employee cost (relating to specified category of employees) incurred in the course of
business in the previous year, for three assessment years including the assessment year relevant to the previous year
in which such employment is provided under section 80JJAA.
II. Special Direct tax benefits available to the Shareholders
• Section 112A of the Act amended with effect from April 1, 2019 (i.e. Assessment Year 2019-20). Any income,
exceeding Rs.1,00,000 arising from the transfer of a long term capital asset (i.e. capital asset held for the period
of 12 months or more) being an Equity Share in a company or a unit of an equity oriented fund wherein Securities
Transaction Tax (‘STT’) is paid on both acquisition and transfer, income tax is charged at a rate of 10% without
giving effect to indexation.
• Section 111A of the Act provides tax rate @ 15% in respect of short term capital gains (provided the short-term
capital gains exceed the basic threshold limit of exemption, where applicable) arising from the transfer of a short
term capital asset (i.e. capital asset held for the period of less than 12 months) being an Equity Share in a company
or a unit of an equity oriented fund wherein STT is paid on both acquisition and transfer.
• Separately, any dividend income received by the shareholders would be subject to tax deduction at source by the
company under section 194 @ 10%. However, in case of individual shareholders, this would apply only if
dividend income exceeds Rs 5,000. Further, dividend income is now taxable in the hands of the shareholders at
normal rates applicable to them.
• In respect of non-residents, the tax rates and the consequent taxation shall be further subject to any benefits
available under the applicable Double Taxation Avoidance Agreement, if any, between India and the country in
which the non-resident has fiscal domicile.
• Except for the above, the Shareholders of the Company are not entitled to any other special tax benefits under the
Act
96
STATEMENT OF POSSIBLE SPECIAL INDIRECT TAX BENEFITS AVAILABLE TO THE COMPANY AND
SHAREHOLDERS OF THE COMPANY
The Central Goods and Services Tax Act, 2017, the Integrated Goods and Services Tax Act, 2017 and applicable
State Goods and Services Tax Act, 2017 (“GST Acts”), the Customs Act, 1962 (“Customs Act”) and the Customs Tariff Act,
1975 (“Tariff Act”), as amended from time to time, Foreign Trade Policy 2015 20 as extended till September 30, 2021 vide
Notification No. 60/2015-20 dated March 31,2021 (unless otherwise specified), presently in force in India.
I. Special Indirect tax benefit available to the Company
1. In accordance with Section 54 of the CGST Act 2017 and subject to conditions prescribed under the GST Act and Rules
made thereunder, the Company is entitled to claim refunds for:
a) Input tax credit of GST paid on inputs and input services used in manufacture of exported goods;
b) Integrated Goods and Service Tax paid at the time of export of goods; and
c) Input tax credit accumulated on account of rate of tax on input being higher than the rate of tax on output supplies.
2. Duty drawback of duty paid on import of materials used in manufacture of export goods under Section 75 of the Customs
Act.
3. Duty credit scrips under Merchandise Export from India Scheme (“MEIS”) covered in Chapter 3 –Exports from
India Scheme in Foreign Trade Policy 2015-20 as extended till December 31, 2020 Further, the MEIS benefit for export
of goods during September 1, 2020 to December 31, 2020 would not exceed INR 2 crore. However, the Cabinet has
approved a WTO compliant scheme Remission of Duty and Taxes on Exported Products (“RODTEP”) to determine
mechanism for reimbursement of taxes, duties/levies at central, state and local level. The scheme came into force
from January 1, 2021 and replaced MEIS. In terms of Notification No. 18/2015 – Customs dated April 1, 2015 (and as
amended from time to time), materials imported against Advance Authorisation License under Foreign Trade Policy
2015-20, are exempt from payment of customs duty, additional duty, safe-guarding duty and anti-dumping duty,
integrated and compensation cess. Further, the said exemption has been extended till 31.03.2022.
4. In terms of Notification No. 18/2015 – Customs dated April 1, 2015 (and as amended from time to time), materials
imported against Advance Authorisation License under Foreign Trade Policy 2015-20, are exempt from payment
of customs duty, additional duty, safe-guarding duty and anti-dumping duty, integrated and compensation cess.
Further, the said exemption has been extended till 31.03.2022.
II. Special Indirect tax benefit available to the shareholders
There are no special Indirect Tax benefits available to the shareholders of the Company.
Note: We have not considered general tax benefits available to the Company or shareholders of the Company.
97
SECTION IV: ABOUT OUR COMPANY
INDUSTRY OVERVIEW
Unless otherwise indicated, the information contained in this section is derived from the Technopak Report, dated November
1, 2021, which was commissioned on March 31, 2021 and paid for by our Company and other publicly available sources.
Industry sources and publications generally state that the information contained therein has been obtained from sources
generally believed to be reliable, but that their accuracy, completeness and underlying assumptions are not guaranteed and
their reliability cannot be assured. Industry publications are also prepared based on information as of specific dates and may
no longer be current or reflect current trends.
1. Macroeconomic Overview of India
India is the world's 6th largest economy and expected to be in top 3 global economies by FY 2050.
Currently, India ranks sixth in the world in terms of nominal gross domestic product ("GDP") and is the third largest
economy in the world in terms of purchasing power parity ("PPP"). India is estimated to be among the top three global
economies in terms of nominal GDP by Fiscal 2050.
The country wise GDP of key countries is given in the table below:
Exhibit 1: Country Wise GDP (US$ trillion)
Country CY CY CY CY CY CY CY CY CY CY CY CAGR
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2025P (2019-2025)
USA 15 15.5 16.2 16.8 17.5 18.2 18.7 19.5 20.5 21.37 22.1 0.6%
China 6.1 7.6 8.5 9.6 10.4 11 11.1 12.1 13.6 14.3 17.6 3.5%
Japan 5.7 6.2 6.2 5.2 4.9 4.4 4.9 4.9 5.0 5.1 4.9 -0.7%
Germany 3.4 3.7 3.5 3.7 3.9 3.4 3.5 3.7 3.9 3.8 3.8 0.0%
UK 2.5 2.6 2.7 2.8 3 2.9 2.7 2.6 2.8 2.8 2.8 0.0%
India* 0.9 1 1.2 1.4 1.66 1.7 1.9 2.27 2.4 2.7 4.05 7.0%
Brazil 2.2 2.6 2.5 2.5 2.5 1.8 1.8 2.1 1.9 1.8 2.0 1.8%
Russia 1.5 2.1 2.2 2.3 2.1 1.4 1.3 1.6 1.7 1.7 1.5 -2.1%
Indonesia 0.8 0.9 0.9 0.9 0.9 0.9 0.9 1 1 1.1 1.3 2.8%
Turkey 0.8 0.8 0.9 1 0.9 0.9 0.9 0.9 0.8 0.8 1.1 5.5%
Saudi Arabia 0.5 0.7 0.7 0.7 0.8 0.7 0.6 0.7 0.8 0.8 NA NA
South Africa 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.4 0.4 0.4 0.0%
Source: India Data from RBI, Upto 2019 data from World Bank, Future growth rate from OECD Data, Technopak Research
1US$ = INR 75 (for 2019 India numbers)
* For India, CY 2019 means FY 2020
1.1. Domestic Consumption
High share of domestic consumption in Private Final Consumption Expenditure
India's share of domestic consumption, measured as private final consumption expenditure, in its GDP was ~60.5% in FY
2020. High share of private consumption to GDP has the advantage of insulating India from volatility in the global
economy. It also implies that sustainable economic growth directly translates into sustained consumer demand for goods
and services. India's domestic consumption has grown at a CAGR of 11.1% between FY 2014 and FY 2019, compared to
4.3% and 8.2% in the United States and China, respectively.
Exhibit 2: India's Household Final Consumption Expenditure
98
Source: Technopak Research, RBI Data; Year indicates FY
1.2. Growth Drivers
India’s medium to long term growth and its positive impact on private consumption will be determined by inter-play of
demographics, urbanization and policy reforms.
(1) Demographic Profile of India
Young population
India has one of the youngest populations globally compared to other leading economies. The total population of India is
1,394 Mn for FY 2021. The median age in India is estimated to be 28.1 years in 2021 as compared to 38.1 years and 37.4
years in the United States and China, respectively, and is expected to remain under 30 years until 2030.
The size of India's young population is contributing to a decline in the dependence ratio (the ratio of dependent population
size compared to the working-age population size (15 to 64 years of age), which has decreased from 64% in Fiscal 2000
to 50% in Fiscal 2018. The younger segment of the population is naturally pre-disposed to adopting new trends and
exploration given their educational profile and their exposure to media and technology, which presents an opportunity for
domestic consumption in the form of branded products and organized retail.
Women Workforce
The overall share of working women increased from approximately 14% in 2000 to approximately 17% in 2010 and to
approximately 24% in 2018. This increase of women in the workforce has seen a shift of patterns in terms of household
activity, including a downward trend in home cooked meals and an increase in demand for "out of home" consumption and
packaged food consumption.
(2) Urbanization
India has the second largest urban population in the world in absolute terms at 472 million in FY 2019, second only to
China. However, only 34.5% of India's population is classified as urban compared to a global average of 54%. It is the
pace of India's urbanization that is a key trend to note for implication on India's economic growth. Currently urban
population contributes 63% of India's GDP. Going forward, it is estimated that 37% (541 million) of India's population
will be living in urban centres by FY 2025. Urban population is expected to contribute 75% of India's GDP in FY 2030.
This is expected to continue with approximately 50% of India's population expected to be living in urban centres by 2050
and contributing approximately 80% of India's GDP.
Exhibit 3: Increasing Urbanization
Urban Population (% of total)

50.0%
37.0%
27.7% 30.9% 32.8% 33.6% 34% 34.5% 35%
2000 2010 2015 2017 2018 2019 2020 2025P 2050P
Source: World Bank, Technopak Research
Urbanization is also creating two trends that are impacting India's domestic consumption habits:
99
Growing Middle Class
Increase in number of households with annual earnings of US$ 10,000 to US$ 50,000 has been leading to an increase in
discretionary spending on food and beverages, apparel & accessories, luxury products, consumer durables and across other
discretionary categories. The consumption pattern also has moved towards higher spend on branded, high quality food
products, ready to eat / on the go categories etc.
Exhibit 4: Household Annual Earning Details
Calendar Year Total House Holds HHs with Annual % of total HHs HHs with Annual % share of total
(in Mn.) earning US$ 5,000 earning US$ HHs
- 10,000 (Mn.) 10,000 –50,000
(Mn.)
2009 236 36 15.2% 11 4.7%
2012 254 60 23.8% 22 8.7%
2014 267 71 26.5% 27 10.2%
2015 274 85 30.9% 36 13.2%
2018 295 121 41.2% 86 29.3%
2020* 310 132 42.5% 95 30.6%
Source: EIU, *Technopak Estimates
Nuclearization
The growth in the number of households exceeds population growth, which indicates an increase in nuclearization in India.
According to the 2011 census, 74% of urban households have five or less members, compared to 65% in 2001. It is expected
that that smaller households with higher disposable income will lead to a greater expenditure in, among others, jewellery,
fashion, home & living, packaged food and food services.
(3) Reforms: Critical to create Demand Stimulus
Structural reforms are critical to harness dividends of positive demographics and urbanization and there are risks if they
fail to do so. In the last 10 years, Government has pushed towards infrastructure investments in roads, railways, defense
and power; public-private partnerships; smart cities; skill development; widening of domestic manufacturing base and
taxation needs to yield jobs for India’s working population.
2. Indian Packaged Food Market Overview
The Indian packaged food retail market, estimated at ~INR 6,00,000 Cr in FY 2020 contributes only 15% to the total food
and grocery retail market estimated at INR 39,45,000 Cr in FY 2020. While the Indian food retail remains dominated by
unbranded products such as fresh fruits and vegetables, loose staples, fresh unpackaged dairy and meat, the packaged food
market is growing at almost double the pace of the overall category and is expected to gain a market share of 17% by FY
2025 from a share of 14% in FY 2015. Health concerns and limitation in movement due to COVID -19 have accelerated
the growth of packaged food products which offer consistent and assured quality along with convenience. However, the
penetration of packaged food is limited in the Indian households. Annual per capita spend on all categories of packaged
food in India is estimated to be ~INR 4,650, much lesser as compared to China at ~INR 16,000 and the USA at more than
INR 1,12,500.
Demand for packaged foods surged in the first quarter of FY 2021 as people stocked up in panic during the lockdown
period. The shutting down of foodservice options also led to a rise in the eating occasions at home. While other sectors in
retail are expected to contract by 30-35% during Financial Year 2021 due to the impact of COVID-19, the packaged food
segment is expected to grow at an accelerated growth rate of ~14%.
Exhibit 5: Packaged Food Retail Market in India (INR Cr)
100
10,13,000
6,02,000
3,76,000
FY 2015 FY 2020 FY 2025P
Source: Technopak Research
Exhibit 6: Packaged Food Retail Categories
Market Size CAGR Market Size CAGR Market Size

FY 2015 (FY2015- FY2020 (FY2020- FY2025
(INR Cr) FY2020) (INR Cr) FY2025) (INR Cr)
Packaged Dairy (Fresh) 55,000 12% 96,800 12% 1,67,000
Packaged Meat 12,000 5% 15,000 6% 20,000
Packaged Staples – Edible Oils 1,11,000 7% 1,56,000 6.6% 2,14,000
Packaged Staples - Others 40,000 12% 70,000 15% 1,40,000
Other Processed Packaged Food 1,28,000 11% 2,16,200 13% 3,95,000
Packaged Beverages 30,000 10% 48,000 10% 77,000
Total 3,76,000 10% 6,02,000 11% 10,13,000
Over the years, essential kitchen commodities such as edible oils, wheat flour, rice, pulses, sugar and dairy have been
largely handled by players focussed within a specific segment. For example, rice exporters, sugar mills, oil refineries, flour
mills and dairy co-operatives operate in their specific segments. Among the large FMCG players, limited players like Adani
Wilmar and Patanjali have entered multiple categories in essential kitchen commodities. Adani Wilmar is present in most
of the categories through its brand ‘Fortune’. Adani Wilmar’s brand architecture using a single brand identity for multi-
categories optimizes the marketing cost and enhances brand equity. The spend on the essential kitchen commodities
accounts for 23% of the total spend on food and grocery estimated to be INR 39,45,000 Cr thereby presenting an
opportunity size of INR 9,00,000 Cr for any player in the essential kitchen commodity segments. Within this, edible oils,
wheat flour, rice, pulses, sugar etc account for 66% (INR 6,00,000 Cr) and the balance comprises of dairy products.
Exhibit 7: Presence of Large FMCG (Food) companies across Essential Kitchen Commodities
Large FMCG Edible Oils Wheat Flour Rice Pulses Sugar Dairy (Fresh
companies in India Packaged)
HUL ✔
Dabur
ITC ✔ ✔
Nestlé
Britannia
Godrej
Marico ✔
Parle
Adani Wilmar ✔ ✔ ✔ ✔ ✔
PepsiCo
Ruchi Soya ✔ ✔
Patanjali ✔ ✔ ✔ ✔ ✔
Emami Agrotech ✔
Source: Secondary Research
Amongst the large FMCG players, few players like Emami Agrotech, Patanjali and Adani Wilmar have registered a double-
digit revenue growth rate in the last 5 years. Adani Wilmar has registered a high growth of 24% in its revenues in FY 2021
becoming among the top 5 fastest growing packaged food company.
101
Exhibit 8: Key Players in FMCG Products – Financials
a. Revenue and profitability
Revenue EBIDTA
FY 2015 FY 2020 FY2021 CAGR FY 2015 FY 2020 FY2021 CAGR
(FY 15-20) (FY 15-20)
HUL 32,721 38,785 45,996 3.46% 6,491 10,085 11,837 9.21%
Dabur 7,806 8,623 9,561 2.01% 1,474 2,098 2,328 7.31%
ITC 50,389 46,807 48,525 -1.46% 15,017 20,676 18,773 6.61%
Nestlé 8,482 13,350 - 9.49% 1,164 3,255 - 22.83%
Britannia 7,345 10,987 12,379 8.39% 1,001 2,125 2,644 16.25%
Godrej 4,703 5,474 6,254 3.08% 906 1,538 1,717 11.17%
Marico 4,689 5,853 6,337 4.53% 803 1,403 1,440 11.81%
Parle 9,294 12,292 - 5.75% 791 1,149 - 7.74%
Adani Wilmar 17,442 29,767 37,196 11.28% 555 1,419 1,431 20.65%
PepsiCo 7,682 5,480 - -6.53% 187 469 - 20.19%
Ruchi Soya 28,397 13,118 - -14.31% 691 401 - -10.30%
Patanjali 2,029 9,089 - 34.97% 468 1,004 - 16.50%
Emami Agrotech 4,303 12,692 - 24.15% 236 815 - 28.18%
Source: Annual Reports, MCA Reports
b. PAT margin and return on capital employed
PAT Margin ROCE

FY 2015 FY 2020 FY2021 FY 2015 FY 2020 FY2021
HUL 14.0% 26.1% 25.2% 127.9% 87.6% 18.5%
Dabur 14.0% 24.7% 25.6% 40.6% 30.6% 31.0%
ITC 26.3% 44.4% 38.7% 43.2% 29.1% 28.0%
Nestlé 11.3% 25.1% NA 31.4% 55.1% NA
Britannia 8.7% 19.3% 21.4% 70.2% 39.2% 60.6%
Godrej 14.8% 28.1% 27.2% 25.5% 27.9% 25.0%
Marico 11.6% 24.0% 22.7% 29.6% 43.1% 42.3%
Parle 8.6% 24.4% NA 33.5% 25.9% NA
Adani Wilmar 0.4% 4.8% 3.9% 21.2% 27.4% 24.4%
PepsiCo -2.3% 9.2% 6.8% -3.6% 7.3% 3.5%
Ruchi Soya 0.2% 60.3% 6.2% 16.1% 116.9% 12.2%
Patanjali 15.4% 11.1% 11.2% 58.7% 16.1% 14.6%
Emami Agrotech 0.1% 2.8% 3.9% 20.8% 11.2% 16.3%
c. Fixed asset turnover and debt to equity
Fixed Asset Turnover Debt to Equity

FY 2015 FY 2020 FY2021 FY 2015 FY 2020 FY2021
HUL 10.5 8.4 7.9 2.7 1.4 0.4
Dabur 2.8 2.6 3.0 0.6 0.3 0.4
ITC 2.2 2.5 2.6 0.4 0.2 0.2
Nestlé 2.6 6.8 NA 1.2 2.9 NA
Britannia 12.5 7.8 9.1 1.0 0.7 1.2
Godrej 3.6 10.0 11.5 0.5 0.4 0.2
Marico 9.7 11.4 13.1 0.4 0.4 0.5
Parle 5.0 3.1 NA 0.6 1.3 NA
Adani Wilmar 10.2 7.9 10.1 4.6 3.8 3.3
PepsiCo 2.5 4.4 3.4 0.7 0.5 0.7
Ruchi Soya 11.4 3.7 4.7 5.3 1.3 1.2
Patanjali 8.9 6.5 7.3 1.0 1.6 0.9
Emami Agrotech 6.0 9.9 11.2 12.1 13.7 9.1
Key Retail Channels
Packaged food remains a distributor led category with 75% of the sales channelized through general trade (kiranas).
However modern retail including hypermarkets, supermarkets, e-commerce platform is a growing channel of sales for this
category contributing ~25% off-take of packaged food. The key reason behind the dominance of general trade is its robust
outreach and coverage
102
Key Growth Drivers
The shift towards packaged food from unpackaged unbranded products, premiumisation trend, and competition amongst
bigger brands leading to innovative product offering is fuelling growth within packaged food.
Categories such as staples, dairy and processed food and beverages are expected to drive growth in the packaged food
segment. Steady interest of large-scale businesses such as Adani Wilmar, Emami, Marico, Tata, Cargill, ITC, Dabur in
food and grocery space and growing organised food retail led by e-commerce is aiding the growth of packaged food.
• Demographic change is powering the transition from unbranded to branded products
Growing number of youth in the workforce, urbanisation, rise in the middle-class population, as well as increase in
disposable income across the socio-economic spectrum, higher among urban residents have been driving the
consumption of packaged food in India.
Other influencing factors include the number of women entering the workplace and the evolution of the Indian
household, from a multi-generational, extended family unit to single occupant or nuclear family households. These
changes mean higher disposable incomes and less time for buying, primary processing and preparation, both of which
favour a shift from unbranded to branded products which offer consistent and assured quality along with convenience.
• Gradual expansion of modern retail including e-commerce
While the current share of modern retail in packaged food sales continues to be small but this share has slowly
increased over the last few years and will continue to rise going forward. The quality of retail shelves and customer
interface of modern retail both brick and mortar and e-commerce aid the growth of packaged food for their ability to
introduce new categories of packaged food and to offer more choice to consumers facilitating changes in shopping
habits.
• Increased in-home consumption during COVID-19
Food retail is the only category within overall retail which is expected to register 6-7% growth in the year FY 2021
given the negative impact of COVID-19 on consumption. In-home consumption of food products soared initially
during the lockdown and thereafter also remained elevated due consumers working from home and having a lesser
frequency of eating out due to heath and economic reasons.
• Formalisation of Food Service Industry: Organized food service industry has been growing at a CAGR of 14%, much
faster than the overall food service industry. This consistent transition has formalized the raw material procurement
processes and supplier management system with the demand shifting in favour of the large-scale branded suppliers.
• Introduction of Smaller pack size: Introduction of Smaller pack size at low prices in various categories such as staples,
biscuits, savoury snacks encourages trials in new customer segments thereby enrolling them for future purchases.
• Government policies supporting food processing
The food production and processing industry is a high focus and priority sector for the government and multiple
schemes and initiatives have been launched to bolster growth in this sector
Challenges
• Lack of integrated supply chain and infrastructure
Every year India's farms lose between 20-25% of their fruit and vegetable output due to spoilage at various stages.
Nearly 90% of food processing units are small scale, operating with limited use of technology to enhance the lifespan
of their produce. These problems are compounded by India's evolving transport infrastructure, which compares
unfavourably to other nations on transit time and transaction costs.
• Lack of modern retail infrastructure
Packaged food requires special shelves to maintain optimum temperature for the food products and simultaneously
offer product visibility. Overall penetration of organised retail in food and grocery is 4.5%. Almost all its entire
presence is concentrated clusters in urban India. This adds challenge to packaged food in terms of category extension,
product innovation, and brand building. In this context, the growth of packaged food in India requires a multi-channel
approach that is significantly skewed towards general kirana stores. All major national and regional players therefore
need wide retail touch points of general stores and modern retail to emerge as category leaders.
103
• Profitability continues to pose a challenge for mass categories
In order to be profitable in the packaged foods sector, companies need scale, the ability to charge a premium, an
efficient cost structure, branding, deeply penetrated PAN-India distribution network, – each of which poses a challenge
for regional and small players with mass market positioning in India.
Key Emerging Trends
• Consumers shifting towards packaged and branded products
This shift first manifested in processed categories such as savoury snacks, biscuits, breads and buns. However, it is
also becoming significant in staple categories like edible oil, wheat flour, spices and pulses given the growing concern
for food safety and inclination towards hygienically packaged products. The share of branded wheat flour has grown
from 3% in FY 2008 to 15% in FY 2020 and the share of branded salt has grown from 5% in FY 2007 to 88% in FY
2020 by value. This shift has been accelerated by the COVID 19 pandemic and this is expected to continue in future.
• Consumers across the spectrum are moving towards premium products
Whether this means a change from preparing all foods from scratch to purchasing certain ready-made items, a move
from standard to premium snack items, or the switch from basic staples to enriched, organic or luxury versions,
consumers are moving upwards through food categories and prices.
• Convenience and healthy eating trends continue to drive sales
With the growing health consciousness amongst the consumers, players are using health as a platform to introduce
new variants in almost all categories. Introduction of these products not only augments the brand’s ability to command
premium but also outpaces the growth of the overall category. The perception of packaged foods is changing among
consumers as there has been a significant rise in the convenience, availability and affordability of such products across
the country.
• Emergence of Modern Retail and Online Grocery delivery platforms
Though the modern retail contributes only 4.5% of total Food and Grocery retail, it is expected to grow at a high rate
of 22% till 2025.
• Growing necessity, convenience and availability to drive future growth
Packaged food will continue to post double digit growth over the forecast period, mainly due to rising demand for
convenience as a result of the increasingly hectic pace of modern life, as well as growing awareness and availability.
Commodities like edible oils, dairy, rice, bread and breakfast cereals are dietary cornerstones and will fuel demand
among consumers, while products like biscuits, savoury snacks, breads, confectionery, spreads, soups, noodles, pasta
and ice creams will remain the most dynamic categories over the forecast period.
• Experimentation with New Brands
Across segments consumers are increasingly willing to try new brands, rather than remaining loyal to one. This has
far-reaching implications for marketers, who now need to work not just to attract new consumers but also to retain
existing ones.
• Regional companies gaining sales share and competing strongly with Leading Players
Across packaged food strong regional leaders have evolved that have established their regional dominance while
competing with national brands.
3. Overview of Packaged Edible Oil Market in India
Edible Oil Consumption in India (Volume)
Edible oils are indispensable to Indian cooking. Growing population, changing tastes and preferences of consumers,
shifting consumption pattern towards branded oils and consistent marketing and distribution initiatives by leading edible
oil brands is leading to rising consumption of edible oils in the country. The total consumption of edible oil in Indian in
OY 2019 has been estimated to be ~22 Mn MT. Out of the total requirement, it is estimated that ~10 Mn MT is produced
domestically from primary (Soybean, Rapeseed & Mustard, Groundnut, Sunflower, Safflower & Niger) and secondary
sources (Oil palm, Coconut, Rice Bran, Cotton Seeds & Tree Borne Oilseeds) and remaining 60%, is met through import.
104
Exhibit 9: Edible Oil Consumption in India – By Volume (Mn MT)
25
22 21
19
OY 2014 OY 2019 OY 2020 OY 2025

Source: Primary Research, Technopak Research
OY – Oil Year (November to October)
OY 20XX corresponds to FY 20XX+1
Approximately 18% of the volume is consumed by large scale food processing enterprises such as savoury snacks and
bakery good manufacturers who buy in bulk (loose form in tankers). Almost 20% of this volume is consumed by or the
HoReCa (Hotels, Restaurants and Caterers) segment and 62% of the volume is consumed by the end consumer segment.
The end consumer segment and HoReCa segment comprises of packaged oils with pack sizes ranging from 200 ml to 15
litres. While the smaller packs are purchased by the end consumer, the larger pack sizes are preferred by the restaurants
and the small food processing units.
Over the years, the focus of the government and industry bodies has been to increase crop-wise area, production yield,
minimise imports, maintain balance between market price and import duty, and encourage exports.
Edible Oil Retail Market in India
The edible oil retail market is estimated to be ~INR 1,79,500Cr in FY 2020 and is expected to grow at a CAGR of 6% in
the coming 5 years. It has been growing steadily at a CAGR of 6% in the last five years. The share of unbranded play is
consistently dropping and is estimated to shrink to ~ 10% by FY 2025. The edible oils retail market includes the
consumption through HoReCa segment and end consumer. In FY 2021, while the HoReCa segment has been adversely
affected by COVID-19, the consumer segment has witnessed a steady growth. While consumption in terms of volumes has
only marginally degrown in FY 2021, the value growth is a result of price increase in the international markets.
Exhibit 10: Edible Oil Retail Market in India (INR Cr)
105
Exhibit 11: Share of Branded Edible Oil Market in India
Branded Edible Oil Retail Market in India
The branded edible oil market is estimated to be around INR 1,56,000 cr and is expected to grow faster than the overall
category gaining a lion’s share of close to 90% of the total market in terms of value in the coming five years. It is estimated
that close to 75% of the total edible oil available in terms of volume is retailed as a branded product.
The edible oil industry in India is fragmented wherein 13% of oil is sold as loose/unbranded and the consumers are shifting
to branded oils, which bodes well for the organized players.
Exhibit 12: Branded Edible Oil Retail Market in India (INR Cr)
Market Segmentation
Exhibit 13: Edible Oil Consumption – by Type (Volume)
106
The four key edible oils, palm, soya, mustard and sunflower constitute 85-88% of the total consumption in India in terms
of volume. Palm oil is primarily used by the large-scale food processing enterprises. It is also used in blended oils for
domestic consumption. Palm and soybean are also being used by the HoReCa segment. India imports most of its palm oil
consumption.
Soybean oil, mustard oil and sunflower oil is largely used for domestic consumption. The other oils include sesame oil,
coconut oil, groundnut oil, rice bran oil amongst others.
A gradual shift is being witnesses in favour of soft oils such as soyabean oil, sunflower oil, mustard oil, Palm oil witnessed
a marginal decrease in FY 2021 with the pandemic-induced national lockdown shutting the HoReCa (hotels, restaurants,
catering) segment. The HoReCa demand was substituted by the household segment which preferred soft oils.
Consumption in rural India constitutes almost 50% of the total consumption in this category by volume and is growing at
a faster rate than the urban. The favourable growth of economy has resulted in a high growth in consumption of packaged
staples in the rural parts of India. For most national players, the growth in Tier II and III cities has been higher than that in
the metros.
Value Segmentation
Most edible oils players have created brands across premium and popular value segments. The width of the portfolio lends
access to various socio-economic classes without disturbing the positioning of other brands and flexibility to introduce
product variants accordingly. The share of sales from premium and popular segments may vary for each player. While
palm oil and blends thereof are largely positioned as popular varieties, given its application for industries, soyabean,
mustard and sunflower can be positioned across the two segments.
Exhibit 14: Value Segments and Key Brands
Source: Technopak Research, Secondary Research
Competitive Intensity
While the combined share of the top six players in the branded oil business (Adani Wilmar, Ruchi Soya, Emami, Cargill,
Bunge and Marico) has been estimated ~40% in FY2020. Adani Wilmar and Ruchi Soya are few of the largest suppliers
of edible oil with outputs of 2.8 Mn MT and 1.4 Mn MT respectively in FY 2020. Adani Wilmar contributed a share of
12% and Ruchi Soya contributed a share of 6% in the total oil consumption of 22 Mn MT in India. It is estimated that there
would be around 2000 such brands out of which ~top 100 brands would be contributing almost 50%. Along with logistics
and supply chain capability, the market leaders have a sizeable processing and packaging scale domestically and also have
an expansive distribution network.
107
Exhibit 15: Market share of key players in branded edible oil market (FY2020)
Source: Estimations based on Annual Report, Published Articles
Ruchi Soya is the largest player in branded palm oil with a share of 12% of the branded palm oil market in terms of value
followed by Adani Wilmar with a share of 11%. Ruchi Soya’s ‘Ruchi Gold’ brand is the market leader in branded palm
oil.
Adani Wilmar is the largest player in branded refined soyabean oil having a market share of 28% followed by Ruchi Soya
with a share of 11% by value.
Branded mustard oil market is led by Adani Wilmar with a share of almost 10% and many other regional brands like Saloni
and Bail Kolhu. Adani Wilmar’s Fortune is the leading brand in mustard oil. Gemini Edibles & Fats, Kaleesuwari and
Adani Wilmar are the leading players in branded sunflower oil with a combined market share of 40% by value. Adani
Wilmar has a share of ~14% in the branded sunflower oil market. Adani Wilmar and RCM Health Guard are the leading
players in pure rice bran oil market with Adani Wilmar having a share of ~20%. Adani Wilmar’s Fortune brand is the
largest selling edible oil brand in India.
The following table sets for the Refined Oil in Consumer Packs (“ROCP”) market share of the brands of Adani Wilmar as
of March 31, 2021 (Source: Nielsen Retail Index – MAT March 2021):
Fortune 11.5%
Raag 3.3%
King’s 2.3%
Aadhar 0.7%
Bullet Lite 0.3%
Alpha 0.1%
Fryola 0.1%
Total 18.3%
The following table sets forth the brand ranking in the ROCP category as of March 31, 2021 (Source: Nielsen Retail Index
– MAT March 2021):
Brand Market share Ranking

Fortune 11.5% #1
Competitor 1 7.0% #2
The following table sets for the soybean oil market share of the brands of Adani Wilmar as of March 31, 2021 (Source:
Nielsen Retail Index – MAT March 2021):
Fortune 22.8%
King’s 6.4%
Total 29.2%
The following table sets forth the brand ranking in the soybean oil segment as of March 31, 2021 (Source: Nielsen Retail
Index – MAT March 2021):

Fortune 22.8% #1
108
King’s 6.4% #3
The following table sets for the sunflower oil market share of the brands of Adani Wilmar as of March 31, 2021 (Source:
Fortune 8.3%
Aadhar 2.6%
Total 10.9%
The following table sets forth the brand ranking in the sunflower oil segment as of March 31, 2021 (Source: Nielsen Retail

Fortune 8.3% #3
The following table sets for the palmolein oil market share of the brands of Adani Wilmar as of March 31, 2021 (Source:
Raag 15.1%
Alpha 0.7%
Fryola 0.3%
Total 16.1%
The following table sets forth the brand ranking in the palmolein oil segment as of March 31, 2021 (Source: Nielsen Retail

Raag 15.1% #2
The following table sets for the rice bran oil market share of the brands of Adani Wilmar as of March 31, 2021 (Source:
Fortune 24.9%
King’s 0.2%
Total 25.1%
The leading edible oil companies are benefitting from their fully integrated value chains, especially in the palm and soya
segments with a mix of upstream and downstream businesses. Adani Wilmar has technology and integration in line with
Wilmar plants operated globally. Adani Wilmar Limited (AWL) is a joint venture incorporated in December 1999 between
Adani Group, India and Wilmar International, Asia's leading agri-business group based in Singapore and also the world’s
largest palm oil supplier. Adani Wilmar's refinery in Mundra is the largest single location refinery in India with a designed
capacity of 5,000 tonnes per day.
Adani Wilmar has the largest distribution network among all branded edible oil players in India with approximately 5,600
distributors across 28 states and 8 union territories throughout India, catering to over 1.6 million retail outlets. Apart from
presence in general and modern brick and mortar trade and omnichannel presence across all e-commerce platforms it also
sells through Fortune Online, which is a one-stop-online shop for all the products under the Fortune brand and Fortune
Mart, which are franchised physical stores to showcase Fortune-branded products and which also serve as fulfillment
centers for home delivery of products ordered through Fortune Online. It is estimated that there are around 4.5 Mn retail
outlets present in India and Adani Wilmar covers almost 35% of those.
109
Exhibit 16: Key Players’ Profile
Player Brand Portfolio Sales & Distribution Manufacturing Capacity

Network
Adani Wilmar Fortune, King’s, 85 depots and 5600 Refining capacity of over 16,285 MT per day, seed crushing
Bullet, Raag, Avsar distributors capacity of 8,525 MT per day. 10 Crushing units (9 of them
integrated with a refinery) and 28 refining units spread across
15-16 lakh outlets 10 states. 10 Port based refineries. Further integration of soya
(FY21) value added products at the Vidisha crushing unit. Food
capacities are mostly at the existing manufacturing facility
(i.e. refineries) and hence already integrated. Forward
integration into oleochemicals; margarine at Mundra &
Krishnapatnam-1 unit. 2 units of soya nugget, 1 soap unit at
Mundra. JV with Vishakha Polyfab Pvt Ltd., a large
manufacturer of poly films in India for pouch packing. JV with
KOG-KTV food products Pvt Ltd having plant at Tuticorin,
Tamil Nadu having capacity of 400 TPD and KTV Health
foods Pvt Ltd having 2 units at Gummidipoondi, Tamil Nadu,
having plant refining capacity at Unit 1 as 10,000 MT per
month and refining capacity at Unit 2 as 6,000 MT per month.
KOG KTV group is having known brands like SUNLAND
and ROOBINI. Company also has presence and operations in
Bangladesh through its subsidiaries – Bangladesh Edible Oil
Limited (BEOL). BEOL’s RUPCHANDA brand is the
leading edible oil brand in Bangladesh. BEOL is having 3
manufacturing units one in Rupshi, Narayanganj having
refining capacity of 600 TPD, one unit in Mongla having
refining capacity of 1,000 TPD and another integrated unit in
Bogra having capacity of Rice- 20,000 MT/month, Rice Bran
Oil - 2,400 MT/month.
Ruchi Soya Ruchi Gold, 100+ depots, 5 lakh Total 22 manufacturing units; Refining capacity of over
Mahakosh, Nutrela, outlets through 4,763 11,000 MT per day, seed crushing capacity of 11,000 MT per
Sunrich, Ruchi Star, distributors (FY21) day and packaging capacity of 10,000 MT per day. 6 port-
Soyumm, Tulsi based refineries, 3 standalone crushing plants, 8 integrated
crushing and refining plants, 1 refinery and vanaspati plant, 4
palm fruit crushing units with capacity of 3000 MT/day, and
3 Soya chunk units. Forward integration into oleochemicals, 1
unit as well as backward integration via oil palm plantation
Emami Agrotech Healthy & Tasty, Distribution network of 3 manufacturing capacity of approx. 6200 MT per day
Himani Best Choice ~ 4 lakh outlets (FY21)
GEF Freedom, First Klass 32 depots, 1,100 3 port-based plants - One plant at Krishnapatnam with a
distributors, ~2.3 lakh refining capacity of 1,100 MT per day and another plant at
retail outlet Kakinada with a refining capacity of 365 MT per day. A new
unit at Kakinada with refining capacity is 1,150 MT per day.
Cargill Nature Fresh, Gemini, - 3 refineries with a capacity of 3500 MT per day.
Sweekar, Leonardo
Olive Oil, Rath,
Sunflower
Bunge Chambal, Gagan, - 1,200 MT per day refinery at Kandla

Dalda, Hudson
Marico Saffola, Parachute ~5 lakh retail outlets (all Refining Capacity - 200 MT per day (India unit)
products) (FY 20)
Agro Tech Foods / Sundrop 4 lakh retail outlets

ConAgra Foods (edible oil and food
business) (FY 21)
Adani Wilmar has a comprehensive product portfolio across oil types catering to various price points. It has the widest
array of oils products in their portfolio which has been instrumental i4n building a national appeal and mitigating macro
110
environmental risk factors. Single brand catering to a particular price point, for example, Fortune for the premium segment
and Bullet for the popular segment, have optimized ad spends and aided brand recognition for Adani Wilmar.
Exhibit 17: Key Players - Presence across Edible Oil Species
Player Palm Oil Soybean Mustard Sunflower Cotton Groundnut Rice Blended Vanaspati
Oil Oil Oil seed Oil Oil Bran Oil Oils
Adani Wilmar ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Ruchi Soya ✓ ✓ ✓ ✓ ✓ ✓ ✓
Emami ✓ ✓ ✓ ✓ ✓ ✓ ✓
Cargill ✓ ✓ ✓ ✓ ✓
Bunge ✓ ✓ ✓ ✓ ✓ ✓ ✓
Marico ✓
Gemini ✓ ✓ ✓ ✓ ✓
Agro Tech Foods / ✓ ✓
ConAgra Foods
Key Trends and Growth Drivers
1. Low per capita Consumption suggests headroom for growth: India’s per capita consumption of edible oil is estimated
to be 16-17 kg per annum which is relatively low in comparison to world average of 24 kg per annum While Pakistan,
Bangladesh and China stand at 19 kg, 19 kg and 21.5 kg per annum respectively, the western world has an average of
40 kg per person per annum. The growing population and increasing per capita consumption will result in growth in
this category.
2. Policy push has led to the formalisation of the edible oil industry in India. In the pre-GST era, tax avoidance led to
the high share of cash sales and un-recorded sales of the category. Sales of loose oil through this route existed outside
the formal system. However, post-GST this has become untenable. Implementation of GST restricted loose and cash
sale.
3. The shifting mindset towards building a wider Food Portfolio business: Both regional and national oil brands
managed to grow their respective business by strengthening their market distribution abilities across all retail points.
These retail points include Kirana stores, convenience stores, organised retail chains, E-commerce etc. This access
allowed these oil brands to think about retail distribution as a competency that can be leveraged for thus providing
product extension opportunities. Product extension also optimizes the marketing cost. Many oil brands therefore have
an active and growing food portfolio comprising of staples and other processed food categories.
4. The competitive nature of the branded edible oil space- Usually formalization of a consumer consumption category
is accompanied by a growing share of the bigger brands. In the case of edible oils, however, the growth of branded
business has witnessed both the growth of all the brands and the rising share of regional brands in the overall branded
sales in the last five years. The mind-set shift towards branded play, regional supply chain and cost of distribution,
ability to address regional tastes and preferences have all contributed towards this trend. This bodes well for the
sustainable growth of the sector in the long term because increasing share of regional brands is indicative of wider
adoption of better practices across the sector, diffused threat from oligopolies, wider ability of the industry to undertake
innovation and capacity building in both Oil and contiguous food categories.
5. Growing ability to address rural and semi-urban demand: Rising share of branded oil business is also indicative of
the ability of the branded oil business to cater to rural and semi-urban demand. Both national and regional brands have
done so by introducing product SKU mix to address price sensitive rural demand and by strengthening retail
distribution in rural and semi-urban areas.
6. Emerging premium and health focussed segments: Exotic oils such as olive oil and canola oil and supplemented and
fortified varieties of pure and blended oils is an emerging segment positioned on health and wellness. All the keys
players are building their health and wellness portfolio in oils such as Marico’s Saffola, Ruchi Soya’s Nutrela Gold
focussing on heart health and Adani Wilmar’s Fortune Xpert Pro Immunity oil and Fortune Xpert Pro Sugar Conscious
oil. The Food Safety and Standards Authority India (FSSAI) would also be making fortification mandatory for edible
oil in near future. This policy push will accelerate the growth in the segment.
Specialty Fats and Oil Market in India
Specialty fats and oils are products with distinct characteristics and functional properties as compared to traditional fats
and oils. The category includes margarine and bakery shortenings, lauric fats, interesterified fats, high stability frying oils
111
and CBE (Cocoa Butter Equivalents). The customised properties of specialty oils and fats make them ideal for application
in bakeries, biscuit, confectionary and other snacks.
In FY20, the Indian specialty fats and oil industry size was estimate at 9 Lakhs MT and growing at a CAGR of ~8%.
Key Products Categories in Specialty Fats and Oils
Indian specialty fats and oil market is divided into popular fats, premium bakery fats, frying oils and confectionary fats.
Exhibit 18: Specialty Fats and Oils Market FY-2021 (by Volume)
Key Factors Driving Growth
Demand for high quality, safe and indulgent bakery and confectionery products is fuelling the sales growth of specialty
fats and oils. Specialty fats and oils have helped the industry players in launching new processed foods products with
superior quality and taste profiles.
The market has witnessed a strong demand for specialty fats like premium bakery fats, frying oils, and confectionary fats.
Growth in bakeries and confectionary market in India and increasing consumption of packaged food, biscuits and snacks
is driving the growth in the market.
Indian edible oil players like Adani Wilmar, Bunge, GEF, Emami Agrotech, 3F Industries are seeking to capitalize and
innovate on niche application areas in Specialty Fats and Oils. Adani Wilmar is one of the largest players in specialty fats
and oils with a focus on popular fats and confectionary/ lauric fats in the portfolio. The company has a market share of
17% in popular fats and approximately 50% share by volume in confectionary/lauric fats market in India
4. Overview of Key Segments in Packaged Food & Non-Food
4.1 Overview of Soya Products Market in India
Soya flour, a high protein flour, is produced from the soyabean extract being ground to flour after the oil has been extracted.
Soya flour can be further processed into textured soy protein (TSP). TSP is essentially soya flour which has been processed
and dried to give a substance with a sponge-like texture and is a good source of fibre and protein. It is prepared by
rehydrating with water or stock, after which it may be incorporated into recipes as a meat substitute or otherwise. TSP is
sold in chunk and granule form.
Other value added products amongst the by-production of soybean oil extraction are soya flour, lecithin and soya sauce.
These products are exported to Japan and Korea and are highly valued for their non GMO origin.
Indian Soya Chunk Retail Market
The size of the soya chunks retail market in India is estimated to be at INR 2000 Cr comprising both of branded and
unbranded segments with almost equal share in terms of value. The total market for branded soya chunks is INR 1,000 Cr
nationally with West Bengal having a market share of more than one third of total size.
Exhibit 19: Soya Chunks Retail Market in India (INR Cr)
112
3,422
2,000
1,180
FY 2015 FY 2020 FY 2025P
Exhibit 20: Share of Branded Soya chunks
FY 2015: INR 1,180 Cr FY 2020: INR 2,000 Cr FY 2025P: INR 3,422 Cr

50% 45%
56%
44% 50% 55%
Branded Unbranded Branded Unbranded Branded Unbranded
The growth in branded market is expected to outpace the growth of the overall category. With a CAGR of 14%, the market
estimated to be INR 1000 Cr in FY 2020 is expected to almost double itself in the coming 5 years.
Exhibit 21: Branded Soya Chunks Retail Market in India (INR Cr)
1,900
1,000
530
FY 2015 FY 2020 FY 2025P

The growth in soya chunks is led by the eastern and northern regions of India which contribute 80% sales to the total market
of soya chunks (branded and unbranded) as recipes such as soya chunks, dry soya granules bhurji, soya chaps, soya pulao
and many others have been a part of regular diet in these regions since the 1990s. Soya chunks provide an alternative to
cottage cheese in the north and to meat in the eastern region. Consumption in the western and southern regions has remained
relatively low and wider acceptance in these regions may require advocacy and integration with traditional recipes.
113
This category has been dominated by edible oil majors (soybean) who have an established infrastructure for soybean oilseed
crushing and refining. The key players in the soya chunk market include Ruchi Soya (Nutrela) and Adani Wilmar (Fortune).
Emami Agrotech and Marico has also recently ventured into soya chunks with their Healthy and Tasty and Saffola brands
respectively.
Exhibit 22: Market share of key players in branded soya chunks market (FY2020)
Source: Estimations based on Primary, Secondary Research
Key Growth Drivers for Branded Soya Chunks
1. Remarkable shift has been taking place from consumption of unbranded soya chunks to branded ones on
account of growth of modern retail and changing consumer preference due to quality assurance. Key edible oil majors
with established brands in edible oils are extending into this category. The brand association is aiding in an instant
offtake of soya chunks.
2. Entry of new players and private labels: In addition to new brands like Emami and Marico, there are retailers both
brick and mortar and e-commerce introducing private labels in this category. Bigbasket sells soya chunks and granules
under its umbrella brand BB Popular and BB Royal. Amazon also offers soya chunks under its private label Vedaka.
3. Positioned as protein-rich vegetarian food item: Soya chunks and granules have been positioned as a high protein
low-cost meat substitute. India has the highest number of vegetarians in the world, with more than 400 million people
identifying as vegetarian. Additionally, India is largely a protein deficient country with relatively lower per capita
consumption than the recommended values.
4.2 Overview of Packaged Wheat Flour Market in India
Indian Wheat Flour Retail Market
Before the late-90s, wheat flour (aata) was mainly or milled through local chakki mills in India. Even now, the wheat flour
market is largely dominated by local chakki mills in India. However the branded packaged wheat flour has emerged rapidly
in the country in the past fifteen years capitalizing on hygiene and convenience factors.
Wheat is the staple food for most Indians in the wheat growing areas (North and West India) and is consumed in the form
of chapattis or rotis (unleavened flat bread).
Wheat grain milled to flour form at home chakkis or small chakkis is referred to as unbranded form of wheat flour. This
unpackaged and unbranded form of wheat flour dominates the consumption in rural and semi-urban areas.
Exhibit 23: Wheat Flour Retail Market in India (INR Cr)
114
1,27,000
74,000
96,000
FY 2015 FY 2020 FY 2025P
Exhibit 24: Share of Branded Wheat Flour Market in India
FY 2015: INR 74,000 Cr FY 2020: INR 96,000 Cr
10% 15%
90% 85%
Branded Unbranded Branded Unbranded

The branded wheat flour is estimated to be at INR 14,500 Cr, growing at a CAGR of 15%, projected to double itself in the
coming 5 years. The growth opportunities in Indian packaged wheat flour market are attributed to overall mindset shift in
favour of packaged products, growing urbanization and associated convenience factors. It is primarily an urban play.
Exhibit 25: Branded Wheat Flour Retail Market in India (INR Cr)
29,000
14,500
7,400
FY 2015 FY 2020 FY 2025P
Northern and western states account for almost 70% of the total consumption of the branded wheat flour. This consumption
trend mirrors the overall consumption of wheat flour as southern and eastern states are primarily rice consuming regions.
115
While Aashirvaad has maintained its leadership position with almost 40% market share, other national brands such as
Fortune, Patanjali, Pillsbury, Nature Fresh, Annapurna, and more than 500 regional brands and private label brands together
form the branded market. A large number of players having distinctive brands and product quality have created intensified
competition in this space.
Exhibit 26: Market share of key players in branded wheat flour market (FY2020)
Market Share of Key Brands FY 2020

INR 14,500 Cr
Source: Estimations based on Annual Reports
Pan India brands like Fortune, Pillsbury, Annapurna, Patanjali, Nature Fresh together contribute 15% of the branded wheat
flour market. Adani Wilmar introduced wheat flour under its brand Fortune in 2017. The regional players comprising of
44% of the market include Shakti Bhog, Samrat, Rajdhani, Silver Coin amongst many others.
The following table sets for the packaged atta market share of the brands of Adani Wilmar as of March 31, 2021 (Source:
Fortune 3.4%
First Choice 0.1%
Total 3.5%
The following table sets forth the brand ranking in the packaged atta segment as of March 31, 2021 (Source: Nielsen Retail

Fortune 3.4% #2
Key Growth Drivers
1. Transition from chakkis to packaged products has been consistent due to rapidly growing urbanization, smaller house
sizes and the associated convenience factors such as lack of storage of wheat in bulk, lack of resources to process the
grains at household levels, along with perceived high quality of packaged wheat flour. In addition, the growing
numbers of working women and their inclination towards the convenient food products is aiding the growth in this
transition.
2. Emerging varieties positioned around health driving premiums: Health has become the new frontier for all packaged
food categories exhibiting faster growth than that of the overall category. Mirroring the trend, the introduction of new
variants in the health and wellness segment such as multigrain, low carb, sugar release control, high fibre, high protein,
and fortified wheat flour varieties is aiding the growth of the packaged wheat flour market.
116
4.3 Overview of Packaged Rice Market in India
Exhibit 27: Rice Retail Market in India (INR Cr)
1,53,700
1,30,000
1,10,500
FY 2015 FY 2020 FY 2025P
Exhibit 28: Share of Branded Rice in India
FY 2015: INR 1,10,500 Cr FY 2020: INR 1,30,000 Cr FY 2025P: INR 1,53,700 Cr
9% 12% 14%
91% 88% 86%

India packaged rice market is estimated to be INR 15,000 Cr in FY 2020 and is projected to grow at a CAGR of ~7.5% to
reach INR 21,500 Cr in FY 2025 on the back of growing urban population and rising demand for fine quality products.
Moreover, growing per capita income is further contributing to the growing demand for packaged rice. Additionally,
packaged rice players are expanding their product portfolio to include a variety of rice such as brown rice, rice for diabetic
patients, organic rice which is further anticipated to push demand for packaged rice in urban centres over the coming years.
Exhibit 29: Branded Rice Retail Market in India (INR Cr)
7,500
5,000
3,400
14,000
10,000
7,100
FY 2015 FY 2020 FY 2025P
Non-basmati Basmati
117
While 50% of the basmati rice consumed domestically is branded in terms of volume, the non-basmati rice available for
retail is largely unbranded. Branded play in this category was started by exporters dealing in basmati rice who leveraged
their supply chain capabilities to introduce products for the Indian market in the premium basmati segment. As the market
transitioned in favour of packaged products, they widened their portfolio by adding varieties preferred in India. The branded
segment is dominated by strong national players offering basmati rice. The non-basmati branded segment is largely driven
by private labels of retailers.
Exhibit 30: Market share of key players in branded rice market (FY2020)
Source: Estimations based on Annual Reports, Secondary Research
Key players in the branded rice segment are KRBL, LT Foods, Kohinoor Foods, Amir Chand Jagdish Kumar Export,
Sarveshwar Food, Misthann Foods, Adani Wilmar, Amira Pure Foods, Dunar foods amongst others. The domestic brand
portfolio of KRBL, LT Foodsalong with Adani Wilmar contributes almost 40% to the total branded segment in rice with
leading brands India Gate, Dawaat, and Fortune. In India, the total basmati rice consumption is estimated to be in the range
of 2 Mn MT annually and India Gate, Daawat, and Fortune are well placed in this segment. Since domestic portfolio of the
key players is largely focussed on basmati rice, it is estimated that these players account for 60% branded basmati sales in
India. Within basmati, edible oil major Adani Wilmar has gained a market share of close to 10% in FY 2020.
The following table sets forth the ranking in the packaged basmati rice segment as of March 31, 2021 (Source: Nielsen
Retail Index – MAT March 2021):

Fortune 6.6% #3
Key Growth Drivers and Trends
Demographic changes favouring packaged staples: Rapid urbanisation and increasing household incomes has caused the
overall shift in favour of packaged food. Time paucity, convenience, quality and hygiene factors are the key consideration
of the city dwelling consumers which have encouraged this shift. Rice like most other staples which were largely sold in
the loose form is transitioning towards branded play.
Demand for high value products: Branded play is largely dominated by high value basmati rice. As demand for premium
food products has been exhibiting significant growth especially in Tier I and II cities, basmati rice mirrors that trend and
which was once perceived as luxury is now gaining acceptance.
New Entrants and Private Labels: Private labels of brick-and-mortar stores and e-commerce platforms are not only making
packaged rice available across price segments but also building a portfolio considering regional preferences and niche
requirements. National players like Adani Wilmar with well oiled distribution system are also aiding the category growth
by expanding the retail coverage of the category.
118
4.5 Overview of Packaged Pulses Market in India
Pulses form an indispensable form of Indian cuisine. A significant share of the Indian population are vegetarians and pulses
represent the main source of proteins in their diets. India’s large consumer base also represents a major driver for the pulses
market. Additionally, apart from being the staple food for people, pulses have found applications in the food processing
industry.
Exhibit 31: Pulses Retail Market in India (INR Cr)
1,77,000
1,28,000 1,50,000
FY 2015 FY 2020 FY 2025P
Exhibit 32: Share of Branded Pulses Market in India (FY2020)
FY 2015: INR 1,28,000 Cr FY 2020: INR 1,50,000 Cr FY 2025P: INR 1,77,000Cr
5% 6% 7%
95% 94% 93%
Exhibit 33: Branded Pulse Retail Market in India (INR Cr)
12,000
8,500
6,000
FY 2015 FY 2020 FY 2025P

The share of branded products in pulses stands lower as compared to other that of other staples such as wheat flour, rice
and oils. While the pace of transition has been slow, the overall shift of mind set towards packaged products coupled with
the interest of national players is expected to accelerate this growth. While national players like Tata with its brand
Sampann and Adani with its Brand Fortune are new entrants, most other brands are region focussed thereby making the
category fragmented. Mahindra Agri Solutions, a wholly owned subsidiary of M&M, also launched branded pulses under
NuPro brand. However, their distribution remained limited to Mumbai. The regional players benefit from the advantage of
119
limiting their portfolio to the types of pulses regionally preferred and a well-entrenched distribution network in their
regions.
Growth Drivers
Demographic changes favouring packaged staples: Rapid urbanisation and increasing household incomes has caused the
overall shift in favour of packaged food. Time paucity, convenience, quality and hygiene factors are the key consideration
of the city dwelling consumers which have also encouraged this shift. Pulses like most other staples which were largely
sold in the loose form are transitioning towards branded play.
Demand growth of premium products: Awareness about unpolished pulses and its health benefits is also favouring the
shift to brands like Tata Sampann, Mahindra’s NuPro and Adani Wilmar’s Fortune who are offering and advocating
unpolished pulses.
Private labels and regional brands: Proliferation of regional brands and growth of private labels introduced by modern
retail formats including e-commerce is lending impetus to the growth of packaged pulses. Staples such as pulses, sugar,
spices present a good opportunity for modern retailers to develop private labels for due to the limited branded play and
thereby limited brand association in these categories.
Impact of COVID-19: The pandemic has accelerated the demand of packaged food not only for food safety and hygiene
perception but also the advantage that packaged food can be conveniently delivered at the doorstep.
4.6 Overview of Packaged Besan (Bengal Gram Flour) in India
Besan (Bengal gram flour) is a milled product obtained out of Bengal gram. It is widely used in Indian cooking and is an
important ingredient for the HoReCa segment and savoury snack manufacturers (namkeens). With a monthly consumption
of 500-750 grams per household, it is estimated to be around INR 27,000 Cr in FY 2020. Expected to grow at a rate of 6%,
it is poised to register INR 36,000 Cr market by FY 2025. Out of 10 Mn MT Bengal gram produced in India, almost 40-
50% is milled into the flour form. While it remained largely unbranded until a few years ago, the transition of this unbranded
market to branded play is now outpacing the growth of the overall category. Growth of modern retail and preferences
changing in favour of packaged food has been driving growth in this category.
Exhibit 34: Bengal Gram Flour Retail Market in India (INR Cr)
36,000
20,000 27,000
FY 2015 FY 2020 FY 2025P
Exhibit 35: Share of Branded Bengal Gram Flour in India
120
FY 2015: INR 20,000 Cr FY 2020: INR 27,000 Cr FY 2025P: INR 36,000 Cr
13% 82% 18% 77%

87% 23%

Exhibit 36: Branded Bengal Gram Flour Market in India (INR Cr)
8,200
4,750
2,700
FY 2015 FY 2020 FY 2025P

While initially branded product was offered by regional millers such as Rajdhani and Ganesh, now there are national
players like Tata, Patanjali, Adani Wilmar who have stepped into it with Adani Wilmar becoming the largest processor of
the flour and one of the largest in the branded market with a market share of 8%. However, it continues to be largely
fragmented and dotted with many regional players. While transitioning mind-set towards packaged play has encouraged
the mushrooming of these brands, their limited supply chain and distribution strength and weak branding has kept their
growth restricted to their regional sphere of influence. Brand agnosticism in this category has encouraged retailers like Big
Bazaar, Spencer’s, D-Mart to develop a range of their private labels, a trend which continues with E-grocers such as
Bigbasket and Grofers.
4.7 Overview of Ready to Cook & Ready to Eat Segment in India
Food products that need some preparation, such as addition of additional ingredients and limited cooking before
consumption, fall under the RTC category, while the RTE category comprises packaged food items that are ready for
consumption as is or post heating/ addition of hot water. Ready to Cook includes products such as dessert mixes, snack
mixes, breakfast mixes, curry making enablers, gravy mix and masala mixes, frozen snacks. Ready to Eat primarily
comprises of curries, traditional breads, rice delicacies, snacks such as poha, upma and desserts.
The market for both the segments put together is estimated to be approximately INR 4,200 Cr in FY 2020 and is expected
to grow at a high CAGR of 16% doubling itself by FY 2025.
Rapid urbanization, family nuclearization and time paucity due to women joining the workforce are key reasons driving
the growth of these categories. The key customer groups for these products are working women, youngsters staying away
from family for study or work, and overseas travellers. Indian diaspora in other countries has also created an export
opportunity for the players. Most players in these categories derive a significant share of revenue from exports to retailers
in the US and the UK such as Walmart, Tesco and Costco.
COVID-19 has also impacted the growth of this category in a positive manner. With people working from home and
consumers seeking convenient food options, the ready-to-eat (RTE) and ready-to-cook (RTC) categories have been
witnessing growth. The renewed interest in these categories has also been fuelled by the decline in out-of-home
consumption of food.
121
Exhibit 37: RTE/RTC Retail Market in India (INR Cr)
2,500
RTE
RTC
1,220 6,400
500 3,000
1,100
FY 2015 FY 2020 FY 2025P
Ready to Eat foods is dominated by branded players with more than 90% of share. RTE products are also export-oriented
as there is greater demand for such products among NRIs. The key players in this segment are ITC, MTR, Gits, Haldiram’s,
Kohinoor amongst others.
North India is the leading market for RTC products followed by the West and South India. This category is dominated by
players like ITC, MTR, Gits and Maiyas, with a combined share of more than 50%. Remaining market is distributed evenly
between players like Mother’s recipe, Priya, Tops, Parampara and other smaller and regional players. Product segments
like gravy and curry mixes, dessert mixes (gulab jamun, kheer, cake) and breakfast mixes (upma, poha, idli, dosa, dhokla)
dominate the RTC market.
With innovation as the central focus, the RTC market has seen the entry of companies such as Jubilant FoodWorks, Veeba
Foods, Adani Wilmar, Licious and Cure.fit. Amul, too, has forayed into the RTC segment, while expanding its RTE
portfolio. Meanwhile, Adani Wilmar has also launched ready-to-cook khichdi in the market.
4.8 Overview of Personal Care Market in India
Personal care market in India is estimated to be ~INR 69,000 Cr in FY 2020 and is expected to become ~INR 95,000 Cr
by FY 2025 growing at a steady growth rate of 8%. The growth has been aided by rising disposable income, growing body
image consciousness, introduction of new products, premiumization and growing niches.
Bath and shower including soap bars, liquid soaps, body washes and body additives is the largest category within personal
care contributing a share of 26% in the segment. Bath and shower market is estimated to be around INR 17,850 Cr in FY
2020 and expected to grow at a steady rate of 8% to cross INR 26,000 Cr in FY 2025. Within bath and shower, soap bars
contribute a large share of close to 90%.
Exhibit 38: Bath and Shower Market in India (INR Cr)
26,100
12,200 17,850
FY 2015 FY 2020 FY 2025P
122
Hindustan Unilever, Reckitt Benckiser, Wipro, Godrej and ITC dominate the bath and shower market with a combined
share of 70% followed by a long tail of smaller players. Adani Wilmar had forayed into the personal care category with
the launch of soap under the brand name Alife in 2019 followed by adding liquid handwashes and sanitizers in 2020.
Growth Drivers
Demographic factors: Factors like growing disposable income, increasing urbanisation, growing awareness about personal
hygiene and health, surging brand awareness have impacted the consumption pattern of bath and shower products resulting
in over 98% penetration in Indian households. While soaps are widely adopted, their per capita consumption remains
around 500 gramme per annum indication headroom for growth in both volume and value terms.
Premiumization: A consistently growing demand for premium products has been witnessed, aiding the value growth of
the market. Players have been introducing body wash and liquid hand soaps pitching them as improved products.
Consumer’s demand for natural products is increasing as an alternative for chemical-based products.
Impact of COVID-19: As COVID-19 persists, the key prescribed preventive care by healthcare experts and government
bodies is to wash and sanitise hands frequently thereby boosting the demand for bath and shower product.
5. Indian Market for Castor Oil & Derivatives
Castor oil is a multi-purpose vegetable oil obtained from castor found mainly in tropical areas of Africa and Asia. India is
the single largest producer of castor seeds and accounts for 85% of the total global castor oil-seeds production, followed
by China and Brazil.
Exhibit 39: Global Castor Oil-seed Production (Production in ‘000’ Tonnes)
Countries Crop Year 2016-17 Crop Year 2017-18 Crop Year 2018-19
Production Share Production Share Production Share
(‘000 Tonnes) (‘000 Tonnes) (‘000 Tonnes)
India 1376 87.3% 1567 88.8% 1197 85.0%
China 32 2.0% 27 1.5% 36 2.6%
Brazil 13 0.9% 14 0.8% 16 1.2%
Others 155 9.8% 157 8.9% 158 11.2%
Total Production 1577 1765 1408
Source: FAO Statics, Technopak Research
Indian production of the castor crop saw a dip in the year 2018-19 due to shortage of water in Gujarat and Rajasthan.
However, the production of castor oilseed recovered in 2019-20 and year 2020-21 with strong production of 19,52,000
Tonnes and 19,02,000 Tonnes respectively
India has cemented its position as the leading castor producing nation as the total castor oil-seed production in India reached
at 19,52,000 Tonnes in year 2019-20, an increase of 70% YOY. The total production in the country is projected to grow of
on the back of increasing consumption of castor oil and castor oil derivatives by end-use industries for the manufacturing
of plastics, lubricants, coatings, skincare, hair care, and medicinal products.
Castor seed are primarily used for oil extraction. Almost 90% of the production in 2019-20 was processed to extract oil
during the year, ~1% castor oilseeds got exported, the other 8-9% is stored and traded by castor farmers and castor oil
producers in year 2019-2020 compensating for the inventory shortfall in the previous year. In FY2020, Indian players
extracted an estimated 8,25,000 MT of castor oil. The castor oil production in India is estimated to grow at a CAGR of 7%
in the coming 5 years.
123
Exhibit 40: Indian Castor Oil Production (Tonnes per Annum)
11,60,000
8,25,000
6,50,000
FY 2015 FY 2020 FY 2025P

Exhibit 41: Indian Castor Oil Production (INR Millions)
1,29,108
87,450
50,245
FY 2015 FY 2020 FY 2025P

Source: Technopak Research, based on estimations
India is the largest manufacturer and exporter of castor oil in the world and is responsible for 88% of total global exports.
The major trading partners in this sector are China, Europe, Thailand, Japan and USA. China has been one of the biggest
importers for castor oil due to its demand for sebacic acid (a basic industrial chemical compound) which is developed from
castor oil.
Customer Segments for Castor Oil
Castor oil and its derivatives have applications in the manufacturing of soaps, lubricants, hydraulic & brake fluids, paints,
dyes, coatings, inks, cold resistant plastics, waxes & polishes, nylon, pharmaceuticals and perfumes. Castor meal/cake, the
by-product of the oil extraction process is mainly used as fertiliser.
India is the largest producer of castor oil fulfilling a large share of the world’s industrial demand. India produced 8,25,000
MT of castor oil in FY2020. A large share (75%) of total castor oil produced in India is exported to global clients like
Arkema, BASF, Henkel, Total, Reckitt Benckiser, Akzo Nobel, Clariant for various industrial applications.
Manufacturers of castor oil derivatives based in India consume 20%of the total castor oil produced in the country and
convert it into derivatives like 12 – Hydroxy stearic Acid (12HSA), Ricinoleic Acid (RA), Sabacic Acid to fulfil the demand
of the global market.
Indian companies consume 5% of the total castor oil produced in the country. Major clients for the castor oil in India are
manufacturing facilities. These companies procure castor oil directly from major oil extractors like Adani Wilmar, Jayant
Agro and Gokul Agri and account for large portion of Indian castor oil consumption.
Key Customer Segments for Castor oil and Derivatives
Castor seed and its derivatives in India are mainly consumed in cosmetic industry, pharmaceutical industry, plastics
manufacturing, lubricants, paint and printing ink.
India is the largest producer of castor oil. Many players in India have indigenous technologies to manufacture castor oil
derivatives. The large producers are currently producing multiple industrial derivatives except sebacic acid, which has
witnessed a limited production capability in India. China has a dominant position in production of sebacic acid.
124
Castor oils can be classified as basic or Generation I products. These are commoditised products with low value addition,
low profit margins and involve basic manufacturing processes. Generation II and III products are value-added products
involving complex manufacturing processes.
The main product derived from castor oil with use in Industry are Hydrogenated castor oil (HCO), 12- Hydroxy Steric Acid
(12-HSA), Dimer Acid, Ricinoleic Acid (RA) and Sebacic Acid. They have several uses majorly in the manufacturing of
soaps, lubricants, hydraulic & brake fluids, paints, dyes, coatings, inks, cold resistant plastics, waxes & polishes,
pharmaceuticals and perfumes.
Value Chain
Castor seed supply chain operates through aggregators with help of various intermediaries referred to as traders,
wholesalers or agents.
Large players are directly connected with the aggregators in the market. These aggregators procure castor oilseeds from
local farmers at fair prices which helps in keeping the procurement cost low for the company. Small players procure
through traders in the wholesale market.
Castor oil and derivatives are used as inputs in cosmetic, pharmaceuticals, paints and various other industries. Indian
players like Adani Wilmar, Jayant Agro, and Gokul Agri supply castor oil and derivatives directly to players in consuming
industries. A smaller share of castor oil and derivatives are traded through intermediaries, traders and suppliers.
Raw Material Sourcing
India is the largest manufacturers and exporter of castor oil in the world and is responsible for ~88% of total global exports
of castor oil. In India, state of Gujarat is the main castor oil producing state accounting for approximately 85% of the total
domestic production, followed by Rajasthan (12%) and Andhra Pradesh (~1%).
Large castor oil and castor derivatives producers procure castor oilseeds from the market through established procurement
partners/aggregators, contract farmers and a set of Intermediaries and traders
Gujarat being the largest producer of castor is also the home to castor oil and derivative manufacturing and oil processing
companies like Adani Wilmar, Jayant Agro, N.K. Industries amongst others. These players have an advantage over other
castor oil processors due to easy availability of castor in the region, low transportation cost and access to logistics for
finished products through seaports in the area.
Some of the prominent players in the manufacturing of castor oil and derivatives include:
Adani Wilmar: Adani Wilmar, one of the largest vegetable oil refining companies in India acquired its first castor oil
plant in 2008 with a capacity of 600 metric tonnes per day (MT/Day). The company further expanded its capacity by 500
MT/Day through a new facility in Mundra plant.
The company has gradually moved to a position of prominence in the castor oil and derivative business after adding low
moisture oil production facility and introduction of pharma grade castor oil. The company is currently the largest exporter
of castor oil, castor oil derivatives and castor meal from India.
Adani Wilmar is a global company in castor oil and derivatives and currently the only company with storage facilities
outside India. They have one storage facility for castor oil in Rotterdam, Netherlands to cater to the demand of Northern
Europe and one facility in Marseille, France to cater to the demand of Southern Europe. The company also has a storage
facility for castor derivatives at Meer in Belgium. The company is currently exploring distribution opportunities in other
major castor consuming nations.
The company is a major player in castor oil derivatives like Hydrogenated Castor Oil (HCO), 12-hydroxystearic acid
(12HSA) and Ricinoleic acid. Currently the company is exploring the possibility of expanding the capacity of the existing
products and start manufacturing new derivatives including Sebacic Acid. Sebacic acid is most widely used derivative of
castor oil.
Adani Wilmar is the largest exporter of castor oil and derivative from India with a market share of 25-26% in overall castor
oil exports with strong presence in international market through global operations. Wilmar International, a promoter entity
for Adani Wilmar is the global market leader in palm oil, oleochemicals and derivatives. Wilmar International has a
manufacturing capacity of Sebacic acid in China.
125
Jayant Agro Group: Jayant Agro Group is a major player in castor oil. The company has two joint ventures - Ihsedu
Agrochem and Vithal Castor Polyols. Ihsedu Agrochem is a JV with Arkema, a global chemical company and focuses on
manufacturing industrial and specialty grades of castor oil. Vithal Castor Polyols is an Indo-Japanese-Korean joint venture
between Jayant Agro-Organics Ltd., MCNS (Mitsui Chemicals Inc. & SKC Polyurethanes), and Itoh Oil Chemical with
focus on manufacturing castor oil-based bio-polyols having applications in automobiles, furniture and packaging.
Jayant Agro has a wide range of castor oil-based chemicals and specialty chemicals. They have a castor oil manufacturing
unit in Palanpur, Gujarat and castor oil derivatives manufacturing unit in Baroda, Gujarat. Jayant manufactures castor oil,
blown castor oil, dehydrated castor oil, hydrogenated castor oil and 12-Hydroxy stearic acid.
Gokul Agro Group: Gokul Agro is based in Gandhidham, Gujarat, the company has a portfolio of edible oils with products
such as soya bean oil, cottonseed oil, palm oil (palmolein), sunflower oil, groundnut oil and vanaspati oil. It is also a major
player in castor oil and castor-based derivates. The company has its manufacturing unit in Kandla, Gujarat. Gokul has a
castor oil refining capacity of 250 MT/Day, hydrogenation plant manufacturing capacity of 110 MT/Day and derivative
plant manufacturing capacity of 80 MT/Day.
Exhibit 42: Key Castor Oil Exporters from India – Market Shares (By Volume)
Source: Secondary research, Primary research & Estimation based on Technopak Research
Growth Drivers
1. Value addition: Value added products of castor oil are used in various industrial applications. China accounted for the
highest consumption of castor oil and derivatives due to the gradual expansion of its downstream industries in value
added product line such as Sebacic acid, a feedstock for the production of bio-polymers. Indian producers are exploring
opportunities for production of value-added products like Sebacic acid.
2. New Applications in green Products: Castor oil is an essential bio-based raw material which makes it ideal for
various industrial applications. Demand of castor oil is expected to rise in future as a potential alternative to petroleum-
based chemicals.
3. Agriculture Reforms: Government of India introduced reforms in the agriculture sector in July 2020. The reforms are
accepted and implemented in Gujarat which is a key castor producing state in India. These laws seek to change the
way marketing, procurement and storage of agricultural products is done in India.
Future Outlook
Castor oil is an essential bio-based raw material which makes it ideal for various industrial applications. Castor based
products offer a significant opportunity for oil extracting companies and oleochemical manufacturers. India is the largest
castor oilseed producer in the world. Demand of castor oil is expected to rise in future as a potential alternative to
petroleum-based chemicals. With increasing demand for castor oil and castor oil derivatives, Indian players are expected
to witness growth in demand.
Indian players are also exploring opportunities in castor derivatives and other value added products, Castor derivatives are
used as raw material in the production of chemicals, which are further used to produce specialty soaps, industrial plastics,
surfactants, cosmetics, and personal care products, surface coatings, pharmaceuticals, greases and lubricants, specialty
rubber, and plasticizers. Mounting demand for organic and natural personal care and cosmetic products is projected to
positively influence the production of organic castor oil, thus, contributing to the growth.
126
6. Export Market Overview
6.1 Global Edible Oil Export and Import Market
Global export of edible oils has been stable in the period CY 2015-19. Palm oil is the biggest component of the total
international market and has a share of ~43% in international Trade.
The oil exports from India forms a very small share of international trade (~0.1%). However, India is one the biggest
importer of oil with a share of ~14.4% in oil imports.
Exhibit 43: Global Vegetable Oil Export (USD Bn.) Exhibit 44: Indian Vegetable Oil Import (USD Bn)
65.4 73.9
10.5
9.6
2015 2019 2014 2019

World edible oil market is dominated by palm oil, sunflower and soybean oil. Global export of crude palm oil stood at
14,442 thousand tonnes in CY 2019. Other edible oils such as crude sunflower oil, crude soybean oil exports stood at
12,873 and 10,617 thousand tonnes respectively. Castor oil, an oil used in industrial application and extracted majorly in
India has a world exports market of 662 thousand tonnes.
Export of crude palm oil varies according to production and global demand. In 2016, export was as low as 11,875 thousand
tonnes and in 2017, it was as high as 21,063 thousand tonnes. On the other hand, export of crude sunflower oil has been
on a constant rise from 2015. In 2015, exported volume of crude sunflower oil was 6,534 thousand tonnes and it grew at a
CAGR of 18% over last 5 years to reach 12,873 thousand tonnes in 2019.
India’s Vegetable Oil Export and Import Market
India is a large importer of edible oil. Indian imports contribute 46% to the total export of crude palm oil. Similarly 19%
of crude sunflower oil, 30% of crude soybean oil and 8.6% of palm oil and its fractions is imported by India.
Predominantly Indian players are net importers of oil, with crude soybean oil being imported from Argentina and Brazil,
sunflower oil from Ukraine and palm oil from Indonesia and Malaysia. Adani Wilmar, Emami Agro and Ruchi Soya are
few of the largest importers of edible crude oil in India. Adani Wilmar is India’s largest importer of crude edible oil with
almost 20% share in the overall crude edible oil imports. Large Indian importers and oil processors have high bargaining
power and are capable of sourcing better quality oils from suppliers on favourable commercial terms.
Exhibit 45: India’s Vegetable Oil Export and Import Market (CY 2019)
Vegetable Oil and its fractions CY 2019 ('000 Tonnes)

35,965
14,442 12,873 10,617

6,635 3,136 3,098
- 1 2,439 1 0
Crude Palm Oil Crude Sunflower or Crude Soybean Oil Palm Oil and its fractions
Safflower Oil
World Export India's Export India's Import
6.2 Global Castor Oil Export and Import Market
Global export of Castor Oils has grown with a CAGR of 4% in value terms during the period CY 2015-19. India is one the
biggest exporter of Castor oil with a share of 88% in global castor oil market. Castor oil, an oil used in industrial application,
is extracted majorly in India and has a world exports market of 662 thousand tonnes.
127
India’s Castor Oil Export and Import Market
Castor oil, an industrial oil used in the manufacturing of castor oil derivatives, a key input in various industries is majorly
exported from India. Gujarat is the largest producer of castor oil seeds and castor oil in the world. India on back of strong
production in Gujarat is the largest exporter of castor oil and its fractions contributing 88% of global exports.
Exhibit 46: India’s Castor Oil Import and Export (000’ Tonnes)
Castor Oil and its fractions

622 547
Castor Oil and its fractions

Key Markets for Indian Castor Oil Exports
India is a major exporter of Castor oil and its fractions. Indian exports 88% of the total global exports of castor oil and has
seen a growh in the price realization of oil, due to strong demand. In CY 2019, India exported 547 thousand tonnes of
castor oil with a value of USD 857 Mn. China was the biggest export market for Indian castor oil producers. India exported
44% of its total exports in terms of volume to China. Exports to Netherlands contirbuted 16% and United States of America
contributed 10% of total Indian exports of castor oil by volume.
6.3 Global Oleochemical Export and Import Market

World oleochemical market is dominated by Stearic Acid, Oleic Acid, Soap Noodles, and Glycerol. In CY2019 global
export of Steric Acid and Soap noodles was 1,242 thousand tonnes 1,731 thousand tonnes respectively. Exports of other
oleochemicals such as Oleic Acid and Glycerol was 371 and 1966 thousand tonnes respectively.
India’s Oleochemical Export and Import Market
India is largely an importer of oleochemiclas due to higher production in Indonesia and Malaysia and commoditised nature
of the product. Malaysia and Indonesia together export ~57% of the total exports of key oleochemicals. India imports a
~5.6% of the total export to meet its domestic demand for the products.
Indian exports a vey small share of the global exports, making India a net importer of oleochemicals. India exports majorly
to its neighbouring countries and middle eastern nations and forms a very small share of their import demands.
Exhibit 47: India’s Oleochemical Import -Export (In 000’ Tonnes)
Oleochemicals
1,966
1,731
1,242
181 371
8 2 25 12 51 3 39
Stearic Acid Oleic Acid Soap noodles Glycerol
Key Growth Drivers, Trends and Challenges in Exports of Oleochemicals
1) Oleochemicals replacing petrochemical products over environmental concerns:
Oleochemicals are derived from natural fats and oils that can be used as raw materials or as supplemental materials in
a variety of industries. Oleochemicals can be used as a substitute for petroleum-based products known as
petrochemicals. Disposal of petrochemicals is a challenge and can create several health and environmental hazards
presenting strong incentive to produce lubricants which are bio-degradable. Some major companies are working
towards building a bio lubricant-based product portfolio e.g. Cargill has developed an electrical insulation fluid based
fully on soybean oil.
128
2) Inverse Duty Structure on Oleochemicals Making Indian Exports Uncompetitive:
The imports of Crude Palm Oil (CPO), a key raw material in manufacturing of oleochemicals attracts a basic Import
tax of 15% and 17.5% cess, while oleochemicals attract an import duty of ranging from 0% to 7.5%. The high duty on
imports of raw materials leads to high cost of production of oleochemicals in India, making Indian exports
uncompetitive in the international market.
Key Growth Drivers, Trends and Challenges in Import of Oleochemicals
1) COVID-19 pandemic induced personal care demand increases oleochemicals consumption:
Oleochemicals are used in a broad range of products and industries across industrial products, lubricants, additives for
plastics, rubber and paper production etc. However, its major use in personal care products like soaps, lotions,
cosmetics and deodorant led to the rise in demand after increased need for cleaning products, disinfectants and
sanitisers amidst the Covid-19, the consumption of oleochemicals is projected to remain elevated due to increased
consumer focus on personal hygiene.
2) Increased import tax on Crude Palm Oil (CPO) likely to increase competition for Indian manufacturers:
India had imposed higher tax on import of palm oil in last quarter of FY 2021. India decreased the basic import tax on
crude palm oil by 12.5% but imposed a cess of 17.5%, effectively attracting a tax rate of 35.75%. Government of India
stated that the cess would provide resources for ‘an immediate need to improve agricultural infrastructure’. However,
CPO is an important raw material for the oleochemical industry and an increase in CPO prices may lead to tough
competition for Indian manufacturers and increase import market share in the country.
6.4 Global Staples Export and Import Market
World staples market is dominated by food grains. Wheat is the most traded food grains followed by maize and rice. In CY
2019, global export of wheat and maize was 181 million tonnes and 186 million tonnes respectively. Export of other major
food grains such rice was 44 million tonnes for the same period.
Gram & pulses are a key source of protein for Indian consumer and form a large portion of Indian consumer food basket.
In CY2019, global export of gram & pulses was 17.7 million tonnes, India being a key importer.
India’s Staples Export and Import Market
India is one of the biggest rice exporters in the world, having a share of 22% in the world rice exports. Share of India in
imports and export of wheat and maize is less than 1%, making India a small market for global wheat.
In gram & pulses, India is an import dependent country, India imports ~18% of the total gram & pulses export in the world.
Exhibit 48: India’s Staple Import -Export (In 000’ Tonnes)
Staples
1,86,594 1,81,619
44,330 17,769 204 3,218

9,819 6 379 312 190 2
Rice Maize Wheat Gram & Pulses

Key Markets for Indian Staples Exports and Imports
Rice
Share of Indian exports in global trade of rice is high at almost 22% of the global exports making India the largest exporter
in the world. Other major exporters are Vietnam, Thailand and Pakistan.
In CY 2019, India exported 9,819 thousand tonnes of rice with a value of USD 6.80 Bn. Middle eastern countries like Iran,
Saudi Arabia and Iraq are the major customers for Indian rice exports.
Basmati rice accounts for nearly 63% of the total Indian rice exports by value and ~40% by volume.
129
Key Growth Drivers, Trends and Challenges in Exports of Staples
1) Continuous rising demand for basmati rice in the global market:
Though, Asia Pacific is the leading producer of rice, basmati rice is primarily cultivated in India and Pakistan. The
strengthening exports of basmati rice from India is a result of continuously increasing demand of Middle eastern
nations and increase in prices that have been taking place over the last five years. Haryana, Punjab, Himachal Pradesh,
Uttarakhand, Uttar Pradesh, Jammu and Kashmir, and Delhi are the major basmati rice producing states in India. The
steady increase in imports from Saudi Arabia and Iran is driving the rise of Indian exports of basmati rice.
7. Oleochemical Industry in India
Oleochemicals are chemicals manufactured through the organic route by using vegetable oils and derivatives. These
chemicals offer a unique proposition of performance enhancers/accelerators while at the same time they are also
environmentally friendly. Oleochemicals are manufactured from oils and by-products of oil refining and provide profitable
product expansion opportunity to vegetable oil processors and refiners.
In FY20, the Indian oleochemicals industry size was estimate at 16 Lakhs MT and growing at a CAGR of 5.9%.
Exhibit 49: Oleochemicals Market in India (Tonnes per Annum)
21,31,000
16,00,000
12,65,000
FY 2015 FY 2020 FY 2025P
Oleochemicals are industrially produced chemicals, derived from animal fat or vegetable oils. Since they are safer for
human use compared to conventional petrochemicals products, various end-user industries such as those engaged in
manufacturing of personal care products, detergents, soaps, and agro-chemicals are substituting their requirements for
petrochemicals with oleochemicals.
Traditionally, oleochemicals have been used for applications such as surfactants, personal care, soaps and detergents and
food additives. However, various new applications of oleochemicals such as bio-lubricants, biopolymers, and
biosurfactants are emerging and replacements of petroleum-based products are creating exciting growth opportunities for
oleochemical manufacturers.
Indonesia and Malaysia are the major producers of base products for oleochemicals. While Asia Pacific is the largest
consuming region, it is also the largest producer region of oleochemicals and has the major share in the global production.
The large share is attributed to the rapid expansion of the end-use industries and the easy availability of palm oil, an ideal
feedstock for the oleochemicals and derivatives industry
Key Categories in Oleochemicals
Indian oleochemicals market has been segmented into five categories namely - fatty acids, fatty alcohols, glycerol, fatty
acid methyl esters and fatty amines. Indian oleochemicals market has been witnessing robust growth attributed to the
increasing demand for organically produced materials for personal care and soaps industry, rising consumer spending on
green products and increasing awareness about the harmful effects of other chemicals used in cosmetic products. The
factors have resulted in an upsurge in demand for oleochemicals in the country, especially over the last few years.
130
The three main product segments of the oleochemical industry i.e. fatty acids, fatty alcohols, and glycerol, have multiple
industrial applications. However, the market is dominated by four key customer segments viz, Pharmaceutical & personal
care, Food & beverages, Soaps & detergents and polymers.
Exhibit 50: Key Oleochemical Segments
Key Customers Segments for Oleochemical Industry
Fatty Acids: Fatty acids have multiple industrial applications and can be used in manufacture of toilet soap and surfactants.
They are also used as additives in food and textile chemicals, cosmetics and rubber industry. The largest application of
fatty acids is in soap & detergent segment. Stearic Acids, Palmitic acids and Soap noodles are some of the key fatty acids
Exhibit 51: Uses of Fatty Acids
Fatty Alcohols: Fatty alcohols are versatile chemical compounds used in a variety of industrial applications in customer,
household, personal care and other industrial products. The majority of applications are in soaps & detergents and personal
care products. Some applications involve uses of natural fatty alcohols, while other prefer synthetic alcohols. However,
natural and synthetic fatty alcohols are easily interchangeable and their uses vary depending on cost economics.
131
Exhibit 52: Uses of Fatty Alcohols
Glycerol: Glycerol also called glycerine is used in a variety of applications including food products, pharmaceutical
preparations, dietary supplements, cosmetic & personal care, coatings, plastics additives, tobacco additives and
manufacture of urethane polymers
Exhibit 53: Uses of Glycerol
Indian players cater to the demand of basic oleochemicals and oleochemical derivatives across the industries. Companies
have also expanded their reach to global markets and supply oleochemicals and derivatives across the world.
Adani Wilmar: Adani Wilmar has some of the marque clients in the product categories. Adani Wilmar is the largest
manufacturer of Stearic acid and Glycerine in India. The company has 32% market share by volume in the Indian market
of 1,70,000 Tonnes/Annum market of Stearic acid. The company has 23% market share by volume in the Indian market of
140,000 Tonnes/Annum market of Glycerine and 9% market share by volume in the Indian market of 9,00,000
Tonnes/Annum market of Soap Noodles. Adani Wilmar is among the five largest basic oleochemical manufacturer in India
based on the total revenue from oleochemicals. The company is also among the three largest exporters of oleochemicals
from India. The company also produces Palmitic Acid, used as animal feed, for export markets in the USA and Europe.
Major clients of the company include polymer additives players like Fine Organics and Baerlocher, home & personal care
companies HUL, Unilever Sri Lanka and Reckitt Benckiser.
Exhibit 54: Key Products in Adani Wilmar’s Portfolio
Products Market Size (Tonnes per Annum) Growth Rate Adani Wilmar’s Market share
Stearic Acid 170,000 8% 32%
Glycerine 140,000 9% 23%
Soap Noodles 900,000 5% 9%
132
VVF: A major player in oleochemicals manufacturing various grades of specialty fatty acids glycerine and fatty alcohols
under its portfolio. The product portfolio also includes specialty fatty acids. VVF has a wide distribution and logistics
network with bulk storage facilities situated in Europe and North America. The company supplies products to manufacture
broad range of product categories including personal and home care products, the rubber industry, textiles, lubricants and
a variety of other categories. VVF is one of the largest exporters of oleochemicals from India.
Godrej industries: Godrej is one of the largest players in oleochemicals manufacturing fatty acids, fatty alcohols,
glycerine and surfactants. Godrej also has a specialty product line which includes Bio-Surfactants, Emulsifying Waxes,
Esters Secondary Ingredients, Active/Specialty Chemical and few others. The company manufactures and markets over
100 products in oleochemicals and exports to over 80 countries spread across North and South America, Asia, Europe,
Australia and Africa.
Value Chain
Basic oleochemicals include fatty acids, fatty alcohols, fatty amines and glycerine, which are further processed to obtain
their derivatives that have high functional properties and are value added in nature.
Value Addition
Oils & Fats (Palm Oils, Basic Oleochemicals Derivatives (Amine, Specialty Products
Soybean Oil) (Fatty Acids, Fatty Amides, Esters, (Polymers, BTAC,
Alcohols, Glycerine) Sulphates, Alkoxylates) Lubricants)
Profitability Medium Medium High High
Consolidation Medium High High High
Types
Oils & Fats Palm Oil, Soybean Oil, Mustard Oil, Sunflower Oil, Castor Oil, Coconut Oil, Rice Barn Oil
Basic Oleochemicals Fatty Acids, Fatty Alcohols, Glycerine, Methyl Ester
Derivatives Amines, Amides, Sulphates, Esters, Alkoxylates
Specialty Oleochemical Custom manufactured chemicals based on Industry requirement
Applications Plastic additives, Food additives, Pharma additives, Cosmetic additives, Paints additives, Rubber additives,
Textile additives
The oleochemical industry is dominated by basic oleochemical like Stearic Acid, Palmitic acid, various Fatty Alcohols and
Glycerine. The products have wide ranging applications in various industries including cosmetics, pharmaceuticals,
washing and cleaning, textile, leather, paper and rubber industries and agrichemicals, having a large market. Basic
oleochemicals is a commoditized category with multiple players existing in the market. The value addition on conversion
of raw materials and refining by-products to basic oleochemicals requires limited technical expertise. The basic value-
added products are priced 15-20% higher than the raw materials. Existing oil refiners are expanding in basic oleochemical
on the back of availability of raw material and established oleochemical market. Adani Wilmar, Jocil and Rayalseema are
some of the prominent players for basic oleochemicals.
Large oil players like Adani Wilmar have significant market share in basic oleochemicals on the back of vertically
integrated business model. Adani Wilmar expanded into value added downstream products in home & personal care, and
introduced soaps, handwash and sanitizers.
The market for specialty oleochemicals is a small market driven by innovation and customized manufacturing solutions
for specific industrial application. Some Indian players like Fine Organics, Fairchem Organics and Galaxy Surfactants have
entered into specialty chemical business through a strong focus on R&D and global partnerships.
Manufacturing of Oleochemicals
Manufacturing process of oleochemicals involves a series of process including Pre-treatment, Splitting, Distillation and
Fractionation.
Industry has adopted new and innovative technology in manufacturing, using integrated complex which can manufacture
products with tailor made specifications. These plants also accept a wide range of feedstocks as inputs and provides
production flexibility.
133
Future Outlook
Oleochemicals based products offer a significant diversification opportunity for chemical companies. Asia is the preferred
geography with a growing market and availability of feedstock.
To capitalize on this opportunity, companies will explore partnerships / mergers with base oleochemicals companies or
explore opportunities to integrate forward / backward themselves. Going further, companies may also plan to establish
their footprint in new geographies which could provide them a first mover advantage and position them as a strong
integrated player.
Industries such as lubricants, polymers and surfactants are likely to be impacted with replacement by oleochemicals. The
companies which capture major portion of the value chain and are capable to spot trends early could benefit significantly
in the long run.
However, the fastest growth in India oleochemicals market over the next ten years is anticipated to be exhibited by value
added oleochemicals which are increasingly being used in the agrochemicals, petrochemicals and plastic & polymers
sector. West region controls the largest share in India oleochemicals market on account of strong presence of soaps and
detergent manufacturing industries in the region and this will continue due to increasing use of oleochemicals in other
industries.
Chemical companies focusing on lubricants, polymers, and surfactants are expected to explore diversification in
oleochemical based product portfolio. The companies are actively looking introduce environment friendly products to serve
their core businesses and also significantly lower their portfolio risk and their carbon footprint.
Manufacturers are taking initiatives aimed at replacing chemically derived products with bio-based chemicals to minimize
the reformulation and re-equipping time and cost. The rising demand for bio-based plastics is also expected to have a
positive influence on market growth.
Prospects for Downstream Products
The oleochemical market is consolidated with a few major players occupying a higher market share. Companies have been
involved in extensive R&D and are working towards value added downstream products providing higher margins and
profitability to the companies.
Indian Players are expanding their product portfolio by adding capacities to enter in newer segments, and downstream
products. These include specialty chemicals and consumer products manufactured from oleochemicals.
134
Annexure - Price Benchmarking for Key Players (INR/litre)
(INR / Litre)
Low High
Palm Oil
Soybean Oil
Mustard Oil
Sunflower Oil
Cotton seed Oil
Groundnut Oil
Rice Bran Oil
Coconut Oil
135
Blended Oils /
Olive Oil
Vanaspati
Source: Secondary Research (Price as on 5th June 2021)
136
OUR BUSINESS
Some of the information in this section, including information with respect to our plans and strategies, contain forward-looking
statements that involve risks and uncertainties. You should read “Forward-Looking Statements” on page 20 for a discussion
of the risks and uncertainties related to those statements and also “Risk Factors”, “Restated Financial Statements” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 21, 222 and 289,
respectively, for a discussion of certain factors that may affect our business, financial condition or results of operations. Our
actual results may differ materially from those expressed in or implied by these forward-looking statements.
Our Company’s financial year commences on April 1 and ends on March 31 of the immediately subsequent year, and references
to a particular fiscal year are to the 12 months ended March 31 of that particular year. Unless otherwise indicated or the
context otherwise requires, the financial information for the fiscal years 2019, 2020 and 2021 and the six months ended
September 30, 2020 and 2021 included herein is derived from the Restated Financial Statements, included in this Red Herring
Prospectus. For further information, see “Restated Financial Statements” on page 222. Additionally, please refer to
“Definitions and Abbreviations” on page 1 for certain terms used in this section.
Unless otherwise indicated or the context otherwise requires, in this section, references to “the Company” or “our Company”
are to Adani Wilmar Limited on a standalone basis, and references to “the Group”, “we”, “us”, “our”, are to Adani Wilmar
Limited on a consolidated basis.
Unless otherwise indicated, industry and market data used in this section have been derived from the report titled “Report on
Indian Packaged Food Industry” dated November 1, 2021 (collectively, the “Technopak Report”), prepared and released by
Technopak Advisors Private Limited, as well as other information reported by market survey firms Nielsen (India) Private
Limited and Kantar Worldpanel India, which have been exclusively commissioned and paid for by our Company in connection
with the Issue. Unless otherwise indicated, financial, operational, industry and other related information derived from the
Technopak Report and included herein with respect to any particular year refers to such information for the relevant calendar
year. For more information, see “Risk Factors – 56. We have used information from an industry report which we commissioned,
as well as other information reported by market survey firms, for industry related data in this Red Herring Prospectus.” on
page 42. Also see, “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation
– Industry and Market Data” on page 17.
Our Vision
Our vision is to be a leading agribusiness company committed to sustainably deliver safe, nutritious and quality agricultural
commodity and food through innovation, highest standards of environmental, social and governance practices, and the creation
of livelihoods in communities in which we operate to deliver long term value to all our stakeholders.
Who We Are
consumers, including edible oil, wheat flour, rice, pulses and sugar. (Source: Technopak Report) Commodities, such as edible
oils, wheat flour, rice, pulses and sugar, account for approximately 66% of the spend on primary kitchen commodities in India.
(Source: Technopak Report) We offer a range of staples such as wheat flour, rice, pulses and sugar. Our products are offered
We are a joint venture incorporated in 1999 between the Adani Group, which is a multinational diversified business group with
significant interests across transport and logistics, and energy and utility sectors, and the Wilmar Group, one of Asia’s leading
agribusiness groups which was ranked seventh largest listed companies by market capitalization on the Singapore Exchange as
of September 30, 2021. As a joint venture between the Adani Group and the Wilmar Group, we benefit from our strong
parentage. We benefit from the Adani Group’s in-depth understanding of local markets, extensive experience in domestic
trading and advanced logistics network in India, and leverage on the Wilmar Group’s global sourcing capabilities and technical
know-how.
Our portfolio of products spans across three categories: (i) edible oil, (ii) packaged food and FMCG, and (iii) industry essentials.
A significant majority of our sales pertain to branded products accounting for approximately 73% of our edible oil and food
and FMCG sales volume for the financial year 2021 (excluding industry essentials which were offered on a non-branded basis).
We have a presence across a wide array of sub-categories within each of these three categories as described below:
137
As of March 31, 2021, the Refined Oil in Consumer Packs (“ROCP”) market share of our branded edible oil was of 18.3%,
putting us as the dominant No. 1 edible oil brand in India (Source: Nielsen Retail Index – MAT March 2021). “Fortune”, our
flagship brand, is the largest selling edible oil brand in India (Source: Technopak Report). We have also leveraged our brands
and distribution network to offer a wide array of packaged foods since 2013, including packaged wheat flour, rice, pulses,
besan, sugar, soya chunks and ready-to-cook khichdi. We are among the top 5 fastest growing packaged food companies in
India, based on the growth in revenues during the last five years (Source: Technopak Report). We also offer a diverse range of
industry essentials, including oleochemicals, castor oil and its derivatives and de-oiled cakes. For details, please see – “Our Key
Business Categories” starting on page 139.
In recent years, we have been placing an increasing focus on value-added products, with an aim to diversify our revenue streams
and generate high profit margins. The value-added products we have launched in recent years include functional edible oil
products, such as rice bran health oil, fortified foods, ready-to-cook soya chunks and khichdi, and FMCG.
Our strong raw material sourcing capabilities are supported by our market standing and extensive business networks. We were
India’s largest importer of crude edible oil as of March 31, 2021 (Source: Technopak Report), which provided us with
bargaining power to source better quality raw materials on favorable commercial terms. We also benefit from the support of
the Wilmar Group for market intelligence and raw material sourcing, as well as our long-standing relationships with our
international suppliers.
As of the date of this Red Herring Prospectus, we have 22 plants in India which are strategically located across 10 states,
comprising 10 crushing units and 19 refineries. Out of the 19 refineries, ten are port-based to facilitate use of imported crude
edible oil and reduce transportation costs, while the remaining are typically located in the hinterland in proximity to raw material
production bases to reduce storage costs. Our refinery in Mundra is the largest single location refinery in India with a designed
capacity of 5,000 MT per day (Source: Technopak Report). In addition to the 22 plants we own, we also used 36 leased tolling
units in India as of September 30, 2021, which provided us with additional manufacturing capacities. We had an average fixed
asset turnover ratio, calculated as total income divided by net fixed assets, of 8.55, for the financial years from 2019 to 2021.
We operate an integrated manufacturing infrastructure to derive cost efficiency across our different business lines. Our
integration includes the following means: (i) backward and forward integration. Most of our crushing units are fully integrated
with refineries to refine crude oil we produce in-house. We further derive de-oiled cakes from crushing and use palm stearin
derived from palm oil refining to manufacture oleochemical products, such as soap noodles, stearic acid and glycerin, and
FMCG, such as soaps and handwash; (ii) integration of manufacturing capabilities of edible oils and packaged foods at the
same locations. Such integrated manufacturing infrastructure has enabled us to share supply chain, storage facilities, distribution
network and experienced manpower among different products and reduce the overall costs for processing and logistics.
We have the largest distribution network among all the branded edible oil companies in India (Source: Technopak Report). As
of March 31, 2021, we were present in one out of three households in India with a household reach of 90.51 million through
our Fortune brand (Source: IMRB). As of September 30, 2021, we had 5,590 distributors in India located in 28 states and eight
union territories, catering to over 1.6 million retail outlets (Source: Technopak Report). These retail outlets represent
138
approximately 35% of the retail outlets in India (Source: Technopak Report). As of September 30, 2021, we also had (i) 88
depots in India, with an aggregate storage space of approximately 1.8 million square feet across the country to ensure availability
of our products; and (ii) 685 personnel in our sales and marketing team in India. We leverage our edible oil distribution network
for packaged foods, and as of September 30, 2021, we had approximately 64% of our edible oil distributors in India catering to
our packaged food distribution. In addition to traditional retail distribution channels, we also serve our customers offline and
online through Fortune Mart and Fortune Online and provide them with ease of ordering our products from home.
We are committed to maintaining environmental and social sustainability. Our efforts towards environmental, social and
corporate governance compliance include sourcing sustainable palm oil, promoting green energy, conserving water, introducing
recyclable packaging and community upliftment. We procure crude palm oil from environmentally responsible suppliers for
refining. We have installed solar power at five of our plants with an aggregate installed capacity of 3,040 kilowatts and zero
liquid discharge systems at eight of our plants in India. We are in the process of establishing zero liquid discharge system at
another plant in India.
We have won several awards and accolades, including Times CSR Awards 2021 Gujarat for our contribution towards the
society in the field of healthcare services to prevent malnutrition and anemia by Optimalmedia Solutions, a division of Times
Internet Limited, Confederation of Indian Industry Award for Food Safety in 2020 for the Mundra, Unit-I of Krishnapatnam
and Neemuch manufacturing facilities, one of the top 100 most trusted brands in India by The Economic Times Brand Equity
in 2020 for the Fortune brand, one of India’s 50 most admired brands by White Page International in 2017, India’s most
attractive edible oil brands by TRA Research in 2016 and Superbrand by Superbrands Council in 2018. We have received the
Great Place to Work Certification by Great Place to Work Institute, India since 2017. Angshu Mallick, the Chief Executive
Officer and Managing Director of our Company, received the “Man of the Year” award from Globoil India at the World’s
Leading Edible Oil and Agri Trade Conference in 2021.
Our Key Business Categories
Edible Oil
As of March 31, 2021, the ROCP market share of our branded edible oil was 18.30%, putting us as the dominant No. 1 edible
oil brand in India (Source: Nielsen Retail Index – MAT March 2021). “Fortune”, our flagship brand, is the largest selling edible
oil brand in India (Source: Technopak Report). We offer a comprehensive portfolio of edible oil products, including soyabean
oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati, specialty fats and a
range of functional edible oil products with distinctive health benefits. We also offer various specialty fats, including (i)
industrial margarine, bakery shortening and vanaspati, (ii) lauric fats as substitutes for milk fat and cocoa butter substitutes,
and (iii) bulk packaging of frying oil. We are one of the largest players in specialty fats and oils in India (Source: Technopak
Report).
The following table sets forth the market share and ranking in India of our key edible oil products:
139
Product Market share Ranking in India
Soyabean oil* Fortune 22.8% First
King’s 6.4% Third
Total 29.2%
Sunflower oil* Fortune 8.3% Third
Aadhar 2.6% ***
Total 10.9%
Palmolein oil* Raag 15.1% Second
Alpha 0.7% ***
Fryola 0.3% ***
Total 16.1%
Mustard oil** 10% First
Rice bran oil* 25.1% ***
Sources:
* Nielsen Retail Index – MAT March 2021, based on the data as of March 31, 2021.
** Technopak Report, based on the data as of 2020.
*** Ranking unavailable.
Packaged Food and FMCG
We also offer a wide array of packaged foods, including packaged wheat flour, rice, pulses, besan, sugar, soya chunks and
ready-to-cook khichdi. We are among the top 5 fastest growing packaged food companies in India, based on the growth in
revenues during the last five years (Source: Technopak Report). In 2021, the market share of our packaged wheat flour and
basmati rice under the Fortune brand was approximately 3.4% and 6.6% by volume, respectively, ranking second and third,
respectively, in India (Source: Nielsen Retail Index – MAT March 2021). We also offer FMCGs, including soaps, handwash
and sanitizers. The revenue we generated from sales of soap increased by 175.60% from ₹159.69 million for the fiscal year
2020 to ₹440.11 million for the fiscal year 2021.
Industry Essentials
We also offer a diverse range of industry essentials, including oleochemicals, castor oil and its derivatives and de-oiled cakes.
We were among the five largest basic oleochemical manufacturers in India in terms of revenue as of March 31, 2020, and the
largest manufacturer of stearic acid and glycerine in India with a market share of 32% and 23%, respectively (Source:
Technopak Report). We were the largest exporter of castor oil and among the three largest exporters of oleochemicals in India
as of March 31, 2020 (Source: Technopak Report).
Our Key Financial and Operational Performance Indicators
The following table provides a snapshot of our key financial and operational performance indicators.
As at/For the Financial Year Ended March 31, As at/For the Six Months Ended
September 30,
Particulars Metric 2019 2020 2021 2020 2021
Total income ₹
million 289,196.81 297,669.86 371,956.58 162,737.33 249,572.86
Total income growth % — 2.93 24.96 — 53.36
EBITDA ₹
million 12,534.57 14,194.75 14,305.59 7,431.01 8,896.58
EBITDA growth % — 13.24 0.78 — 19.72
EBITDA margin % 4.33 4.77 3.85 4.57 3.56
Profit after tax (including share ₹
of profit in joint ventures) million 3,755.21 4,608.72 7,276.49 2,887.89 3,571.33
Profit after tax growth % — 22.73 57.89 — 23.67
Profit after tax margin % 1.30 1.55 1.96 1.77 1.43
Return on capital employed %
(calculated as profit before
interest and tax divided by
capital employed)* 12.75 12.76 11.06 5.79 (1) 5.79 (1)
Fixed asset turnover Ratio times
(calculated as total income
divided by net fixed assets) 8.57 7.77 9.31 4.17 (1) 5.53 (1)
Debt to Equity Ratio times
(calculated as long-term
borrowings divided by total
equity) 0.50 0.50 0.39 0.45 0.34
*
Capital employed includes acceptances.
140
Note:
(1) Not annualized.
Our Market Opportunity
We leverage our leading market positions in various product categories and expertise and the following industry trends to
further strengthen the portfolio of our core kitchen staples.
Indian consumption story of edible oils and food staples remains robust
The Indian consumption growth story remains intact supported by various trends including the demographics, greater influence
of women on their families, urbanization and a growing middle class. Various government initiatives have been implemented
to increase the consumption of edible oils and food staples in India.
Significant rise in packaged food demand in India
The demand for packaged foods in India is experiencing a rapid growth. Certain food categories, such as wheat flour and rice,
which used to be predominantly sold in loose form, are being increasingly sold in packages. However, the penetration rate of
packaged foods in India remains low, which provides significant potential for growth for packaged edible oil and food products.
This is further supported by the favorable demographics with urbanization and rise in middle-class population, gradual
expansion of modern retail including e-commerce, convenience and healthy eating trends.
The following charts show the packaged food under-penetration in India compared to the United States and China and also the
historical and expected growth rate for the packaged food retail market in India (Source: Technopak report):
Shift of consumer preference to branded products resulting in immense potential market
A number of packaged food categories such as salt and edible oil have witnessed significant increase in the overall branded
product usage (Source: Technopak report). Similar trends are expected in various other large packaged food categories such as
wheat flour, rice, besan and soya chunks in the coming years (Source: Technopak report). A chart depicting these trends is
shown below (Source: Technopak report):
Note: The percentages represent the market share of branded foods in each of these food categories.
141
Our Competitive Strengths
Differentiated and diversified product portfolio with market leading brands to capture large share of kitchen spends across
India
• Comprehensive B2C packaged consumer products portfolio catering to most daily essentials of an Indian kitchen
We focus on offering a wide portfolio of packaged consumer staples, including edible oil, wheat flour, rice, pulses, besan,
soya chunks and sugar, to consumers. We are one of the few large FMCG food companies in India to offer most of the
primary kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses and sugar. (Source:
Technopak Report) Commodities, such as edible oils, wheat flour, rice, pulses and sugar, account for approximately 66%
of the spend on primary kitchen commodities in India. (Source: Technopak Report) We offer a range of staples such as
wheat flour, rice, pulses and sugar. We also offer ready-to-cook soya chunks and khichdi.
The edible oil products we offer include soyabean oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil,
cottonseed oil, blended oil, vanaspati, specialty fats and a series of functional edible oil products with distinctive health
benefits, each catering to various price points. We have included several value-added products, including ready-to-cook
products and functional edible oil products, to our product portfolio in order to increase our market share. In particular, we
place a significant emphasis on providing foods with intended health benefits, such as functional edible oil products and
fortified foods.
In addition to a wide variety of edible oil products and packaged foods, we have recently launched FMCG, including soaps,
handwash and sanitizers. Our diversified product portfolio has enabled us to reduce reliance on a single category of
products.
• Broad customer reach
As of March 31, 2021, we were present in one out of three households in India with a household reach of 90.51 million
through our Fortune brand. (Source: IMRB) We have long standing relationship with our customers, including our
prominent institutional customers, such as Britannia. We have an omni-channel presence. Our products are available across
major e-commerce platforms and our own e-commerce channels.
• Strong brand recall across a diverse range of price points
“Fortune”, our flagship brand, is the largest selling edible oil brand in India (Source: Technopak Report). As a renowned
brand in India, it has been associated with the quality of our edible oil and food products and the health benefits they
feature. We believe that our strong brand recall has enabled us to market our products at a premium price. We are present
in most of the packaged food categories through our “Fortune” brand. The brand structure using a single brand identity for
multi-categories optimizes our marketing costs and enhances our brand equity.
We have brands catering to various price points. “Fortune” with premium pricing and “Bullet” with value pricing – so as
to optimize our customer reach, to have products for a diverse range of consumers and achieve better brand recognition.
We have a number of masstige brands, including “Bullet”, “King’s”, “Aadhar”, “Raag”, “Alpha”, “Jubilee”, “Avsar”,
“Golden Chef” and “Fryola”.
Leading consumer product company in India with leadership in branded edible oil and packaged food business
oil brand in India (Source: Nielsen Retail Index – MAT March 2021). “Fortune”, our well-known flagship brand, is the largest
selling edible oil brand in India. Over the past two decades, we have established our leadership across different product offerings
in the edible oil market in India.
142
We forayed into food products in the fiscal year 2013 and currently offer an extensive array of food products. We are among
the top 5 fastest growing packaged food companies in India, based on the growth in revenues during the last five years (Source:
Technopak Report). The following chart sets forth the market share and ranking in India of our key packaged food products as
of March 31, 2021 (Source: Nielsen Retail Index – MAT March 2021):
Our FMCG portfolio covers soaps, handwash and sanitizers. The revenue we generated from sales of soap increased by 175.60%
from ₹159.69 million for the fiscal year 2020 to ₹440.11 million for the fiscal year 2021. Our personal hygiene products, such
as soaps, have presence in rural areas as we offer them at affordable prices in order to cater to the rural markets.
Market leading position in industry essentials
We were among the five largest basic oleochemical manufacturers in India in terms of revenue as of March 31. 2020, and the
143
Technopak Report). The following table sets forth the market share and ranking in India of our oleochemical products in 2020
(Source: Technopak Report):

Stearic acid 32% Largest
Glycerin 23% Largest
Soap noodles 9% Not available
We were the largest exporter of castor oil and among the three largest exporters of oleochemicals in India as of March 31, 2020
(Source: Technopak Report).
Strong raw material sourcing capabilities
Our raw material sourcing capabilities are supported by our market standing and extensive business networks. We import a
significant portion of raw materials, and our market leadership has facilitated us to source raw materials from top global
suppliers from the international markets. We were India’s largest importer of crude edible oil as of March 31, 2021 (Source:
Technopak Report), which provided us with bargaining power to source better quality raw materials on favorable commercial
terms. Wilmar International, our promoter group company, is the largest palm oil supplier in the world (Source: Technopak
Report), and provides us with additional competitive edge as we need not depend on third party suppliers for sourcing of palm
oil. In the financial year 2021, approximately 30% of our imported raw materials by value were sourced from Wilmar Group.
We also benefit from the market intelligence on price movements in the international market from Wilmar Group to manage
our price risk associated with imports of raw materials.
In India, we have established a broad procurement network of our channel partners that include agents acting on behalf of
farmers, traders, aadatiyas (middlemen), market yard players, commission agents and brokers across the key raw material
producing belts.
Integrated business model with well-established operational infrastructure and strong manufacturing capabilities
integrated infrastructure includes the following:
• Backward and forward integration. Most of our crushing units are fully integrated with refineries to refine crude oil
we produce in-house. We further derive de-oiled cakes from crushing and use palm stearin derived from palm oil
refining to manufacture oleochemical products, such as soap noodles, stearic acid and glycerin, and FMCG, such as
soaps and handwash. For example, our plant in Mundra is an end-to-end integrated plant where we produce vanaspati,
margarine, oleochemical products and soap bars with raw materials from the refining process;
• Integration of manufacturing capacities of edible oils and packaged foods at the same locations. Such integrated
manufacturing infrastructure has enabled us to share supply chain, storage facilities, distribution network and
experienced manpower among different products and reduce the overall costs for processing and logistics. For
example, we have (i) besan units at our edible oil plants in Alwar, Saoner (Nagpur) and Neemuch; (ii) pulse, besan
and soya chunk units at our edible oil plant in Haldia; (iii) a rice unit at our castor oil plant in Mundra; (iv) soya value-
added products at our crushing unit in Vidisha; and (v) a margarine unit at our refinery in Krishnapatnam.
comprising 10 crushing units and 19 refineries with an aggregate designed capacity of 8,525 MT per day and 16,285 MT per
day, respectively, as of September 30, 2021. Out of the 19 refineries, ten are port-based to facilitate use of imported crude
capacity of 5,000 MT per day (Source: Technopak Report). In addition, as of September 30, 2021, we had 36 tolling units
across India to cater to the excess demand and ensure our presence across different parts of the country, which produce mustard
oil, rice bran oil, wheat flour, rice, pulses, sugar, soya chunks and khichdi with raw materials we provide.
144
Our integrated business model and strong manufacturing capabilities have led to a competitive advantage, which helps solidify
our market position.
Extensive pan-India distribution network
From the financial year 2019 to the financial year 2021, the number of our distributors in India experienced a 33% growth. As
of September 30, 2021, we had 5,590 distributors in India located in 28 states and eight union territories, catering to over 1.6
million retail outlets, representing approximately 35% of the retail outlets in India (Source: Technopak Report).
Our pan-India presence is supported by a robust distribution infrastructure to ensure the availability of our products. As of
September 30, 2021, we had 88 depots in India, with an aggregate storage space of approximately 1.8 million square feet across
the country to ensure availability of our products.
Apart from our presence in general trade outlets and modern trade outlets, we have been utilizing Fortune Foods, our exclusive
website to showcasing the entire basket of products available under the Fortune brand, and Fortune Online, which is a one-stop-
online shop for all the products under the Fortune brand. Currently, customers in 25 cities can place orders through Fortune
Online. Furthermore, we have recently launched Fortune Mart, which are franchised physical stores to showcase our Fortune-
branded products and which also serve as fulfillment centers for home delivery of products ordered through Fortune Online. In
addition, we partner with certain e-commerce platforms, such as Grofers, and our products are available across major e-
commerce platforms. Our online sales in India through e-commerce platforms increased by 53.30% from the financial year
2020 to 2021.
Focus on environmental and social sustainability
We are committed to maintaining environmental and social sustainability. Our efforts towards environmental and social
sustainability include:
• Sourcing sustainable palm oil. Our operating entities in India procured approximately 95.6% of crude palm oil which is
traceable up to mills in the calendar year 2020. Our nine palm oil refineries in India are all certified by the Roundtable on
Sustainable Palm Oil (“RSPO”).
• Promoting green energy. We have implemented solar power at five of our plants in India with an aggregate installed
capacity of 3,040 kilowatts.
145
• Conserving water. We have installed zero liquid discharge systems at eight of our plants in India, which allow us to recover
and reuse wastewater from our manufacturing process. We are in the process of establishing zero liquid discharge system
at another plant in India.
• Using recyclable packaging. Approximately 96% of the packing materials used by our operating entities in India in the six
months ended September 30, 2021 can be recycled by customers after use.
• Community upliftment. We have been implementing the SuPoshan project as part of our corporate social responsibility
initiatives towards eradication of malnutrition and anemia in India with a focus on children from 0-5 years age group,
adolescent girls and women in reproductive age at various locations.
A number of our manufacturing facilities have received ISO 14001 certifications for environmental management systems and/or
ISO 45001 certifications for occupational health and safety management systems. We have adopted a sustainability policy
approved by the Board, which is available on our website.
Strong parentage with professional management and experienced board
We are a joint venture incorporated by the Adani Group and Wilmar Group. The Adani Group is a multinational diversified
business group with significant interests across transport and logistics, including ports, shipping, airports and railways, and
energy and utility sectors, including power generation, transmission and distribution. Wilmar Group is one of Asia’s leading
agribusiness groups which was ranked seventh largest listed companies by market capitalization on the Singapore Exchange by
September 30, 2021. Wilmar Group’s integrated business model encompasses the entire value chain of the agricultural
commodity business from cultivation and milling of palm oil and sugarcane to processing, branding and distribution of a wide
range of edible food products, animal feeds and industrial agri-products such as oleochemicals and biodiesel. We benefit from
the Adani Group’s in-depth understanding of local markets, extensive experience in domestic trading and advanced logistics
network and leverage on Wilmar Group’s global sourcing capabilities and technical know-how.
We have an experienced senior management team. Kuok Khoon Hong, the Non-Executive Chairman of our Company, is the
co-founder of Wilmar International Limited and has over 40 years of experience in the agribusiness industry. Angshu Mallick,
the Chief Executive Officer and Managing Director of our Company, has over 35 years of experience in marketing and sales in
the food industry. Shrikant Kanhere, the Chief Financial Officer of our Company has over 18 years of experience in the field
of finance and accounts. Our management team of qualified and experienced professionals help us to implement our business
strategies in an efficient manner and to continue to build on our track record of successful product offerings. For further details,
see “Our Management” on page 183.
Our Strategies
We plan to adopt the following strategies to increase our profitability and competitiveness:
Become the leading packaged food and FMCG company in India
Driven by increasing per capita income, urbanization and the large working age population and concern of the general public
over hygiene of foods in loose form, food traceability and sustainability, the demand for packaged foods in India is experiencing
a rapid growth. Certain food categories, which used to be predominantly sold in loose form, are being increasingly sold in
packages. However, the penetration rate of packaged foods in India remains low, which provides significant potential for growth
for packaged edible oil and food products. The packaged food market is growing at a CAGR of approximately 11% from the
fiscal year 2020 to the fiscal year 2025, which is at almost double the pace of the overall food category. It is expected that the
packaged food market will gain a market share of 20% by the fiscal year 2025 from a market share of 14% in the fiscal year
2015 (Source: Technopak Report).
We leverage our established brands and expertise and these industry trends to further strengthen the portfolio of our core “in
the kitchen” products. We also intend to enhance our packaged food portfolio by introducing new value-added products,
including functional foods and healthy foods, to target the young demographic.
We will also continue to strengthen our leading position in the edible oil market by introducing additional premium products.
To target health conscious consumers, we aim to focus on health benefits in our development of new edible oil products.
Further expand our distribution network with an omni-channel approach
We strive to expand our distribution network in order to further penetrate both urban and rural areas and increase our sales. We
will continue to increase the coverage of our retail outlets. In the meantime, we will continue to adopt our omni-channel strategy
and endeavor to extend our customer reach through e-commerce platforms, including our Fortune Online portal, and Fortune
Mart stores which serve as fulfillment centers for home delivery of products ordered through Fortune Online. We aim to expand
146
our online reach in India from current 25 cities to 100 cities in the next few years. We also aim to have more than 40 Fortune
Mart stores opened across India in the next few years.
Approximately 65.5% of India’s population reside in rural areas and are catered to by kiranas and small retailers. Therefore,
we consider that it is important to bring kiranas and small retailers into our e-commerce ecosystem. We empower kiranas and
small retailers with “Fortune Business”, which is a mobile application we recently launched to provide business owners with
one-stop access to a wide selection of our products. The Fortune Business mobile application serves department stores, hotels,
restaurants and bakeries as well. It is launched in Ahmedabad and will be scaled up in a phased manner. Currently, it is available
in 16 cities in India. Additionally, we intend to build separate distribution channels for our masstige brands to compete with
regional brands and further penetrate regional markets.
We have designed programs to motivate our distributors to achieve performance targets. Distributors could earn rewards, such
as cars, motorcycles and overseas trips, when they meet our quarterly targets. We believe that the motivations we provide to
distributors have helped us engage our distributors and increase our sales.
Focus on increasing brand awareness
We will continue to invest in strengthening our brands in India. In the financial years 2019, 2020, 2021 and the six months
ended September 30, 2021, our advertising expenses were ₹1,356.47 million, ₹1,662.85 million, ₹1,563.76 million and
₹1,004.37 million, or 0.47%, 0.56%, 0.42% and 0.41% of our revenue from operations, respectively. We will employ celebrity
endorsement, digital advertising and other brand building initiatives in our marketing campaigns to increase our brand
awareness. To market our brands, we use:
• Product brand advertising. As part of the product brand strategy, we will strive to maintain our market share in the
leadership categories and at the same time also grow our challenger categories across edible oil and packaged food and
FMCG segments. We strategically price our challenger categories in order to compete with regional brands and capture
market share. For challenger categories, we endeavour to focus on driving strong cultural connect and ensure share of voice
(SOV) and share of brand experience (SOE) to be in line with share of market (SOM).
• Range advertising. Range advertising will be conceptualized with a focus on highlighting our entire range of kitchen
essentials across edible oil and food and FMCG categories.
• Digital connect. We will also focus on increasing our digital connect and reach by tying up with influencers and bloggers
and drive on e-commerce sales to communicate with the young demographic.
Continue to launch new products and enhance our customer base
We plan to launch new products to capture consumer trends. We have been evaluating new products in adjacent categories,
based on a set of criteria, including our ability to create a differentiated offering, competitive intensity, go-to-market capability,
back-end product fitment, category, scale and profitability of the new products. Our potential new products may include
additional functional edible oils, cold pressed or infused oils, noodles and pasta, poha, biryani rice kit, masala oats and dalia,
honey, instant dry mixes for idly, dosa, poha and khaman, Chinese, Mexican and Schezwan flavored rice, traditional savory
snacks, biscuits, cookies, khari/rusks, low calorie sugar, vermicelli, cake mix, dishwash bars and floor cleaner. We expect new
products to increase our market share and further expand our customer base.
In addition, we are exploring to leverage the Adani Group’s access to a wide retail customer base from its gas, electricity and
airport businesses for cross-selling of our products.
Pursue strategic acquisitions
We pursue strategic acquisitions when opportunities rise. Through acquisitions, we seek to:
• Expand our geographic presence. For example, we may pursue acquisitions in the edible oil and food industry to strengthen
our presence in the southern regions where regional companies are strong. We intend to consolidate market share through
acquisitions of regional players. For example, we have recently acquired Bangladesh Edible Oil Limited, an edible oil
manufacturer with market leadership in some edible oil categories in Bangladesh (Source: Technopak Report), which will
help us expand into the Bangladesh market and further increase our edible oil manufacturing capacity. For further details,
see “History and Certain Corporate Matters - Details regarding material acquisitions or divestments of
business/undertakings, mergers, amalgamations or any revaluation of assets, in the last 10 years” on page 178.
• Include additional products in our portfolio. We are seeking to acquire brands and businesses from food and FMCG
companies, which will to expand our product and brand portfolios increase our food and FMCG manufacturing capacities
and distribution access. We also hope to improve our overall business performance in terms of top line and margins through
147
such acquisitions. For example, we intend to grow our food business through strategic acquisitions of and partnerships with
third party staple food manufacturers. We may also seek growth in ready-to-cook and ready-to-eat food product offerings
through strategic acquisitions and partnerships. Our strategy to acquire brands and businesses will be guided by the
principle to enhance not only the product portfolio but also to derisk our business from dependency on any single product
or category.
Focus on multiple drivers for margin expansion
We intend to focus on the following to drive our margin expansion:
• Market share consolidation. We are seeking continuous improvement in our market share which will enable us to have
better realization and premium pricing.
• Integrated manufacturing facilities. The location of our manufacturing facilities near manufacturing hubs helps reduce cost
and achieve operational efficiency. We plan to continue to make progress on improving the integration of our existing and
upcoming manufacturing facilities.
• Optimize overheads. We strive to achieve further economies of scale through manufacturing hubs producing multiple
products, which will help us further optimize our overheads.
• Leverage scale to improve sourcing and ramp-up sales. Our scale will help us in the procurement of raw materials from
reliable sources at competitive prices and also optimize sales by leveraging existing distribution channels.
Our History
significant interests across transport and logistics, and energy and utility sectors, and Wilmar Group, one of Asia’s leading
of September 30, 2021.
Our first project, the oil refinery in Mundra in the state of Gujarat commenced operation in 2000 with a designed capacity of
600 MT per day which was expanded by another 1,000 MT per day in 2002. Our refinery in Mundra is the largest single location
refinery in India with a designed capacity of 5,000 MT per day (Source: Technopak Report). In addition, as of September 30,
2021, we had 36 tolling units across India to cater to the excess demand and ensure our presence across different parts of the
country. “Fortune”, our well-known flagship brand, was launched in the fiscal year 2001. It has become the largest selling
edible oil brand in India (Source: Technopak Report).
We forayed into food products in the fiscal year 2013 through offering of besan. We started offering pulses and soya chunks in
the fiscal year 2014, rice in the fiscal year 2015 and wheat flour in the fiscal year 2018. We started offering personal hygiene
products in the fiscal year 2020.
Our Business and Operations
Our Product Portfolio
We have a diverse range of products primarily in three categories:
• Edible oil. We offer an extensive array of edible oil products, including soyabean oil, palm oil, sunflower oil, rice bran oil,
mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati and specialty fats. As of March 31, 2021, the ROCP
market share of our branded edible oil was 18.30% in India (Source: Nielsen Retail Index – MAT March 2021).
In recent years, we have placed a significant emphasis on health impact of our edible oil products. Accordingly, we offer
a series of functional edible oil products with distinctive health benefits, including:
o Fortune Rice Bran Health Oil, which helps increase high-density lipoprotein. We introduced rice bran oil as part of
our efforts to offer edible oil products with intended health benefits;
o Fortune Xpert Pro Immunity Oil, which contains over 100 antioxidants, Vitamin A, D and E and gamma oryzanol;
and
o Fortune Xpert Pro Sugar Conscious Oil, which is curated with fine unrefined sesame oil and premium quality
physically refined rice bran oil.
148
We plan to launch one more functional edible oil product with intended health benefits under the Fortune Xpert range in
the near future to strengthen our portfolio.
We also offer specialty fats, including (i) industrial margarine, bakery shortening and vanaspati, which are primarily
supplied to restaurants, cafes and bakeries for baked products, (ii) lauric fats as substitutes for milk fat and cocoa butter
substitutes for ice cream and confectionery, and (iii) bulk packaging of frying oil.
Our edible oil products are offered under “Fortune”, our flagship brand, as well as several masstige brands, including
“King’s”, “Aadhar”, “Bullet”, “Raag”, “Alpha”, “Jubilee”, “Avsar”, “Golden Chef” and “Fryola”. “Fortune” is our
premium brand, whereas the other brands are our masstige brands which we strategically place in the markets to compete
with regional brands with competitive pricing.
Product Stock Keeping Units

Edible Oil • Pouch: 200 ml, 500 ml, 1 liter
(Across all brands) • Pet bottle: 200 ml, 500 ml, 1 liter, 2 liters
• Jerry can: 2 liters, 5 liters, 15 liters
• Jerry can (wide mouth): 15 liters, 15 kilograms
• Tin: 15 liters, 15 kilograms
We also offer edible oil to multinational and leading Indian companies, such as Britannia, customized to their requirements
and specifications in bulk form on a business-to-business (“B2B”) basis.
In the financial years 2019, 2020, 2021 and the six months ended September 30, 2021, revenue from our edible oil business
in India was ₹215,398 million, ₹234,767 million, ₹304,978 million and ₹201,174 million, or 74.80%, 79.16%, 82.23% and
82.70% of our revenue from operations, respectively.
• Packaged foods and FMCG.
o Packaged foods. In the fiscal year 2013, we forayed into food products with a focus on staple foods. We offer a
variety of packaged staple foods, including wheat flour, rice, besan and pulses. Many of the staple foods we offer
include different variants. For example, we provide basic wheat flour, refined wheat flour and granulated wheat,
including rawa and suji. We offer both basmati rice and non-basmati rice in different grain sizes. We also offer
packaged sugar.
In addition, we leverage our soya crushing capacities to offer (i) soya chunks, which is a textured vegetable protein
we offer in consumer packs. We started to offer soya chunks, which are high in protein, in the fiscal year 2014;
and (ii) a series of soya value-added products derived from soybeans, including soya flour, soya grits, soya flakes
and soya bari which we offer in loose packs.
149
The following chart sets forth the market share and ranking in India of our key packaged food products as of
March 31, 2021 (Source: Nielsen Retail Index – MAT March 2021):
We also introduced soya chunkies as ready-to-cook product with three different flavors. In the fiscal year 2020,
we launched ready-to-cook khichdi, which is a combination of rice, pulses and other grains. We offer khichdi with
three different flavors from three different regions of India.
We intend to premiumize our packaged food portfolio by introducing new value-added products, such as fortified
wheat flour, multi-grain wheat flour, fortified rice, low glycemic index rice and various ready-to-cook and ready-
to-eat products.
Our packaged foods are offered under “Fortune”, our flagship brand, as well as
“Jubilee” and “Golden Chef” as masstige brands. We plan to launch additional foods under masstige brands to
compete with regional brands and increase our market penetration. We also offer unbranded food products, such
as soya value-added products, to institutional clients.
o FMCG. Leveraging our oleochemical manufacturing capabilities, we started to offer soaps under our “Alife”
brand in the fiscal year 2020. The sales volume of soaps under the “Alife” brand increased rapidly by 173.46%
from 1,962 MT in 2020 to 5,366 MT in 2021. In response to the COVID-19 pandemic, we introduced handwash
and sanitizers under our “Alife” brand in the fiscal year 2021.
In the financial years 2019, 2020, 2021 and the six months ended September 30, 2021, revenue from our food and
FMCG business in India was ₹18,669 million, ₹19,530 million, ₹19,066 million and ₹11,194 million, or 6.48%, 6.59%,
5.14% and 4.60% of our revenue from operations, respectively.
• Industry essentials. We offer certain industry essentials to institutional customers, including:
o oleochemicals, including stearic acids, soap noodles, palmitic acid, oleic acid and glycerin, which are primary
ingredients for home and personal care products, including soaps, detergents, cosmetics, polymer,
pharmaceuticals and industrial rubber;
o castor oil and its derivatives, such as stearic acid and ricinoleic acid, for medical, pharmaceutical, cosmetic and
aeronautical use; and
o de-oiled cakes, which are by-products after oil extraction from soybeans, mustard seeds and castor seeds and used
as livestock feed.
150
The following table sets forth the market share and ranking in India of our oleochemical products in 2020 (Source:
Technopak Report):

Stearic acid 32% First
Glycerin 23% First
Soap noodles 9% Not available
In the financial years 2019, 2020 and 2021 and the six months ended September 30, 2021, revenue from our industry
essentials business in India was ₹53,421 million, ₹43,221 million, ₹47,112 million and ₹30,610 million, or 18.55%,
14.57%, 12.70% and 12.58% of our revenue from operations, respectively.
The following charts set forth a breakdown of our sales value and sales volume by product category for the periods
indicated:
By Value By Volume
283,903 297,519 371,156 242,978 4.1 4.3 4.5 2.2
18.8% 14.5% 12.7% 12.6%

4.6% 29.8% 26.0% 24.7% 22.8%
6.6% 5.1%
5.3%
9.2% 10.5% 12.6%
7.2%
(MMT)
(INR mn)
75.9% 78.9% 82.2% 82.8%

63.0% 64.8% 64.8% 64.7%
FY19 FY20 FY21 H1FY22 FY19 FY20 FY21 H1FY22
Edible Oil Packaged foods and FMCG Industry Essentials Edible Oil Packaged foods and FMCG Industry Essentials
Note: FY19 food revenue and volume adjusted to exclude limited sugar business conducted for Shree Renuka Sugars
Manufacturing Facilities
As of the date of this Red Herring Prospectus, we have 22 plants in India across 10 states. The following map sets out the
locations of the manufacturing units we operate in India:
151
In addition, as of September 30, 2021, in order to cater to the excess demand and ensure our presence across different
locations, in particular, locations in proximity to end customers, we utilized 36 tolling units across India. The following
table sets forth a breakdown of the number of our tolling units by product category:
Category Product Number of Tolling Units

Edible Oil Mustard Oil 5
Rice Bran Oil 2
Packaged Foods and FMCG Wheat Flour 9
Suji 1
Sugar 6
Soya Chunks 1
Khichdi 1
Pulses 1
Rice 8
Chana Sattu 1
Handwash and Sanitizers 1
Total tolling units across India 36
The manufacturing units we operate include:
• Edible oil. As of the date of this Red Herring Prospectus, we have 22 plants in India which are strategically located
across 10 states, comprising 10 crushing units and 19 refineries with an aggregate designed capacity of approximately
8,525 MT per day and 16,285 MT per day, respectively. Out of the 19 refineries, ten are port-based refineries to
facilitate use of imported crude edible oil and reduce transportation costs, while the remaining are typically located in
the hinterland in proximity to raw material production bases to reduce storage costs. Our refinery in Mundra is the
largest single location refinery in India with a designed capacity of 5,000 MT per day (Source: Technopak Report).
We manufacture specialty fats at our refineries. Our premium grade specialty fats are manufactured at strategic
locations, such as Kakinada, Mundra, Krishnapatnam and Haldia with logistic advantages to cater to all geographic
regions in India.
Our edible oil manufacturing facilities are equipped with advanced technologies. For example, we use dehulling and
extraction machinery to produce quality soya meal with high protein level. Our refineries are fully automated to
eliminate human intervention. We have adopted ice condensation vacuum system, high efficiency heat economizers
and advanced oil neutralization technology in our refining process to increase energy efficiency. Our refineries
discharge zero effluent, and the water cooling towers are designed to reduce drift loss and water wastage.
152
In addition, we had seven tolling units in India for edible oil as of September 30, 2021, which produce mustard oil and
rice bran oil with raw materials we provide.
• Packaged foods and FMCG.
o Packaged foods. We own and operate the following manufacturing facilities in India for our food business:
Food product State Manufacturing facility

Wheat flour Madhya Pradesh Nimrani
Rice Punjab Ferozepur
Gujarat Mundra
Pulses West Bengal Haldia
Besan Madhya Pradesh Neemuch
Rajasthan Alwar
Maharashtra Saoner (Nagpur)
West Bengal Haldia
Soya value-added products Madhya Pradesh Vidisha
West Bengal Haldia
As of September 30, 2021, our food processing capacity was 1,885 MT per day. Most of these food processing
facilities are located at our existing crushing units or refineries to utilize their facilities for production, storage,
distribution network and experienced manpower. For example, we have a rice processing unit at the same location
of the castor oil unit in our Mundra plant, a besan unit at the same location of the crushing unit and refinery in
each of our Neemuch and Saoner (Nagpur) plants, and a pulse and besan unit at the same location of the refinery
in our Haldia plant. We are in the process of building a wheat flour unit at the same location of the crushing unit
and refinery at our plant in Bundi, Rajasthan.
Our food processing facilities are equipped with advanced technologies. We use machinery to ensure product
quality and food safety over the entire processing cycle. Fluidized bed, pneumatics and vacuum based system,
high efficiency power motors, air consumptions systems, air washing and aspirations are designed to increase
energy efficiency. Some of our food processing facilities are fully automated. To ensure environmental
sustainability, our food processing facilities discharge zero effluent and maintain effective power utilization.
In addition, we had 28 tolling units in India for packaged foods as of September 30, 2021, which produce wheat
flour, rice, pulses, suji, sugar, soya chunks, khichdi and chana sattu with raw materials we provide.
o FMCG. We manufacture soaps at our oleochemical plant in Mundra and handwash and sanitizers at a tolling unit
in Ahmedabad. We intend to engage additional tolling units for FMCG manufacturing.
• Industry essentials.
o Oleochemicals. We manufacture oleochemicals at our plant in Mundra, which is the largest single location facility
in India (Source: Technopak Report). Its designed output for oleochemicals is 800 MT per day. We have recently
added one more unit with a designed output of 400 MT per day to our oleochemical plant, given its high utilization
levels and demand. Our splitters and fatty acid distillation facilities are equipped with high pressure steam heating
to avoid usage of thermal oil and reduce fire hazards.
o Castor oil and its derivatives. One of our castor oil manufacturing facilities is strategically located at Meda Adraj
in north Gujarat, a region rich in castor production and the other in Mundra, which is an important port to export
castor oil out of India. For castor oil, we have a crushing capacity of 1,100 MT per day and a refining capacity of
600 MT per day at two locations in Gujarat. Our castor oil manufacturing facilities are equipped with advanced
technology to manufacture different grades of castor oil, such as cold pressed oil, low moisture oil, pale pressed
grade oil and first special grade oil continuously and semi-automatically.
o De-oiled cakes. We manufacture de-oiled cakes by crushing soya, mustard and castor seeds at our crushing units.
Our joint ventures also contribute to our manufacturing capacity. KOG-KTV Food Products Private Limited (“KOG-
KTV”) (now amalgamated with KTV Health Foods Private Limited) and KTV Health Foods Private Limited (“KTV
Health”) are both regional edible oil refiners and have presence in branded edible oil market through their brands
ROOBINI and SUNLAND in the state of Tamil Nadu. Visakha Polyfab Private Limited (“Vishakha Polyfab”) is a
manufacturer of poly films in India for pouch packing which are used for our products as part of forward integration. We
leverage its manufacturing capacity extensively to meet our packaging requirements.
153
Our integrated business model has enabled us to derive cost efficiency across different business lines. Our integration
includes the following means:
• Backward and forward integration. Nine of our crushing facilities in India are fully integrated with matching refinery
capacities to refine crude oil obtained by crushing operations. At nine of our crushing facilities in India, we further
derive de-oiled cakes from crushing. We also use palm stearin derived from palm oil refining to manufacture
oleochemical products, such as soap noodles, stearic acid and glycerin, and FMCG, such as soaps and handwash at
one of our refineries. Below are some highlights of our integrated plants:
o our plant in Mundra is an end-to-end integrated plant. The palm oil refinery enables us to derive palm stearin from
palm oil refining to manufacture oleochemical products, such as soap noodles, stearic acid and glycerin, as well
as FMCG, such as soaps and handwash. The Mundra plant has also been integrated to manufacture margarine,
which is widely used by bakers as a substitute for butter. We have further added a soap bar manufacturing unit to
the oleochemical plant in Mundra with an aim to utilize the ingredients for soap bars that we manufacture in-
house;
o our refinery at Krishnapatnam, Andhra Pradesh has been fully integrated to manufacture margarine; and
o our integrated plant in Vidisha, Madhya Pradesh covers the entire value chain of soya-crushing, producing soya
value-added products such as soya chunks, soya flour, soya lecithin and soya flaks besides refined soyabean oil.
The soya value-added products are sold domestically as well as exported.
Leveraging our experience from the integrated manufacturing facility in Mundra, we endeavor to establish additional
oleochemical plants which are to be integrated with our oil refining facilities, such as our palm refineries in Haldia,
Krishnapatnam, Kakinada and Mangalore.
• Integration of manufacturing capacities of edible oils and packaged foods at the same locations. Such integrated
manufacturing infrastructure has enabled us to share supply chain, storage facilities, distribution network and
experienced manpower among different products and reduce the overall costs for processing and logistics. For
example, we have:
o besan units at our edible oil plants in Alwar, Saoner (Nagpur) and Neemuch;
o pulse and soya chunk units at our edible oil plant in Haldia; and
o a rice unit at our castor oil plant in Mundra.
We plan to establish additional food processing units at our existing crushing units or refineries, including:
o a soya chunk unit to our plant in Saoner (Nagpur), where we have a soybean crushing unit and refinery;
o a pulse and besan processing unit at our existing crushing units and refineries in Kadi; and
o a wheat flour processing unit at our mustard crushing unit in Bundi.
For our plans for additional manufacturing facilities, see “Objects of the Issue” on page 71.
Installed Capacity, Actual Production and Capacity Utilization
The following table sets forth the installed capacity, processed quantity and capacity utilization of our manufacturing facilities
in India for the periods indicated:
Facility Six Months Ended September 30,
2020 2021 Financial Year 2021 Financial Year 2020 Financial Year 2019
Installed Capacity Installed Capacity Capacity Capacity
Capacity Processed Utilization Capacity Processed Utilization Installed Processed Utilization Installed Processed Utilization Installed Processed Capacity
* Quantity* ** * Quantity* ** Capacity Quantity ** Capacity Quantity ** Capacity Quantity Utilization**
(MT) (MT) (%) (MT) (MT) (%) (MT) (MT) (%) (MT) (MT) (%) (MT) (MT) (%)
Edible oil
Crushing 1,113,750 248,365 22 1,113,750 248,071 22 2,227,500 549,705 25 2,160,000 436,935 20 2,107,500 483,351 23
Refining 2,735,880 1,450,088 53 2,735,880 1,313,711 48 5,471,760 3,012,453 55 4,889,360 2,483,970 51 4,128,600 2,516,211 61
Packaged
foods 282,750 113,635 40 288,750 94,472 33 565,500 219,081 39 371,350 148,388 40 196,500 86,820 44
Oleochemi
cals 383,850 233,572 61 383,850 233,700 61 767,700 500,668 65 743,508 523,639 70 738,663 475,270 64
154
* Representing the half-year installed capacity and processed quantity for the six months ended September 30, 2020 and 2021, respectively.
** We determine our capacity utilization on the basis of the actual aggregate production of the relevant product during the relevant period, divided by the
average aggregate installed capacity for such product for such period, as adjusted for scheduled and unscheduled downtime.
We also have presence and operations in Bangladesh through Bangladesh Edible Oil Limited, a subsidiary we acquired in June
2021. It has (i) a refining unit in Rupshi, Narayanganj with an installed capacity of 600 tonnes per day; (ii) a refining capacity
in Mongla with an installed capacity of 1,000 tonnes per day; and (iii) an upcoming integrated unit in Bogra with an installed
capacity of 20,000 MT/month for packaged rice production and an installed capacity of 2,400 MT/month for rice bran oil
production.
Raw Materials and Procurement
Our key raw materials include (i) crude edible oils, including crude soyabean oil, sunflower oil, palm oil, mustard oil, rice bran
oil, groundnut oil and cottonseed oil, (ii) oilseeds, including soybeans, mustard seeds and castor seeds, and (iii) unprocessed
staple foods, including wheat, rice and pulses. In the financial years 2019, 2020 and 2021 and September 30, 2020 and 2021,
our material costs, comprising cost of materials consumed, purchases of traded goods and changes in inventories of finished
goods and by products, was ₹250,651.51 million, ₹253,702.06 million, ₹324,897.54 million, ₹ 138,892.77 million and ₹223,538.59
million, respectively, which accounted for approximately 86.67%, 85.23%, 87.35%, 85.35% and 89.57% of our total income,
respectively.
We source raw materials from global suppliers, such as Cargill International SA, Louis Dreyfus Company Suisse S.A, AAA
Oils & Fats Pte. Ltd., Cofco International Limited and Viterra B.V. Predominantly, crude soybean oil is imported from
Argentina and Brazil, sunflower oil from Ukraine and Russia and palm oil from Indonesia and Malaysia. We were India’s
largest importer of crude edible oil as of March 31, 2021 (Source: Technopak Report), which provided us with bargaining
power to source better quality raw materials from suppliers on favorable commercial terms. We have long-standing relationships
with most of our international suppliers. We believe that the long-standing relationships with these suppliers enable us to secure
raw materials even during the periods with leanest availability and give us various logistical flexibilities, which is a big
advantage over competitors. We have developed a reputation and relationship with multiple suppliers to avoid concentration
risk. For instance, we have a relationship with a large soybean crusher in Argentina ensuring direct availability of crude soybean
oil. The strong relationships with suppliers also aid us in getting first-hand information and market intelligence on price
movements in the international markets. Such market intelligence is essential in mitigating the price risk associated with
commodities. Furthermore, Wilmar International, our promoter group company, is the largest palm oil supplier in the world
(Source: Technopak Report), and provides us with additional competitive edge as we need not depend on third party suppliers
for sourcing of palm oil. Its market intelligence also helps us plan our inventory.
Under domestic procurement, we source wheat, paddy, pulses, oilseeds (including soybeans, mustard seeds and castor seeds)
and crude edible oils (including rice bran oil, groundnut oil and cottonseed oil). These are mostly procured for our refineries
and processing units in the hinterland. For procurement of castor seeds, we have sourcing agents in 32 Agriculture Produce
Market Committees across Gujarat which are experienced in the castor business. Procurement for staple foods is based on
government policies, minimum support price and seasonality. The key regions of staple food procurement are Madhya Pradesh,
Rajasthan, Maharashtra, Uttar Pradesh, Bihar, Haryana and Gujarat. We procure crude rice bran oil from Punjab, West Bengal
and Karnataka, and crude groundnut oil and cottonseed oil from Gujarat. We have a well-established system in place for
procurement of staple foods, oilseeds and crude edible oils from various market yards, traders and stockists. We have a quality
and control team at every plant location to check on the quality of staple foods, oilseeds and crude edible oils before unloading
at our manufacturing units. In addition, we have sufficient holding capacity in place to derive benefits of seasonal shortages
and price volatility.
Our domestic procurement is tailored around regional availability and a large network of our channel partners that include
agents acting on behalf of farmers, traders, aadatiyas (middlemen), market yard players, commission agents and brokers spread
across the key raw material producing belts. We leverage the relationship by having a common procurement team or desk for
purchase of multiple commodities to derive synergies in terms of market intelligence and maximize cost efficiencies. We are
also able to maximize our asset utilization at our integrated plants the same storage and processing infrastructure can be used
for multiple seasonal commodities.
We procure palm stearin externally sometimes for oleochemical manufacturing, either from domestic markets or through
imports, although we are able derive it from our palm oil refining process as a by-product.
The availability and price of most of our raw materials, either imported or procured domestically, is in nature susceptible to
volatility in the markets. We are also susceptible to volatility in foreign exchanges. See “Risk Factors – Internal Risk Factors
– 1. Our operations are dependent on the supply of large amounts of raw materials, such as unrefined palm oil, soyabean oil
155
and sunflower oil, wheat, paddy and oilseeds. Unfavourable local and global weather patterns may have an adverse effect on
the availability of raw materials. In addition, we do not have long term agreements with suppliers for our raw materials. Any
increase in the cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on our business and
results of operations, and seasonable variations could also result in fluctuations in our results of operations” on page 21, “Risk
Factors – Internal Risk Factors – 2. We depend significantly on imports of raw materials/finished goods in addition to domestic
suppliers, and various factors may result in an inadequate supply of raw materials/finished goods or result in an increase in
our cost in order to secure sufficient raw materials/finished goods to meet our operational requirements” on page 22 and “Risk
Factors – Internal Risk Factors – 8. Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may
have an adverse effect on our business” on page 25. We follow strict commodity risk management process to ensure that our
procurements are adequately hedged against volatility in the market. We have a robust board-approved commodity risk and
foreign exchange risk management policy in place with proper built-in controls to check on any speculation.
Quality Control
We place great emphasis on quality assurance and product safety at each step of the production process, right from the
procurement of our raw materials until the final product is packaged and ready for distribution to ensure that the quality of our
products meets the expectations of our customers and achieves maximum customer satisfaction. We have quality control
personnel, who ensure that people working in all departments from procurement to sales and marketing are trained on important
quality control aspects. To ensure compliance with our quality management systems and statutory and regulatory compliance,
our quality assurance team is equipped to train our staff on updates in quality, regulatory and statutory standards.
We have also implemented stringent quality control standards for raw material suppliers and vendors. On-site inspections and
routine audits are conducted for our vendors and suppliers to ensure constant supply of quality products. We have testing
laboratories at our facilities to conduct sampling tests to ensure that the color, odor, taste, appearance and nutrients of the raw
materials comply with our requirements. Further, we maintain our facilities and machinery and conduct our manufacturing
operations in compliance with applicable food safety standards, laws and regulations and our own internal policies. We also
inspect product samples at the assembly line and conduct batch-wise quality inspections on our products to ensure compliance
with applicable food safety standards and laws.
Research and Development
We had a research and development team comprising 12 personnel in India as of September 30, 2021 at our centralized research
and development center and application technology center, both in Hyderabad, Telangana, to support our product development
and process development activities for edible oil and food products. We have a separate research and development center for
specialty fats at Kakinada, Andhra Pradesh. We are also supported by the research and development team from Wilmar Group
ensuring our outputs in line with international standards and technology transfers through our collaborative arrangements.
Our research and development centers are well equipped to develop new products, including upgrading product composition
and packaging materials, to cater to evolving consumer trends. Our edible oil products under the Fortune brand, including the
Fortune Xpert series, and our ready-to-cook products and our future pipeline of new products are being supported by our
research and development team. As a result of our research and development activities, we were able to launch Fortune Xpert
pro immunity oil, Fortune Xpert pro sugar conscious oil, ready-to-cook soya chunks and ready-to-cook khichdi over the last
three years. Our research and development team also works closely with our operations team and business team to improve the
food safety standards of our existing plants, comply with the various regulations of Food Safety and Standards Authority of
India and develop manufacturing process with an aim to minimize losses during the process and reduce process cycle time.
We believe that our research and development abilities are critical in maintaining our competitive position in the industry going
forward. Currently, our research and development team is working on new product development initiatives with a focus on
health benefits of these new products. We have a number of potential new products, including fortified wheat flour, multi-grain
wheat flour, fortified rice, low glycemic index rice and various ready-to-cook products in pipeline.
Sales, Distribution Network and Marketing
We offer our edible oil and food and FMCG products on both branded basis and B2B basis. In the financial year 2021, our
revenues generated from the branded basis and the B2B basis accounted for approximately 73% and 27% of our total revenues,
respectively. Our industry essentials are offered to institutional customers only. Our exports primarily cover institutional
customers.
Distribution Network
We had the largest distribution network among all branded edible oil companies in India with 5,590 distributors in India as of
September 30, 2021, located in 28 states and eight union territories, catering to over 1.6 million retail outlets, including retail
156
stores, department stores and modern stores (Source: Technopak Report). We had 88 depots in India, with an aggregate storage
space of approximately 1.8 million square feet as of September 30, 2021, across the country to ensure availability of our
products.
Our distribution network experienced a rapid expansion. The following table sets forth our distribution network in India as of
the dates indicated:
As of March 31, As of
2019 2020 2021 September
30, 2021
Distributors 4,173 4,884 5,566 5,590
Common distributors for edible oils and packaged 2,743 3,393 3,598 3,552
foods
The following map and table sets forth the breakdown of our distribution network in India by region as of September 30, 2021:
Region Depots Distributors

North 1 (1) 13 607
North 2 (2) 18 1,251
East (3) 15 950
West (4) 13 1,094
South (5) 17 881
Central (6) 12 807
Total 88 5,590
Notes:
(1) Comprising Ladakh, Jammu and Kashmir, Punjab, Himachal Pradesh, Delhi and Haryana.
157
(2) Comprising Uttarakhand, Uttar Pradesh and Bihar.
(3) Comprising Jharkhand, West Bengal, Odisha, Meghalaya, Assam, Arunachal Pradesh, Nagaland, Manipur and Mizoram.
(4) Comprising Goa, Gujarat and Maharashtra.
(5) Comprising Karnataka, Telangana, Andhra Pradesh, Tamil Nadu and Kerala.
(6) Comprising Rajasthan, Madhya Pradesh and Chhattisgarh.
We leverage our edible oil distribution network for packaged foods, and as of September 30, 2021, we had approximately 64%
of our edible oil distributors in India catering to our packaged food distribution. We also utilize our large distribution network
to offer new products. The cross-selling capabilities of our distribution network have enabled us to successfully launch a series
of products, including foods and FMCG, and increase their sales during a relatively short period of time.
As of March 31, 2021, we were present in one out of three households in India with a household reach of 90.51 million through
our Fortune brand (Source: IMRB). The following table sets forth our household reach as of the dates indicated:
As of March 31,
2019 2020 2021
(in millions) (%) (in millions) (%) (in millions) (%)
Urban Total 89.29 100.00 92.77 100.00 97.47 100.00
Fortune oils 36.34 40.69 37.42 40.33 41.74 42.82
Rural Total 154.76 100.00 158.58 100.00 168.26 100.00
Fortune oils 40.64 26.26 42.61 26.86 48.77 28.98
All India (urban + rural) Total 244.05 100.00 251.35 100.00 265.73 100.00
Fortune oils 76.99 31.54 80.03 31.84 90.51 34.06
In the near future, we intend to further expand our distribution network by increasing our retail outlets. We will promote both
premium and masstige brands and expand coverage in rural areas under a hub-and-spoke model. Furthermore, we intend to
leverage the linkages with our business partners around the world and the market intelligence from our business partners and
shareholders to extend our distribution network globally.
Direct Sales to Institutional Customers
In addition to the distribution network, we may also offer our products, such as edible oil and industry essentials, to institutional
customers directly. Our institutional customers are primarily food companies such as Britannia and industrial application
oriented companies. For our institutional customers, we provide customized product solutions and variants depending upon
their individual requirements. These customized products are first developed and tested at our application center before running
a final trial at our plants.
Exports
As of September 30, 2021, we exported our products, including branded edible oil products, foods, FMCG and industry
essentials, to over 50 countries. We have recently introduced our branded edible oil products to the Middle East. We are also
exporting industry essentials, such as castor oil and oleochemicals, to the Middle East, Southeast Asia, East Africa, Europe,
United States and Canada. We were the largest exporter of castor oil and among the three largest exporters of oleochemicals in
India as of March 31, 2020 (Source: Technopak Report). In the financial years 2019, 2020 and 2021 and the six months ended
September 30, 2021, we generated ₹31,660.06 million, ₹29,270.87 million, ₹27,461.55 million and ₹16,509.52 million,
respectively, from export sales, representing approximately 10.99%, 9.87%, 7.40% and 6.64%, respectively, of our revenue
from operations.
E-commerce Channels
We adopt an omni-channel strategy to extend our customer reach. In addition to traditional retail distribution channels, we have
been utilizing e-commerce channels. We have an exclusive website “Fortune Foods” showcasing the entire basket of products
available under the Fortune brand. We have recently launched an online portal, Fortune Online, which is a one-stop-shop for
all the products under the Fortune brand along with the mobile application Fortune Online. Currently, customers in 25 cities
can place orders through Fortune Online. In addition, we partner with certain e-commerce platforms, such as Grofers, and have
a presence across major e-commerce platforms. Our online sales through e-commerce platforms increased by 53.30% from
₹2,989.35 million for the financial year 2020 to ₹4,582.82 million for the financial year 2021.
We have also recently launched “Fortune Business”, which is a mobile application to provide business owners with one-stop
access to a wide selection of our products. The Fortune Business mobile application serves department stores, hotels, restaurants
and bakeries as well. It was launched in Ahmedabad and will be scaled up in a phased manner. Currently, it is available in 16
cities in India.
We have recently launched Fortune Mart, which are franchised physical stores dedicated to our Fortune-branded products. They
will be self-sustaining outlets to showcases our entire range of products under different stock-keeping units. They will also
158
serve as fulfillment centers for home delivery of products ordered through Fortune Online to domestic customers. We aim to
have more than 40 Fortune Mart stores opened across India in the next few years.
We aim to expand our online reach in India from the current 25 cities to 100 cities in the next few years. We plan to cover
domestic customers, including both retail and institutional customers, from the online portal.
Marketing
As of September 30, 2021, our sales and marketing team comprised 685 personnel in India and is based in our headquarters
and key distribution centers. We also have assigned a trade marketing head for each of the regions we operate. Our marketing
initiatives include advertising through print and electronic media and TV commercials, promoting our brands through social
media, hosting exhibitions and outdoor promotional activities. We employ a go-to-market approach and engage different
advertising strategies for premium and masstige brands. In the regions where we are seeking to increase our market share, we
educate consumers about health concerns over inferior quality edible oils so that they may upgrade to our products. In the
regions where we have established our market position, our advertisements focus on the health benefits of our premium products
for the consumers who may further upgrade.
Our marketing is driven by both product advertising and range advertising. Product advertising is intended to maintain the
market share of some products while we seek to increase the market share of some other products. Range advertising promotes
a range of our products. For example, a recently launched advertising campaign “Rukna Mat” promotes the entire range of our
edible oils and foods. In the financial years 2019, 2020 and 2021 and the six months ended September 30, 2020 and 2021, our
business development and promotional expenses were ₹1,879.32 million, ₹2,849.63 million, ₹2,553.76 million, ₹1,561.49
million and ₹1,795.98 million, or 0.65%, 0.96%, 0.69%, 0.96% and 0.72% of our revenue from operations, respectively.
Human Resources
Our work force is a critical factor in maintaining our competitive position and our human resource policies focus on training
and retaining our employees. We train our employees on a regular basis to increase the level of operational excellence, improve
productivity and maintain compliance standards on quality and safety. We offer our employees performance-linked incentives
and benefits. We also hire contract labor for our facilities, from time to time. Our employees at one facility have formed a
registered union. We believe we have good relations with our employees.
As of September 30, 2021, we had 2,454 employees in India as set out below:
Department Classification Department Number of employees as of September 30, 2021

Finance and Accounts and Secretarial Finance and Accounts 139
Finance and Accounts and Secretarial Secretarial 2
159
Department Classification Department Number of employees as of September 30, 2021
Sales, Marketing and Supply Chain Sales and Marketing 685
Sales, Marketing and Supply Chain Supply Chain 69
Human Resources Human Resources 62
Operations and Projects Operations and Projects 995
Operations and Projects Quality Control 204
IT Information Technology 13
Research and Development Research and Development 12
Sourcing and Procurement Trading (Oil and Oilseeds) 36
Sourcing and Procurement Castor Desk 15
Sourcing and Procurement Oleo Desk 8
Sourcing and Procurement PPC 10
Sourcing and Procurement Procurement 47
Sourcing and Procurement Pulses Desk 5
Sourcing and Procurement Rice Desk 12
Sourcing and Procurement Mustard Desk 5
Sourcing and Procurement Commercial 2
Safety and Security Safety 26
Safety and Security Security 78
Legal and Admin Legal 3
Legal and Admin Administration 6
CEO and MD office CEO and MD office 4
Internal Audit Internal Audit 16
Grand Total 2,454
Health, Safety and Environment
We aim to comply with applicable health and safety regulations and other requirements in our operations and have adopted a
health and safety policy that is aimed at complying with regulatory requirements, requirements of our licenses, approvals,
various certifications and ensuring the safety of our employees and the people working at our facilities or under our
management. We aim to significantly reduce accidents and occupational health hazards through a systematic analysis and
control of risks and by providing appropriate training to our management and our employees. We have implemented health and
safety measures to ensure a healthy and safe working environment at our facilities and to the general public. Such measures
include regular dashboard reporting and internal audit. We have health and safety software in place for incident reporting and
management. Further, we provide regular trainings to our senior managements and employees.
We are committed to environmental sustainability and have launched several environmental initiatives. We have implemented
solar power at five of our plants with an aggregate installed capacity of 3,040 kilowatts and installed zero liquid discharge
systems at eight of our plants in India, which allow us to recover and reuse wastewater from our manufacturing process. We
are in the process of establishing zero liquid discharge system at another plant in India. Approximately 96% of the packing
materials used by our operating entities in India in the six months ended September 30, 2021 can be recycled by customers after
use. Following the government mandate for Extended Producer’s Responsibility, we have initiated the process of collecting
used plastic packaging we produce from different regions of India, with an aim to lift all of the plastic packaging we produce
in the near future. In the financial year 2021, our operating entities in India collected and recycled approximately 54% of the
packing materials they consumed.
Our operating entities procured approximately 95.6% of crude palm oil which is traceable up to mills in the calendar year 2020.
Our nine palm oil refineries in India are all certified by the RSPO. We are capable of handling segregated and mass balance
certified palm oil under the RSPO scheme, which requires end-to-end tracking and cargo handling from plantation to refinery.
A number of our manufacturing facilities have received ISO 14001 certifications for environmental management systems and/or
ISO 45001 certifications for occupational health and safety management systems. Our manufacturing facilities in Mundra, Unit-
I of Krishnapatnam and Neemuch received a commendation certificate for “outstanding performance in food safety”,
“significant achievement on food safety” and “strong commitment in food safety”, respectively, by Confederation of Indian
Industry in 2020.
Information Technology
Our information technology systems are vital to our business and we have adopted information technology policies to assist us
in our operations. The key functions of our information technology team include establishing and maintaining enterprise
information systems and infrastructure services to support our business requirements, maintaining secure enterprise operations
through, among others, risk assessment and incident management policies. We utilize an enterprise resource planning solution,
SAP, which assists us with various functions including customer relationship management, human resources and supply chain
management. Our information technology team is also engaged in data analytics as decision making support for the management
160
by providing various dash boards for our sales and marketing, manufacturing and other key functions. Our information
technology team also plays a significant role in our go-to-market strategy and various supply chain solutions which increases
our operational efficiency.
We have undertaken a set of technology interventions to improve our business processes from our internal billing software, to
our billing to retailers and frontline sales from retailers. In order to improve overall productivity and obtain timely reports, we
have automated our sales team by installing IVY application in their mobile through which they can plan and execute their day-
to-day market activities, and we can monitor their performance on a daily basis.
Insurance
Our operations are subject to hazards inherent in manufacturing facilities such as risk of equipment failure, work accidents, fire,
earthquakes, flood and other force majeure events, acts of terrorism and explosions including hazards that may cause injury and
loss of life, severe damage to and the destruction of property and equipment and environmental damage. We may also be subject
to product liability claims if the products that we manufacture are not in compliance with regulatory standards and the terms of
our contractual arrangements.
Our principal types of coverage include insurance all risk policy, boiler and pressure plant insurance policy, electronic
equipment insurance policy, standard fire and special perils insurance policy, machinery breakdown insurance policy, money
insurance policy, burglary insurance policy and comprehensive general liability insurance. Our insurance policies may not be
sufficient to cover our economic loss. See “Risk Factors – Internal Risk Factors – 49. Our insurance coverage may not be
sufficient or may not adequately protect us against all material hazards, which may adversely affect our business, results of
operations and financial condition.” on page 40.
Corporate Social Responsibility
We have adopted a Corporate Social Responsibility (“CSR”) policy approved by the Board, which is available on the website
of our Company. We have set up a CSR committee in compliance with the requirements of the Companies Act and the relevant
rules.
With our mission “For a Healthy Growing Nation,” we have been implementing the SuPoshan project in association with Adani
Foundation, which is the CSR arm of the Adani Group. The SuPoshan project is part of our corporate social responsibility
initiatives towards eradication of malnutrition and anemia in India with a focus on children from 0-5 years age group, adolescent
girls and women in reproductive age at various locations. The SuPoshan project also supports efforts in reducing infant mortality
rate and maternal mortality rate. As of September 30, 2021, the project reached a population of approximately 1.62 million in
1,268 villages and 139 slums. We select a number of women from villages, known as Sanginis, and train them to take curative
and preventive actions, including awareness generation, at the village level. As of September 30, 2021, we had 640 Sanginis
covering 2,187 rural childcare facilities (Anganwadis) and 0.3 million households. We work in collaboration with local
governments towards our goal. In 2018, we signed a memorandum of understanding with the Government of Gujarat and
expanded the reach of the SuPoshan project to the Narmada, an aspirational district. The SuPoshan project received the ACEF
Asian Leadership Award for excellence in CSR in 2018.
We undertake other social welfare initiatives, such as providing free food to truck drivers and casual laborers. Amidst the
COVID-19 pandemic, we provided edible oil and food essentials to a number of communities at highly subsidized rates and
distributed safety kits to groups of people in need in the communities nearby for free.
Competition
We compete with both domestic and international market companies in each of the businesses we operate, including:
Product category Competitors

Edible oil Large edible oil manufacturers in India and large multi-national companies which provide edible oil products in India.
Food and FMCG Large food and FMCG companies in India.
Industry essentials Large manufacturers of industry essentials in India.
We also compete with large manufacturers of industry essentials from the international markets in terms of exports.
Intellectual Property
We own a number of trademarks in India relating to our name, brands and products. The registered trademarks are valid for a
period of 10 years from the date of application or renewal. We have filed applications for registration of certain other
trademarks. We also have trademarks outside India and have filed applications for registration of certain trademarks outside
161
India. We hold registrations of certain copyrights relating to our products, which are valid for a period of 60 years from the date
of registration. We have applied for a renewal of registration of design for “jerry can” used for packaging.
Our Property
We own our registered office situated on Fortune House, Near Navrangpura Railway Crossing, Ahmedabad 380 009, Gujarat,
India. Our manufacturing facilities are located in Gujarat, West Bengal, Rajasthan, Maharashtra, Madhya Pradesh, Punjab,
Andhra Pradesh, Karnataka, Haryana and Odisha. Some of the land for these manufacturing facilities is held by us on freehold
basis and some are held on leasehold basis with a tenure ending from the calendar year 2032 to the calendar year 2099.
162
KEY REGULATIONS AND POLICIES
The following description is a summary of certain sector specific laws currently in force in India, which are applicable to our
Company and its Subsidiaries. The information detailed in this section has been obtained from publications available in the
public domain. The regulations set out below are not exhaustive and are only intended to provide general information to the
investors and are neither designed nor intended to be a substitute for professional legal advice. The statements below are based
on the current provisions of Indian law, and the judicial and administrative interpretation thereof, which are subject to change
or modifications by subsequent legislative, regulatory, administrative or judicial decisions.
For details of regulatory approvals obtained by us in compliance with the applicable regulations, see “Government and Other
Approvals” on page 330.
Key regulations applicable to our Company and Subsidiaries
Food Safety and Standards Act, 2006 (“FSSA”)
The FSSA was enacted with a view to consolidate the laws relating to food and to establish the Food Safety and Standards
Authority of India (“FSSAI”) for laying down scientific standards for articles of food and to regulate their manufacture, storage,
distribution, sale and import to ensure availability of safe and wholesome food for human consumption. The FSSAI is required
to provide scientific advice and technical support to the GoI and the state governments in framing the policy and rules relating
to food safety and nutrition. The FSSA also sets out requirements for licensing and registering food businesses, general
principles for food safety, and responsibilities of the food business operator and liability of manufacturers and sellers, and
adjudication by the Food Safety Appellate Tribunal. The FSSA also lays down penalties for various offences (including recall
procedures).
In exercise of powers under the FSSA, FSSAI has framed, inter alia, the Food Safety and Standard Rules, 2011 (“FSSR”). The
FSSR sets out the enforcement structure of ‘commissioner of food safety’, ‘food safety officer’ and ‘food analyst’ and
procedures of taking extracts of books of accounts and other relevant documents, seizure of food articles, sampling of food
articles and analysis.
Further, FSSAI has issued guidance note on ‘Food Hygiene and Safety Guidelines for Food Businesses during Coronavirus
Disease (COVID-19) Pandemic’ (“Guidance Note”) with an intent to provide guidance to food businesses, including their
personnel involved in handling of food and other employees to prevent spread of COVID-19 in the work environment and any
incidental contamination of food/food packages. It, inter alia, mandates that employers should have a COVID-19 screening
protocol in place to screen all personnel entering the premise. The Guidance Note prescribes guidelines for the management of
the food establishment to handle a Covid-19 suspect/positive case in accordance with the guidelines issued by Ministry of
Health and Family Welfare and clean and disinfect the premises accessed by the suspected Covid-19 case.
The Guidance Note further mandates strict adherence to General Hygiene Practices specified under Schedule 4 of Food Safety
and Standards (Licensing and Registration of Food Businesses) Regulation, 2011 (“Schedule”). The Schedule enumerates
multiple compulsory measures to be adopted by food business operators in the interest of human nutrition, safety and hygiene.
The Legal Metrology Act, 2009 (the “Metrology Act”)
The Metrology Act has replaced the Standards of Weights and Measures Act, 1976 and the Standards of Weight & Measurement
(Enforcement) Act, 1985. The Metrology Act provides for establishment and enforcement of standards of weights and measures
and for regulation of trade and commerce in weights, measures and other goods which are sold or distributed by weight,
measure, or number. The key features of the Metrology Act include appointment of government-approved test centres for
verification of weights and measures, allowing companies to authorize any of its directors to be responsible to ensure that no
offence is committed by a company under the Metrology Act and penalties for violation of the provisions of the Metrology Act.
Legal Metrology (Packaged Commodities) Rules, 2011 (the “Packaged Commodities Rules”)
The Packaged Commodities Rules was framed under Section 52(2) (j) and (q) of the Metrology Act and lay down specific
provisions applicable to packages intended for retail sale, whole sale and for export and import. A “pre-packaged commodity”
means a commodity which without the purchaser being present is placed in a package of a pre-determined quantity. The key
provisions of the Packaged Commodities Rules are:
• It is illegal to manufacture, pack, sell, import, distribute, deliver, offer, expose or possess for sale any pre-packaged
commodity unless the package is in such standard quantities or number and bears thereon such declarations and particulars
as prescribed;
• All pre-packaged commodities must conform to the declarations provided thereon as per the requirement of Section 18(1)
of the Metrology Act; and
163
• No pre-packaged commodity shall be packed with error in net quantity beyond the limit prescribed in the first schedule of
the Packaged Commodity Rules.
The Bureau of Indian Standards Act, 2016
The Bureau of Indian Standards Act, 2016 (the “BIS Act”) provides for the establishment of a national standards body for the
harmonious development of the activities of standardization, conformity assessment and quality assurance of goods, articles,
processes, systems and services. The BIS Act provides for establishment of Bureau of Indian Standards which will formulate,
implement and certify certain standards of quality for goods, services, articles, processes and systems. The Government of
India, through Ministry of Consumer Affairs, Food & Public Distribution and the Ministry of Electronics & Information
Technology, amongst others, regulate manufacturing or storing for sale, import, selling or distribution of goods which do not
conform to the Indian Standard specified in the BIS Act, by way of passing orders. The orders can provide for compulsory
registration for undertaking any of the specified activities relating to an identified category of product.
The Agricultural Produce Marketing Legislations
The agricultural produce marketing legislations enacted by state governments regulate marketing of agricultural, horticultural,
livestock products and certain other produce in market areas and establishes market committees for every market area in the
state to regulate transactions in agricultural produce. It provides for the organization and composition of committees and their
powers and functions which include, granting licenses to operate in the market, provide for necessary facilities in the market
area, regulate and control transactions in the market and admissions to the market.
The Essential Commodities Act, 1955
The Essential Commodities Act, 1955 (the “ECA”) gives powers to the Government of India to control the production, supply
and distribution of certain essential commodities for inter alia securing their equitable distribution and availability at fair prices.
Using the powers under it, various ministries/ departments of the Indian government have issued control orders for regulating
production, distribution, trading, quality aspects, movement and prices pertaining to commodities which are essential and
administered by them, including for essential commodities such as food grains, edible oils, sugar and drugs. Penalties in terms
of fine and imprisonment are prescribed under the ECA for non-compliance of its provisions.
The Essential Commodities (Amendment) Act, 2020 (“Amendment Act”), which is yet to be implemented, provides the
Government of India to regulate the supply of certain food items including edible oils only under extraordinary circumstances
which may include war, famine, extraordinary price rise and natural calamity of grave nature. The Amendment Act requires
that imposition of any stock limit on agricultural produce must be based on price rise. Further, a stock limit may be imposed
only if there is: (i) a 100% increase in retail price of horticultural produce; and (ii) a 50% increase in the retail price of non-
perishable agricultural food items. The increase will be calculated over the price prevailing immediately preceding twelve
months, or the average retail price of the last five years, whichever is lower.
The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020 (“Farmers’ Act”)
The Farmers’ Act was enacted with an objective of facilitating freedom of choice in relation to the sale and purchase of farmers’
produce through, inter alia, competitive trading channels and efficient barrier-free inter-state and intra-state trade and commerce
outside physical premises of the markets. In terms of the Farmers’ Act, any person (other than individual) is entitled to establish
an electronic trading platform for trade and commerce of farmers’ produce.
The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020 (“Farmers’
Agreement Act”)
The Farmers’ Agreement Act was enacted with an objective to provide a national framework on agreements to protect the
interests of farmers for farm services and products at a mutually agreed prices in a fair and transparent manner. The Farmers’
Agreement Act provides for framework and essential terms of the agreements to be entered into with the farmers and prescribes
a price to be paid for the farming services and products. Further, a registration authority has also been prescribed to be
established for facilitating framework for registration of farming agreements.
On January 12, 2021, the Supreme Court of India has stayed the implementation of the Farmers’ Act and Farmers’ Agreement
Act.
The Petroleum Act, 1934 (“Petroleum Act”) and the Petroleum Rules, 2002 (“Petroleum Rules”)
The Petroleum Act regulates the import, transport and storage of petroleum. Persons intending to use petroleum in the manner
provided need to acquire a license for the same from relevant authorities.
164
The Central Government, may from time to time, declare by rules and notifications places where petroleum may be imported,
the periods within which license shall be applied for, regulations relating to transport of petroleum, nature and conditions in
which they may be stored etc.
The Petroleum Rules seek to regulate the delivery and dispatch of petroleum and the importation of petroleum through licenses.
Under the Petroleum Rules, no person is permitted to deliver or dispatch any petroleum to anyone in India other than the holder
of a storage licence issued under the Petroleum Rules or his authorized agent or a port authority or railway administration or a
person who is authorized under the Petroleum Act to store petroleum without a licence. The Petroleum Rules, inter alia, prohibit
the employment of children under the age of eighteen years and a person who is in a state of intoxication.
The Explosives Act, 1884 (“Explosives Act”)
This is a comprehensive legislation which regulates the manufacture, possession, sale, transportation, export and import of
explosives. As per the definition of explosives under the Explosives Act, any substance, whether a single chemical compound
or a mixture of substances, used or manufactured with an intent to produce a practical effect by explosion shall be covered
under the Explosives Act.
The Central Government may, by notification, prohibit, either absolutely or subject to conditions, the manufacture and import
of dangerous explosives. In furtherance to the purpose of the Explosives Act the Central Government has notified the Explosive
Rules, 2008 in order to regulate the manufacture, import, export, transport and possession for sale or use of explosives.
The Boilers Act, 1923 (“Boilers Act”)
The Boilers Act and rules thereof encompass rules and regulations for the safe and proper construction, erection, repair, use
and operation of boilers. The Boilers Act also lays down the process for formulation of boiler rules, examination by and
appointment of boiler inspectors, provisions for inspection certifications and imposition of penalties for the violations of any
provisions of the Boilers Act.
The Agricultural Produce (Grading and Marking) Act, 1937; General Grading and Marking Rules, 1988 and Blended
Edible Vegetable Oils Grading and Marking Rules, 1991 (“Grading and Marking Laws”)
The provisions of the Act deal mainly with the prescription and protection of merchandise marks. The Grading and Marking
Laws provide for the grading and marking of agricultural and other allied commodities with the objectives of making available
quality agricultural produce including horticulture and livestock produce to the consumers. The Central Government has
implemented rules fixing grade designation to indicate the quality of any scheduled article, denning the quality indicated by
every grade designation; specifying grade designation mark to represent particular grade designation; authorising interested
parties to grade; specifying conditions regarding manner of marking, packaging etc. and providing for the confiscation and
disposal of produce marked otherwise than in accordance with the prescribed conditions with a grade designation mark.
The Agricultural and Processed Food Products Export Development Authority Act, 1985 (“Agricultural Export
Authority Act”)
The Agricultural Export Authority Act was implemented with an aim to establish an authority for development and promotion
of exports of certain agricultural and processed food products. The functions of the authority established under Agricultural
Export Authority Act include providing of financial assistance to industries relating to scheduled products, fixing of standards
and specifications for products, improving packaging and marketing of products etc.
Environmental laws
We are subject to various environment regulations as the operation of our establishments might have an impact on the
environment in which they are situated. The basic purpose of the statutes given below is to control, abate and prevent pollution.
In order to achieve these objectives, Pollution Control Boards (“PCBs”), which are vested with diverse powers to deal with
water and air pollution, have been set up in each state and in the Centre. The PCBs are responsible for setting the standards for
maintenance of clean air and water, directing the installation of pollution control devices in industries and undertaking
inspection to ensure that industries are functioning in compliance with the standards prescribed. These authorities also have the
power of search, seizure and investigation. All industries are required to obtain consent orders from the PCBs, which are
required to be periodically renewed.
The Environment Protection Act, 1986 (the “Environment Protection Act”) and The Environment (Protection) Rules,
1986 (the “Environment Protection Rules”)
The Environment Protection Act was enacted to act as an “umbrella” legislation designed to provide a framework for
coordination of the activities of various central and state authorities established under previous laws. The Environment
Protection Act authorises the Central Government to protect and improve environment quality, control, and reduce pollution.
165
The Environment Protection Rules framed under the Environment Protection Act lay down specific provisions regarding
standards for emission or discharge of environmental pollutants, prohibition of carrying out industrial activities in certain
geographical locations, procedures for function of environmental laboratories and submission of samples. The draft
Environment (Protection) Amendment Rules, 2020 provide for regulations on use of membrane - based water purification
system which, if passed, shall be applicable to all filtration - based purification or wastewater treatment system, where polymer
- based membrane is used and discarded at the end of its life.
Air (Prevention and Control of Pollution) Act, 1981 (the “Air Act”)
The Air Act was enacted and designed for the prevention, control and abatement of air pollution and establishes Central and
State pollution control boards for the aforesaid purposes. In accordance with the provisions of the Air Act, any person
establishing or operating an industrial plant in an air pollution control area must apply in a prescribed form and obtain consent
from the state pollution control board prior to commencing any activity.
The Water (Prevention and Control of Pollution) Act, 1974 (the “Water Act”)
The Water Act was enacted to provide for the prevention and control of water pollution and the maintaining or restoring of
wholesomeness of water. Further, the Water Act also provides for the establishment of boards with a view to carrying out the
aforesaid purposes for conferring on and assigning to such boards powers and functions relating thereto.
Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016 (the “Hazardous Waste
Rules”)
The objective of the Hazardous Waste Rules is to control the collection, reception, treatment and storage of hazardous waste.
The Hazardous Waste Rules prescribes for every person who is engaged in generation, treatment, processing, packaging,
storage, transportation, use, collection, destruction, conversion, recycling, offering for sale, transfer or the like of hazardous
and other wastes to obtain an authorisation from the relevant state pollution control board.
Plastic Waste Management Rules, 2016
Under the Plastic Waste Management Rules, 2016, all institutional generators of plastic waste, are required to inter alia,
segregate and store the waste generated by them in accordance with the Solid Waste Management Rules, 2016, and handover
segregated wastes to authorized waste processing or disposal facilities or deposition centers, either on its own or through the
authorized waste collection agency.
The Public Liability Insurance Act, 1991 (the “PLI Act”)
The PLI Act imposes liability on the owner or controller of hazardous substances for any damage arising out of an accident
involving such hazardous substances. The government by way of a notification has enumerated a list of hazardous substances.
The owner or handler is also required to obtain an insurance policy insuring against liability under the legislation. The rules
made under the PLI Act mandate that the owner shall contribute towards the environmental relief fund a sum equal to the
premium paid on the insurance policies. The amount is payable to the insurer.
The Chemical Accidents (Emergency Planning, Preparedness and Response) Rules, 1996 (the “Chemical Accidents
Rules”)
The Chemical Accidents Rules, formulated pursuant to the provisions of the Environment Protection Act, seek to manage the
occurrence of chemical accidents, by, inter alia, setting up a central crisis group and a central crisis alert system. The functions
of the central crisis group inter alia include, (i) conducting post-accident analysis of major chemical accidents; (ii) rendering
infrastructural help in the event of a chemical accident; and (iii) review district off site emergency plans.
Draft Environment Impact Assessment Notification 2020 (“EIA 2020”)
Ministry of Environment, Forest and Climate Change has issued Draft Environment Impact Assessment Notification 2020
(“EIA 2020”) which proposes to replace the erstwhile Environment Impact Assessment Notification, 2006. The EIA 2020,
inter alia, contemplates two kinds of approvals, being (i) prior environment clearance with the approval of expert committees;
and (ii) environmental permission or provision without the approval of expert committees. Certain projects including clay and
sand extraction, digging well or foundations of buildings, solar thermal power plants and common effluent treatment plants
have been exempted from such approvals.
Industrial and labour laws
We are subject to various labour and industrial laws for the safety, protection, condition of working, employment terms and
welfare of labourers and/or employees of us.
166
The Factories Act, 1948 (the “Factories Act”)
The Factories Act defines a “factory” to cover any premises which employs ten or more workers and in which manufacturing
process is carried on with the aid of power and, any premises where there are at least twenty workers even though there is no
electrically aided manufacturing process being carried on. Each State Government has rules in respect of the prior submission
of plans and their approval for the establishment of factories and registration and licensing of factories.
The Factories Act provides that an occupier of a factory i.e. the person who has ultimate control over the affairs of the factory
and in the case of a company, any one of the directors must ensure the health, safety and welfare of all workers. There is a
prohibition on employing children below the age of fourteen years in a factory. The occupier and the manager of a factory may
be punished in accordance with the Factories Act for different offences in case of contravention of any provision thereof and in
case of a continuing contravention after conviction, an additional fine for each day of contravention may be levied.
Other labour laws
Further, in respect of our manufacturing facilities, we use the services of certain licensed contractors who in turn employ
contract labour whose number exceeds twenty in respect of certain facilities. Accordingly, we are regulated by the provisions
of the Contract Labour (Regulation and Abolition) Act, 1970, as amended (the “CLRA Act”), and the rules framed thereunder
which requires us to be registered as a principal employer and prescribes certain obligations with respect to welfare and health
of contract labour. The CLRA Act imposes certain obligations on the contractor in relation to establishment of canteens, rest
rooms, drinking water, washing facilities, first aid, other facilities, and payment of wages. However, in the event the contractor
fails to provide these amenities, the principal employer is under an obligation to provide these facilities within a prescribed
time-period. Penalties, including both fines and imprisonment, may be levied for contravention of the provisions of the CLRA
Act.
The Industrial Disputes Act, 1947, as amended, provides for statutory mechanism of settlement of all industrial disputes, a term
which primarily refers to a dispute or difference between employers and workmen concerning employment or the terms of
employment or with the conditions of labour of any person. The Industrial Dispute (Central) Rules, 1957 inter-alia specify
procedural guidelines for lock-outs, closures, layoffs and retrenchment.
The Employee’s Compensation Act, 1923 (the “Employee’s Compensation Act”) aims at providing financial protection to
employees and their dependents in case of accidental injury by means of payment of compensation by the employers. The
compensation is also payable for some occupational diseases contracted by employees during the course of their employment.
The Employee’s Compensation Act prescribes that if personal injury is caused to an employee by accident during employment,
his employer would be liable to pay him compensation.
We are subject to other laws concerning condition of working, benefit and welfare of our labourers and employees such as:
• The Industrial Employment (Standing Orders) Act, 1946
• The Employees State Insurance Act, 1948
• The Employees (Provident Fund and Miscellaneous Provisions) Act, 1952
• The Payment of Gratuity Act, 1972
• The Payment of Bonus Act, 1965
• The Minimum Wages Act, 1948
• The Payment of Wages Act, 1936
• The Equal Remuneration Act, 1976
• The Child Labour (Protection Regulation) Act, 1986
• The Maternity Benefit Act, 1961
• The Apprentices Act, 1961
• The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
• The Interstate Migrant Workmen Act, 1979
167
• The Trade Unions Act, 1926
• The Building and other Construction Workers’ Welfare Cess Act, 1996
The Occupational Safety, Health and Working Conditions Code, 2020 (enacted by the Parliament of India and assented to by
the President of India) will come into force on such date as may be notified in the official gazette by the Central Government
and different dates may be appointed for different provisions of the Occupational Safety, Health and Working Conditions Code,
2020. Once effective, it will subsume, inter alia, the Factories Act and the CLRA Act.
The Code on Social Security, 2020 (enacted by the Parliament of India and assented to by the President of India) will come into
force on such date as may be notified in the official gazette by the Central Government and different date may be appointed for
different provisions of the Code on Social Security, 2020. Once effective, it will subsume, inter alia, the Employees
‘Compensation Act, 1923, the Employees ‘State Insurance Act, 1948, the Employees Provident Funds and Miscellaneous
Provisions Act, 1952, the Maternity Benefit Act, 1961 and the Payment of Gratuity Act, 1972.
The Code on Wages, 2019 (enacted by the Parliament of India and assented to by the President of India) will come into force
on such date as may be notified in the official gazette by the Central Government and different date may be appointed for
different provisions of the Code on Wages, 2019. Once effective, it will subsume the Equal Remuneration Act, 1976, the
Minimum Wages Act, 1948, the Payment of Bonus Act, 1965 and the Payment of Wages Act, 1936. The Central Government
has notified certain provisions of the Code on Wages, mainly in relation to the constitution of the advisory board. Additionally,
the Central Government has also notified the Code on Wages (Central Advisory Board) Rules, 2021, which provide for the
constitution of a central advisory board to advise the Central Government on, inter alia, fixation of minimum wages for certain
kinds of employees.
The Industrial Relations Code, 2020 (enacted by the Parliament of India and assented to by the President of India) will come
into force on such date as may be notified in the official gazette by the Central Government and different date may be appointed
for different provisions of the Industrial Relations Code, 2020. Once effective, it will subsume the Trade Union Act, 1926, the
Industrial Employment (Standing Orders) Act, 1946 and the Industrial Dispute Act, 1947.
Foreign Trade Laws
The Foreign Trade (Regulation and Development) Act, 1992 (“FTA”) and the rules framed thereunder
The FTA is the main legislation concerning foreign trade in India. The FTA read along with Foreign Trade (Regulation) Rules,
1993, provides for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from,
India and for matters connected therewith or incidental thereto. As per the provisions of the FTA, the Government:- (i) may
make provisions for development and regulation of foreign trade by facilitating imports and increasing exports; (ii) may
prohibit, restrict and regulate exports and imports, in all or specified cases as well as subject them to exceptions; (iii) is
authorised to formulate and announce the foreign trade policy and also amend the same from time to time, by notification in
the Official Gazette; (iv) is also authorised to appoint a 'Director General of Foreign Trade' for the purpose of the FTA, including
formulation and implementation of the foreign trade policy. The FTA requires every importer as well as exporter to obtain the
Importer Exporter Code Number (“IEC”) from the Director-General or the authorized officer. The Director General is
authorised to suspend or cancel IEC in specified circumstances.
The Foreign Trade Policy (“FTP”)
The FTP helps in envisaging a legal framework for trade facilitation in existing markets and products as well as exploring new
products and new markets. India’s current FTP (2015-20) (as extended until September 30, 2021) envisages helping exporters
leverage benefits of GST, closely monitoring export performances, increasing ease of trading across borders, increasing
realization from India’s agriculture-based exports and promoting exports from MSMEs and labour intensive sectors.
Other applicable laws
Consumer Protection Act, 2019 (the “Consumer Protection Act”)
The Consumer Protection Act was designed and enacted to provide simpler access to redress consumer grievances. It seeks,
inter alia to promote and protects the interest of consumers against deficiencies and defects in goods or services and secure the
rights of a consumer against unfair trade practices, which may be practiced by manufacturers or service providers or traders. It
establishes consumer disputes redressal forums and commissions for the purposes of redressal of consumer grievances. In
addition to awarding compensation and/or corrective orders, the forums and commissions under the Consumer Protection Act
are empowered to impose imprisonment of not less than a month, but not exceeding three years, or a fine of not less than
₹25,000, but not more than ₹100,000 or both.
168
Tax laws
In addition to the aforementioned material legislations which are applicable to our Company, some of the tax legislations that
may be applicable to the operations of our Company include:
1. Income Tax Act 1961, the Income Tax Rules, 1962, as amended by the Finance Act in respective years;
2. Central Goods and Service Tax Act, 2017, the Central Goods and Service Tax Rules, 2017 and various state-wise
legislations made thereunder;
3. The Integrated Goods and Service Tax Act, 2017 and rules thereof;
4. Professional tax-related state-wise legislations; and
5. Indian Stamp Act, 1899 and various state-wise legislations made thereunder.
Intellectual Property Laws
Certain laws relating to intellectual property rights under the Trade Marks Act, 1999, the Copyright Act, 1957 and the Patents
Act, 1970 are applicable to us.
Trade Marks Act, 1999 (“Trade Marks Act”)
A trade mark is essentially any mark capable of being represented graphically and distinguishing goods or services of one
person from those of others and includes a device, brand, heading, label, ticket, name, signature, word, letter, numeral, shape
of goods, packaging or combination of colours or any combination thereof. In India, trademarks enjoy protection under both
statutory and common law. Registration of a trade mark grants the owner a right to exclusively use the trade mark as a mark of
goods and services and prevents the fraudulent use of marks in India. The Trade Marks Act permits the registration of trade
marks for goods and services. Certification trademarks and collective marks can also be registered under the Trade Marks Act.
The Registrar of Trade Marks is the authority responsible for, among other things, registration of trade marks, settling opposition
proceedings and rectification of the register of trade marks. The Trade Marks (Amendment) Act, 2010 has been enacted to
cover Indian nationals as well as foreign nationals to secure simultaneous protection of trade marks in other countries. The
Trade Marks (Amendment) Rules, 2013 were enacted to give effect to the Trade Mark (Amendment) Act, 2010.
The Patents Act, 1970 (“Patents Act”)
The Patents Act governs the patent regime in India. A patent is an intellectual property right relating to inventions and grant of
exclusive right, for limited period, provided by the Government to the patentee, for excluding others from making, using, selling
and importing the patented product or process or produce that product. In addition to the broad requirement that an invention
must satisfy the requirements of novelty, utility and non-obviousness in order for it to avail patent protection, the Patents Act
further provides that patent protection may not be granted to certain specified types of inventions and materials even if they
satisfy the above criteria.
The Copyright Act, 1957
The Copyright Act, 1957, along with the Copyright Rules, 2013 (“Copyright Laws”) governs copyright protection in India. A
registration under the Copyright Laws acts as a prima facie evidence of the particulars entered therein and helps expedite
infringement proceedings and reduce delay caused due to evidentiary considerations. The Copyright Laws prescribe a fine,
imprisonment or both for violations, with enhanced penalty on second or subsequent convictions.
Designs Act, 2000 (“DA”) and the Designs Rules, 2001 (“DR”)
The DA regulates and protects the originality of an article’s design and prohibits the piracy of registered designs. The primary
objective of the DA is to protect new or original designs from getting copied, and ensure that the creator, originator or artisan
of the design is not deprived of their rightful gains for the creation of their design. The central government also drafted the DR
under the authority of the DA for the purposes of specifying certain prescriptions regarding the practical aspects related to
designs such as payment of fees, register for designs, classification of goods, address for service, restoration of designs, etc.
Other Indian laws
In addition to the above, we are also governed by the provisions of the Companies Act and rules framed thereunder, relevant
central and state tax laws, foreign exchange and investment laws, applicable building and fire-safety related laws, customs act,
contract act and foreign trade laws and other applicable laws and regulation imposed by the Central Government and State
Governments and other authorities for over day to day business, operations and administration.
169
HISTORY AND CERTAIN CORPORATE MATTERS
Brief history of our Company
Our Company was incorporated on January 22, 1999 in Ahmedabad, Gujarat as a public company under the Companies Act,
1956, as amended pursuant to a certificate of incorporation dated January 22, 1999 issued by the RoC. Our Company
commenced its operations pursuant to the certificate of commencement of business dated January 25, 1999 issued by the RoC.
Change in the registered office
The following table sets forth details of the change in the registered office of our Company since the date of its incorporation:
Date of change Details of change in the address of the registered office Reasons for change in the address
of the registered office
October 26, 2004 The registered office of our Company was changed from 8th Floor, Administrative convenience
“Shikhar”, near Adani House, Mithakhali Six Roads, Navrangpura
Ahmedabad 380 009, Gujarat to “Fortune House”, near Navrangpura
Railway Crossing, Ahmedabad 380 009, Gujarat.
Main objects of our Company
The main objects contained in our Memorandum of Association are as follows:
1. To carry on the business of purchase, sale, supply, import, export, distribute and to deal as trader, agent, broker,
representative or otherwise to deal in edible/non-edible oil and particularly cotton seeds oil, groundnut oil, castor oil,
palm oil, soyabean oil, sun oil, all types of vegetable oil, vanaspati and all types of available oil seeds, refined oil,
margarine salad oil, cooking mediums glycerine, oil seeds, oiled cakes, deoiled cakes, oil food products and all types of
oils and cakes, bound products and by products all derivatives, hygienic and nourishing foods, fatty acids, chemicals,
perfumes, copra, cotton seeds, rape seeds, caster seeds, groundnuts.
2. To carry on the business to manufacture, process, re-process, crushing, extracting, refining blending, mixing, preparation,
formulating, packing cotton seeds oil, groundnut oil, castor oil, palm oil, soyabean oil, sun oil, all types of vegetable oil,
vanaspati and all types of available oil seeds, refined oil, margarine salad oil, cooking mediums glycerine, oil seeds, oiled
cakes, deoiled cakes, oiled food products and all types of oil and cakes, bound products and by products all derivatives,
hygienic and nourishing foods fatty acids, chemicals, perfumes, copra, cotton seeds, rape seeds, castor seeds, groundnuts.
3. To carry on the business of trading in agricultural products and all other commodities in spot markets and futures and all
kinds of derivatives of all the above commodities.
4. To carry on business as brokers, sub brokers, market makers, arbitrageurs, investors and/or hedgers in agricultural
products and all other commodities and securities in spot markets and in futures and all kinds of derivatives of all the
above commodities and securities permitted under the laws of India.
5. To become members and participate in trading, settlement and other activities of commodity exchange/s (including national
multi commodity exchange/s) facilitating for itself or for clients, trades and clearing/settlement of trades in spots, in futures
and in derivatives of all the above commodities permitted under the laws of India.
6. To carry on the business, whether in India or abroad, of sourcing, processing, manufacturing, branding, dealing, trading,
distributing, packing, re-packing, milling, storing, transporting, buying, selling and otherwise dealing in any manner all
type of food and food products like rice, wheat, wheat flour, grains, cereals, pulses, besan, soya badi, soya value added
products derived from crushing of soya seeds, sugarcane, raw and refined sugar and its derivatives, spices, chutnies,
masalas, fruits and vegetables, fruit products, ready to cook and ready to eat foods of all types like khichdi, pasta, noodles,
masala mixes, vegetarian and non-vegetarian food products, dairy products, milk products, bakery products like cakes,
pastries, chocolates, biscuits, breakfast foods, protein foods, wheat flakes, sea foods, processed foods, tea, coffee, cocoa
or any other beverages and all kinds of fast moving consumer goods and products.
7. To carry on the business as manufacturers, sellers and traders/ distributors of soaps, soap noodles, refined glycerine, fatty
acid, stearic acid, various other oleochemical derivatives, cosmetics, perfumes and other toilet requisites, personal hygiene
products like hand wash, sanitizers, toilets soaps, perfumes, laundry soaps, detergents, dish wash bars and other various
personal care and household consumer products/ durables of all kinds.
8. To undertake job work for processing, re-processing, crushing, extracting, refining, blending, mixing, preparing,
formulating and packing of all types crude/refined edible or non edible oils, all olechemical products, all type of seeds and
all type of food products including ready to cook and ready to eat foods of all types, dairy products, milk products, bakery
170
products or any other beverages and all kinds of fast moving consumer goods and products under the brand name of other
registered proprietary holders or even unbranded products and to facilitate the sale of such products by leveraging the
supply chain and distribution network of the Company.
The main objects, as contained in our Memorandum of Association enable our Company to carry on the business presently
being carried out and proposed to be carried out by it.
Amendments to the Memorandum of Association
Set out below are the amendments to our Memorandum of Association in the last 10 years:
Date of Shareholders’ Particulars

resolution/ Effective date
January 15, 2011 Clause V of our Memorandum of Association was amended to reflect reclassification of the authorised
share capital of our Company from ₹1,600,000,000 divided into 87,500,000 equity shares of ₹10 each and
72,500,000 optionally fully convertible/redeemable preference shares of ₹10 each to ₹1,600,000,000
divided into 160,000,000 equity shares of ₹10 each
May 19, 2012 Clause V of our Memorandum of Association was amended to reflect increase in the authorised share
capital of our Company from ₹1,600,000,000 divided into 160,000,000 equity shares of ₹10 each to
₹1,810,500,000 divided into 181,050,000 equity shares of ₹10 each
May 18, 2013 Clause III(C) of our Memorandum of Association was amended to reflect the other objects clause as
follows:
“13. To grow, produce, deal in agricultural and vegetable products of all kinds, grains, cereals, pulses,
fruits, flowers, cloves, cardamom, cassia, saffron, cummins seeds, pepper, ginger and other spices, cotton,
coffee, coco, tobacco, bidi leaves, rubber, indigo, lakh, sugarcane, raw sugar, sugar and its derivatives,
oilseeds and essential oil producing seeds, plants, herbs, tubers, drugs, medicinal plants and tanning
materials of all kinds, sandalwood, rosewood, grasswood, timber and other raw materials that are the
produce of land and to sell, purchase, import, export and deal in the same and to carry on all or any of
the business of farmers, poultry farming, fisherman, dairying, livestock breeding, dead stock, meat, cattle
food and feeding and factering preparations of every kind maker and manufacturers of manures and
fertilizers, pesticides, fungicides and agrochemicals of all kinds and their formulations and mixtures,
paper pulp and paper.”
December 16, 2013 Clause III(C) of our Memorandum of Association was amended to reflect the other objects clause as
follows:
“40. To carry on the business as manufacturers and traders of soaps, soap noodles, refined glycerine,
fatty acid, stearic acid, various other oleochemical derivatives, cosmetics, perfumes and other toilet
requisites.”
November 30, 2015 Clause V of our Memorandum of Association was amended to reflect increase in the authorised share
capital of our Company from ₹1,810,500,000 divided into 181,050,000 equity shares of ₹10 each to
₹3,627,600,000 divided into 362,760,000 equity shares of ₹10 each
May 5, 2021 Clause V of the Memorandum of Association was amended to reflect the sub-division of equity shares of
our Company from 362,760,000 equity shares of ₹10 each to 3,627,600,000 Equity Shares of ₹1 each.
Clause III(A) of our Memorandum of Association was amended to reflect the main objects clause as
follows:
“6. To carry on the business, whether in India or abroad, of sourcing, processing, manufacturing,
branding, dealing, trading, distributing, packing, re-packing, milling, storing, transporting, buying,
selling and otherwise dealing in any manner all type of food and food products like rice, wheat, wheat
flour, grains, cereals, pulses, besan, soya badi, soya value added products derived from crushing of soya
seeds, sugarcane, raw and refined sugar and its derivatives, spices, chutnies, masalas, fruits and
vegetables, fruit products, ready to cook and ready to eat foods of all types like khichdi, pasta, noodles,
masala mixes, vegetarian and non-vegetarian food products, dairy products, milk products, bakery
products like cakes, pastries, chocolates, biscuits, breakfast foods, protein foods, wheat flakes, sea foods,
processed foods, tea, coffee, cocoa or any other beverages and all kinds of fast moving consumer goods
and products.
7. To carry on the business as manufacturers, sellers and traders/ distributors of soaps, soap noodles,
refined glycerine, fatty acid, stearic acid, various other oleochemical derivatives, cosmetics, perfumes and
other toilet requisites, personal hygiene products like hand wash, sanitizers, toilets soaps, perfumes,
laundry soaps, detergents, dish wash bars and other various personal care and household consumer
products/ durables of all kinds.
8. To undertake job work for processing, re-processing, crushing, extracting, refining, blending, mixing,
preparing, formulating and packing of all types crude/refined edible or non edible oils, all oleochemical
products, all type of seeds and all type of food products including ready to cook and ready to eat foods of
all types, dairy products, milk products, bakery products or any other beverages and all kinds of fast
moving consumer goods and products under the brand name of other registered proprietary holders or
171
Date of Shareholders’ Particulars
resolution/ Effective date
even unbranded products and to facilitate the sale of such products by leveraging the supply chain and
distribution network of the Company.”
Clause III(B) of our Memorandum of Association was replaced with a new Clause III(B) “Matters which
are necessary for the furtherance of the Objects specified in Clause III(A) containing the sub-clauses no.
1 to 121” and Clause III(C) was deleted to align our Memorandum of Association with the requirements
of the Companies Act, 2013.
Major events and milestones of our Company
The table below sets forth some of the key events in the history of our Company:
Fiscal year Event

1999 • Incorporated in January 1999
2001 • Commissioned edible oil refinery of 600 TPD at Mundra
• ‘Fortune’ brand of edible oils was launched in northern and western India
2005 • Acquisition of the Mantralayam unit
2006 • Acquisition of the Bundi and Haldia units
2009 • Acquisition of the Shujalpur, Nagpur, Chhindwara and Neemuch units
2010 • Acquisition of Rajshri Packagers Limited, Mangalore
• Acquisition of Satya Sai Agroils Private Limited
• Launched ‘King’s’, ‘Bullet’ and ‘Ivory’ brands and ‘Raag Gold’ refined palmolein oil
2011 • Acquisition of Acalmar Oils and Fats Limited
• Launch of ‘Pilaf Gold Pure Basmati Rice’
2012 • Addition of the Alwar and Mundra Castor units
2013 • ‘Fortune Rice Bran Health Oil’ was launched
2014 • Commenced production at our state-of-the-art oleochemical manufacturing complex at Mundra
• Launch of ‘Fortune Besan’
• Launch of ‘Fortune Pulses’
2015 • Launch of ‘Fortune Soya Nuggets’ and ‘Fortune Basmati Rice’
2016 • Launch of ‘Fortune Vivo Pro Sugar Conscious Oil’
2018 • Launch of ‘Fortune Chakki Fresh Atta’ in Delhi NCR and Uttar Pradesh
• Acquisition of an edible oil refinery from Gokul Refoils and Solvent Limited at Haldia
• Acquisition of an edible oil refinery at Paradip from Cargill India Private Limited
• Acquisition of a rice plant at Ferozepur from Ferozepur Foods Energy Private Limited
2019 • Acquisition of an edible oil refinery from Louis Dreyfus Company India Private Limited at Nellore
2020 • Launch of the new ‘Fortune’ logo
• Launch of ‘Fortune Super Food Khichdi’
• Launch of ‘Alife Soap’ in the personal and skin care category
2021 • Launch of ‘Fortune Sugar’ and ‘Fortune Soya Chunkies’
• Launch of personal care products like handwash and hand sanitizer under the ‘Alife’ range
• Set up ‘Fortune Mart’ stores at various locations
• Acquisition of Adani Wilmar Pte. Ltd.
Awards, accreditations and recognitions received by our Company
Calendar year Awards

2016 • Certificate for ‘India’s Most Admired Brand’ for 2016-2017
• ‘Fortune Foods’ was ranked as ‘India’s Most Attractive Edible Oil Brand’ by India’s Most
Attractive Brands, 2016 in a study covering 10,000 brands across 16 cities
2017 • ‘Superbrands 2017’ status was conferred upon ‘Fortune’ by the Independent Superbrands Council
2018 • ‘Social Impact Award for Best Public Health Initiative’ – Silver for ‘SuPoshan’, as part of the
ACEF Asian Leadership Award, 2018 for Excellence in CSR
2020 • Commendation certificate for ‘Strong Commitment in Food Safety’ for our Neemuch unit, as part
of the Confederation of Indian Industry (“CII”) Award for Food Safety, 2020
• Commendation certificate for ‘Significant Achievement on Food Safety’ for our Unit-1,
Krishnapatnam, as part of the CII Award for Food Safety, 2020
2021 • Certificate of Appreciation for contribution towards ‘Healthcare Services to prevent Malnutrition
& Anemia’ as part of the Times CSR Awards, 2021 (Gujarat)
• Angshu Mallick awarded the Globoil ‘Man of the Year’ award as part of the World’s Leading
Edible Oil and Agri Trade Conference, 2021
172
Time and cost over-runs
There have been no time and cost over-runs in respect of our business operations.
Defaults or re-scheduling, restructuring of borrowings with financial institutions or banks
There have been no defaults or re-scheduling/ re-structuring in relation to borrowings availed by our Company from any
financial institutions or banks.
Launch of key products or services, entry into new geographies or exit from existing markets, capacity/ facility creation
or location of plants
For details of key products or services launched by our Company, entry into new geographies or exit from existing markets,
capacity/ facility creation, location of our manufacturing facilities, see “Our Business” beginning on page 137.
Our Holding Company
As of the date of this Red Herring Prospectus, our Company has no holding company.
Our Subsidiaries
As on the date of this Red Herring Prospectus, our Company has six Subsidiaries.
1. AWL Edible Oils and Foods Private Limited (“AWL Edible Oils”)
Corporate Information
AWL Edible Oils was incorporated on July 17, 2018 as a private company limited by shares under the Companies Act,
2013 with the Registrar of Companies, Mumbai. Its corporate identification number is U74999MH2018PTC311941.
It has its registered office at B – 5th Floor, C – Tower, MBC Park, next to Hyper City Mall, Ghodbunder Road, Thane
(West), Maharashtra 400 615.
AWL Edible Oils is engaged in the business of purchase, sale, import, export and deal as broker, representative or
otherwise to deal in edible and non-edible oils of all descriptions and to carry on the business of trading in various
agro-based products as authorized under the objects clause of its memorandum of association.
Capital Structure
The authorised, issued and paid-up share capital of AWL Edible Oils is ₹100,000 divided into 10,000 equity shares of
₹10 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of AWL Edible Oils is as follows:
Name of the Shareholder Number of equity shares Percentage of the total shareholding
held (%)
Our Company along with its nominees* 10,000 100.00
Total 10,000 100.00
* Includes one equity share each held by Pranav Vinod Adani, Tiniyam Kalyansundaram Kanan, Angshu Mallick, Shrikant Kanhere, Satyandar
Gour and Rajneesh Bansal as nominees of our Company.
2. Golden Valley Agrotech Private Limited (“Golden Valley”)
Golden Valley was incorporated on June 3, 2010 as a private company limited by shares under the Companies Act,
1956 with the Registrar of Companies, Gujarat. Its corporate identification number is U23200GJ2010PTC060954. It
has its registered office at 903 Shikhar Complex, 9th Floor, B Wing Shrimali Society, Navrangpura, Ahmedabad
380009, Gujarat.
Golden Valley is engaged in the business of trading of all kinds of description of edible and non-edible oil and
agricultural and vegetable products as authorised under the objects clause of its memorandum of association.
173
Capital Structure
The authorised, issued and paid-up share capital of Golden Valley is ₹3,000,000 divided into 300,000 equity shares of
₹10 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of Golden Valley is as follows:
held (%)
Our Company along with its nominees* 300,000 100.00
Total 300,000 100.00
* Includes one equity share each held by Pranav Vinod Adani, Namrata Pranav Adani, Vinod Shantilal Adani, Ranjan Vinod Adani, Priti
Gautam Adani and Shilin Rajesh Adani as nominees of our Company.
3. Adani Wilmar Pte. Ltd. (“AWPL”)
AWPL was incorporated on June 11, 2009 as a private company limited by shares under the Singapore Companies
Act, Chapter 50 with the Accounting and Corporate Regulatory Authority, Singapore. Its company registration number
is 200910524K. It has its registered office at 28 Biopolis Road, Singapore 138568.
AWPL is an investment holding company as authorized under the objects clause of its constitution.
Capital Structure
The issued and paid-up share capital of AWPL is USD 7,600,000 divided into 7,600,000 ordinary shares of USD 1
each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of AWPL is as follows:
held (%)
Our Company 7,600,000 100.00
Total 7,600,000 100.00
4. Leverian Holdings Pte Ltd (“Leverian”)
Leverian was incorporated on December 10, 1993 as a private company limited by shares under the Singapore
Companies Act, Chapter 50 with the Accounting and Corporate Regulatory Authority, Singapore. Its company
registration number is 199308182D. It has its registered office at 28 Biopolis Road, Singapore 138568.
Leverian is an investment holding company and is also a trader (imports and exports) of edible oil as authorized under
the object clause of its constitution.
Capital Structure
The issued and paid-up share capital of Leverian is SGD 600,000 divided into 600,000 ordinary shares of SGD 1 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of Leverian is as follows:
held (%)
AWPL 600,000 100.00
Total 600,000 100.00
174
5. Bangladesh Edible Oil Limited (“Bangladesh Edible Oil”)
Bangladesh Edible Oil was incorporated on January 11, 1992 as a private company limited by shares under the
Companies Act, 1913 (replaced with the Companies Act (Bangladesh), 1994. Its registration number is C-21614
(21)/92. It has its registered office at Land View Commercial Centre, 10th Floor, 28, Gulshan North C/A, Gulshan
Circle-02, Dhaka 1212, Bangladesh.
Bangladesh Edible Oil is authorised to engage in the business of, among other things, refining of crude degummed
soyabean oil and crude palmolein and their packaging for distribution in the local market and procuring and packaging
of mustard oil, rice bran oil and rice for sale.
Capital Structure
The authorised share capital of Bangladesh Edible Oil is BDT 500,000,000 divided into 5,000,000 ordinary shares of
BDT 100 each. The issued and paid-up share capital of Bangladesh Edible Oil is BDT 400,000,000 divided into
4,000,000 ordinary shares of BDT 100 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of Bangladesh Edible Oil is as follows:
held (%)
Leverian 3,999,998 100.00
Tinniyan Kalyansundaram Kanan 1 Negligible
Kamlesh Kumar 1 Negligible
Total 4,000,000 100.00
6. Shun Shing Edible Oil Ltd (“Shun Shing”)
Shun Shing was incorporated on September 4, 1997 as China Friendship Cement Co. Limited, a company limited by
shares under the Companies Act (Bangladesh), 1994 (“1994 Act”). Subsequently, its name was changed to Seven
Circle Cement Mills Limited and a fresh certificate of incorporation was issued on June 29, 1999 under the 1994 Act;
and then its name was changed to Seven Circle Bitumen and Edible Oil Limited and a fresh certificate of incorporation
was issued on July 9, 2009 under the 1994 Act. Thereafter, its name was changed to Shun Shing Edible Oil Ltd and a
fresh certificate of incorporation was issued on February 20, 2013 under the 1994 Act. Its registration number is
201287310. It has its registered office at Land View Commercial Centre, 10th Floor, 28 Gulshan North C/A, Gulshan
Circle-2, Dhaka 1212, Bangladesh.
Shun Shing is authorised to engage in the business of refining of crude degummed soyabean oil and crude palmolein
and their packaging for distribution in the local market and provides crude oil transport services and oil processing
services to its customers.
Capital Structure
The authorised share capital of Shun Shing is BDT 1,500,000,000 divided into 15,000,000 ordinary shares of BDT
100 each. The issued and paid-up share capital of Shun Shing is BDT 990,563,000 divided into 9,905,630 ordinary
shares of BDT 100 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of Shun Shing is as follows:
held (%)
Bangladesh Edible Oil Limited 9,903,130 99.97
AWPL 2,500 0.03
Total 9,905,630 100.00
175
Our Associates
As on the date of this Red Herring Prospectus, our Company has four Associates, including three Joint Ventures.
1. Gujarat Agro Infrastructure Mega Food Park Private Limited (“Gujarat Agro”)
Gujarat Agro was incorporated on August 27, 2012 as a private company limited by shares under the Companies Act,
1956 with the Registrar of Companies, Mumbai. Its corporate identification number is U15122MH2012PTC234967.
It has its registered office at Ground Floor, Khatau Building, 8, Alkesh Dinesh Mody Marg, Fort, Mumbai 400 001,
Maharashtra.
Gujarat Agro is authorised to engage in the business of among other things, development of mega food parks, cold
storages, ice cream plants, food supply chains, food processing units and food testing and development labs under the
objects clause of its memorandum of association.
Capital Structure
The authorised, issued and paid-up share capital of Gujarat Agro is ₹200,000,000 divided into 12,000,000 equity shares
of ₹10 each and 8,000,000 preference shares of ₹10 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of Gujarat Agro is as follows:
Equity shares
held (%)
Our Company 3,120,000 26.00
Pranav Doshi 3,000,000 25.00
Ashish Doshi 2,250,000 18.75
Gujarat Agro Infrastructure LLP 60,000 0.50
Jindal Agro Processing 480,000 4.00
Mafat Siroya 1,650,000 13.75
Urja Power Private Limited 240,000 2.00
Manu Srivastava 1,200,000 10.00
Total 12,000,000 100.00
Preference shares
held (%)
Our Company 2,080,000 26.00
Pranav Doshi 1,500,000 18.75
Ashish Doshi 1,500,000 18.75
Gujarat Agro Infrastructure LLP 40,000 0.50
Jindal Agro Processing 320,000 4.00
Mafat Siroya 1,600,000 20.00
Urja Power Private Limited 160,000 2.00
Manu Srivastava 800,000 10.00
Total 8,000,000 100.00
Our Joint Ventures
2. AWN Agro Private Limited (“AWN Agro”)
AWN Agro was incorporated on March 28, 2011 as a private company limited by shares under the Companies Act,
1956 with the Registrar of Companies, Gujarat. Its corporate identification number is U15143GJ2011PTC064651. It
has its registered office at Fortune House, near Navrangpura Railway Crossing, Ahmedabad 380 009, Gujarat.
176
AWN Agro is engaged in the business of manufacturing and trading of castor oil and its derivatives, as authorised
under the objects clause of its memorandum of association.
Capital Structure
The authorised, issued and paid-up share capital of AWN Agro is ₹100,100,000 divided into 10,010,000 equity shares
of ₹10 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of AWN Agro is as follows:
held (%)
Our Company 5,005,000 50.00
N.K. Industries Limited 5,005,000 50.00
Total 10,010,000 100.00
3. K.T.V. Health Food Private Limited (“KTV Health”)
KTV Health was incorporated on August 9, 2002 as a private company limited by shares under the Companies Act,
1956 with the Registrar of Companies, Tamil Nadu. Its corporate identification number is
U15143TN2002PTC049397. It has its registered office at No. 7/3, Arul Nagar Salai, R.V. Nagar Post, Kodungaiyur,
Chennai 600 118, Tamil Nadu.
KTV Health is engaged in the business of refining, trading and marketing edible oil, as authorised under the objects
clause of its memorandum of association.
Capital Structure
The authorised share capital of KTV Health is ₹115,500,000 divided into 1,155,000 equity shares of ₹100 each. The
issued and paid-up share capital of KTV Health is ₹36,603,400 divided into 366,034 equity shares of ₹100 each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of KTV Health is as follows:
held (%)
Our Company 183,017 50.00
Latha Narayanan 18,250 4.99
K.T.V. Kannan 79,446 21.70
K. Priya Kannan 7,000 1.91
K.T.V. Narayanan 78,321 21.40
Total 366,034 100.00
A scheme of amalgamation of KOG-KTV Food Products (India) Private Limited (“KOG-KTV”) with KTV Health
under Sections 230 to 232 of the Companies Act, 2013 was filed before the National Company Law Tribunal, Division
Bench – II, Chennai (“NCLT”). The purpose of the scheme was to inter alia ensure operational efficiency for focused
growth and a productive utilisation of pooled resources. Pursuant to the scheme, the undertakings, legal proceedings
and employees of KOG-KTV were transferred to KTV Health. The authorised share capital of KOG-KTV was
combined with KTV Health and the authorised share capital of KTV Health was increased from ₹ 25,500,000 divided
into 255,000 equity shares of ₹100 each to ₹115,500,000 divided into 1,155,000 equity shares of ₹100 each. The NCLT
approved the scheme and the scheme came into effect from December 23, 2021.
4. Vishakha Polyfab Private Limited (“Vishakha Polyfab”)
Vishakha Polyfab was incorporated on December 29, 1993 as a private company limited by shares under the
Companies Act, 1956 with the Registrar of Companies, Gujarat. Its corporate identification number is
U17110GJ1993PTC020968. It has its registered office at 549/2, village Vadsar, taluka Kalol, Khatraj, Gandhinagar
380 009, Gujarat.
177
Vishakha Polyfab is authorised to engage in the business of manufacturing high-strength flexible packaging films for
advanced packaging solutions, rotogravure and CI flexo printing, lamination and pouch making under the objects
clause of its memorandum of association.
Capital Structure
The authorised share capital of Vishakha Polyfab is ₹100,000,000 divided into 10,000,000 equity shares of ₹10 each.
The issued and paid-up share capital of Vishakha Polyfab is ₹75,123,000 divided into 7,512,300 equity shares of ₹10
each.
Shareholding
As of the date of this Red Herring Prospectus, the shareholding pattern of Vishakha Polyfab is as follows:
held (%)
Our Company 3,756,150 50.00
Jigish Nagindas Doshi(1) 3,417,721 45.50
Bhadresh Nagindas Doshi 101,416 1.35
Umesh Nagindas Doshi 190,061 2.53
Ankit Umeshbhai Doshi 46,952 0.62
Total 75,12,300 100.00
(1) Includes 500 equity shares held by Jigish Nagindas Doshi as a nominee of Labdhi International Private Limited, one equity share held as a
nominee of Vishakha Industries and 10 equity shares held as a nominee of Jigish Plastics.
*We have disclosed our Joint Ventures as associates of our Company in accordance with the Companies Act, 2013.
Amount of accumulated profits or losses
There are no accumulated profits or losses of our Subsidiaries and Associates, as applicable, which are not accounted for by
our Company.
Details regarding material acquisitions or divestments of business/undertakings, mergers, amalgamations or any

revaluation of assets, in the last 10 years
Except as stated below, our Company has not acquired any business or undertaking and has not undertaken any merger,
amalgamation or revaluation of assets in the last 10 years.
Scheme of amalgamation between our Company, Acalmar Oils and Fats Limited (“AOFL”) and Rajshri Packagers Limited
(“RPL”)
Pursuant to a resolution dated September 2, 2011 passed by our Board, our Company filed a scheme of amalgamation with
AOFL and RPL under Sections 391 to 394 of the Companies Act, 1956 before the High Court of Gujarat. Pursuant to this
scheme, the undertakings, legal proceedings and employees of AOFL and RPL were transferred to our Company. The share
capital of AOFL and RFL was cancelled and the authorised share capital of our Company was increased from ₹1,600,000,000
divided into 160,000,000 equity shares of ₹10 each to ₹1,810,500,000 divided into 181,050,000 equity shares of ₹10 each. The
High Court of Gujarat approved the scheme pursuant to an order dated March 6, 2012 and the scheme came into effect from
May 19, 2012.
Scheme of amalgamation between our Company, Krishnapatnam Oils and Fats Private Limited (“KOFPL”) and Satya Sai
Agroils Private Limited (“SSAPL”)
Pursuant to a resolution dated August 5, 2015 passed by our Board, our Company filed a scheme of amalgamation with KOFPL
and SSAPL under Sections 391 to 394 of the Companies Act, 1956 and relevant provisions of the Companies Act, 2013 before
the High Court of Gujarat. The purpose of the scheme was the merger of KOFPL and SSAPL with our Company to inter alia
consolidate manufacturing and commercial activities, eliminate duplication in administrative and operative costs and achieve
operational efficiency and concentrate efforts and focus to grow the business. Pursuant to this scheme, the undertakings, legal
proceedings and employees of KOFPL and SSAPL were transferred to our Company. The share capital of KOFPL and SSAPL
was cancelled and the authorised share capital of our Company was increased from ₹1,810,500,000 divided into 181,050,000
equity shares of ₹10 each to ₹3,627,600,000 divided into 362,760,000 equity shares of ₹10 each. The High Court of Gujarat
approved the scheme pursuant to an order dated October 28, 2015 and the scheme came into effect from November 30, 2015.
178
Acquisition of our Haldia-II unit pursuant to a business transfer agreement dated June 2, 2017 between our Company and
Gokul Refoils and Solvent Limited (“Gokul Refoils BTA”)
Pursuant to the terms of the Gokul Refoils BTA, our Company acquired an edible oil refinery in Haldia, West Bengal from
Gokul Refoils and Solvent Limited as a going concern on a slump sale basis for a consideration of ₹ 2,875 million. Our Company
also entered into a deed of assignment of lease dated October 10, 2017 with the Haldia Development Authority in relation to
the land for the unit. The term of the lease is 90 years from the date of execution of the original lease dated September 5, 2008
until September 4, 2098.
Acquisition of our Paradip unit pursuant to an asset transfer agreement dated June 1, 2017 between our Company and
Cargill India Private Limited (“Cargill ATA”)
Pursuant to the terms of the Cargill ATA, our Company acquired an edible oil refinery in Paradip, Odisha from Cargill India
Private Limited for a consideration of ₹ 1,000 million. Our Company also entered into an indenture of lease dated February 28,
2018 with the Paradip Port Trust in relation to the land for the unit. The term of the lease is over 14 years until November 25,
2032.
Acquisition of our Ferozepur unit pursuant to a unit purchase agreement dated January 17, 2018 between our Company
and Ferozepur Foods Energy Private Limited (“Ferozepur UPA”) and a sale deed dated February 6, 2018 between our
Company and Ferozepur Foods Energy Private Limited (“Ferozepur Sale Deed”)
Pursuant to the terms of the Ferozepur UPA and the Ferozepur Sale Deed, our Company acquired our first rice plant in
Ferozepur, Punjab from Ferozepur Foods Energy Private Limited for an aggregate consideration of ₹ 590 million.
Acquisition of our Nellore unit pursuant to an asset purchase agreement dated May 31, 2018 between our Company and
Louis Dreyfus Company India Private Limited (“Dreyfus APA”) and a sale deed dated September 17, 2018 between our
Company and Louis Dreyfus Commodities India Private Limited (“Dreyfus Sale Deed”)
Pursuant to the terms of the Dreyfus APA and the Dreyfus Sale Deed, our Company acquired an edible oil refinery in Nellore,
Andhra Pradesh from Louis Dreyfus Company India Private Limited by way of an itemized asset transfer for a consideration
of ₹ 1,250 million.
Acquisition of our Nimrani unit pursuant to an assets transfer agreement dated August 16, 2019 between our Company and
Parakh Agro Industries Limited (“Parakh ATA”)
Pursuant to the terms of the Parakh ATA, our Company acquired a wheat flour plant in Nimrani, Madhya Pradesh from Parakh
Agro Industries Limited for a consideration of ₹ 582.10 million.
Acquisition of AWPL pursuant to a share purchase agreement dated June 15, 2021 between our Company, Wilmar
International Limited, Adani Global Pte. Ltd. and AWPL (“SPA”)
Pursuant to the terms of the SPA, our Company acquired 7,600,000 ordinary shares of AWPL, constituting 100% of the equity
share capital of AWPL, from Wilmar International Limited and Adani Global Pte. Ltd. for a total consideration of USD 24.09
million (₹1,790.99 million). The acquisition was completed on June 25, 2021 and accordingly, the subsidiaries of AWPL,
namely Leverian, Bangladesh Edible Oil and Shun Shing, became Subsidiaries of our Company.
Acquisition of assets of Virtual Rice Mills Private Limited pursuant to an assets transfer agreement dated August 27, 2021
between our Company and Virtual Rice Mills Private Limited (“Virtual Rice Mills ATA”)
Pursuant to the terms of the Virtual Rice Mills ATA, our Company acquired the land, building and moveable assets, including
plant and machinery, from Virtual Rice Mills Private Limited for a total consideration of ₹ 170 million (excluding applicable
taxes). As on the date of this Red Herring Prospectus, the acquisition is yet to be completed.
Significant financial or strategic partners
As on the date of this Red Herring Prospectus, our Company does not have any significant financial or strategic partners.
179
Summary of key agreements
Key terms of shareholder agreements
1. Shareholders’ agreement dated April 12, 1999 between Adani Exports Limited (now AEL) and Wilmar Investments
(Mauritius) Limited, as amended by the first amendment to shareholders’ agreement dated March 29, 2014 and deed of
adherence dated March 30, 2017 (“Existing SHA”)
The Existing SHA was executed on April 12, 1999 between Adani Exports Limited (now AEL) and Wilmar Investments
(Mauritius) Limited to record their agreement regarding, among other things, the manner in which affairs of a joint venture
proposed to be incorporated in terms of the Existing SHA were to be conducted. Pursuant to the terms of the first
amendment to shareholders’ agreement dated March 29, 2014, LPL replaced Wilmar Investments (Mauritius) Limited as
a party to the Existing SHA. Subsequently, pursuant to the deed of adherence dated March 30, 2017, ACL agreed to become
a party to the Existing SHA. Accordingly, under the terms of the Existing SHA, as amended, AEL, ACL and LPL had
certain rights with respect to the Equity Shares and our Company, including amongst others:
Capital structure: ACL and LPL were required to have equal holdings in the equity share capital of our Company and were
always to maintain such proportion. In the event of an offer of equity shares to the public, the offer was in such a way that
the shareholding of ACL and LPL at any given point in time was in equal proportion and was not less than 51% of the total
paid-up share capital of our Company.
Board of Directors: ACL and LPL were entitled to nominate an equal number of directors to the Board of Directors of our
Company in proportion to their equity shareholding and the number of directors on the Board of Directors was to be an
even number. The Chairman of the Board of Directors was a person nominated by ACL. Further, resolutions pertaining to
matters including inter alia expansion and diversification, pricing, capital and revenue budget and distribution and
marketing were to be passed by the Board of Directors only with the vote of approval of a minimum of three directors,
comprising of at least one director representing ACL and LPL each. Both shareholders had affirmative voting rights with
respect to appointments and nominations of directors to the Board of Directors.
Quorum: With respect to meetings of the Board of Directors of our Company and unless relaxed by mutual consent of
ACL and LPL, there was no quorum unless at least one director nominated by ACL and LPL each was present.
In addition to the above, ACL and LPL had other rights such as rights with respect to transfer of equity shares, loan related
participation and information rights in relation to the financial information of our Company.
The parties to the Existing SHA have executed a second amendment and termination agreement dated July 30, 2021,
pursuant to which the rights and obligations of AEL, ACL and LPL under the Existing SHA were terminated, other than
certain rights in terms of the second amendment and termination agreement dated July 30, 2021, as set out below.
Second amendment and termination agreement dated July 30, 2021
AEL, ACL (collectively referred to as “Adani Shareholders”), LPL and our Company have executed the second
amendment and termination agreement dated July 30, 2021 (“Amendment and Termination Agreement”) which
amended the Existing SHA and pursuant to which the parties have agreed to the following:
Applicable on the date of listing and commencement of trading of the Equity Shares on the Stock Exchanges pursuant to
the Issue (the “Listing Date”), subject to and only upon receipt of approval by the Shareholders of our Company by way
of a special resolution in a general meeting:
a) Board of Directors: The number of Directors to be nominated by the Adani Shareholders and LPL to the Board of
Directors of our Company shall be in the proportion set out below:
Shareholding of each of the Adani Shareholders or LPL, Number of directors to be Number of directors to be
as applicable, as a percentage of the Equity Share capital nominated by the Adani nominated by LPL
of our Company Shareholders
With respect to the aforesaid thresholds, the Amendment and Termination Agreement clarifies that for the purposes of
calculating the shareholding percentage as mentioned above, the shareholding of the parties shall be considered on a
fully diluted basis. The Adani Shareholders and LPL also have consequential rights such as removal or replacement of
directors nominated by them and appointment of alternate directors.
180
b) Information related rights: So long as the Adani Shareholders or LPL hold at least 10% of the Equity Share capital of
our Company on a fully diluted basis, subject to Indian law, including the codes formulated by our Company and the
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, our Company is required
to provide (i) information (including business, operational or financial information) that the Adani Shareholders or
LPL, as applicable, or their affiliates (as such term is defined in the Amendment and Termination Agreement) may
request in connection with any applicable law (including requirements with respect to regulatory audits, review, filings,
reports or submissions) in their respective jurisdictions or regulatory requirement or in connection with any legal or
regulatory proceedings; (ii) as and when requested by the Adani Shareholders or LPL, as applicable, or their affiliates,
financial statements requested by the Adani Shareholders or LPL, as applicable, or their affiliates including in
accordance with the accounting standards or practices generally accepted in India and, if requested, the Republic of
Singapore or for the purposes of its consolidation of financial statements; and (iii) on request by the Adani Shareholders
or LPL, as applicable, any additional financial information monthly or as at the end of any quarter during the financial
year as the Adani Shareholders or LPL, or their affiliates, may reasonably require.
The Amendment and Termination Agreement provides that from the Listing Date, without any further action, including
any corporate action, the Existing SHA shall automatically terminate and cease to have any force and effect other than
certain provisions containing the rights set out above and certain customary survival clauses such as confidentiality
and dispute resolution.
2. Inter-se Agreement dated July 30, 2021 between AEL, ACL and LPL (“Inter-se Agreement”)
AEL, ACL and LPL have executed the Inter-se Agreement to record certain inter se rights and obligations of AEL, ACL
and LPL (including post-Issue) and other related matters. The Inter-se Agreement shall come into force on and from the
date of listing and commencement of trading of the Equity Shares on the Stock Exchanges pursuant to the Issue. Under the
terms of the Inter-se Agreement, AEL, ACL and LPL have agreed inter alia with respect to:
a) Complying with minimum public float requirements: With respect to sale of the Equity Shares in order to meet the
minimum public shareholding requirements, AEL, ACL and LPL shall offer for sale to the public such number of
Equity Shares in such proportion that is mutually agreed by the parties in writing. AEL, ACL and LPL shall mutually
agree in writing a roadmap or mechanism to determine their obligations in connection with the minimum public
shareholding required to be achieved by our Company following the completion of the Issue, in accordance with the
applicable regulations. The fees and expenses relating to secondary component for such follow-on offering shall be
shared between AEL, ACL and LPL involved in such transaction as may be mutually agreed between them, subject to
compliance with applicable law.
b) Voting arrangements: As long as each shareholder group, comprising of AEL, ACL and their affiliates (collectively,
the “Adani Shareholders”) and LPL and Wilmar International Limited, together with Wilmar International Limited’s
other subsidiaries (collectively, the “Wilmar Shareholders”), holds at least 26% of the Equity Share capital of our
Company and subject at all times to applicable law, in respect of any decision in relation to any of the matters set out
below and only to the extent that such matter requires and will be placed for approval by the Shareholders of our
Company under applicable law, the consent of AEL, ACL and LPL shall be required on such resolution:
• any material change in the nature of the business currently carried on by our Company or the entering into a new
business by our Company (which is not ancillary to our Company’s existing business), which are required to be
approved by Shareholders under applicable law; and
• any fundamental corporate change requiring the approval of the Shareholders of our Company, including, without
limitation, the amalgamation, reorganization, dissolution, winding up, merger or liquidation of our Company
issuance or reduction of share capital, material acquisitions and divestitures by our Company and all matters
associated therewith.
c) Transfer provisions: The Inter-se Agreement provides for certain transfer and pledge restrictions in relation to the
Equity Shares by AEL, ACL and LPL. Subject to the terms of the Inter-Se Agreement, AEL, ACL or LPL shall
not, without the prior written approval of the other parties, transfer or pledge any Equity Shares of our Company
and shall not be entitled to transfer such Equity Shares or any beneficial rights therein to any person during the
term of the Inter-Se Agreement except to their affiliates as defined under the Inter-Se Agreement. In the event that
any of the parties to the Inter-Se Agreement seeks to transfer its Equity Shares, it shall first offer such shares to
the other parties as per the terms and conditions prescribed in the Inter-Se Agreement and in accordance with
applicable law. However, this restriction would not apply in case of any sale of Equity Shares held by AEL, ACL
or LPL to meet the prescribed minimum public shareholding requirements applicable to our Company and unless
otherwise agreed in writing, if the proportion of shareholding of AEL, ACL and LPL as on the date of the Inter-
Se Agreement is maintained post such sale of the Equity Shares. Any transfer of Equity Shares is required to be
completed in accordance with applicable law, including SEBI regulations and pricing guidelines.
181
d) Non-competition: The parties have agreed that neither AEL, ACL and LPL will, and each of AEL, ACL and LPL
will cause its affiliates not to, directly or indirectly, without the prior written consent of the other shareholder, at
any time during which it or any of their affiliates is a direct or indirect Shareholder of our Company and for a
period of six months after ceasing to be a direct or indirect shareholder of our Company, inter alia, directly or
indirectly engage in any undertaking in India that is in whole or in part competitive with any of the businesses
carried on, directly or indirectly, by our Company or any of our Subsidiaries and certain other related restrictions
subject to certain exceptions as agreed under the Inter-se Agreement. However, these restrictions are not
applicable to the existing businesses of the Adani Shareholders and the Wilmar Shareholders as at the date of the
Inter-Se Agreement.
The Inter-se Agreement shall terminate by way of the written agreement of AEL, ACL and LPL; or the date on which
either of the Adani Shareholders or Wilmar Shareholders ceases to hold, directly or indirectly, 10% or more of the
Equity Share capital of our Company.
Other than as disclosed in the section “History And Certain Corporate Matters – Summary of key agreements - Key terms of
shareholder agreements” on page 180, (i) there are no other inter-se agreements/arrangements and clauses / covenants which
are material and which needs to be disclosed and that there are no other clauses / covenants which are adverse / pre-judicial to
the interest of the minority/public shareholders, and (ii) there are no other agreements, deed of assignments, acquisition
agreements, shareholders’ agreement, inter-se agreements, agreements of like nature other than disclosed in this Red Herring
Prospectus.
Key terms of other material agreements
1. Trademark license deed dated June 24, 2021 between our Company and Wilmar International Limited (“License
Deed”)
Our Company and Wilmar International Limited (“Wilmar”) entered into the License Deed, pursuant to which our
Company has been granted a non-transferable and non-exclusive license to use word marks, trade logos and domain name
‘Wilmar’ as inter alia part of its registered corporate title and trade name and as part of its corporate website,
advertisements and brand name for its products as per the terms and conditions of the License Deed. The license is
revocable, non-transferable, non-exclusive and royalty free. Wilmar is entitled to terminate the License Deed upon the
occurrence of certain events, including but not limited to the shareholding interest (direct or indirect) of Wilmar falling
below 10% of the total issued equity capital of our Company or our Company being convicted of any criminal offence.
2. License agreement dated July 28, 2021 between our Company and S.B. Adani Family Trust, as amended by the first
amendment agreement dated August 16, 2021 (“License Agreement”)
Our Company and S.B. Adani Family Trust (“SBAFT”) entered into the License Agreement, pursuant to which our
Company has been granted a revocable, royalty free, non-exclusive and non-transferable license to use the trademark
‘Adani’ as inter alia part of its registered corporate title and trade name and as part of its corporate website, advertisements
and brand name for its products as per the terms and conditions of the License Agreement. SBAFT is entitled to terminate
the License Agreement upon the occurrence of certain events, including but not limited to the shareholding interest of the
Adani Group falling below 10% of the total issued equity capital of our Company.
Agreements with Key Managerial Personnel, Directors, Promoters or any other employee
As on the date of this Red Herring Prospectus, there are no agreements entered into by our Key Managerial Personnel or
Directors or Promoters or any other employee of our Company, either by themselves or on behalf of any other person, with any
shareholder or any other third party with regard to compensation or profit sharing in connection with dealings in the securities
of our Company.
182
OUR MANAGEMENT
Board of Directors
In terms of the Articles of Association, our Company is required to have not less than four Directors and not more than 12
Directors. As on the date of this Red Herring Prospectus, our Board of Directors comprises of eight Directors, including one
Executive Director, three Non-Executive Directors and four Independent Directors.
Details regarding our Board of Directors as on the date of this Red Herring Prospectus are set forth below:
Sr. Name, designation, term, period of directorship, Age Other directorships

No. address, date of birth, occupation and DIN (years)
1. Kuok Khoon Hong 72 For the list of other directorships of Kuok Khoon
Hong, see “– Other Directorships” on page 196
Designation: Non-Executive Chairman
Term: Liable to retire by rotation
Period of Directorship: Director since February 27, 1999
Address: 35 Victoria Park Road, Singapore 266516
Occupation: Business
Date of Birth: April 30, 1949
DIN: 00021957
2. Angshu Mallick 60 • Agriculture Skill Council of India
Designation: Chief Executive Officer and Managing • All India Basmati Rice Exporters Federation
Director
• AWL Edible Oils and Foods Private Limited
Term: Three years with effect from April 1, 2021 and
liable to retire by rotation • KTV Edible Oils Private Limited
Period of Directorship: Director since April 1, 2021 • The Indian Society of Advertisers
Address: A-701, Ratnakar Apartments, Opposite IOC
Petrol Pump, Shivranjani Char Rasta, Satellite,
Ahmedabad 380 015
Occupation: Service
Date of Birth: February 1, 1961
DIN: 02481358
3. Pranav Vinod Adani 43 • Adani Agri Fresh Limited
Designation: Non-Executive, Non-Independent Director • Adani Agri Logistics Limited
Term: Liable to retire by rotation • Adani Bunkering Private Limited
Period of Directorship: Director since April 1, 2008 • AEL

Address: Paramshanti Bunglow, Survey No. 100/1, Near • Adani Infrastructure and Developers Private
Shaswat Bunglow, Behind Rajpath Club, Bodakdev, Limited
Ahmedabad 380 059
• Adani Properties Private Limited
Occupation: Business
• Adani Sportsline Private Limited
Date of Birth: August 9, 1978
• Adani Total Gas Limited
DIN: 00008457
• Adani Welspun Exploration Limited
183
• Mundra Synenergy Limited
4. Malay Ramesh Mahadevia 58 • Adani Airport Holdings Limited
Designation: Non-Executive, Non-Independent Director • Adani Infrastructure Private Limited
Term: Liable to retire by rotation • Adani Institute for Education and Research
Period of Directorship: Director since June 17, 2019 • Adani Ports and Special Economic Zone
Limited
Address: 12/8, Gyankunj Society, Opposite St. Xaviers
College, Navrangpura, Ahmedabad 380 009 • Adani Skill Development Centre
Occupation: Professional • Adani Total Private Limited
Date of Birth: May 3, 1963 • Adani Vizhinjam Port Private Limited
DIN: 00064110
• GSPC LNG Limited
• Mahadevia Dental Hospital Private Limited
• North Star Diagnostics Private Limited
• North Star Entities Private Limited
• North Star Medical Aid Foundation
5. Madhu Ramachandra Rao 70 • Art of Living Foundation Ltd., Australia
Designation: Independent Director • GMR Goa International Airport Limited
Term: Five years with effect from June 10, 2021 • GMR Hyderabad International Airport
Limited
Period of Directorship: Director since June 10, 2021
• Gokak Sugars Limited
Address: 3C, Sahajeevan Apartments, 219, RMV
Extension, Opposite HDFC Bank, Sadashivnagar, • Orion Fund Pte. Ltd
Bangalore North, Bengaluru 560080
• Orion Fund II Pte. Ltd
Occupation: Professional
• Perennial Real Estate Lanka (Private)
Date of Birth: December 23, 1951
Limited
DIN: 02683483
• PREH Properties (Private) Limited
• Pyramid Lanka (Private) Limited
• Pyramid Wilmar (Private) Limited
• Pyramid Wilmar Oils & Fats (Private)

Limited
• Shree Renuka Sugars Limited
• Sumeru Global Holdings and Services

Private Limited
• Sumeru Software Solutions Private Limited
• Sunshine Wilmar (Private) Limited
• Watawala Plantations PLC
• Wilmar Tea Lanka (Pvt) Ltd
184
6. Dorab Erach Mistry 68 • Godrej International Limited, Isle of Man
Designation: Independent Director • Godrej International Trading & Investments

Pte Ltd.
Term: Five years with effect from June 10, 2021
• Shree Renuka Sugars Limited
Period of Directorship: Director since June 10, 2021
• Tishros Pte Ltd
Address: 278 Ocean Drive, #06-19, Singapore 098 540
• Wellesta Holdings Pte Ltd
Date of Birth: April 7, 1953
DIN: 07245114
7. Dipali H Sheth 56 • Bharat FIH Limited
Designation: Independent Director • Centrum Financial Services Limited
Term: Five years with effect from June 10, 2021 • DFM Foods Limited
Period of Directorship: Director since June 10, 2021 • Latent View Analytics Limited
Address: Lodha Bellissmo, A 2002, N M Joshi Marg • UTI Asset Management Company Limited
Apollo Mills Compound, Mahalaxmi, Mumbai 400 011
Date of Birth: July 4, 1965
DIN: 07556685
8. Anup Pravin Shah 45 • Claris Limited
Designation: Independent Director • Claris Lifesciences Limited
Term: Five years with effect from July 20, 2021 • Health and Education Foundation
Period of Directorship: Director since July 20, 2021 • JM Financial Capital Limited
Address: Room No. 8, Jal Kiran Building, G.D. Somani • JM Financial Credit Solutions Limited
Street, President Hotel, Colaba, Mumbai 400 005
• JM Financial Home Loans Limited
• JM Financial Services Limited
Date of Birth: October 2, 1976
• Knowhowhub.com Private Limited
DIN: 00293207
• Landmark Business Service Centre Private
Limited
• MACRO Investment & Financial Consultants

Private Limited
• Mahindra Susten Private Limited
Relationship between our Directors and Key Managerial Personnel
None of our Directors or Key Managerial Personnel are related to each other or to any of the Key Managerial Personnel.
185
Arrangements or understandings with major shareholders, customers, suppliers or others
Other than (i) Kuok Khoon Hong and Angshu Mallick, nominated by LPL; and (ii) Pranav Vinod Adani and Malay Ramesh
Mahadevia, nominated by ACL, there is no arrangement or understanding with the major shareholders, customers, suppliers or
others, pursuant to which any of our Directors were appointed on the Board.
Brief biographies of Directors
Kuok Khoon Hong is the Non-Executive Chairman of our Company. He holds a bachelor’s degree in business administration
from the University of Singapore. He has over 40 years of experience in the agribusiness industry. He is the co-founder of
Wilmar International Limited and currently, he is the Chairman and Chief Executive Officer of Wilmar International Limited.
He was appointed to our Board of Directors with effect from February 27, 1999.
Angshu Mallick is the Chief Executive Officer and Managing Director of our Company. He holds a bachelor’s degree in dairy
technology from Dairy Science College, National Dairy Research Institute, Karnal and a post graduate diploma in rural
management from Institute of Rural Management, Anand. He has over 35 years of experience in marketing and sales in the
food industry. Previously, he was working with Gujarat Co-operative Milk Marketing Federation Limited as Manager,
Marketing and Distribution and has been working with our Company since March 1999. He was appointed to our Board of
Directors with effect from April 1, 2021.
Pranav Vinod Adani is the Non-Executive, Non-Independent Director of our Company. He holds a bachelor’s degree of
science in business administration from Boston University, United States. He has been working with the Adani Group since
1999 and currently heads the oil and gas, city gas distribution and agri infrastructure businesses of Adani Group. He was
appointed to our Board of Directors with effect from April 1, 2008.
Malay Ramesh Mahadevia is a Non-Executive, Non-Independent Director of our Company. He holds a bachelor’s and
master’s degree in dental surgery from University of Bombay and degree of doctor of philosophy (science) from Gujarat
University. He has been working with the Adani Group since 1993 and was the Group HR Director of Adani Group. He was
appointed to our Board of Directors with effect from June 17, 2019.
Madhu Ramachandra Rao is an Independent Director of our Company. He holds a bachelor’s degree in commerce from
University of Bombay and has passed the final examination held by the Institute of Chartered Accountants of India. Prior to
joining our Company, he was the chief financial officer and president of Shangri-La International Hotel Management Limited
and was an executive director of Shangri-La Asia Limited in Hong Kong. He was appointed to our Board of Directors with
effect from June 10, 2021.
Dorab Erach Mistry is an Independent Director of our Company. He passed the examination for the bachelor’s degree in
commerce from the University of Bombay and the final examination held by the Institute of Chartered Accountants of India.
He has been working with the Godrej Group since 1976 and is currently the managing director of Godrej International Trading
& Investments Pte Ltd., Singapore. He was appointed to our Board of Directors with effect from June 10, 2021.
Dipali H Sheth is an Independent Director of our Company. She holds a bachelor’s degree in economics from University of
Delhi. Prior to joining our Company, she has worked with RBS Business Services India Private Limited as a country head of
human resources, Standard Chartered Bank, Procter & Gamble Distribution Company Limited and DCM Limited. She was
appointed to our Board of Directors with effect from June 10, 2021.
Anup Pravin Shah is an Independent Director of our Company. He passed the examination for the bachelor’s degree in
commerce and holds a degree of doctor of philosophy (commerce) from the University of Mumbai. He is a certified chartered
accountant and has been associated with Pravin P Shah & Co., Chartered Accountants as a partner since 2001. He was appointed
to our Board of Directors with effect from July 20, 2021.
Confirmations
None of our Directors is or was a director of any listed company whose shares have been or were suspended from being traded
on any stock exchanges in India during the term of their directorship in such companies, in the last five years preceding the date
of this Red Herring Prospectus.
None of our Directors is or was a director of any listed company which has been or was delisted from any stock exchanges in
India during the term of their directorship in such companies.
None of our Directors have been declared as wilful defaulters.
186
Terms of appointment of our Executive Directors
Angshu Mallick
Angshu Mallick is currently the Managing Director of our Company. He was appointed as the Managing Director of our
Company pursuant to board resolution dated March 16, 2021 for three years with effect from April 1, 2021. Our Board in its
meeting held on March 20, 2021, approved the annual remuneration of upto ₹ 65 million with effect from April 1, 2021
including, among other things, salary, house rent allowance, medical allowance, meal allowance, leave travel allowance,
conveyance facilities, bonus, performance incentive and gratuity fund. Pursuant to resolution dated July 30, 2021 passed by our
Board of Directors and resolution dated July 31, 2021 passed by our Shareholders, the terms of appointment of Angshu Mallick
were modified to the effect that he is liable to retire by rotation at the next annual general meeting of the Shareholders of our
Company.
Payment or benefit to Directors of our Company
Other than as disclosed below, our Company has not paid any compensation or granted any benefit to any of our Directors
(including contingent or deferred compensation) in all capacities in Fiscal 2021. For payments made in relation to related party
transactions, see “Other Financial Information – Related Party Transactions” on page 284. Further, there is no contingent or
deferred compensation payable to any of our Directors which accrued in Fiscal 2021.
Remuneration to our Directors
The remuneration paid to our Directors in Fiscal 2021 is as follows:
Remuneration to Executive Directors
The following table sets forth details of the remuneration paid to the Executive Directors of our Company for Fiscal 2021:
S. No. Name of the Director Remuneration (in ₹ million)

1. Angshu Mallick* Nil
2. Tinniyan Kalyansundaram Kanan# 46.20
* Since Angshu Mallick was appointed on our Board in Fiscal 2022, no remuneration was paid to him in Fiscal 2021 in the capacity of a Director. He
received a remuneration of ₹38.82 million in Fiscal 2021 as an employee of our Company.
#
Tinniyan Kalyansundaram Kanan has resigned as Executive Director of our Company with effect from June 10, 2021.
Remuneration to Non-Executive Directors
No remuneration was paid to our Non-Executive Directors by our Company in Fiscal 2021. Pursuant to the resolution passed
by our Board on July 30, 2021, our Independent Directors are entitled to receive a sitting fee of ₹ 50,000 per meeting for
attending meetings of our Board and the Audit Committee and sitting fees of ₹ 25,000 per meeting for attending meetings of
other committees of the Board. Further, pursuant to the resolution passed by our Board on July 30, 2021, our Non-Executive
Directors and Independent Directors are also entitled to receive a commission of ₹ 1.5 million per annum.
Remuneration paid to our Directors by our Subsidiaries
As on the date of this Red Herring Prospectus, none of our Directors are entitled to remuneration from our Subsidiaries. None
of our Directors received any remuneration from our Subsidiaries in Fiscal 2021. Further, there is no contingent or deferred
compensation payable to any of our Directors by our Subsidiaries which accrued in Fiscal 2021.
Bonus or profit sharing plan of our Directors
Our Company does not have any bonus or profit sharing plan for our Directors. For details of the performance bonus payable
to them as a part of their respective remuneration, see “Our Management - Terms of appointment of our Executive Directors”
on page 187.
Shareholding of Directors in our Company
Except as disclosed below, as on the date of this Red Herring Prospectus, none of our Directors hold any Equity Shares:
Name of the Director Number of Equity Shares held

Pranav Vinod Adani* 10,000
* Holding shares as a nominee of ACL.
Our Articles of Association do not require our Directors to hold any qualification shares.
187
Shareholding of Directors in our Subsidiaries
Except as disclosed below, as on the date of this Red Herring Prospectus, none of our Directors hold any equity shares in our
Subsidiaries:
Name of the Director Name of the Subsidiary Number of equity shares held
Pranav Vinod Adani* AWL Edible Oils and Foods Private Limited 1
Golden Valley Agrotech Private Limited 1
Angshu Mallick* AWL Edible Oils and Foods Private Limited 1
* Holding shares as a nominee of our Company.
Interests of Directors
Our Directors may be deemed to be interested to the extent of remuneration and reimbursement of expenses, if any, payable to
them by our Company as well as sitting fees, if any, payable to them for attending meetings of our Board or Committees thereof.
Some of our Directors hold positions as directors on the board of directors of our Promoter. For further details, see “ – Terms
of appointment of our Executive Directors”, “ – Payment or benefit to Directors of our Company”, each on page 187.
Our Directors may also be interested to the extent of Equity Shares, if any (together with dividends and other distributions in
respect of such Equity Shares), held by them.
No consideration in cash or shares or otherwise has been paid or agreed to be paid to any of our Directors or to the firms or
companies in which they are interested by any person either to induce them to become or to help them qualify as a Director, or
otherwise for services rendered by them or by the firm or company in which they are interested, in connection with the
promotion or formation of our Company.
Except as stated in “Financial Information” beginning on page 222 and as disclosed in this section, our Directors do not have
any other interest in our Company or in any transaction by our Company including, for acquisition of land, construction of
buildings or supply of machinery.
Changes in our Board of Directors in the last three years
Name Date of Appointment/ Reason

Change/ Cessation
Rajesh Shantilal Adani June 17, 2019 Resigned as Director
Angshu Mallick June 17, 2019 Resigned as Whole-time Director
Shyamal Shivkumar Joshi June 17, 2019 Resigned as Independent Director
Chitra Jatinder Bhatnagar June 17, 2019 Resigned as Independent Director
Rahul Kale June 17, 2019 Resigned as Non-Executive, Non-Independent Director
Tinniyan Kalyansundaram Kanan June 17, 2019 Change in designation to Managing Director
Pranav Vinod Adani June 17, 2019 Change in designation to Non-Executive Director
Malay Ramesh Mahadevia August 6, 2019 Appointed as Non-Executive, Non-Independent Director(1)
Ashish Rajvanshi August 6, 2019 Appointed as Non-Executive, Non-Independent Director(1)
Teo La- Mei August 6, 2019 Appointed as Non-Executive, Non-Independent Director(1)
Gurpreet Singh Vohra August 6, 2019 Appointed as Non-Executive, Non-Independent Director(1)
Kuok Khoon Hong August 6, 2019 Re-appointed as Director
Atul Chaturvedi August 6, 2019 Re-appointed as Director
Pranav Vinod Adani June 25, 2020 Re-appointed as Non-Executive, Non-Independent Director
Tinniyan Kalyansundaram Kanan March 31, 2021 Change in designation to Non-Executive, Non-Independent Director
Gurpreet Singh Vohra March 31, 2021 Resigned as Non-Executive, Non-Independent Director
Angshu Mallick April 1, 2021 Designated as Managing Director
Angshu Mallick May 5, 2021 Appointed as Executive Director(2)
Tinniyan Kalyansundaram Kanan June 10, 2021 Resigned as Non-Executive, Non-Independent Director
Ashish Rajvanshi June 10, 2021 Resigned as Non-Executive, Non-Independent Director
Teo La- Mei June 10, 2021 Resigned as Non-Executive, Non-Independent Director
Atul Chaturvedi June 10, 2021 Resigned as Director
P N Prasad June 10, 2021 Appointed as Additional Director (Independent Director)
P N Prasad July 5, 2021 Resigned as Additional Director
Madhu Ramachandra Rao July 10, 2021 Appointed as Independent Director(3)
Dorab Erach Mistry July 10, 2021 Appointed as Independent Director(3)
Dipali H Sheth July 10, 2021 Appointed as Independent Director(3)
Anup Pravin Shah July 31, 2021 Appointed as Independent Director(4)
(1) Appointed as an additional director on our Board with effect from June 17, 2019.
(2) Appointed as an additional director on our Board with effect from April 1, 2021.
(3) Appointed as an additional director on our Board with effect from June 10, 2021.
(4) Appointed as an additional director on our Board with effect from July 20, 2021.
188
Borrowing powers of our Board of Directors
In accordance with Section 180 of the Companies Act, 2013, our Board is authorised to borrow money up to a sum (together
with the money already borrowed by the Company) not exceeding the aggregate of ₹160,000 million.
Corporate Governance
The provisions of the SEBI Listing Regulations with respect to corporate governance will be applicable to us immediately upon
the listing of the Equity Shares with the Stock Exchanges. We are in compliance with the requirements of the applicable
provisions of the SEBI Listing Regulations, and the Companies Act, 2013, in respect of corporate governance including
constitution of our Board of Directors and committees thereof.
Our Board of Directors has been constituted in compliance with the Companies Act, 2013 and the SEBI Listing Regulations.
Our Board of Directors function either as a full board or through various committees constituted to oversee specific functions.
Currently, our Board of Directors has eight Directors. In compliance with the requirements of the SEBI Listing Regulations,
we have one Executive Director, three Non-Executive Directors and four Independent Directors, with one woman Independent
Director on our Board of Directors.
Committees of our Board of Directors
In addition to the committees of our Board of Directors detailed below, our Board of Directors may, from time to time constitute
committees for various functions.
Audit Committee
The members of the Audit Committee are:
1. Anup Pravin Shah (Chairman);
2. Madhu Ramachandra Rao (Member);
3. Dorab Erach Mistry (Member);
4. Dipali H Sheth (Member);
5. Pranav Vinod Adani (Member); and
6. Angshu Mallick (Member).
Further, the Company Secretary and Compliance Officer of our Company shall act as secretary to the Audit Committee.
The Audit Committee was constituted by way of resolution passed by our Board of Directors in its meeting held on March 26,
2001 and last reconstituted pursuant to resolution passed by our Board in its meeting held on July 30, 2021. The scope and
function of the Audit Committee is in accordance with Section 177 of the Companies Act, 2013 and the SEBI Listing
Regulations and its terms of reference include the following:
1. Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that
the financial statement is correct, sufficient and credible;
2. Recommendation for appointment, remuneration and terms of appointment of auditors of the Company;
3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;
4. Reviewing, with the management, the annual financial statements and auditor's report thereon before submission to
the Board for approval, with particular reference to:
a) Matters required to be included in the director’s responsibility statement to be included in the Board’s report,
in terms of the Companies Act, 2013, as amended;
b) Changes, if any, in accounting policies and practices and reasons for the same;
c) Major accounting entries involving estimates based on the exercise of judgment by management;
d) Significant adjustments made in the financial statements arising out of audit findings;
189
e) Compliance with listing and other legal requirements relating to financial statements;
f) Disclosure of any related party transactions; and
g) Modified opinion(s) in the draft audit report.
5. Reviewing, with the management, the quarterly financial statements before submission to the Board for approval;
6. Examination of the financial statement and auditor’s report thereon;
7. Monitoring the end use of funds raised through public offers and related matters;
8. Reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue,
rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the issue
document/prospectus/notice and report submitted by the monitoring agency monitoring the utilisation of proceeds of
a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter;
9. Reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;
10. Approval or any subsequent modification of transactions of the Company with related parties;
11. Scrutiny of inter-corporate loans and investments;
12. Valuation of undertakings or assets of the Company, wherever it is necessary;
13. Evaluation of internal financial controls and risk management systems;
14. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control
systems;
15. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department,
staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal
audit;
16. Discussion with internal auditors of any significant findings and follow up thereon;
17. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;
18. Discussion with statutory auditors, internal auditors and cost auditors before the audit commences, about the nature
and scope of audit as well as post-audit discussion to ascertain any area of concern;
19. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in
case of non-payment of declared dividends) and creditors;
20. To review the functioning of the whistle blower mechanism and the vigil mechanism under the Companies Act, 2013
read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to
time;
21. Approval of appointment of chief financial officer after assessing the qualifications, experience and background, etc.
of the candidate;
22. Carrying out any other function as may be required / mandated by the Board from time to time and/ or mandated as
per the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Companies
Act, 2013, the listing agreements to be entered into between the Company and the respective stock exchanges on which
the equity shares of the Company are proposed to be listed and/or any other applicable laws;
23. Reviewing the utilization of loan and/or advances from investment by the holding company in the subsidiary exceeding
₹100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances /
investments; and
24. Considering and commenting on rationale, cost-benefits and impact of schemes involving merger, demerger,
amalgamation etc. of the Company and its shareholders.
The Audit Committee shall mandatorily review the following information:
190
1. management discussion and analysis of financial condition and results of operations;
2. statement of significant related party transactions (as defined by the Audit Committee), submitted by management;
3. management letters / letters of internal control weaknesses issued by the statutory auditors;
4. internal audit reports relating to internal control weaknesses;
5. the appointment, removal and terms of remuneration of the internal auditor shall be subject to review by the Audit
Committee; and
6. statement of deviations as and when becomes applicable:
a) quarterly statement of deviation(s) submitted to stock exchange(s) in terms of Regulation 32(1) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
b) annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice
in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
Risk Management Committee
The members of the Risk Management Committee are:
1. Kuok Khoon Hong (Chairman);
2. Pranav Vinod Adani (Member);
3. Dorab Erach Mistry (Member); and
4. Angshu Mallick (Member).
The Risk Management Committee was constituted by way of resolution passed by our Board of Directors in its meeting held
on September 13, 2019 and last reconstituted pursuant to resolution passed by our Board in its meeting held on July 30, 2021.
The terms of reference of the Risk Management Committee include the following:
1. To formulate a detailed risk management policy which shall include:
a) A framework for identification of internal and external risks specifically faced by the listed entity, in
particular including financial, operational, sectoral, sustainability (particularly, ESG related risks),
information, cyber security risks or any other risk as may be determined by the Risk Management Committee;
b) Measures for risk mitigation including systems and processes for internal control of identified risks; and
c) Business continuity plan.
2. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated
with the business of the Company;
3. To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk
management systems;
4. To periodically review the risk management policy, at least once in two years, including by considering the changing
industry dynamics and evolving complexity;
5. To keep the board of directors informed about the nature and content of its discussions, recommendations and actions
to be taken; and
6. The appointment, removal and terms of remuneration of the chief risk officer (if any) shall be subject to review by the
Risk Management Committee.
Nomination and Remuneration Committee
The members of the Nomination and Remuneration Committee are:
1. Dipali H Sheth (Chairperson);
191
2. Kuok Khoon Hong (Member);
3. Pranav Vinod Adani (Member);
4. Dorab Erach Mistry (Member);
5. Madhu Ramachandra Rao (Member); and
6. Anup Pravin Shah (Member).
The Nomination and Remuneration Committee was constituted by way of resolution passed by our Board of Directors in its
meeting held on March 5, 2012 and last reconstituted pursuant to resolution passed by our Board in its meeting held on October
26, 2021. The scope and function of the Nomination and Remuneration Committee is in accordance with Section 178 of the
Companies Act, 2013 and the SEBI Listing Regulations. The terms of reference of the Nomination and Remuneration
Committee include the following:
1. Formulating the criteria for determining qualifications, positive attributes and independence of a director and
recommend to the Board a policy relating to, the remuneration of the directors, key managerial personnel and other
employees;
The Nomination and Remuneration Committee, while formulating the above policy, should ensure that:
a) the level and composition of remuneration be reasonable and sufficient to attract, retain and motivate directors
of the quality required to run the Company successfully;
b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
c) remuneration to directors, key managerial personnel and senior management involves a balance between
fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of
the Company and its goals;
2. Formulating criteria for evaluation of performance of independent directors and the Board of Directors;
3. Devising a policy on diversity of Board;
4. Identifying persons who are qualified to become directors and who may be appointed in senior management in
accordance with the criteria laid down, and recommend to the Board of Directors their appointment and removal and
shall specify the manner for effective evaluation of performance of the Board, its committees and individual directors
to be carried out either by the Board, by the Nomination and Remuneration Committee or by an independent external
agency and review its implementation and compliance. The Company shall disclose the remuneration policy and the
evaluation criteria in its board report;
5. Extending or continuing the term of appointment of the independent director, on the basis of the report of performance
evaluation of independent directors;
6. Recommending to the Board, all remuneration, in whatever form, payable to senior management.
7. Carrying out any other function as may be required/ mandated by the Board from time to time and/ or mandated as per
the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Companies Act,
2013, the listing agreements to be entered into between the Company and the respective stock exchanges on which the
equity shares of the Company are proposed to be listed and/or any other applicable laws; and
8. Performing such other functions as may be necessary or appropriate for the performance of its duties.
Stakeholders Relationship Committee
The members of the Stakeholders Relationship Committee are:
1. Pranav Vinod Adani (Chairman);
2. Angshu Mallick (Member);
3. Anup Pravin Shah (Member); and
4. Kuok Khoon Hong (Member).
192
The Stakeholders Relationship Committee was constituted by way of resolution passed by our Board of Directors in its meeting
held on July 30, 2021. The scope and functions of the Stakeholder Relationship Committee is in accordance with Section 178
of the Companies Act, 2013 and the SEBI Listing Regulations.
The terms of reference of the Stakeholders Relationship Committee include the following:
1. To resolve the grievances of the security holders of the Company including complaints related to transfer/transmission
of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general
meetings etc. and assisting with quarterly reporting of such complaints;
2. To review measures taken for effective exercise of voting rights by shareholders;
3. To review adherence to the service standards adopted by the Company in respect of various services being rendered
by the Registrar & Share Transfer Agent;
4. To review the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends
and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company;
and
5. Carrying out such other functions as may be specified by the Board from time to time or specified/provided under the
Companies Act, 2013 or the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, each as
amended or by any other regulatory authority.
Corporate Social Responsibility Committee
The members of the Corporate Social Responsibility Committee are:
1. Dipali H Sheth (Chairperson);
2. Malay Ramesh Mahadevia (Member);
3. Angshu Mallick (Member); and
4. Madhu Ramachandra Rao (Member).
The Corporate Social Responsibility Committee was constituted by way of resolution passed by our Board of Directors in its
meeting held on May 15, 2014 and last reconstituted pursuant to resolution passed by our Board in its meeting held on July 30,
2021. The scope and functions of the Corporate Social Responsibility Committee is in accordance with Section 135 of the
Companies Act, 2013.
The terms and reference of the Corporate Social Responsibility Committee include the following:
1. Formulation of a corporate social responsibility policy to the Board, indicating the activities to be undertaken by the
Company in areas or subjects specified in the Companies Act, 2013. The activities should be within the list of permitted
activities specified in the Companies Act, 2013 and the rules thereunder;
2. Recommending the amount of expenditure to be incurred, amount to be at least 2% of the average net profit of the
Company in the three immediately preceding financial years or where the Company has not completed the period of
three financial years since its incorporation, during such immediately preceding financial years;
3. Instituting a transparent monitoring mechanism for implementation of the corporate social responsibility projects or
programs or activities undertaken by the Company;
4. Monitoring the corporate social responsibility policy from time to time and issuing necessary directions as required
for proper implementation and timely completion of corporate social responsibility programmes;
5. Identifying corporate social responsibility policy partners and corporate social responsibility policy programmes;
6. Identifying and appointing the corporate social responsibility team of the Company including corporate social
responsibility manager, wherever required; and
7. Performing such other duties and functions as the Board may require the Corporate Social Responsibility Committee
to undertake to promote the corporate social responsibility activities of the Company or as may be required under
applicable laws.
193
Management Organisation Chart
Board Of Directors
Kuok Khoon Hong

Chairman
Angshu Mallick
CEO & Managing Director
Shrikant Kanhere Biplab Pakrashi Satendra Aggarwal Saumin Sheth

Chief Financial Officer Business Head – Food & Business Head – Trading,
(CFO) Business Head – Oils & Fats FMCG & Marketing Oleochemicals & Castor
Ravindra Kumar Singh Rajneesh Bansal Siddhartha Ghosh Venkata Rao Damera Ashim Mullick
Head – Technical & Head – Procurement & Chief Human Resource Chief Information Officer Vice President
Operations Supply Chain Officer (CHRO) (CIO) (R&D)
Darshil Lakhia
Company Secretary
194
Key Managerial Personnel
The details of the Key Managerial Personnel of our Company are as follows:
Angshu Mallick is the Chief Executive Officer and Managing Director of our Company. For further details see “– Brief
Biographies of Directors” and “Remuneration to Executive Directors” on pages 186 and 187, respectively.
Shrikant Kanhere is the Chief Financial Officer of our Company. He passed the examination for the bachelor’s degree in
commerce from Vikram University, Ujjain. He is a fellow member of Institute of Chartered Accountants of India. He joined
our Company with effect from May 1, 2013. He has over 18 years of experience in the field of finance and accounts. Prior to
joining our Company, he worked at Vodafone DigiLink Limited as General Manager - Finance & Accounts, Reliance Industries
Limited and Adani Exports Limited. During Financial Year 2021, he received a remuneration of ₹ 14.12 million.
Biplab Pakrashi is the Business Head – Oils & Fats of our Company. He holds a bachelor’s degree and master’s degree in
science (geology) from Maharaja Sayajirao University of Baroda. He also holds a master’s degree in science (applied geology)
Maharaja Sayajirao University of Baroda. Further, he holds a post graduate diploma in rural development management from
Institute of Rural Management, Anand. He joined our Company with effect from December 20, 1999. He has over 34 years of
experience across sales, marketing, product management, supply chain management and business information technology
alignment. Prior to joining our Company, he worked at Gujarat Co-operative Milk Marketing Federation Limited. During
Financial Year 2021, he received a remuneration of ₹ 19.29 million.
Saumin Sheth is the Business Head – Trading, Oleochemicals and Castor of our Company. He holds a bachelor’s degree in
commerce from Gujarat University. He joined our Company with effect from October 1, 1999. He has over 21 years of
experience in the field of international sourcing and trading, risk management, techno-commercial operations and marketing of
bulk products. During Financial Year 2021, he received a remuneration of ₹ 25.54 million.
Ravindra Kumar Singh is the Head – Technical and Operations of our Company. He holds a bachelor’s degree in chemical
technology (oil technology) from Kanpur University. He joined our Company with effect from July 14, 2003. He has 30 years
of experience in the field of food business. Prior to joining our Company, he worked at the National Dairy Development Board.
During Financial Year 2021, he received a remuneration of ₹ 15.71 million.
Siddhartha Ghosh is the Chief Human Resource Officer of our Company. He holds a post graduate diploma in social service
from Xavier Institute of Social Service, Ranchi. He joined our Company with effect from June 10, 2019. Prior to joining our
Company, he worked at Reliance Industries Limited as Senior Vice President (Cluster/ Sector Industrial Relations Head),
Aditya Birla Insulators, Jindal Steel & Power Limited and Coal India Limited. During Financial Year 2021, he received a
remuneration of ₹ 15.56 million.
Rajneesh Bansal is the Head - Procurement and Supply Chain of our Company. He holds a bachelor’s degree in engineering
(mechanical) from Karnatak University, Dharwad and a master’s degree in industrial engineering from Thapar Institute of
Engineering and Technology, Patiala. Further, he has completed a post graduate diploma in management from Indian Institute
of Management, Kozhikode. He joined our Company with effect from May 31, 2004. He has over 25 years of experience in
various fields including business development and corporate communication, agriculture and FMCG sector. Prior to joining
our Company, he worked at Adani Port Limited and Indian Space Research Organisation. During Financial Year 2021, he
received a remuneration of ₹ 11.07 million.
Satendra Aggarwal is the Business Head - Foods & FMCG and Marketing of our Company. He passed the examination for
the bachelor’s degree in science and the master’s degree in management studies from University of Bombay. He joined our
Company with effect from June 17, 2020. Prior to joining our Company, he was the chief operating officer at Ruchi Soya
Industries Limited and has also worked at Hindustan Unilever Limited. During Financial Year 2021, he received a remuneration
of ₹ 14.78 million.
Venkata Rao Damera is the Chief Information Officer of our Company. He holds a bachelor’s degree in science from Andhra
University and passed the examination for the master’s degree in computer applications from Osmania University. He joined
our Company with effect from April 15, 2021. He has over 15 years of experience in the IT sector. Prior to joining our Company,
he was associated with Emami Limited as President-IT, LG Polymers India Private Limited, ITC Infotech, Godfrey Phillips
India Limited. He did not receive any remuneration during Financial Year 2021.
Ashim Mullick is the Vice President – R&D of our Company. He holds a master’s degree in technology in biochemical
engineering and biotechnology from the Indian Institute of Technology, Delhi and a master’s degree in science from University
of Minnesota. He also holds a degree of Doctor of Philosophy from the University of Minnesota. He joined our Company with
effect from July 12, 2021. Prior to joining our Company, he was the Principal Scientist and Head – Food Science and
Technology at Tata Chemicals Limited (later merged with Tata Consumer Products Limited), the Tech Brand Manager – Indian
at PepsiCo India Holdings Private Limited, the General Manager – R&D at GlaxoSmithKline and has also worked at Hindustan
Unilever Limited. During Financial Year 2021, he did not receive any remuneration.
Darshil Lakhia is the Company Secretary and Compliance Officer of our Company. He holds a bachelor’s and master’s degree
in commerce from Gujarat University. He joined our Company with effect from April 1, 2006. He is a member of the Institute
195
of Company Secretaries of India. He has over 14 years of experience in corporate secretarial and other related compliances.
During Financial Year 2021, he received a remuneration of ₹ 2.37 million.
Status of Key Managerial Personnel
All our Key Managerial Personnel are permanent employees of our Company. The attrition rate of our Company is not high as
compared to the industry.
Shareholding of Key Managerial Personnel
None of our Key Managerial Personnel hold any Equity Shares in our Company.
Bonus or Profit-Sharing Plans of the Key Managerial Personnel
Our Company does not have any bonus or profit-sharing plan for our Key Managerial Personnel.
Interests of Key Managerial Personnel
Except as disclosed at “Our Management – Interest of Directors” on page 188, none of our Key Managerial Personnel have
any interest in our Company other than to the extent of the remuneration or benefits to which they are entitled to as per their
terms of appointment and reimbursement of expenses incurred by them during the ordinary course of business.
Changes in the Key Managerial Personnel
The changes in Key Managerial Personnel (other than change in our Directors) in the last three years is as follows:
Name Designation Date of change Reason for change

Siddhartha Ghosh Chief Human Resource Officer June 10, 2019 Appointment
Sivakumar Nair Chief Information Officer June 9, 2020 Resignation
Satendra Aggarwal Business Head - Foods & FMCG and Marketing June 17, 2020 Appointment
Venkata Rao Damera Chief Information Officer April 15, 2021 Appointment
Ashim Mullick Vice President – R&D July 12, 2021 Appointment
For details of change in the Directors of our Company, see “- Changes in our Board of Directors” in the last three years on
page 188.
Arrangements or understandings with major shareholders, customers, suppliers or others
None of our Key Managerial Personnel have been appointed pursuant to any arrangement or understanding with major
shareholders, customers, suppliers or others.
Service Contracts with Directors and Key Managerial Personnel
Other than the statutory benefits that the KMPs are entitled to, upon their retirement, Directors and the Key Managerial
Personnel of our Company have not entered into any service contracts pursuant to which they are entitled to any benefits upon
termination of employment or retirement.
Contingent and deferred compensation payable to our Key Managerial Personnel
Other than as disclosed in “– Key Managerial Personnel” and “ - Remuneration to our Directors” beginning on pages 195 and
187, respectively, our Company has not paid any compensation or granted any benefit to any of our Key Managerial Personnel
(including contingent or deferred compensation) in all capacities in Fiscal 2021. Further, there is no contingent or deferred
compensation payable to any of our Key Managerial Personnel which accrued in Fiscal 2021.
Payment or benefit to Key Managerial Personnel
Except as disclosed in this section, no non-salary amount or benefit has been paid or given to any of our officers, including Key
Managerial Personnel within the two preceding years or is intended to be paid or given, as on the date of this Red Herring
Prospectus.
Employees Stock Options
As on the date of this Red Herring Prospectus, our Company has no employee stock option plan.
Other Directorships
The list of entities in which Kuok Khoon Hong holds directorship are set forth below.
196
Indian companies:
1. Shree Renuka Sugars Limited
Foreign companies:
1. Aalst Wilmar Pte. Ltd. 72. Qinhuangdao Goldensea Speciality Oils & Fats Industries Co.,
Ltd
2. AB Mauri Yihai Kerry (Dongguan) Food Co., Ltd. 73. 73. Raffles Shipping International Pte. Ltd.
3. AB Mauri Yihai Kerry (Fu Yu) Yeast Technology Co., Ltd. 74. 74. SANIA CIE
4. AB Mauri Yihai Kerry (Quanzhou) Yeast Technology Co., Ltd 74. 75. Shandong Luhua Fragrant Peanut Oil Co., Ltd
5. AB Mauri Yihai Kerry Food Marketing (Shanghai) Company 76. 76. Shanxi Arawana Liangfen Vinegar Co., Ltd
Limited
6. AB Mauri Yihai Kerry Investment Compa ny Limited 77. Shenzhen Delion Food Co., Ltd
7. Arawana Jinchu (Guangdong) Condiments Co., Ltd. 78. Sifca SA
8. BandLab Singapore Pte. Ltd. 79. Sunshine Wilmar (Private) Limited
9. BandLab Technologies 80. Swee Lee (Shanghai) Trading Co., Ltd
10. Bidco Uganda Limited 81. Swee Lee Holdings Pte Ltd
11. Calofic Corporation (formerly known as Cai Lan Oils & Fats 82. Tan Sek Meng Inc.
Industries Company Ltd)
12. CK Investment Holdings Pte. Ltd. 83. Technique Holdings Limited
13. COFCO East Ocean Oils & Grains Industries (Zhangjiagang) 84. Unity Wilmar Agro (Private) Limited
Co., Ltd
14. Dongguan Yihai Kerry Biotechnology Co., Ltd 85. Unity Wilmar Food (Private) Limited
15. Dongguan Yihai Kerry Starch Co., Ltd (formerly known as 86. Unity Wilmar Packages (Private) Limited
Dongguan Yihai Kerry Syral Starch Technology Co., Ltd)
16. Fenghai (Lianyungang) Rice Biotechnology Co., Ltd 87. Vietnam Agribusiness Holdings Pte. Ltd
17. Fenghai (Panjin) Rice Biotechnology Co., Ltd 88. Vinh Phat Wilmar Rice Corporation
18. FFM Berhad 89. Watawala Plantations PLC
19. Ghana Specialty Fats Industries Limited 90. Wii Pte. Ltd.
20. Goodman Fielder New Zealand Limited 91. Wilmaco
21. Goodman Fielder Pte. Ltd. 92. Wilmar (Panjin) Vanillin Co., Ltd
22. Goodman Fielder Pty Limited 93. Wilmar Africa Limited
23. Grand Silver (Laiyang) Co. Limited 94. Wilmar Edible Oils Philippines, Inc.
24. Grand Silver (Lanshan) Limited 95. Wilmar Europe Holdings B.V.
25. Grand Silver International Limited 96. Wilmar GF Singapore Holdings Pte. Ltd.
26. Great Wall - Wilmar Holdings Limited 97. Wilmar International Limited
27. Hanru Investments (Pte) Ltd 98. Wilmar Investment Holdings Pte. Ltd.
28. Hinggan League Hol-Wilmar Agriculture Development Co., Ltd 99. Wilmar Kellogg (Singapore) Pte. Ltd.
29. Hong Lee Holdings (Pte) Ltd 100. Wilmar Myanmar Flour Mills Limited
30. Hong Lee Properties Pte. Ltd. 101. Wilmar Myanmar Limited
31. Hot Spots Holdings Limited 102. Wilmar Myanmar Logistics Limited
32. HPR Investments Limited 103. Wilmar Myanmar Port Terminals (Thilawa) Limited
33. HPRY Holdings Limited 104. Wilmar Myanmar Riceland Limited
34. HPRY Properties Pte. Ltd. 105. Wilmar Oils & Fats (Stockton), LLC
35. HPRY Ventures Pte. Ltd. 106. Wilmar Oleo North America LLC
36. Huizhou Altech Packaging Co., Ltd 107. Wilmar Riceland Trading Pte. Ltd.
37. Inner Mongolia Hol-Wilmar Agriculture Co., Ltd 108. Wilmar SA (Pty) Ltd
38. Jalaid Banner Hol-Wilmar Agriculture Development Co., Ltd 109. Wilmar Sugar (Myanmar) Pte. Ltd.
39. Jaygar Holdings Limited 110. Wilmar Sugar Pte. Ltd.
40. Josovina Commodities Pte Ltd 111. Wilmar Tea Lanka (Pvt) Ltd
41. Josovina Commodities Trading Ltd 112. Wilmar Tea Pte. Ltd.
42. Joyspree Limited 113. Wilmar Trading (Asia) Pte. Ltd.
43. Joyspree Lanka Holdings (Private) Limited 114. Wilmar Trading (Australia) Pty Ltd
44. Kerry Flour Mills Limited 115. Wilmar Ventures Pte. Ltd.
45. KHS & Sons Pte Ltd 116. Wuan Chuang Arawana (Taizhou) Foodstuffs Industries Co.,
Ltd
46. KKH Foundation Limited 117. Xinjiang Mauri Food Co., Ltd.
47. KKHONG Inc. 118. Yihai (Lianyungang) Oils & Grains Industries Co., Ltd
48. Kuok Hock Swee & Sons Sdn Bhd 119. Yihai Chenke (Chongqing) Agriculture Co., Ltd (formerly
known as Chenke Yihai (Chongqing) Agriculture Co., Ltd)
49. Laiyang Luhua Fragrant Peanut Oil Co. Ltd 120. Yihai Chenke (Maoming) Agriculture Co., Ltd
50. Liaoning Yihai Kerry Starch Technology Co., Ltd (formerly 121. Yihai Chenke (Nanning) Agriculture Co., Ltd (formerly
known as Liaoning Yihai Kerry Tereos Starch Technology known as Chenke Yihai (Nanning) Agriculture Co., Ltd)
Co.,Ltd)
51. Longhlin Asia Limited 122. Yihai Kerry (Fuyu) Biotechnology Co., Ltd
52. Longhlin Pte Ltd 123. Yihai Kerry (Fuyu) Energy Co., Ltd
53. LPL 124. Yihai Kerry (Fuyu) Oils, Grains & Foodstuffs Industries Co.,
Ltd
54. Nam Duong International Foodstuff Corporation 125. Yihai Kerry (Qinhuangdao) Fermentation Protein Co., Ltd
55. Oil Palm Uganda Limited 126. Yihai Kerry (Qinhuangdao) Specialty Oils & Fats Co., Ltd
56. Olenex Holdings B.V. 127. Yihai Kerry (Qinhuangdao) Oils & Grains Industries Co., Ltd
197
57. OPUL Sango Bay Limited 128. Yihai Kerry (Shijiazhuang) Buckwheat Products Co., Ltd.
58. P R E H Properties (Private) Limited 129. Yihai Kerry (Taiyuan) Oils, Grains & Foodstuffs Industries
Co., Ltd
59. Pearson Investments Limited 130. Yihai Kerry Arawana (Yangjiang) Condiments Co., Ltd.
60. Perennial CBL Pte. Ltd. 131. Yihai Kerry Arawana Holdings Co., Ltd
61. Perennial Group Private Limited 132. Yihai Kerry Foodstuffs (Kunshan) Co., Ltd
62. Perennial Holdings Private Limited 133. Yihai Kerry Kellogg Foods (Kunshan) Company Limited
63. Perennial Real Estate Lanka (Private) Limited 134. Yihai Kerry Kellogg Foods (Shanghai) Company Limited
64. PHZ Pte. Ltd 135. Yihai Kerry Lufeng (Linyi) Packaging Technology Co., Ltd
65. PPB Oil Palms Berhad 136. Yihai Kerry Zhonghong (Taizhou) Biotechnology Co., Ltd
66. PRE 10 Pte. Ltd. 137. Yihai Kerry-Hyseas (Qingdao) Co., Ltd
67. Pyramid Wilmar (Private) Limited 138. Yihai Kerry-Hyseas Trading Limited
68. Pyramid Lanka (Private) Limited 139. Yihai Kitchen (Chongqing) Food Co., Ltd
69. Pyramid Wilmar Oils & Fats (Private) Limited 140. Yihai Kitchen (Shanghai) Healthy Food Co., Ltd
70. Pyramid Wilmar Plantations (Private) Limited 141. Yihai Kitchen (Tianjin) Investment Co., Ltd
71. Qinhuangdao Goldensea Grain and Oil Industry Co., Ltd 142. Yihai Shunfeng (Shanghai) Supply Chain Technology Co.,
Ltd.
198
OUR PROMOTERS AND PROMOTER GROUP
Our Promoters are AEL, ACL and LPL. For details of the shareholding of our Promoters, as on the date of this Red Herring
Prospectus, please see the section titled “Capital Structure – Details of shareholding of our Promoters and members of the
Promoter Group in our Company” beginning on page 67.
Our Promoters
Adani Enterprises Limited
AEL was incorporated on March 2, 1993. The registered office of AEL is Adani Corporate House, Shantigram, near Vaishno
Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421. Gautam Adani and Rajesh Adani are the promoters of AEL.
AEL is a listed company having its equity shares listed on BSE and NSE and is authorised to inter alia engage in the business
across several business sectors including power, transport and logistics, defence and aerospace and infrastructure. AEL had
begun engaging in each of the aforementioned businesses at various points in time since incorporation.
Board of Directors
As on date of this Red Herring Prospectus, the board of directors of AEL comprises of:
Sr. No. Name of the director Designation

1. Gautam Adani Executive Chairman
2. Rajesh Adani Managing Director
3. Pranav Vinod Adani Executive Director
4. Vinay Prakash Executive Director
5. Hemant Nerurkar Independent Director
6. Venkataraman Subramanian Independent Director
7. Vijaylaxmi Joshi Independent Director
8. Narendra Mairpady Independent Director
199
Shareholding Pattern
The shareholding pattern of AEL as of September 30, 2021 is as provided below:
Category Category of Number of Number of Number Number of Total Shareholding Number of voting rights held in each Number of Shareholding, Number of Number of Equity Number of
(I) Shareholder Shareholders fully paid up of Equity number of as a % of class of securities Equity as a % locked in Shares pledged or Equity Shares
(II) (III) Equity partly Shares Equity total number (IX) Shares assuming full Equity Shares otherwise held in
Shares held paid-up underlying Shares held of Equity underlying conversion of (XII) encumbered dematerialized
(IV) Equity Depository (VII) Shares outstanding convertible (XIII) form
Shares Receipts =(IV)+(V)+ (calculated Number of Voting Rights Total convertible securities (as Number As a Number (a) As a (XIV)
held (VI) (VI) as per Class e.g.: Class Total as a securities a percentage (a) % of % of
(V) SCRR, 1957) Equity e.g.: % of (including of diluted total total
(VIII) As a Shares others (A+B+ warrants) equity share Equity Equity
% of C) (X) capital) Shares Shares
(A+B+C2) (XI)= held held
(VII)+(X) As (b) (b)
a % of
(A+B+C2)
(A) Promoter 8 823,963,481 - - 823,963,481 74.92 823,963,481 - 823,963,481 74.92 - - - - 37,284,564 4.53 823,963,481
and
Promoter
Group
(B) Public 214,580 275,846,602 - - 275,846,602 25.08 275,846,602 - 275,846,602 25.08 - - - - - - 275,604,054
(C) Non- - - - - - - - - - -
Promoter –
Non Public
(C1) Equity - - - - - - - - - - - - - - -
Shares
underlying
depository
receipts
(C2) Equity - - - - - - - - - - - - - - -
Shares held
by employee
trusts
Total 214,588 1,099,810,083 - - 1,099,810,083 100 1,099,810,083 - 1,099,810,083 100 - - - - 37,284,564 3.39 1,099,567,535
200
Our Company confirms that the permanent account number, bank account number, company registration number and the
address of the Registrar of Companies, Ahmedabad where AEL is registered, shall be submitted to the BSE and NSE at the
time of filing this Red Herring Prospectus.
Details of change in control of AEL
There has been no change in the control of AEL in the last three years preceding the date of this Red Herring Prospectus.
Adani Commodities LLP
ACL, a limited liability partnership, was incorporated on March 22, 2017 under the Limited Liability Partnership Act, 2008.
The registered office of ACL is Adani Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar
Ahmedabad 382 421.
ACL is engaged in the business of manufacturing, trading, dealing, exports of all kinds of articles, goods, commodities,
merchandise for domestic, commercial, industrial, agriculture and defence purpose/use in India or elsewhere.
Partners of ACL
The partners of ACL are:
(a) AEL; and
(b) Adani Infrastructure Private Limited.
Designated Partners of ACL
The designated partners of ACL are:
(c) Jatin Jalundhwala; and
(d) Bhavik Bharat Shah.
Our Company confirms that the permanent account number, bank account number, LLP registration number and the address of
the Registrar of Companies, Ahmedabad where AEL is registered, shall be submitted to the BSE and NSE at the time of filing
this Red Herring Prospectus.
Details of change in control of ACL
There has been no change in the control or management of ACL during the last three years preceding the date of this Red
Herring Prospectus.
Lence Pte Ltd.
LPL was incorporated on October 1, 2004 under the laws of the Republic of Singapore as a private company limited by shares
with the Accounting and Corporate Regulatory Authority, Republic of Singapore. The registered office of LPL is located at 28
Biopolis Road, Singapore 138568.
LPL is engaged in the activities of an investment holding company and trading in edible oils and palm-related products.
Board of Directors
As on date of this Red Herring Prospectus, the board of directors of LPL comprises of:

1. Kuok Khoon Hong Director
2. Teo La-Mei Director
3. Sng Miow Ching Director
Shareholding Pattern
Wilmar International Limited holds 100% of the share capital of LPL.
As on the date of this Red Herring Prospectus, the board of directors of Wilmar International Limited comprises of:
201
1. Kuok Khoon Hong Executive and Non-Independent Director,
Chairman and Chief Executive Officer
2. Pua Seck Guan Executive and Non-Independent Director
and Chief Operating Officer (Part-Time)
3. Teo La-Mei Executive and Non-Independent Director,
Group Legal Counsel and Company
Secretary
4. Kuok Khoon Ean Non-Executive and Non-Independent
Director
5. Kuok Khoon Hua Non-Executive and Non-Independent
Director
6. Raymond Guy Young Non-Executive and Non-Independent
Director
7. Lim Siong Guan Non-Executive and Lead Independent
Director
8. Tay Kah Chye Non-Executive and Independent Director
9. Kwah Thiam Hock Non-Executive and Independent Director
10. Kishore Mahbuhani Non-Executive and Independent Director
11. Teo Siong Seng Non-Executive and Independent Director
12. Soh Gim Teik Non-Executive and Independent Director
13. Chong Yoke Sin Non-Executive and Independent Director
14. Juan Ricardo Luciano Alternate Director to Mr Raymond Guy
Young
Except as disclosed below, there has been no change in activities of the Promoter of our Company since its incorporation:
LPL was previously engaged in the trading of biodiesel and other commodities since its incorporation till 2006. From 2007,
LPL’s trading activities were expanded to include oleochemicals. In 2011, LPL changed its principal activities to acting as an
investment holding company and trading in edible oils. From 2013, this was expanded to include trading in palm-related
products.
Our Company confirms that the permanent account number, bank account number, company registration number and the
address of the Accounting and Corporate Regulatory Authority, Singapore where LPL is registered, shall be submitted to the
BSE and NSE at the time of filing this Red Herring Prospectus.
Details of change in control of LPL
There has been no change in the control of LPL in the last three years preceding the date of this Red Herring Prospectus.
Interests of Promoters
Our Promoters are interested in our Company to the extent that they have promoted our Company and to the extent of their
shareholding in our Company, directly and indirectly, the dividend payable, if any, and any other distributions in respect of the
Equity Shares held by them in our Company, from time to time. Further, our Promoters are also interested in our Company to
the extent of nominating directors on the Board of our Company. For details of the shareholding of our Promoters in our
Company, see “Capital Structure – Details of shareholding of our Promoters and members of the Promoter Group in our
Company – Build-up of our Promoters’ shareholding in our Company”, on page 67.
Our Promoters have no interest in any property acquired by our Company during the three years immediately preceding the
date of this Red Herring Prospectus or proposed to be acquired by our Company, or in any transaction by our Company for
acquisition of land, construction of building or supply of machinery.
No sum has been paid or agreed to be paid to any of our Promoters or to the firms or companies in which our Promoters are
interested as members in cash or shares or otherwise by any person, either to induce them to become or to qualify them, as
directors or promoters or otherwise for services rendered by our Promoters or by such firms or companies in connection with
the promotion or formation of our Company.
Except in the ordinary course of business and as disclosed in “Other Financial Information - Related Party Transactions” and
“Restated Financial Statements – Notes forming part of the Restated Consolidated Financial Information - Note 37: Related
Party Disclosures” on pages 284 and 263, respectively, no amount or benefit has been paid or given to our Promoters or any of
the members of the Promoter Group during the two years preceding the filing of this Red Herring Prospectus nor is there any
intention to pay or give any amount or benefit to our Promoters or any of the members of the Promoter Group other than in the
ordinary course of business.
Material guarantees given by our Promoters
Our Promoters have not given any material guarantee to any third party with respect to the Equity Shares as on the date of this
Prospectus.
202
Companies and firms with which our Promoters have disassociated in the last three years
Except as disclosed below, our Promoters have not disassociated themselves from any companies or firms during the three
immediately preceding years:
S. No. Name of disassociated Promoter who has Reasons and circumstances leading to the Date of
entity disassociated disassociation and terms of disassociation disassociation
1. Flex Biofuels Pty LPL Voluntarily liquidation of Flex Biofuels Pty December 5, 2018
Limited, incorporated Limited as its operations ceased in March 2015
in Australia
Confirmations
Our Promoters and members of our Promoter Group have not been declared wilful defaulters by any bank or financial institution
or consortium thereof, in accordance with the guidelines on wilful defaulters issued by Reserve Bank of India.
Our Promoters and members of our Promoter Group have not been prohibited from accessing or operating in capital markets
under any order or direction passed by SEBI or any other regulatory or governmental authority.
Our Promoters are not and have never been promoters, directors or person in control of any other company which is prohibited
from accessing or operating in capital markets under any order or direction passed by SEBI or any other regulatory or
governmental authority.
Change in the management and control of our Company
Except for ACL which acquired 50% of the total issued and paid-up share capital of our Company on March 30, 2017 from
AEL, there has not been any change in the management or control of our Company during the last five years preceding the date
of this Red Herring Prospectus. For further details, see “Capital Structure – Build-up of our Promoters’ shareholding in our
Company” on page 67.
Promoter Group
The following entities constitute our Promoter Group in terms of Regulation 2(1)(pp) of the SEBI ICDR Regulations.
Indian entities
1. Adani Aerospace and Defence Limited 50. 54. Hardoi Unnao Road Private Limited
2. Adani Agri Fresh Limited 52. 55. Horizon Aero Solutions Limited (formerly known as Adani
Rave Gears India Limited)
3. Adani Airport Holdings Limited 53. 56. Jaipur International Airport Limited (formerly known as Adani
Jaipur International Airport Limited)
4. Adani Bunkering Private Limited 57. 57. Jhar Mineral Resources Private Limited
5. Adani Cement Industries Limited 58. Jhar Mining Infra Private Limited
6. Adani Cementation Limited 59. Kodad Khammam Road Private Limited
7. Adani Data Networks Limited 60. Kurmitar Iron Ore Mining Private Limited
8. Adani Defence Systems and Technologies Limited 61. Kutch Copper Limited
9. Adani Digital Labs Private Limited 62. Lucknow International Airport Limited (formerly known as
Adani Lucknow International Airport Limited)
10. Adani Green Technology Limited 63. Mahaguj Power LLP
11. Adani Infrastructure Private Limited 64. Mahanadi Mines and Minerals Private Limited
12. Adani Metro Transport Limited 65. Mancherial Repallewada Road Private Limited
13. Adani Naval Defence Systems and Technologies Limited 66. Mangaluru International Airport Limited (formerly known as
Adani Mangaluru International Airport Limited)
14. Adani New Industries Limited 67. MH Natural Resources Private Limited
15. Adani Petrochemicals Limited 68. MP Natural Resources Private Limited
16. Adani Power Resources Limited 69. Mumbai International Airport Limited
17. Adani Railways Transport Limited 70. Mumbai Travel Retail Private Limited
18. Adani Resources Private Limited 71. Mundra Aluminium Limited
19. Adani Road O&M Limited 72. Mundra Copper Limited
20. Adani Road Transport Limited 73. Mundra Petrochem Limited
21. Adani Shipping (India) Private Limited 74. Mundra Solar Energy Limited
22. Adani Tradecom Limited (formerly known as Adani 75. Mundra Solar Limited
Tradecom LLP)
23. Adani Tradewing LLP 76. Mundra Solar PV Limited
24. Adani Tradex LLP 77. Mundra Solar Technopark Private Limited
25. Adani Water Limited 78. Mundra Solar Technology Limited
26. Adani Welspun Exploration Limited 79. Mundra Synenergy Limited
27. AdaniConnex Private Limited 80. Mundra Windtech Limited
28. Adani-Elbit Advanced Systems India Limited 81. Nanasa Pidgaon Road Private Limited
29. Agneya Systems Limited 82. Natural Growers Private Limited
203
30. Ahmedabad International Airport Limited (formerly known as 83. Navi Mumbai International Airport Private Limited
Adani Ahmedabad International Airport Limited)
31. Alpha Design Technologies Private Limited 84. Noida Data Center Limited
32. AP Mineral Resources Private Limited 85. Ordefence Systems Limited
33. April Moon Retail Private Limited 86. Panagarh Palsit Road Private Limited
34. Astraeus Services IFSC Limited 87. Parsa Kente Collieries Limited
35. Azhiyur Vengalam Road Private Limited 88. Periyar Infrastructure Services Limited
36. Badakumari Karki Road Private Limited 89. PLR Systems Private Limited
37. Bailadila Iron Ore Mining Private Limited 90. PLR Systems (India) Limited
38. Bangalore Airport & Infrastructure Developers Limited 91. Prayagraj Water Private Limited
39. Bhagalpur Waste Water Limited 92. PRS Tolls Private Limited
40. Bilaspur Pathrapali Road Private Limited 93. Rajasthan Collieries Limited
41. Brahmaputra Metropolis Solutions Limited 94. Rajputana Smart Solutions Limited
42. Budaun Hardoi Road Private Limited 95. S.B. Adani Family Trust
43. Carroballista Systems Limited 96. Sabarmati Infrastructure Services Limited
44. CG Natural Resources Private Limited 97. Stratatech Mineral Resources Private Limited
45. DC Development Hyderabad Private Limited 98. Surguja Power Private Limited
46. Flaire Unmanned Systems Private Limited 99. Suryapet Khammam Road Private Limited
47. Gare Palma II Collieries Private Limited 100. Talabira (Odisha) Mining Private Limited
48. Gare Pelma III Collieries Limited 101. TRV (Kerala) International Airport Limited (formerly known
as Adani Thiruvananthapuram International Airport Limited)
49. Gidhmuri Paturia Collieries Private Limited 102. Unnao Prayagraj Road Private Limited
50. Gomti Metropolis Solutions Limited 103. Vijayawada Bypass Project Private Limited
51. Guwahati International Airport Limited (formerly known as1. 104. Vijaynagara Smart Solutions Limited
Adani Guwahati International Airport Limited)
52. GVK Airport Developers Limited 2. 105. Vizag Tech Park Limited
53. GVK Airport Holdings Limited 3.
Foreign entities
1. 1. Aanya Maritime Inc 24. 25. Galilee Biodiversity Company Pty Ltd
2. Aashna Maritime Inc 26. 26. Galilee Transmission Holdings Pty Ltd
3. Adani Australia Pty Limited 27. Galilee Transmission Pty Ltd
4. Adani Global (Switzerland) LLC 28. North West Rail Holdings Pty Ltd
5. Adani Global DMCC 29. NW Rail Operations Pte. Ltd.
6. Adani Global FZE 30. PT Adani Global
7. Adani Global Limited 31. PT Adani Global Coal Trading
8. Adani Global Pte. Ltd. 32. PT Coal Indonesia
9. Adani Global Resources Pte Ltd 33. PT Energy Resources
10. Adani Global Royal Holdings Pte Ltd 34. PT Gemilang Pusaka Pertiwi
11. Adani Infrastructure Pty Limited 35. PT Hasta Mundra
12. Adani Minerals Pty Ltd 36. PT Lamindo Inter Multikon
13. Adani Mining Pty Ltd 37. PT Niaga Antar Bangsa
14. Adani North America Inc 38. PT Niaga Lintas Samudra
15. Adani Renewable Asset Holdings Pty Ltd 39. PT Suar Harapan Bangsa
16. Adani Renewable Assets Pty Ltd 40. PT Sumber Bara
17. Adani Rugby Run Finance Pty Ltd 41. Queensland RIPA Holdings Pty Limited
18. Adani Rugby Run Pty Limited 42. Queensland RIPA Pty Limited
19. Adani Shipping Pte Ltd. 43. Rahi Shipping Pte. Ltd.
20. Bowen Rail Company Pty Ltd 44. Urja Maritime Inc
21. Bowen Rail Operation Pte Ltd 45. Vanshi Shipping Pte. Ltd.
22. Carmichael Rail Development Company Pty Ltd 46. Whyalla Renewable Holdings Pty Ltd
23. Carmichael Rail Network Holdings Pty Ltd 47. Whyalla Renewables Pty Ltd
24. Carmichael Rail Network Pty Ltd 48. Wilmar International Limited
204
OUR GROUP COMPANIES
In terms of the SEBI ICDR Regulations ‘group companies’ of our Company shall include (i) the companies (other than our
Promoters and Subsidiaries) with which there were related party transactions as disclosed in the Restated Financial Statements
during any of the last three Fiscals in respect of which the Restated Financial Information is included in this Red Herring
Prospectus; and (ii) the companies that are a part of our Promoter Group with which there were transactions in the most recent
financial year to be included in this Red Herring Prospectus which, individually or in the aggregate, exceed 10% of the total
restated consolidated revenue of our Company for such recent financial year.
Accordingly, based on the parameters outlined above, as on the date of this Red Herring Prospectus, our Board has identified
the following as our group companies (“Group Companies”):*#
Indian Group Companies
1. Adani Agri Fresh Limited 22. Adani Properties Private Limited

2. Adani CMA Mundra Terminal Private Limited 23. Adani Sportsline Private Limited
3. Adani Ennore Container Terminal Private Limited 24. Adani Total Gas Limited
4. Adani Estate Management Private Limited 25. Adani Township and Real Estate Company Private Limited
5. Adani Estates Private Limited 26. Adani Transmission (India) Limited
6. Adani Finserve Private Limited 27. Adani Transmission Limited
7. Adani Hazira Port Limited 28. Adani Vizag Coal Terminal Private Limited
8. Adani Hospitals Mundra Private Limited 29. Adani Warehousing Services Private Limited
9. Adani Infra (India) Limited 30. AWN Agro Private Limited
10. Adani Infrastructure and Developers Private Limited 31. Karnavati Aviation Private Limited
11. Adani Institute for Education and Research 32. K.T.V. Health Food Private Limited
12. Adani International Container Terminal Private Limited 33. K.T.V. Oil Mills Private Limited
13. Adani Kandla Bulk Terminal Private Limited 34. Maharashtra Eastern Grid Power Transmission Company
Limited
14. Adani Kattupalli Port Limited 35. Marine Infrastructure Developer Private Limited
15. Adani Krishnapatnam Port Limited 36. Mundra Solar PV Limited
16. Adani Logistics Limited 37. Shantikrupa Estates Private Limited
17. Adani Logistics Services Private Limited 38. Shree Renuka Sugars Limited
18. Adani Murmugao Port Terminal Private Limited 39. The Adani Harbour Services Limited
19. Adani Petronet (Dahej) Port Private Limited 40. The Dhamra Port Company Limited
20. Adani Ports and Special Economic Zone Limited 41. Vishakha Polyfab Private Limited
21. Adani Power (Mundra) Limited
Foreign Group Companies
1. Aalst Chocolate Pte. Ltd.** 18. 18. Wilmar HighPolymer Material (Lianyungang) Co., Ltd
2. Adani Global Pte. Ltd. 19. 19. Wilmar International Limited
3. Alfa Trading Limited 20. Wilmar Japan Co., Ltd
4. Dubois Natural Esters Sdn Bhd 21. Wilmar Marketing CLV Company Limited
5. Global Amines Company Pte. Ltd. 22. Wilmar Nutrition (Jiangsu) Co., Ltd
6. Goodman Fielder Consumer Foods Pty Limited 23. Wilmar Oils and Fats Africa (Proprietary) Limited
7. Goodman Fielder International (Fiji) Pte. Limited 24. Wilmar Oleo North America LLC
8. Goodman Fielder New Zealand Limited 25. Wilmar Riceland Trading Pte. Ltd.
9. KOG Investments Pte Ltd 26. Wilmar Surfactant Material (Lianyungang) Co., Ltd
10. Natural Oleochemicals Sdn Bhd 27. Wilmar Trading (Asia) Pte. Ltd.
11. PGEO Marketing Sdn Bhd 28. Wilmar Trading Hong Kong Limited
12. Pyramid Wilmar (Private) Limited 29. Wilmar Trading Pte Ltd
13. Qinhuangdao Goldensea Foodstuff Industries Co., Ltd. 30. Wilmar Yuanda BioTech Taixing Co., Ltd
14. TSH-Wilmar Sdn. Bhd. 31. Yihai Kerry (Beijing) Trading Co., Ltd
15. Volac Wilmar Feed Ingredients Sdn Bhd 32. Yihai Kerry (Guangzhou) Logistics & Supply Chain Co., Ltd
16. Wilmar (China) Oleo Co., Ltd 33. Yihai Kerry (Shanghai) International Trading Co., Ltd
17. Wilmar Europe Trading B.V.
*An exemption application dated August 2, 2021 under Regulation 300 of the SEBI ICDR Regulations has been submitted to SEBI seeking an exemption from
considering and disclosing Taixing Broad Ocean Management Consultancy Co. Ltd as a group company in accordance with the SEBI ICDR Regulations.
#
The National Company Law Tribunal, Division Bench – II, Chennai approved the scheme of amalgamation of KOG-KTV Food Products (India) Private
Limited with K.T.V. Health Food Private Limited, which came into effect from December 23, 2021. For details, see “History and Certain Corporate Matters
– Our Joint Ventures – K.T.V. Health Food Private Limited” on page 177.
** The information included in this Red Herring Prospectus in relation to Aalst Chocolate Pte. Ltd. is as on the date of the Draft Red Herring Prospectus.
Wilmar International Limited divested its entire shareholding in Aalst Chocolate Pte. Ltd. with effect from October 29, 2021. Further, there have been no
related party transactions with Aalst Chocolate Pte. Ltd. after the divestment.
Details of our top five Group Companies
The details of our top five Group Companies are provided below:
205
1. Adani Ports and Special Economic Zone Limited (“Adani Ports”)
Corporate Information and Nature of Activities
Adani Ports was incorporated on May 26, 1998 and is currently engaged in the business of development, operations
and maintenance of port infrastructure (port services and related infrastructure development). The corporate
identification number of Adani Ports is L63090GJ1998PLC034182. Its registered office is situated at Adani Corporate
House, Shantigram, near Vaishno Devi Circle, S.G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
Financial Information
The financial information derived from the audited financial statements of Adani Ports for the financial years ended
2021, 2020 and 2019 is set forth below:
(in ₹ million, except per share data)
Particulars Financial year ended Financial year ended Financial year ended
March 31, 2021 March 31, 2020 March 31, 2019
Standalone Consolidated Standalone Consolidated Standalone Consolidated
Equity capital 4,063.50 4,063.50 4,063.50 4,063.50 4,141.90 4,141.90
Reserves (excluding revaluation 213,949.31 302,219.10 1,94,588.22 2,52,171.36 200,774.78 241,240.09
reserves)
Sales 43,771.50 125,496.04 46,432.78 1,18,730.70 53,363.83 109,254.37
Profit/(Loss) after tax 19,279.30 50,487.42 19,342.53 37,845.33 26,377.24 40,447.50
Earnings per share (basic) (in ₹) 9.49 24.58 9.43 18.35 12.74 19.27
Earnings per share (diluted) (in 9.49 24.58 9.43 18.35 12.74 19.27
₹)
Net asset value 218,012.81 320,967.33 198,651.71 258,430.80 204,916.68 247,481.35
Significant notes of auditors of Adani Ports for the last three Financial Years
Except as disclosed below, there are no significant notes of the auditors in relation to the aforementioned financial
statements of Adani Ports for the last three Financial Years:
Emphasis of matter in audit report to standalone financial statements
(i) Note 4(b)(ii) to the standalone financial statements regarding the management’s assessment of its investment
of ₹1,158.90 million and outstanding loans aggregating ₹4,416.30 million (including accrued interest of ₹282
million) in Adani Murmugao Port Terminal Private Limited (“AMPTPL”) and investment of ₹3,700.50
million and outstanding loans aggregating ₹8,645.50 million (including interest accrued of ₹437.90 million)
in Adani Kandla Bulk Terminal Private Limited (“AKBTPL”), as at March 31, 2021, subsidiaries of the
company, being considered recoverable based on the various judgements and estimates related to cargo
traffic, port tariffs, inflation, discount rates, implications expected to arise from COVID-19 pandemic, and
operational benefits over the balance concession period to determine the cashflows for AMPTPL and
AKBTPL and receipt of future relaxation of revenue share in case of AMPTPL. Accordingly, for the reasons
stated in the said note, no provision towards impairment of carrying values of the aforesaid investments and
loans is considered necessary at this stage.
(ii) Note 42 to the standalone financial statements which describes a matter relating to delay in achievement of
scheduled Commercial Operational Date (“COD” i.e. December 03, 2019) for the development of
international deep-water multipurpose seaport being constructed by a wholly owned subsidiary, Adani
Vizhinjam Port Private Limited (“AVPPL”), at Vizhinjam, Kerala as stipulated under the relevant concession
agreement and status of the arbitration proceedings initiated by AVPPL to resolve disputes with the
government authorities over various matters relating to development of the project, which led to delay in
achieving scheduled COD, as at reporting date, detailed in the said note.
Emphasis of matter in audit report to consolidated financial statements
(i) Note 43 to the consolidated financial statement, regarding the management’s impairment assessment of
property, plant and equipment of ₹114.20 million and intangible assets of ₹10,312 million, as at 31 March
2021 being considered recoverable based on the future operational plans and cash flows wherein the
projections are made based on various judgements and estimates related to cargo traffic, port tariffs, inflation,
discount rates and implications expected to arise from COVID-19 pandemic, wherein the actuals could vary,
in case of AMPTPL and AKBTPL and also considering the expected relaxation to be received for revenue
share on storage charge in case of AMPTPL. Accordingly, for the reasons stated therein in the said note, no
provision towards impairment of carrying values of the aforesaid property, plant and equipment and intangible
assets is considered necessary at this stage.
206
(ii) Note 46 to the consolidated financial statements, which describes the matter relating to delay in achievement
of scheduled COD (i.e. December 03, 2019) of the development of international deep-water multipurpose
seaport being constructed by AVPPL at Vizhinjam, Kerala, as stipulated under the relevant concession
agreement and status of arbitration proceedings initiated by AVPPL to resolve disputes with the government
authorities over various matters relating to development of the project, which led to delay in achieving
scheduled COD, as at reporting date, detailed in the said note.
Share price information
The equity shares of Adani Ports are currently listed on BSE and NSE. The highest and the lowest market price of the
equity shares of Adani Ports during the six months immediately preceding the date of this Red Herring Prospectus is
as follows:
Month BSE NSE

High (in ₹) Low (in ₹) High (in ₹) Low (in ₹)
December, 2021 794.75 683.00 794.75 682.75
November, 2021 774.00 680.00 774.30 679.70
October, 2021 829.80 681.50 829.90 681.15
September, 2021 786.00 733.10 786.00 733.00
August, 2021 754.00 665.00 754.00 665.00
July, 2021 736.80 654.45 737.00 654.20
The closing price of Adani Ports as on December 31, 2021 on the BSE and NSE was ₹730.35 and ₹730.30,
respectively.
2. Adani Total Gas Limited (“Adani Total Gas”)
Adani Total Gas was incorporated on August 5, 2005 and is currently engaged in the business of developing city gas
distribution networks to supply piped natural gas to industrial, commercial and domestic (residential) sectors and
compressed natural gas to the transport sector. The corporate identification number of Adani Total Gas is
L40100GJ2005PLC046553. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi
Circle, S.G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
The financial information derived from the audited financial statements of Adani Total Gas for the financial years
ended 2021, 2020 and 2019 is set forth below:
Equity capital 1,099.80 1,099.80 1,099.80 1,099.80 1,099.80 1,099.80
Reserves (excluding revaluation 18,424.40 18,238.30 13,703.40 13,609.00 10,015.00 9,919.70
reserves)
Sales 18,288.30 18,288.30 20,352.90 20,352.90 19,101.70 19,101.70
Profit/(Loss) after tax 4,719.50 4,628.20 4,362.40 4,363.20 2,287.10 2,287.00
Earnings per share (basic) (in ₹) 4.29 4.21 3.97 3.97 2.08 2.08
Earnings per share (diluted) (in 4.29 4.21 3.97 3.97 2.08 2.08
₹)
Net asset value 19,524.20 19,338.10 14,803.20 14,708.80 11,114.80 11,019.50
Significant notes of auditors of Adani Total Gas for the last three Financial Years
There are no significant notes by the auditors of Adani Total Gas in relation to the aforementioned financial statements
for the last three Financial Years.
The equity shares of Adani Total Gas are currently listed on BSE and NSE. The highest and the lowest market price
of the equity shares of Adani Total Gas during the six months immediately preceding the date of this Red Herring
Prospectus is as follows:
Month BSE NSE

December, 2021 1,987.00 1,535.05 1,987.10 1,513.15
November, 2021 1,715.00 1,383.00 1,715.00 1,374.55
207
October, 2021 1,480.00 1,345.00 1,483.70 1,345.00
September, 2021 1,519.40 1,260.45 1,525.10 1,267.55
August, 2021 1,447.05 843.05 1,452.55 843.00
July, 2021 968.80 772.95 968.90 774.95
The closing price of Adani Total Gas as on December 31, 2021 on the BSE and NSE was ₹1,714.65 and ₹ 1,721.80,
respectively.
3. Adani Transmission Limited (“Adani Transmission”)
Adani Transmission was incorporated on December 9, 2013 and is currently engaged in the business of transmission
of electric energy and trading. The corporate identification number of Adani Transmission is
L40300GJ2013PLC077803. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi
Circle, S.G. Highway, Khodiyar, Ahmedabad 382 421, Gujarat.
The financial information derived from the audited financial statements of Adani Transmission for the financial years
ended 2021, 2020 and 2019 is set forth below:
Equity capital 10,998.10 10,998.10 10,998.10 10,998.10 10,998.10 10,998.10
Reserves (excluding revaluation - - - - - -
reserves)
Sales 7,552.30 99,263.20 8,577.90 114,159.60 8,328.30 73,054.50
Profit/(Loss) after tax (212.10) 12,895.70 55.40 7,064.90 424.00 5,592.00
Earnings per share (basic) (in ₹) (2.30) 9.02 (3.43) 2.94 (2.39) 2.30
Earnings per share (diluted) (in (2.30) 9.02 (3.43) 2.94 (2.39) 2.30
₹)
Net asset value (in ₹) 37.16 81.10 43.74 77.28 46.90 73.13
Significant notes of auditors of Adani Transmission for the last three Financial Years
There are no significant notes by the auditors of Adani Transmission in relation to the aforementioned financial
statements for the last three Financial Years.
The equity shares of Adani Transmission are currently listed on BSE and NSE. The highest and the lowest market
price of the equity shares of Adani Transmission during the six months immediately preceding the date of this Red
Herring Prospectus is as follows:
Month BSE NSE

December, 2021 1,928.20 1,652.00 1,750.00 1,685.00
November, 2021 2,030.00 1,685.00 1,865.50 1,799.50
October, 2021 1,920.00 1,511.40 1,828.90 1,703.35
September, 2021 1,990.00 1,474.00 1,564.00 1,511.00
August, 2021 1,580.10 860.50 1580.60 1520.30
July, 2021 1,029.00 865.90 950.00 891.05
The closing price of Adani Transmission as on December 31, 2021 on the BSE and NSE was ₹1,732.85 and ₹1,740.85,
respectively.
4. Shree Renuka Sugars Limited (“Renuka Sugars”)
Renuka Sugars was incorporated on October 25, 1995 and is currently engaged in the business of refining of raw sugar,
production of sugar and ethanol derived from sugarcane, sale, distribution, trading and/or branding of sugar and ethanol
and generation, distribution, sale and trading of electricity or power. The corporate identification number of Renuka
Sugars is L01542KA1995PLC019046. Its registered office is situated at 2nd and 3rd Floor, Kanakshree Arcade, CTS
No. 10634, JNMC Road, Nehru Nagar, Belagavi, Belgaum 590010, Karnataka.
208
The financial information derived from the audited financial statements of Renuka Sugars for the financial years ended
2021, 2020 and 2019 is set forth below:
Equity capital 2,128.49 2,128.49 1,916.82 1,916.82 1,916.82 1,916.82
Reserves (excluding revaluation (8,618.43) (18,336.95) (12,488.12) (21,645.91) (7,211.61) (43,743.64)
reserves)
Sales 54,615.25 55,553.68 44,387.23 47,407.92 42,757.70 44,795.34
Profit/(Loss) after tax 556.43 (1,165.22) (5,512.03) 19,497.55 (3,818.94) (20,374.02)
Earnings per share (basic) (in ₹) 0.27 0.57 (2.88) (2.96) (1.99) (1.89)
Earnings per share (diluted) (in 0.27 0.57 (2.88) (2.96) (1.99) (1.89)
₹)
Net asset value 2,156.10 6,641.43 (1,200.78) (8,824) 5,464.49 (55,611.46)
Significant notes of auditors of Renuka Sugars for the last three Financial Years
There are no significant notes by the auditors of Renuka Sugars in relation to the aforementioned financial statements
for the last three Financial Years.
The equity shares of Renuka Sugars are currently listed on BSE and NSE. The highest and the lowest market price of
the equity shares of Renuka Sugars during the six months immediately preceding the date of this Red Herring
Prospectus is as follows:
Month BSE NSE

December, 2021 34.85 24.80 34.90 24.75
November, 2021 30.25 24.45 29.85 24.40
October, 2021 32.70 26.95 32.75 26.95
September, 2021 30.85 23.90 30.50 23.40
August, 2021 35.20 21.50 34.90 21.50
July, 2021 47.75 31.30 47.75 31.50
The closing price of Renuka Sugars as on December 31, 2021 on the BSE and NSE was ₹ 30.10 and ₹ 30.05,
respectively.
5. Wilmar International Limited (“Wilmar”)
Wilmar was incorporated on August 14, 1999 and is currently engaged in the business of investment holding and
provision of management services. The company registration number of Wilmar is 199904785Z. Its registered office
is situated at 28 Biopolis Road, Singapore 138568.
The financial information derived from the audited financial statements of Wilmar for the financial years ended 2021,
2020 and 2019 is set forth below:
(in USD million, except per share data)
December 31, 2020 December 31, 2019 December 31, 2018
Equity capital (including treasury 8,673 8,237 8,773 8,336 8,742 8,306
shares)
Reserves (excluding revaluation 1,170 10,640 1,616 8,421 1,385 7,735
reserves)
Sales 342 50,527 906 42,641 346 44,498
Profit/(Loss) after tax 167 1,691 682 1,370 112 1,219
Earnings per share (basic) from 2.60 24.20 10.80 20.00 1.80 18.20
continuing operations (USD cents per
share)
209
Earnings per share (diluted) from 2.60 24.10 10.80 20.00 1.80 18.20
continuing operations (USD cents per
share)
Net asset value 9,843 21,383 10,388 17,876 10,126 16,775
Significant notes of auditors of Wilmar for the last three Financial Years
There are no significant notes by the auditors of Wilmar in relation to the aforementioned financial statements for the
last three Financial Years.
The equity shares of Wilmar are currently listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”).
The highest and the lowest market price of the equity shares of Wilmar during the six months immediately preceding
the date of this Red Herring Prospectus is as follows:
Month SGX-ST
High (in SGD) Low (in SGD)
December, 2021 4.22 3.99
November, 2021 4.50 4.11
October, 2021 4.42 4.11
September, 2021 4.21 4.06
August, 2021 4.52 4.14
July, 2021 4.64 4.35
The closing price of Wilmar as on December 31, 2021 on the SGX-ST was SGD 4.14.
Details of our other Group Companies
1. Aalst Chocolate Pte. Ltd (“Aalst Chocolate”)*
Aalst Chocolate was incorporated on May 7, 2003 and is currently engaged in the business of manufacture of chocolate
and compound products. The company registration number of Aalst Chocolate is 200304178E. Its registered office is
situated at 28 Biopolis Road, Singapore 138568.
*The abovementioned information in relation to Aalst Chocolate is as on the date of the Draft Red Herring Prospectus. Wilmar International
Limited divested its entire shareholding in Aalst Chocolate Pte. Ltd. with effect from October 29, 2021. Further, there have been no related party
transactions with Aalst Chocolate Pte. Ltd. after the divestment.
2. Adani Agri Fresh Limited (“Adani Agri Fresh”)
Adani Agri Fresh was incorporated on December 14, 2004 and is currently engaged in the business of controlled
atmospheric (CA) storage facilities for storage of apples with European technology at Rewali in Rampur and Sainj and
Rohru in Himachal Pradesh. The corporate identification number of Adani Agri Fresh is U63022GJ2004PLC045143.
Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway,
Khodiyar, Ahmedabad 382421, Gujarat.
3. Adani CMA Mundra Terminal Private Limited (“ACMTPL”)
ACMTPL was incorporated on July 30, 2014 and is currently engaged in the business of developing and operating
Container Port Terminal (CT4) at Mundra. The corporate identification number of ACMTPL is
U61200GJ2014PTC080300. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi
Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
4. Adani Ennore Container Terminal Private Limited (“AECTPL”)
AECTPL was incorporated on February 18, 2014 and is currently engaged in the business of developing and operating
container terminals near Ennore in Tamil Nadu. The corporate identification number of AECTPL is
210
U61200GJ2014PTC078795. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi
5. Adani Estate Management Private Limited (“AEMPL”)
AEMPL was incorporated on November 17, 2005 and is currently engaged in the business of real estate development.
The corporate identification number of AEMPL is U45200GJ2005PTC047086. Its registered office is situated at Adani
House, near Mithakhali Circle, Navrangpura, Ahmedabad 380009, Gujarat.
6. Adani Estates Private Limited (“Adani Estates”)
Adani Estates was incorporated on October 20, 2005 and is currently engaged in the business of real estate
development. The corporate identification number of Adani Estates is U45300GJ2005PTC046949. Its registered office
is situated at Adani House, near Mithakhali Circle, Navrangpura, Ahmedabad 380009, Gujarat.
7. Adani Finserve Private Limited (“Adani Finserve”)
Adani Finserve was incorporated on March 18, 2016 and is currently engaged in the business of financial advisory,
brokerage and consultancy services. The corporate identification number of Adani Finserve is
U65993GJ2016PTC086524. Its registered office is situated at 1004-1005, 10th Floor, C-66, Block G, One BKC,
Bandra Kurla Complex.
8. Adani Global Pte. Ltd. (“AGPL”)
AGPL was incorporated on April 8, 2000 and is currently engaged in the business of wholesale trade of variety of
variety products such as steam coal, renewable products, bunker fuel oil, scrap and agri products. The corporate
identification number of AGPL is 200003047N. Its registered office is situated at 3 Anson Road, No. 22-01 Springleaf
Tower, Singapore 079909.
9. Adani Hazira Port Limited (“AHPL”)
AHPL was incorporated on December 7, 2009 and it has developed and is developing bulk or general cargo terminals
and associated infrastructure facilities at Hazira. The corporate identification number of AHPL is
U45209GJ2009PLC058789. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi
10. Adani Hospitals Mundra Private Limited (“Adani Hospitals”)
Adani Hospitals was incorporated on November 1, 2013 and is currently engaged in the business of setting up and
running hospitals and to provide all kinds of medical, surgical and maternity facilities in Mundra for the benefit and
use of its employees and other units established in the SEZ being developed by Adani Ports. The corporate
identification number of Adani Hospitals is U85110GJ2013PTC077422. Its registered office is situated at Adani
Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
11. Adani Infra (India) Limited (“AIIL”)
AIIL was incorporated on January 13, 2010. It is an infrastructure development company with specialization in
comprehensive engineering, project management and construction services for power generation and transmission
sector. The corporate identification number of AIIL is U45204GJ2010PLC059226. Its registered office is situated at
Adani Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421,
Gujarat.
211
12. Adani Infrastructure and Developers Private Limited (“Adani Infrastructure”)
Adani Infrastructure was incorporated on July 12, 2006 and is currently engaged in the business of real estate
development. The corporate identification number of Adani Infrastructure is U45201GJ2006PTC066449. Its
registered office is situated at 10th Floor, Shikhar Building, near Adani House, Mithakali Six Roads, Navrangpura,
Ahmedabad 380009, Gujarat.
13. Adani Institute for Education and Research (“AIER”)
AIER was incorporated on December 12, 2014 and is currently engaged in the education field. The corporate
identification number of AIER is U80903GJ2014NPL081534. Its registered office is situated at Adani House, near
Mithakhali Six Roads, Navrangpura, Ahmedabad 380009, Gujarat.
14. Adani International Container Terminal Private Limited (“AICTPL”)
AICTPL was incorporated on April 22, 2011 and is currently engaged in the business of development of container
terminal at Mundra. The corporate identification number of AICTPL is U61200GJ2011PTC065095. Its registered
office is situated at Adani Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar,
15. Adani Kandla Bulk Terminal Private Limited (“AKBTPL”)
AKBTPL was incorporated on March 7, 2012 and is currently engaged in the business of dry cargo handling. The
corporate identification number of AKBTPL is U63090GJ2012PTC069305. Its registered office is situated at Adani
Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382 421, Gujarat.
16. Adani Kattupalli Port Limited (“AKPL”)
AKPL was incorporated on August 14, 2015 and is currently engaged in the business of operation of container freight
station at Kattupalli, Tamil Nadu. The corporate identification number of AKPL is U61100GJ2015PLC084219. Its
registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway,
Khodiyar, Ahmedabad 382 421, Gujarat.
17. Adani Krishnapatnam Port Limited (“Adani Krishnapatnam Port”)
Adani Krishnapatnam Port was incorporated on March 15, 1996 and is currently engaged in the business of developer
and operator of the Deep Water Port at Krishnapatnam. The corporate identification number of Adani Krishnapatnam
Port is U45203AP1996PLC023529. Its registered office is situated at 1st Floor, 48-9-17, Dwarakanagar,
Vishakhapatnam 530016, Andhra Pradesh.
18. Adani Logistics Limited (“Adani Logistics”)
Adani Logistics was incorporated on July 13, 2005 and is currently engaged in the business of developing multi-modal
cargo storage-cum-logistics services through development of inland container depots and container freight stations at
various strategic locations. The corporate identification number of Adani Logistics is U63090GJ2005PLC046419. Its
19. Adani Logistics Services Private Limited (“ALSPL”)
ALSPL was incorporated on June 6, 2006 and is currently engaged in the business of developing multi-modal cargo
storage-cum-logistics services through development of inland container depots and container freight stations at
212
Sahenwal, Kanech, Punjab and operates container trains on specific railway routes. The corporate identification
number of ALSPL is U60210GJ2006PTC118174. Its registered office is situated at Adani Corporate House,
Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
20. Adani Murmugao Port Terminal Private Limited (“AMPTPL”)
AMPTPL was incorporated on August 7, 2009 and is currently engaged in the business of cargo handling. The
corporate identification number of AMPTPL is U61100GJ2009PTC057727. Its registered office is situated at Adani
Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382 421, Gujarat.
21. Adani Petronet (Dahej) Port Private Limited (“APDPPL”)
APDPPL was incorporated on January 28, 2003 and is currently engaged in the business of developing and operating
the Solid Cargo Port Terminal at Dahej, Gujarat for commercial use. The corporate identification number of APDPPL
is U63012GJ2003PTC041919. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno
Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382 421, Gujarat.
22. Adani Power (Mundra) Limited (“APML”)
APML was incorporated on February 16, 2015 and is currently engaged in the business of generation, accumulation,
distribution and supply of electricity. The corporate identification number of APML is U40300GJ2015PLC082295.
Its registered office is situated at Adani Corporate House, Shantigram, near Vaishnodevi Circle, S.G. Highway,
23. Adani Properties Private Limited (“Adani Properties”)
Adani Properties was incorporated on May 25, 1995 and is currently engaged in the business of renting of immovable
properties owned by it and trading in commodities. The corporate identification number of Adani Properties is
U45201GJ1995PTC026067. Its registered office is situated at Shikhar, near Adani House, Mithakhali Six Roads,
Navrangpura, Ahmedabad 380009, Gujarat.
24. Adani Sportsline Private Limited (“ASPL”)
ASPL was incorporated on December 4, 2019 and is currently engaged in the business of developing and promoting
sports, facilities and sports events and organizing sports leagues. The corporate identification number of ASPL is
U92490GJ2019PTC111178. Its registered office is situated at 903 Shikhar Complex, Srimali Society, Navrangpura,
25. Adani Township and Real Estate Company Private Limited (“Adani Township”)
Adani Township was incorporated on August 28, 2012 and is currently engaged in the business of real estate
development. The corporate identification number of Adani Township is U70101GJ2012PTC071738. Its registered
office is situated at ATRECO House, CBD Shantigram, near Vaishno Devi Circle, S. G. Highway, Ahmedabad
382421, Gujarat.
26. Adani Transmission (India) Limited (“ATIL”)
ATIL was incorporated on December 2, 2013 and is currently engaged in the business of establishing, commissioning,
operating and maintaining transmission systems. The corporate identification number of ATIL is
U40101GJ2013PLC077700. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi
213
27. Adani Vizag Coal Terminal Private Limited (“AVCTPL”)
AVCTPL was incorporated on April 15, 2011 and is currently engaged in the business of developing bulk cargo port
terminal facility for handling steam coal in the inner harbour of Vishakhapatnam Port. The corporate identification
number of AVCTPL is U45203GJ2011PTC064976. Its registered office is situated at Adani Corporate House,
Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
28. Adani Warehousing Services Private Limited (“Adani Warehousing”)
Adani Warehousing was incorporated on April 19, 2012 and is currently engaged in the business of developing,
operating and maintaining warehousing infrastructure and other activities being an integral part of material or goods
warehousing services. The corporate identification number of Adani Warehousing is U63020GJ2012PTC069972. Its
29. Alfa Trading Limited (“Alfa Trading”)
Alfa Trading was incorporated on March 4, 2005 and is currently engaged in the business of vegetable oils trading.
The corporate identification number of Alfa Trading is LL04726. Its registered office is situated at Level 12(D), Main
Office Tower, Financial Park Labuan Complex, Jalan Merdeka, 87000 Labuan, Federal Territory of Labuan, Malaysia.
30. AWN Agro Private Limited (“AWN Agro”)
For details in relation to AWN Agro, see “History and Certain Corporate Matters – Our Associates - Our Joint
Ventures” beginning on page 176.
31. Dubois Natural Esters Sdn Bhd (“Dubois Natural Esters”)
Dubois Natural Esters was incorporated on March 29, 1995 and is currently engaged in the business of manufacturing
and processing of esters. The corporate identification number of Dubois Natural Esters is 199501008591/337789-K.
Its registered office is situated at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala Lumpur, Malaysia.
32. Global Amines Company Pte. Ltd. (“Global Amines”)
Global Amines was incorporated on February 7, 2013 and is currently engaged in the business of trading in fatty
amines and selected amine derivatives. The company registration number of Global Amines is 201303846R. Its
registered office is situated at 28 Biopolis Road, Singapore 138568.
33. Goodman Fielder Consumer Foods Pty Limited (“GF Consumer Foods”)
GF Consumer Foods was incorporated on November 9, 1931 and is currently engaged in the business of
manufacturing, marketing, distribution of food ingredients and consumer branded food products. The company
registration number of GF Consumer Foods is 000024546. Its registered office is situated at Level 3, 118 Talavera
Road, Macquarie Park NSW 2113, Australia.
34. Goodman Fielder International (Fiji) Pte Limited (“GFIFL”)
GFIFL was incorporated on July 23, 1976 and is currently engaged in the business of manufacture of food, snacks, ice
cream, frozen foods, poultry and table eggs. The company registration number of GFIFL is 2865. Its registered office
is situated at 30 Karsanji Street, Bhindi Industrial Estate, Vatuwaqa, Suva, Fiji.
35. Goodman Fielder New Zealand Limited (“GFNZL”)
214
GFNZL was incorporated on May 3, 2004 and is currently engaged in the business of food manufacture and owner of
intellectual property (fresh bake). The company registration number of GFNZL is 1508360. Its registered office is
situated at 2/8 Nelson Street, Auckland, 1010, New Zealand.
36. KOG Investments Pte Ltd (“KIPL”)
KIPL was incorporated on April 14, 1984 and is currently engaged in the business of investment holding. The company
registration number of KIPL is 198401268C. Its registered office is situated at 28 Biopolis Road, Wilmar International,
Singapore 138568.
37. Karnavati Aviation Private Limited (“KAPL”)
KAPL was incorporated on July 11, 2007 and is currently engaged in the business of providing aviation services, under
the category of non-scheduled operator. The corporate identification number of KAPL is U63090GJ2007PTC051309.
Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway,
38. K.T.V. Health Food Private Limited (“KTV Health”)
For details in relation to KTV Health, see “History and Certain Corporate Matters – Our Associates - Our Joint
#
The National Company Law Tribunal, Division Bench – II, Chennai approved the scheme of amalgamation of KOG-KTV Food Products (India)
Private Limited with KTV Health, which came into effect from December 23, 2021. For details, see “History and Certain Corporate Matters – Our
Joint Ventures – K.T.V. Health Food Private Limited” on page 177.
39. K.T.V. Oil Mills Private Limited (“KTV Oil Mills”)
KTV Oil Mills was incorporated on May 16, 2012 and is currently engaged in the business of refining, preparing,
buying, selling, importing and dealing in edible oils and vegetable oils and providing oil storage services. The corporate
identification number of KTV Oil Mills is U40300TN2012PTC085926. Its registered office is situated at 48 Thambu
Chetty Street, Chennai 600001, Tamil Nadu.
40. Maharashtra Eastern Grid Power Transmission Company Limited (“MEGPTCL”)
MEGPTCL was incorporated on February 15, 2010 and is currently engaged in the business of establishing,
commissioning, operating and maintaining transmission systems. The corporate identification number of MEGPTCL
is U40100GJ2010PLC059593. Its registered office is situated at Adani Corporate House, Shantigram, near Vaishno
Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
41. Marine Infrastructure Developer Private Limited (“MIDPL”)
MIDPL was incorporated on January 22, 2016 and is currently engaged in the business of constructing, developing,
maintaining and operating the port at Kattupalli, Tamil Nadu. The corporate identification number of MIDPL is
U74999TN2016PTC103769. Its registered office is situated at Ramcon Fortuna Towers, 4th Floor No. 1/2,
Kodambakkam High Road, Nungampakkam, Chennai 600034, Tamil Nadu.
42. Mundra Solar PV Limited (“MSPL”)
MSPL was incorporated on June 1, 2015 and is currently engaged in the business of manufacture of solar photovoltaic
modules / systems and solar cells. It is also involved in engineering, procurement and construction (EPC) business for
solar renewable projects. The corporate identification number of MSPL is U74999GJ2015PLC083378. Its registered
office is situated at Adani Corporate House, Shantigram, near Vaishno Devi Circle, S. G. Highway, Khodiyar,
215
43. Natural Oleochemicals Sdn Bhd (“Natural Oleochemicals”)
Natural Oleochemicals was incorporated on January 28, 1986 and is currently engaged in the business of
manufacturing and sale of oleochemicals products. The corporate identification number of Natural Oleochemicals is
198601000862/150005-U. Its registered office is situated at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala
Lumpur, Malaysia.
44. PGEO Marketing Sdn Bhd (“PGEO Marketing”)
PGEO Marketing was incorporated on April 19, 2006 and is currently engaged in the business of trading and marketing
of edible oils. The corporate identification number of PGEO Marketing is 200601010931/730681-D. Its registered
office is situated at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala Lumpur, Malaysia.
45. Pyramid Wilmar (Private) Limited (“PWPL”)
PWPL was incorporated on November 24, 2003 under the former Companies Act No. 17 of 1982 of Sri Lanka and
was re-registered under the new Companies Act No. 07 of 2007 of Sri Lanka in 2009. PWPL is currently engaged in
the business of operating trading house for storing, marketing, distribution, wholesale, supply and trading in edible
oils, margarine, bakery fats, shortening and dough fats and related products. The company registration number of
PWPL is PV 10846. Its registered office is situated at 04 – 02/01, Laurie’s Place, Colombo 04, Sri Lanka.
46. Qinhuangdao Goldensea Foodstuff Industries Co., Ltd. (“QGFICL”)
QGFICL was incorporated on March 11, 2002 and is currently engaged in the business of protein processing, edible
oils refining and packaging. The corporate identification number of QGFICL is 911303007356285793. Its registered
office is situated at 28 Biopolis Road, Wilmar International, Singapore 138568.
47. Shantikrupa Estates Private Limited (“Shantikrupa Estates”)
Shantikrupa Estates was incorporated on March 30, 2004 and is currently engaged in the business of real estate and
construction. The corporate identification number of Shantikrupa Estates is U70109GJ2004PTC43888. Its registered
office is situated at 901, Milestone Building, opposite T.V. Tower, Drive In Road, Thaltej, Ahmedabad, Gujarat.
48. The Adani Harbour Services Limited (“AHSL”)
AHSL was incorporated on September 2, 2009 and is currently engaged in the business of providing tonnage, towage
and marine services at various ports, mainly to Adani Ports and its subsidiaries. The corporate identification number
of AHSL is U61100GJ2009FLC095953. Its registered office is situated at Adani Corporate House, Shantigram, near
Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat.
49. The Dhamra Port Company Limited (“Dhamra Port”)
Dhamra Port was incorporated on September 10, 1998 and is currently engaged in the business of operating all-weather
modern deep sea port at Dhamra in the state of Odisha. The corporate identification number of Dhamra Port is
U45205OR1998PLC005448. Its registered office is situated at HIG-20, BDA Colony, Jayadev Vihar, Bhubaneswar
751013, Odisha.
50. TSH-Wilmar Sdn. Bhd. (“TSH-Wilmar”)
TSH-Wilmar was incorporated on June 30, 1993 and is currently engaged in the business of operation of palm oil
refinery mill and kernel crushing plant. The corporate identification number of TSH-Wilmar is 199301013817
216
(268555-U). Its registered office is situated at Bangunan TSH, TB 9, KM 7, Jalan Apas, 91000 Tawau, Sabah,
Malaysia.
51. Vishakha Polyfab Private Limited (“Vishakha Polyfab”)
For details in relation to Vishakha Polyfab, see “History and Certain Corporate Matters – Our Associates - Our Joint
52. Volac Wilmar Feed Ingredients Sdn. Bhd. (“Volac Wilmar”)
Volac Wilmar was incorporated on July 31, 2003 and is currently engaged in the business of production, distribution
and sales of animal feed fats. The corporate identification number of Volac Wilmar is 200301021179/623599-M. Its
registered office is situated at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala Lumpur, Malaysia.
53. Wilmar (China) Oleo Co., Ltd (“WCOCL”)
WCOCL was incorporated on June 25, 2014 and is currently engaged in the business of marketing, procurement and
administration of China oleochemicals business. The corporate registration number of WCOCL is
91120118310580290E. Its registered office is situated at Tianjin Free Trade Trial Area (Tianjin Port Free Trade Area),
Room 208, No. 158 Jin Bin Avenue, China.
54. Wilmar Europe Trading B.V. (“WETBV”)
WETBV was incorporated on February 5, 2009 and is currently engaged in the business of marketing of oils, fats,
derivatives, biodiesel and other agricultural products. The business registration number of WETBV is 24453143. Its
registered office is situated at Delftseplein 27G, 3013 AA Rotterdam, The Netherlands.
55. Wilmar HighPolymer Material (Lianyungang) Co., Ltd. (“Wilmar HighPolymer”)
Wilmar HighPolymer was incorporated on May 13, 2010 and is currently engaged in the business of oleochemical
products (glycerin and sebacic acid) processing. The corporate identification number of Wilmar HighPolymer is
91320700554688556B. Its registered office is situated at No. 16, Xianghe Road, Lian Yun District, Banqiao Industrial
Park, Lianyungang City, China.
56. Wilmar Japan Co., Ltd (“WJCL”)
WJCL was incorporated on August 8, 2007 and is currently engaged in the business of trading. The corporate
identification number of WJCL is 0100-01-111481. Its registered office is situated at 8 th Floor, Maniera Ginza
Building, 2-10-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan.
57. Wilmar Marketing CLV Company Limited (“WMCCL”)
WMCCL was incorporated on August 14, 2009 and is currently engaged in the business of import, export and
distribution of agricultural commodities, foodstuffs and bio-ingredient products, commission agency and commodity
brokerage. The corporate identification number of WMCCL is 0104128741. Its registered office is situated at 10th
Floor, CornerStone Building, No. 16 Phan Chu Trinh Street, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi,
Vietnam.
58. Wilmar Nutrition (Jiangsu) Co., Ltd (“WNJCL”)
WNJCL was incorporated on May 20, 2013 and is currently engaged in the business of natural vitamin E processing.
The corporate identification number of WNJCL is 913212000518324560. Its registered office is situated at No. 6,
North Shu Gang Road, Yongan Zhou Town, Gaogang District, Taizhou Jiangsu Province, China.
217
59. Wilmar Oils and Fats Africa (Proprietary) Limited (“WOFAPL”)
WOFAPL was incorporated on June 25, 2008 and is currently engaged in the business of trading in vegetable oils and
agricultural commodities. The corporate identification number of WOFAPL is 2008/015186/07. Its registered office
is situated at Bridle Close Woodmead Park, Cnr. Van Reenan’s Avenue, Woodmead Drive, Woodmead, Sandton 2196,
South Africa.
60. Wilmar Oleo North America LLC (“WONAL”)
WONAL was incorporated on March 11, 2008 and is currently engaged in the business of trading in biodiesel,
vegetable oils and oleochemicals. The corporate identification number of WONAL is 800950228. Its registered office
is situated at 11200 Broadway Street, Suite 2338, Pearland, Texas 77584, USA.
61. Wilmar Riceland Trading Pte. Ltd. (“Wilmar Riceland”)
Wilmar Riceland was incorporated on May 30, 2017 and is currently engaged in the business of rice trading. The
company registration number of Wilmar Riceland is 201714922K. Its registered office is situated at 28 Biopolis Road,
Singapore 138568.
62. Wilmar Surfactant Material (Lianyungang) Co., Ltd (“Wilmar Surfactant”)
Wilmar Surfactant was incorporated on May 13, 2010 and is currently engaged in the business of fine chemical
products (epichlorohydrin, alkyl ketene dimer, stearic chloride) processing. The corporate identification number of
Wilmar Surfactant is 913207005546885053. Its registered office is situated at No. 16, Xianghe Road, Lian Yun
District, Banqiao Industrial Park, Lianyungang City, China.
63. Wilmar Trading (Asia) Pte. Ltd. (“WTAPL”)
WTAPL was incorporated on May 20, 2016 and is currently engaged in the business of trading. The company
registration number of WTAPL is 201613780R. Its registered office is situated at 28 Biopolis Road, Wilmar
International, Singapore 138568.
64. Wilmar Trading Hong Kong Limited (“WTHKL”)
WTHKL was incorporated on May 25, 2020 and is currently engaged in the business of trading. The corporate
identification number of WTHKL is 2945047. Its registered office is situated at 25th Floor, Neich Tower, 128
Gloucester Road, Wanchai, Hong Kong.
65. Wilmar Trading Pte Ltd (“Wilmar Trading”)
Wilmar Trading was incorporated on June 21, 1988 and is currently engaged in the business of international trading
in edible oils and commodities. The company registration number of Wilmar Trading is 198802023W. Its registered
office is situated at 28 Biopolis Road, Wilmar International, Singapore 138568.
66. Wilmar Yuanda BioTech Taixing Co., Ltd (“WY BioTech”)
WY BioTech was incorporated on June 4, 2004 and is currently engaged in the business of oleochemical products
(dimer acid) processing. The corporate identification number of WY BioTech is 91321283762814510W. Its registered
office is situated at Tongjiang Road, Taixing Economy Development Zone, Taixing, China.
67. Yihai Kerry (Beijing) Trading Co., Ltd (“YK Beijing”)
218
YK Beijing was incorporated on April 20, 2011 and is currently engaged in the business of trading. The corporate
identification number of YK Beijing is 91110101562075039W. Its registered office is situated at 1503, No. 80,
GuangQumenNei Avenue, Dongcheng District, Beijing, China.
68. Yihai Kerry (Guangzhou) Logistics & Supply Chain Co., Ltd (“YK Guangzhou”)
YK Guangzhou was incorporated on August 24, 2007 and is currently engaged in the business of management of port
and provision of transport and logistic services. The corporate identification number of YK Guangzhou is
91440116661820268F. Its registered office is situated at No. 2, Dongjiang Avenue, Economic and Technological
Development Zone, Guangzhou City (510730), China.
69. Yihai Kerry (Shanghai) International Trading Co., Ltd. (“YK Shanghai”)
YK Shanghai was incorporated on July 22, 2013 and is currently engaged in the business of trading. The corporate
identification number of YK Shanghai is 91310000071245742T. Its registered office is situated at 15th floor, No 1379
Bocheng Road, China (Shanghai) Pilot Free Trade Zone (200126).
Loss making Group Companies
Except as disclosed below, none of our Group Companies have made any losses in Fiscal 2021:
(Figures in ₹ million, unless otherwise stated)

Name of the Group Company Details of Profit / (Loss) after tax
Financial year ended March Financial year ended Financial year ended
31, 2021 March 31, 2020 March 31, 2019
Adani Transmission (212.10) 12,895.70 55.40 7,064.90 424.00 5,592.00
AECTPL (550.40) - (1,224.22) - (1,088.83) -
Adani Hospitals (7.31) - (6.45) - 6.01 -
Adani Infrastructure (363.93) - (67.39) - 218.10 -
Adani Krishnapatnam Port (6,389.00) (5,430.20) 1,324.06 1,019.69 3,418.46 3,259.78
AKBTPL (782.44) - (1,263.20) - (799.19) -
AMPTPL (398.90) - (961.26) - (1,033.87) -
APML (21,372.70) - (14,271.00) - (10,441.00)
Adani Properties -* -* 7,024 (1,246) 401 (2,116)
ASPL (3.30) - (24.62) - - -
Adani Township (6.19) - 60.93 - (9.55) -
AVCTPL (383.23) - (435.86) - 293.69 -
Adani Warehousing (12.70) - (8.58) - 31.74 -
AWN Agro (0.48) - (0.44) - (0.75) -
Renuka Sugars 556.43 (1,165.22) (5,512.03) 19,497.55 (3,818.94) (20,374.02)
Financial year ended Financial year ended Financial year ended
Alfa Trading (in USD million) (29.22) - 2.85 - 5.76 -
GFNZL (in NZD million) (4.93) 8.73 (241.62) (241.64) (15.53) (14.58)
KIPL (in USD million) (2.17) - 23.07 - 1.09 -
Wilmar Trading (in USD (105.01) - (4.29) - 208.42 -
million)
WTAPL (in USD million) (642.91) - 27.77 - 189.88 -
WY BioTech (in RMB million) (4.87) - (2.03) - (0.91) -
*The audited standalone and consolidated financial results for the financial year ended March 31, 2021 are not available.
Nature and extent of interest of our Group Companies

(a) In the promotion of our Company
Our Group Companies do not have any interest in the promotion of our Company.
(b) In the properties acquired by us in the preceding three years before filing this Red Herring Prospectus or proposed
to be acquired by our Company
Our Group Companies are not interested in the properties acquired by us in the three years preceding the filing of this
Red Herring Prospectus or proposed to be acquired by us as on the date of this Red Herring Prospectus.
(c) In transactions for acquisition of land, construction of building and supply of machinery
219
Our Group Companies are not interested in any transactions for the acquisition of land, construction of building or
supply of machinery.
Defunct Group Companies
Our Group Companies are not defunct and no applications have been made to the relevant registrar of companies for striking
off their names during the five years preceding the date of filing of this Red Herring Prospectus with SEBI.
Group Companies which are a sick industrial company or are under winding up/ insolvency proceedings
Our Group Companies do not fall under the definition of sick companies under the erstwhile Sick Industrial Companies (Special
Provisions) Act, 1985 and are not under any winding up or insolvency proceedings under applicable law.
Common Pursuits between our Group Companies and our Company
Some of our Group Companies, namely Alfa Trading, Global Amines, GF Consumer Foods, GFIFL, KTV Health, Natural
Oleochemicals, PGEO Marketing, PWPL, QGFICL, Renuka Sugars, WCOCL, WETBV, Wilmar Highpolymer, WJCL,
WOFAPL, WONAL, Wilmar Riceland, WTAPL, Wilmar Trading, WTHKL, WY BioTech, YK Beijing and YK Shanghai are
in the same line of business as our Company and our Subsidiaries and there are common pursuits between our Group Companies
and our Company.
However, we do not perceive any conflict of interest with our Group Companies as our Group Companies are controlled by
entities forming part of the Promoter Group of our Company and operate in different geographies. We shall adopt necessary
procedures and practices as permitted by law to address any instances of conflict of interest, if and when they may arise. Four
of our Group Companies are also our Joint Ventures. For details, see “History and Certain Corporate Matters” on page 170.
Related business transactions with the Group Companies and significance on the financial performance of our Company
Other than the transactions disclosed in “Other Financial Information – Related Party Transactions” on page 284, there are no
other related business transactions with our Group Companies. Such transactions do not have any significant effect on the
financial performance of our Company.
Business interest of our Group Companies in our Company
Except as disclosed in “Other Financial Information – Related Party Transactions” on page 284, our Group Companies do not
have any business interest in our Company.
Litigations
Our Group Companies are not party to any pending litigation which will have a material impact on our Company.
Other confirmations
Except for Adani Logistics, our Group Companies have not made any public or rights issue of securities in the preceding three
years. The details in relation to such issue by Adani Logistics are set out below:
Particulars Information
Year of issue 2019
Type of issue Rights issue
Amount of issue (in ₹) ₹ 3,300 million
Issue price (in ₹) ₹ 3,300 million
Market price (in ₹) Not applicable
Date of closure of issue August 6, 2019
Date of allotment and credit of securities to dematerialized account Allotment date: August 6, 2019
of investors Date of credit of securities to dematerialized account of investors:
October 29, 2019
Date of completion of the project, where the object of the issue was Not applicable
financing the project
Rate of dividend paid Not applicable
Except for Adani Ports and Renuka Sugars, our Group Companies do not have any listed debt securities. The details in relation
to such debt securities are set out below:
As on January 12, 2022
Group Company Type of Debt Security Total amount (₹ in million) Stock Exchange
Adani Ports Non-convertible debentures 86,813.30 BSE
Commercial paper 67,000 BSE
Renuka Sugars Non-convertible debentures 1,283.60 BSE
Non-convertible debentures 855.80 BSE
220
DIVIDEND POLICY
The declaration and payment of dividends on our Equity Shares, if any, will be recommended by the Board of Directors and
approved by our Shareholders, at their discretion, subject to the provisions of the Articles of Association and other applicable
law, including the Companies Act read with the rules notified thereunder, each as amended, together with the applicable rules
issued thereunder.
The dividend policy of our Company was adopted and approved by our Board in their meeting held on July 31, 2021 (“Dividend
Policy”). The dividend, if any, will depend on a number of factors such as:
Internal factors: Liquidity position including present and expected obligations, profits, present and future capital expenditure
plans, financial commitments with respect to outstanding borrowings, business expansion or diversification requirements,
additional investments in subsidiaries or associates and cost of borrowings.
External factors: State of the economy and capital markets, applicable taxes including dividend distribution tax and changes
in regulatory requirements.
We have not declared any dividends for Fiscals 2019, 2020 and 2021 and for the period starting from April 1, 2021 till the date
of this Red Herring Prospectus. There is no guarantee that any dividends will be declared or paid in the future. For details of
risks in relation to our capability to pay dividend, see “Risk Factors – 55. Our ability to pay dividends in the future will depend
on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our
financing arrangements” on page 42.
In addition, our ability to pay dividends may be impacted by a number of other factors, including restrictive covenants under
loan or financing arrangements which our Company is currently availing of or which it may enter into to finance our fund
requirements for our business activities. For further details, please see “Financial Indebtedness” on page 286.
221
SECTION V: FINANCIAL INFORMATION
RESTATED FINANCIAL STATEMENTS
(The remainder of this page is intentionally left blank)
222
Independent auditor’s Examination report on restated consolidated financial
information
To The Board of Directors of

Fortune House,
Near Navrangpura Railway Crossing,
Ahmedabad - 380009
Dear Sirs,
1. We have examined the attached Restated Consolidated Financial Information of Adani

Wilmar Limited (the “Company”), and its subsidiaries (collectively, the “Group”) and
its joint ventures which comprises of the Restated Consolidated Statement of Assets
and Liabilities as at September 30, 2021 and 2020 March 31, 2021, 2020 and 2019, the
Restated Consolidated Statements of Profit and Loss (including other comprehensive
income), Restated Consolidated Statement of changes in equity and the Restated
Consolidated Statement of Cash Flows for the six month periods ended September 30,
2021 and 2020 and for the years ended March 31, 2021, 2020 and 2019, and the
Summary of Significant Accounting Policies and other explanatory information
(collectively, the “Restated Consolidated Financial Information”), as approved by the
Board of Directors of the Company (“the Board”) at their meeting held on 16th
November, 2021 for the purpose of inclusion in the updated draft red herring
prospectus (“UDRHP”), Red Herring Prospectus (“RHP”) and Prospectus
(collectively, the “Offer Documents”) prepared by the Company in connection with its
proposed Initial Public Offer of equity shares of the Company (“IPO”) prepared in
terms of the requirements of:
a) Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act");
b) The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018, as amended (the "ICDR Regulations"); and
c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by

the Institute of Chartered Accountants of India (“ICAI”), as amended from time to
time (the “Guidance Note”).
223
2. The Company’s Board of Directors is responsible for the preparation of the Restated
Consolidated Financial Information for the purpose of inclusion in the Offer
Documents to be filed with Securities and Exchange Board of India, BSE Limited and
National Stock Exchange of India Limited in connection with the proposed IPO. The
Restated Consolidated Financial Information have been prepared by the management
of the Company on the basis of preparation stated in Note 2.1 to the Restated
Consolidated Financial Information. The responsibility of the respective board of
directors of the companies included in the Group includes designing, implementing
and maintaining adequate internal control relevant to the preparation and presentation
of the Restated Consolidated Financial Information. The respective board of directors
are also responsible for identifying and ensuring that the Group complies with the Act,
ICDR Regulations and the Guidance Note.
3. We have examined these Restated Consolidated Financial Information taking into

consideration:
a) The terms of reference and terms of our engagement agreed upon with you in
accordance with our engagement letter dated 28th October, 2021 in connection with
the proposed IPO of the Company;
b) The Guidance Note. The Guidance Note also requires that we comply with the
ethical requirements of the Code of Ethics issued by the Institute of Chartered
Accountants of India;
c) Concepts of test checks and materiality to obtain reasonable assurance based on

verification of evidence supporting the Restated Consolidated Financial
Information; and
d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work
was performed solely to assist you in meeting your responsibilities in relation to
your compliance with the Act, the ICDR Regulations and the Guidance Note in
connection with the proposed IPO.
224
4. These Restated Consolidated Financial Information have been compiled by the
Management from :
 Audited consolidated Ind AS financial statements of the Group as at and for the
years ended March 31, 2021, 2020 and 2019, prepared in accordance with the
Indian Accounting Standards (referred to as “Ind AS”) as prescribed under Section
133 of the Companies Act, 2013 read with Companies (Indian Accounting
Standards) Rules as amended from time to time and other accounting principles
generally accepted in India which have been approved by the Board at their
meetings held on 26th May 2021, 5th May, 2020 and 23rd May, 2019 respectively.
 Audited consolidated Ind AS financial statements of the Group as at and for the
period ended September 30, 2021 and 2020, prepared in accordance with the Indian
Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of
the Companies Act, 2013 read with Companies (Indian Accounting Standards)
Rules as amended from time to time and other accounting principles generally
accepted in India which have been approved by the Board at their meetings held
on 16th November, 2021 and 16th November, 2020 respectively.
5. For the purpose of our examination, we have relied on audit reports issued by us dated
16th November, 2021, 16th November, 2021 and 26th May 2021, 5th May, 2020 and
23rd May, 2019 on the consolidated financial statements of the Group as at and for the
six month periods ended September 30, 2021 and 2020 and as at and for the years
ended March 31, 2021, 2020 and 2019, respectively, as referred in Paragraph 4 above.
6. As indicated in our audit reports referred in point 5 above,
We did not audit the Ind AS Financial Statements of any subsidiaries whose share of
total assets, total revenues and net cash inflows / (outflows) included in the
Consolidated Ind AS Financial Statements, for the relevant year / period is tabulated
below, which have been audited by other auditors, and whose reports have been
furnished to us by the Company’s management and our report on the restated
Consolidated Ind AS Financial Statements in so far as it relates to the amounts and
disclosures included in respect of this component, is based solely on the report of the
other auditors.
225
(Rupees in Mn)
Net Cash
Number of Total Total
Year / period ended Inflows /
Subsidiaries Assets Revenues
(Outflows)
30th September 2021 6 12,831.42 6,393.51 141.66
30th September 2020 2 180.68 0.28 1.26
31st March 2021 2 264.48 2.48 0.98
31st March 2020 2 226.31 2.43 (6.86)
31st March 2019 2 354.80 354.57 (50.75)
Sr Name of the Subsidiary Audited for the

Name of Auditor
No Entity year / period ended
September 30, 2021
Dharmesh Parikh & Co
September 30, 2020
Golden Valley Agrotech LLP
1 March 31,2021
Private Limited
Deloitte Haskins and March 31,2020
Sells March 31,2019
September 30, 2021
September 30, 2020
AWL Edible Oils and LLP
2 March 31,2021
Foods Private Limited
March 31,2020
March 31,2019
3 Adani Wilmar Pte. Ltd. Ernst & Young LLP September 30, 2021
4 Leverian Holdings Pte Ltd Ernst & Young LLP September 30, 2021
Bangladesh Edible Oil
Limited (Consolidated)
Rahman Rahman Huq
5 September 30, 2021
Subsidiary Entity (KPMG)
Shun Shing Edible Oil
Limited
We did not audit the financial statements of four joint ventures whose share of profit/
loss in its joint ventures included in the Consolidated Ind AS Financial Statements, for
the relevant years / periods is tabulated below, which have been audited by other
auditors and whose reports have been furnished to us by the Company’s management
and our report on the restated Consolidated Ind AS Financial Statements in so far as it
relates to the amounts and disclosures included in respect of this component, is based
solely on the report of the other auditors.
226
(Rupees in Mn)
Number of joint
Year / Period ended Share of Profit/ (Loss)
ventures
September 30, 2021 4 223.03
September 30, 2020 4 418.08
31st March 2021 4 748.78
31st March 2020 4 578.36
31st March 2019 4 205.64
Sr. Name of the Jointly Audited for the

Name of Auditor
No controlled Entity year / period ended
September 30, 2021
September 30, 2020
Vishakha Polyfab LLP
1 March 31,2021
Private Limited
March 31,2020
March 31,2019
September 30, 2021
September 30, 2020
AWN Agro LLP
2 March 31,2021
Private Limited
March 31,2020
March 31,2019
September 30, 2021
KOG KTV Food J Hima Bindu & Co September 30, 2020
3 Products (India) March 31,2021
Private Limited S R Batliboi & March 31,2020
Associates LLP March 31,2019
KTV Health Food
Private Limited September 30, 2021
(Consolidated) September 30, 2020
4 J Hima Bindu & Co March 31,2021
Subsidiary Entity March 31,2020
KTV Edible Oils March 31,2019
Private Limited
Our report on the restated consolidated Ind AS financial statements is not modified in
respect of these matters.
227
7. Based on our examination and according to the information and explanations given to
us and also as per the reliance placed on the reports submitted by other auditors as
mentioned in paragraph 6 above, we report that the Restated Consolidated Financial
Information:
a) have been prepared after incorporating adjustments for the changes in accounting
policies, material errors and regrouping/reclassifications retrospectively in the
respective financial year / period to reflect the same accounting treatment as per
the accounting policies and grouping/classifications followed as at and for the six
month period ended September 30, 2021
b) do not require any adjustment for modification as there is no modification in the

underlying audit reports; and
c) have been prepared in accordance with the Act, ICDR Regulations and the
Guidance Note.
8. We have complied with the relevant applicable requirements of the Standard on

Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews
of Historical Financial Information, and Other Assurance and Related Services
Engagements.
9. The Restated Consolidated Financial Information do not reflect the effects of events
that occurred subsequent to the respective dates of the reports on the audited
consolidated financial statements mentioned in paragraph 4 above.
10. This report should not in any way be construed as a reissuance or re-dating of any of
the previous audit reports issued by us, nor should this report be construed as a new
opinion on any of the financial statements referred to herein.
11.We have no responsibility to update our report for events and circumstances occurring
after the date of the report.
228
12.Our report is intended solely for use of the Board of Directors for inclusion in the
Offer Documents to be filed with Securities and Exchange Board of India, BSE
Limited and National Stock Exchange of India Limited in connection with the
proposed IPO. Our report should not be used, referred to, or distributed for any other
purpose except with our prior consent in writing. Accordingly, we do not accept or
assume any liability or any duty of care for any other purpose or to any other person to
whom this report is shown or into whose hands it may come without our prior consent
in writing.
For, SHAH DHANDHARIA & CO LLP

Firm Registration No. 118707W/W100724
Place : Ahmedabad Harshil Shah

Date : 16th November, 2021 Partner
Membership No. 181748
UDIN : 21181748AAAAFN2562
229
RESTATED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

PARTICULARS NOTES 30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 3 (a) 38,231.03 34,821.40 34,657.60 35,080.00 28,045.49
Right of Use Assets 3 (b) 2,368.31 2,240.96 2,207.30 2,316.69 2,038.92
Capital Work in Progress 3 (d) 6,878.62 4,221.24 5,305.29 3,248.93 5,703.87
Goodwill 3 (e) 546.65 - - - -
Other Intangible Assets 3 (c) 141.39 161.51 148.98 181.93 189.34
Financial Assets
(a) Investments 4 3,044.56 2,489.06 2,820.62 2,060.16 1,470.26
(b) Other Financial Assets 5 449.60 319.45 325.32 454.92 357.48
Deferred Tax Assets (Net) 32 - - - 0.75 0.59
Income Tax Asset (net) 32 11.99 13.21 8.20 14.97 35.51
Other Non Current Assets 6 1,027.62 1,196.00 981.81 1,186.20 1,872.76
TOTAL NON-CURRENT ASSETS 52,699.77 45,462.83 46,455.12 44,544.55 39,714.22
CURRENT ASSETS
Inventories 7 75,652.08 49,035.67 47,777.00 38,264.30 40,415.87
Financial Assets
(a) Investments 8 500.02 499.98 500.02 - -
(b) Trade Receivables 9 18,576.55 11,678.43 15,151.36 9,211.78 12,580.48
(c) Cash and Cash Equivalents 10 1,731.06 510.63 572.51 3,460.00 788.57
(d) Bank balance other than (c) above 11 15,263.80 18,126.86 11,312.13 10,861.01 11,366.04
(e) Loans 12 430.56 427.10 430.64 431.63 423.70
(f) Other Financial Assets 13 3,161.88 2,938.84 1,303.94 3,746.68 2,474.70
Other Current Assets 14 11,221.35 10,598.78 9,763.67 7,339.22 8,265.13
TOTAL CURRENT ASSETS 126,537.30 93,816.29 86,811.27 73,314.62 76,314.49
TOTAL ASSETS 179,237.07 139,279.12 133,266.39 117,859.17 116,028.71
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital 15 1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
Other Equity 16 35,371.21 27,443.87 31,838.46 24,564.02 19,967.12
Equity Attributable to Owners of the Company 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07
TOTAL EQUITY 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07
LIABILITIES
NON-CURRENT LIABILITIES
(a) Borrowings 17 9,408.39 10,945.71 10,240.94 11,463.90 9,646.93
(c) Other Financial Liabilities 18 4,265.32 2,785.54 3,720.32 2,518.65 2,425.31
Provisions 19 533.79 278.05 275.19 248.15 192.32
Deferred Tax Liabilities (Net) 32 2,472.84 2,273.30 2,089.05 3,892.69 2,885.13
TOTAL NON-CURRENT LIABILITIES 17,589.00 17,029.68 17,060.43 18,920.23 15,683.99
CURRENT LIABILITIES
(a) Borrowings 20 10,035.16 10,187.60 8,799.14 11,538.86 8,647.63
(c) Trade Payables
I. Total outstanding dues of Micro and Small Enterprises 21 636.57 180.31 760.30 60.82 1.79
II. Total outstanding dues other than (I) above 21 104,022.72 69,929.25 61,883.37 56,910.09 66,501.92
(d) Other Financial Liabilities 22 2,575.04 5,554.72 5,073.37 1,720.65 2,762.87
Other Current Liabilities 23 7,297.37 4,932.84 6,336.80 2,541.41 706.26
Provisions 24 103.19 57.97 68.83 62.42 47.99
Liabilities for Current Tax (Net) 32 168.88 2,547.76 28.59 143.74 328.13
TOTAL CURRENT LIABILITIES 125,133.91 93,662.62 83,224.55 73,231.97 79,234.65
TOTAL LIABILITIES 142,722.91 110,692.30 100,284.98 92,152.20 94,918.64
TOTAL EQUITY AND LIABILITIES 179,237.07 139,279.12 133,266.39 117,859.17 116,028.71
- - - - -
Note:

M. No.: 181748 DIN 02481358 DIN 00008457


230
RESTATED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
PARTICULARS Notes 30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
INCOME
Revenue from Operations 25 248,745.19 161,885.86 370,904.22 296,570.36 287,974.59
Other Income 26 827.67 851.47 1,052.36 1,099.50 1,222.22
TOTAL INCOME 249,572.86 162,737.33 371,956.58 297,669.86 289,196.81
EXPENSES
Cost of Materials Consumed 27 219,650.29 135,737.85 322,760.55 223,265.52 218,448.49
Purchases of Traded Goods 10,630.93 7,138.76 11,587.96 25,739.05 31,850.07
Changes in Inventories of Finished Goods and By Products 28 (6,742.63) (3,983.84) (9,450.97) 4,697.49 352.95
Employee Benefit Expenses 29 1,706.45 1,521.51 3,217.17 2,239.34 2,068.85
Finance Costs 30 2,910.34 2,276.85 4,066.08 5,691.93 4,868.93
Depreciation and Amortization Expenses 3 1,441.47 1,328.23 2,673.10 2,412.69 1,993.12
Other Expenses 31 15,431.24 14,892.04 29,536.28 27,533.71 23,941.88
TOTAL EXPENSES 245,028.09 158,911.40 364,390.17 291,579.73 283,524.29
Tax Expense 32
(a) Current Tax 866.18 3,180.15 2,819.44 1,569.38 1,273.29
(b) Deferred Tax 330.42 (1,824.09) (1,781.82) 521.78 824.69
(c) Adjustments of Tax relating to Earlier Years (0.13) 0.06 1.08 (31.39) 24.97
Total Tax Expense 1,196.47 1,356.12 1,038.70 2,059.77 2,122.95
Restated Profit for the period / year before Share in Joint Ventures 3,348.30 2,469.81 6,527.71 4,030.36 3,549.57
Share of profit in Joint ventures 223.03 418.08 748.78 578.36 205.64
Restated Profit for the period / year 3,571.33 2,887.89 7,276.49 4,608.72 3,755.21

Items that will not be reclassified to Profit or loss in subsequent
periods
Re-measurement (loss) on defined benefit plans (17.06) (12.31) (2.68) (18.16) (13.88)
Income tax impact 32 4.26 4.27 0.63 6.34 4.85
(12.80) (8.04) (2.05) (11.82) (9.03)
Items that will be reclassified to Profit or loss in subsequent periods

Exchange difference on translation of foreign operations (25.78) - - - -
(25.78) - - - -
Restated Other Comprehensive Income / (Loss) (Net of Tax) (38.58) (8.04) (2.05) (11.82) (9.03)
Restated Total Comprehensive Income for the period / year 3,532.75 2,879.85 7,274.44 4,596.90 3,746.18
Restated Total Comprehensive Income Attributable to:

Owners of the Company 3,532.75 2,879.85 7,274.44 4,596.90 3,746.18
3,532.75 2,879.85 7,274.44 4,596.90 3,746.18
Restated Earnings per Share (Face Value of ₹ 1/- each)

- Basic and Diluted (in ₹) 36 3.12 2.53 6.37 4.03 3.29
Note:


M. No.: 181748 DIN 02481358 DIN 00008457


231
A CASH FLOW FROM OPERATING ACTIVITIES
Adjustment for:
Depreciation and Amortization Expenses 1,441.47 1,328.23 2,673.10 2,412.69 1,993.12
Interest on Income Tax Refund (5.63) (6.38) (6.38) (1.16) (6.49)
Loss / ( Profit ) on Sale of Property, plant and Equipments 1.42 5.99 4.14 (0.09) (0.61)
Sundry Balance Written back (11.71) (11.62) (84.88) (15.13) -
Net Gain on sale / fair valuation of Investment at FVTPL (13.50) (1.51) (8.70) (1.82) (23.78)
Gain on termination of Finance Lease Contract (6.94) - (26.54) (1.67) -
Financial Guarantee (0.30) (4.96) (10.00) (10.03) (9.97)
Unrealised Foreign Exchange Fluctuation Loss / ( Gain ) 490.24 (3,336.11) (2,615.54) 3,653.28 (1,363.72)
Mark to Market (Gain) / Loss on Derivative Contracts 131.91 1,339.32 830.81 (1,606.59) 920.12
Provision for Doubtful Loans - - - - 18.62
Reversal of Export Benefit and Other Incentive - - - 40.42 63.78
Finance Cost 1,624.90 1,672.69 3,222.94 4,172.78 3,511.70
Unamortisation of Ancillary Cost of Borrowing 8.60 (3.52) 5.85 (1.23) (2.53)
Interest Income on Bank Deposits and Inter Corporate Deposits (317.25) (328.43) (621.82) (796.20) (887.67)
Operating Profit Before Working Capital Changes 7,898.42 4,479.63 10,953.26 13,936.76 9,902.27
Adjustment for:
(Increase) / Decrease in Inventories (23,397.57) (10,771.37) (9,512.70) 2,151.57 (2,938.61)
(Increase) / Decrease in Trade Receivables (3,057.99) (2,490.26) (5,970.93) 3,400.75 (714.62)
(Increase) / Decrease in Financial Loans 0.08 3.34 16.53 (36.44) (86.83)
(Increase) / Decrease in Financial Assets (1,805.45) (13.76) 1,686.89 (487.19) (1,693.91)
(Increase) / Decrease in Other Assets (818.40) (3,212.11) (2,066.63) 910.18 (3,161.95)
(Decrease) / Increase in Trade Payables 34,014.25 16,156.61 8,026.90 (12,758.50) 16,327.30
(Decrease) / Increase in Provisions 19.33 13.15 30.78 52.09 7.05
(Decrease) / Increase in Financial Liability (2,287.07) 4,339.92 5,243.51 17.31 512.44
(Decrease) / Increase in Other Liabilities 578.63 2,391.44 3,795.39 1,835.14 117.09
Cash Generated From Operations 11,144.23 10,896.59 12,203.00 9,021.67 18,270.23
Income Tax Paid (Net of Refunds) (917.73) (558.38) (2,942.96) (1,208.71) (1,339.87)
Net Cash Generated From Operating Activities A 10,226.50 10,338.21 9,260.04 7,812.96 16,930.36
B CASH FLOW FROM INVESTING ACTIVITIES

Payment for Property, Plant, Equipment ,ROU Assets
and Intangible Assets (Including Capital Work in
(2,474.25) (2,591.44) (4,620.37) (6,306.88) (9,078.64)
Progress, Capital Advance, Capital Creditor and
Retention Money)
Proceeds from Sale of Property, Plant and equipment 1.53 1.15 5.09 0.87 1.42
Investments made in Mutual Funds - (499.98) (500.02) - -
Loans (given) / received back - Joint Ventures - 1.19 - - (55.00)
Proceeds from / (Deposit in) Bank Deposits (Net) (3,951.66) (7,265.84) (451.12) 505.03 (1,271.49)
(including margin money deposits)
Payment for Acquisition of Subsidiary Company (1,791.57) - - - -
Net Gain on sale / fair valuation of Investment through
12.58 0.67 7.03 0.29 28.83
Statement of Profit and Loss
Interest Received 343.71 471.32 721.45 736.88 1,038.23
Net Cash (Used In) Investing Activities B (7,859.66) (9,882.93) (4,837.94) (5,063.81) (9,336.65)
C CASH FLOW FROM FINANCING ACTIVITIES

Proceeds / (Repayment) of Current Borrowings (Net) 949.23 (1,694.74) (3,806.20) 2,090.03 (10,483.29)
Proceeds from Non Current Borrowings 144.32 1,757.01 2,489.78 3,625.15 8,754.05
Repayment of Non Current Borrowings (1,428.88) (1,570.78) (2,306.63) (1,433.59) (2,312.51)
Repayment of Lease Liabilities (188.48) (162.47) (329.54) (321.19) (199.95)
Finance Cost Paid (1,480.54) (1,733.67) (3,357.00) (4,038.12) (3,381.04)
Net Cash (Used In) Financing Activities C (2,004.35) (3,404.65) (7,309.59) (77.72) (7,622.74)
Net Increase In Cash and Cash Equivalents (A+B+C) 362.49 (2,949.37) (2,887.49) 2,671.43 (29.03)
Cash and Cash Equivalents at the Beginning of the Period / Year 572.51 3,460.00 3,460.00 788.57 817.60
Cash and Cash Equivalents on Acquisition of Subsidiary
Company (Refer Note 46) 796.06 - - - -
Cash and Cash Equivalents at the End of the Period / Year

1,731.06 510.63 572.51 3,460.00 788.57
(Refer Note 10)
Components of Cash and Cash Equivalents (Refer Note 10)

Cash On Hand 0.30 - - - -
-In Current Account 1,730.76 510.63 572.51 3,460.00 788.57
Cash and Cash Equivalents at the End of the Period / Year 1,731.06 510.63 572.51 3,460.00 788.57
232
Reconciliation of liabilities arising from financing activities

Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowings (Including Current Maturity) 4,085.51 6,441.54 7.79 (2.53) 10,532.31
Current Borrowings 18,354.66 (10,483.29) (109.12) - 7,762.25
Total 22,440.17 (4,041.75) (101.33) (2.53) 18,294.56
Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowing (Including Current Maturity) 10,532.31 2,191.56 131.83 (1.23) 12,854.47
Current Borrowing 7,762.25 2,090.03 296.01 - 10,148.29
Total 18,294.56 4,281.59 427.84 (1.23) 23,002.76
Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowing (Including Current Maturity) 12,854.47 183.15 (56.92) 5.85 12,986.55
Total 23,002.76 (3,623.05) (345.48) 5.85 19,040.08
Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowing (Including Current Maturity) 12,854.47 186.23 (38.17) (3.52) 12,999.01
Total 23,002.76 (1,508.51) (357.41) (3.52) 21,133.32
Amount in ₹ Mn
Non Cash Changes
Adjustment
Non Current Borrowing (Including Current Maturity) 12,986.55 (1,284.56) 24.13 519.02 12,245.14
Current Borrowing 6,053.53 949.23 42.46 153.19 7,198.41
Total 19,040.08 (335.33) 66.59 672.21 19,443.55
* Others includes amortisation of ancillary cost of borrowings. In September 30,2021, others also includes Non Current borrowings and Current Borrowings of ₹ 510.42 Mn and ₹ 153.20 Mn
respectively relating to acquisition of Subsidiary Company along with foreign exchange translation effects thereon.


M. No.: 181748 DIN 02481358 DIN 00008457


233
RESTATED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
PART A : EQUITY SHARE CAPITAL

AS AT 30th September, 2021 AS AT 30th September, 2020 AS AT 31st March, 2021 AS AT 31st March, 2020 AS AT 31st March, 2019
PARTICULARS
No. of Shares Amount in ₹ Mn No. of Shares Amount in ₹ Mn No. of Shares Amount in ₹ Mn No. of Shares Amount in ₹ Mn No. of Shares Amount in ₹ Mn
At the opening of the Period / Year 114,294,886 1,142.95 114,294,886 1,142.95 114,294,886 1,142.95 114,294,886 1,142.95 114,294,886 1,142.95
Change during the Period / Year

Increase in Equity Shares on account 1,028,653,974 - - - - - - - - -
of subdivision of face value from ₹ 10/-
to ₹ 1/- each*
At the end of the Period / Year 1,142,948,860 1,142.95 114,294,886 1,142.95 114,294,886 1,142.95 114,294,886 1,142.95 114,294,886 1,142.95
PART B : OTHER EQUITY (Amount in ₹ Mn)

Other
Reserves and Surplus Comprehensive
Income Non-controlling
Particulars Total Total
Capital Reserve Foreign Currency Interest
Retained Securities Amalgamation
General Reserve on Translation
Earnings Premium Reserve
Consolidation Reserve
Balance as at 1st April, 2018 9,402.82 4,538.90 1,500.00 1.06 778.16 - 16,220.94 - 16,220.94
Restated Profit for the Year 3,755.21 - - - - - 3,755.21 - 3,755.21
Other Comprehensive Income / (Loss) (Net of Tax) (9.03) - - - - - (9.03) - (9.03)
Total Comprehensive Income for the year 3,746.18 - - - - - 3,746.18 - 3,746.18
Balance as at 31st March, 2019 13,149.00 4,538.90 1,500.00 1.06 778.16 - 19,967.12 - 19,967.12
Restated Profit for the Period 2,887.89 - - - - - 2,887.89 - 2,887.89
Total Comprehensive Income for the period 2,879.85 - - - - 2,879.85 - 2,879.85
Balance as at 30th September, 2020 20,625.75 4,538.90 1,500.00 1.06 778.16 - 27,443.87 - 27,443.87
Balance as at 1st April, 2020 17,745.90 4,538.90 1,500.00 1.06 778.16 - 24,564.02 - 24,564.02
Restated Profit for the Period 3,571.33 - - - - - 3,571.33 - 3,571.33
Exchange difference on translation of foreign operations (25.78) (25.78) (25.78)
Total Comprehensive Income for the period 3,558.53 - - - - (25.78) 3,532.75 - 3,532.75
Balance as at 30th September, 2021 28,578.87 4,538.90 1,500.00 1.06 778.16 (25.78) 35,371.21 - 35,371.21
234
RESTATED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


M. No.: 181748 DIN 02481358 DIN 00008457


235
NOTES FORMING PART OF THE RESTATED CONSOLIDATED FINANCIAL INFORMATION
1 CORPORATE INFORMATION
The consolidated financial statements comprise financial statements of Adani Wilmar Limited (“the Company “ or “AWL”), its subsidiaries (collectively referred
as the "Group") and its joint venture entities. The Company is a Joint venture between two global corporate ,Adani group - the leaders in Energy & Private
Infrastructure Conglomerate in India and Wilmar Group– Singapore, Asia’s leading Agri business group. The Company is domiciled in India and is incorporated
under the provisions of the Companies Act applicable in India. The registered office of the Company is located at “Fortune House”, Nr Navrangpura railway
crossing, Ahmedabad - 380009.
The Company has wide product portfolio in Food FMCG segment with core product portfolio in range of edible oil products and other products like Rice, Atta,
Besan, Sugar, Pulses, Ready-to-Eat products etc.
The Company sells its entire range of packed products under following Brands: Fortune, King's, Raag, Bullet, Fryola, Jubilee, Aadhaar, VIVO. The Company is
also gradually diversified in other FMCG categories. Apart from Food FMCG Segment, Company also produces certain non-edible industrial products, including
by-products during processing of oil seeds and refining of crude oil.
The overseas subsidiary companies are mainly engaged in trading & refining of crude edible oil.It sells its packed products under following
Brands:Rupchanda,Meizan,Chinigura,Veola etc.
2 Significant accounting policies
2.1 Basis of preparation

The Restated Consolidated Financial Information of the Group and its joint venture comprises of the Restated Consolidated Statement of Assets and
Liabilities as at 30 September 2021, 30 September 2020, 31 March 2021, 31 March 2020 and 31 March 2019, the Restated Consolidated Statement of Profit
and Loss (including Other Comprehensive Income), the Restated Consolidated Statement of Cash Flows and the Restated Consolidated Statement of Changes
in Equity for periods / years ended 30 September 2021, 30 September 2020, 31 March 2021, 31 March 2020 and 31 March 2019 and the Summary of
Significant Accounting Policies and explanatory notes and notes to restated consolidated financial information (collectively, the ‘Restated Consolidated
Financial Information’).
These Restated Consolidated Financial Information have been prepared by the Management of the company for the purpose of inclusion in the Red Herring
Prospectus ('RHP')prepared by the Company in connection with its proposed Initial Public Offer (“IPO”) in terms of the requirements of:
a) Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act");
b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR
Regulations"); and
c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India
(ICAI), as amended (the “Guidance Note”).
These Restated Consolidated Financial Information have been compiled by the Management from:
The audited consolidated financial statements of the Group and its joint venture as at and for the periods / years ended 30 September 2021, 30 September
2020, 31 March 2021, 31 March 2020 and 31 March 2019 are prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section
133 of the Companies Act, 2013, read with Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other accounting principles generally
accepted in India, which have been approved by the Board of Directors of the Company at their meetings held on 16 November 2021,16 November 2021, 26
May 2021, 05 May 2020 and 23 May 2019 respectively.
The Restated Consolidated Financial Information have been prepared so as to contain information / disclosures and incorporating adjustments set out below
in accordance with the ICDR Regulations:
(a) Adjustments for audit qualifications requiring corrective adjustments in the financial statements, if any;
(b) Adjustments for reclassification of the corresponding items of income, expenses, assets and liabilities, in order to bring them in line with the groupings/
disclosures as per the audited consolidated financial statements of the Group as at and for the periods / years ended 30 September 2021, 30 September 2020,
31 March 2021, 31 March 2020 and 31 March 2019 and the requirements of the SEBI Regulations, if any;
(c) Adjustments for the changes in accounting policies retrospectively in respective financial periods to reflect the same accounting treatment as per changed
accounting policy for all the reporting periods; and
(d) The resultant impact of tax due to the aforesaid adjustments, if any.
The Restated Consolidated Financial Information are presented in Indian Rupees (₹) and all values are rounded to the nearest millions except when otherwise
indicated.
Principles of Consolidation
The Restated Consolidated Financial Information comprise the financial statements of the Company, its subsidiaries and its share of profit and loss of Joint
ventures for the periods / years ended 30 September 2021, 30 September 2020, 31 March 2021, 31 March 2020 and 31 March 2019.
The Restated Consolidated Financial Information are prepared using uniform accounting policies for like transactions and other events in similar
circumstances. If a member of the group uses accounting policies other than those adopted in the consolidated financial statements, appropriate adjustments
are made to that group member’s financial statements in preparing the The Restated Consolidated Financial Information to ensure conformity with the
group’s accounting policies.
The financial statements of all the entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company. When
the reporting period of the parent company is different from that of a subsidiary or jointly controlled entities, the respective entity prepares its financial
statement for consolidation purposes as of the same date as the financial statements of the parent Company to enable the parent Company to consolidate
the financial information of the said entity, unless it is impracticable to do so.
Subsidiaries:-
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.
The group combines the financial statements of the parent and its subsidiaries line by line adding together like items of assets, liabilities, equity, income and
expenses. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also
eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the Restated Consolidated Statement Of Profit And Loss, Restated
Consolidated Statement Of Changes In Equity and Restated Consolidated Statement Of Assets And Liabilities respectively.
236
Associates and Joint ventures - Equity Accounting

Indian Accounting Standard (Ind AS) 28 on Investments in Associates and Joint Ventures defines associate Group as an entity over which the investor has
significant influence. It mentions that if an entity holds, directly or indirectly through intermediaries, 20 per cent or more of the voting power of the
enterprise, it is presumed that the entity has significant influence, unless it can be clearly demonstrated that this is not the case. The Group holds 26% in
equity and Preference share capital in Gujarat Agro Infrastructure Mega Food Park Private Limited which by share ownership is deemed to be an associate
company: However, the Group does not exercise significant influence in the above entity, as demonstrated below :
i) The Group does not have any representation on the board of directors or corresponding governing body of the investee.
ii) The Group does not participate in the policy making process.
iii) The Group does not have any material transactions with the investee.
iv) The Group does not interchange any managerial personnel.
v) The Group does not provide any essential technical information to the investee.
Since the Group does not exercise significant influence or control on decisions of the investee, these are not being construed as associate company and
therefore this has not been consolidated in the financial statement of the Group.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require
unanimous consent of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated in the Restated Consolidated Financial Information using the equity
method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised at cost and adjusted thereafter to
recognise the Group's share of post acquisition profits or losses and that of other comprehensive income of the associate or joint venture. Distributions
received from an associate or a joint venture reduce the carrying amount of the investment. Unrealised gains and losses resulting from transactions between
the Group and the joint venture are eliminated to the extent of the interest in the joint venture.
After application of the equity method, at each reporting date, the Group determines whether there is objective evidence that the investment in the associate
or joint venture is impaired. If there exists such evidence, the Group determines extent of impairment and then recognises the loss in the Statement of Profit
and Loss.
After application of the equity method, at each reporting date, the Group determines whether there is objective evidence that the investment in the associate
or joint venture is impaired. If there exists such evidence, the Group determines extent of impairment and then recognises the loss in the Statement of Profit
and Loss.
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises any retained investment at its
fair value. Any difference between the carrying amount of the associate or the joint venture and the fair value of the retained investment and proceeds from
disposal is recognised in profit and loss.
The list of Companies included in consolidation, relationship with the Company and shareholding therein is as under. The reporting date for all the entities are
periods / years ended 30 September 2021, 30 September 2020, 31 March 2021, 31 March 2020 and 31 March 2019 except otherwise specified.
Share holding as at
Country of 30th September 30th September 31st March 31st March 31st March
Sr no. Name of Company Relationship 2021 2020 2021 2020 2019
Incorporation
1 Golden Valley Agrotech India Subsidiary 100% 100% 100% 100% 100%
Private Limited
2 AWL Edible Oils and Foods India Subsidiary 100% 100% 100% 100% 100%
Private Limited
3 Adani Wilmar Pte Ltd Singapore Subsidiary 100% w.e.f. 30 - - - -
(AWPTE) * June 2021
4 Leverian Holdings Pte Ltd Singapore Subsidiary 100% by AWPTE - - - -
(LHPL) *
5 Bangladesh Edible Oil Bangladesh Subsidiary 100% by LHPL - - - -
Limited (BEOL) *
6 Shun Shing Edible Oil Ltd Bangladesh Subsidiary 99.975% by BEOL - - - -
(SSEOL) *
7 KOG-KTV Food Products India Joint Venture 50% 50% 50% 50% 50%
(India) Private Limited
8 KTV Health Food Private India Joint Venture 50% 50% 50% 50% 50%
Limited ("KTVHF")
9 KTV Edible Oils Private India Joint Venture 100% by KTVHF 100% by KTVHF 100% by KTVHF 100% by KTVHF -
Limited
10 Vishakha Polyfab Private India Joint Venture 50% 50% 50% 50% 50%
Limited
11 AWN Agro Private Limited India Joint Venture 50% 50% 50% 50% 50%
* Reporting date is 31st December, 2020
Current and non-current classification
The Group presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is :
• Expected to be realized or intended to be sold or consumed in normal operating cycle or
• Held primarily for the purpose of trading or
• Expected to be realized within twelve months after the reporting period, or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when :
• It is expected to be settled in normal operating cycle or
• It is held primarily for the purpose of trading or
• It is due to be settled within twelve months after the reporting period, or
• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.
For the purpose of current/non-current classification of assets and liabilities, the Group has ascertained its normal operating cycle as twelve months. This is
based on the nature of services and time between acquisition of assets or inventories for processing and their realisation in cash and cash equivalents.
237
2.2 Use of estimates and judgments
The preparation of the Group’s consolidated financial statements requires management to make certain estimates and assumptions that affect the reported
amounts of revenue, expenses, assets, liabilities and the accompanying disclosure, and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future. The
management believes that the estimates used in preparation of the financial statements are prudent and reasonable.
Estimates and assumptions :

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and
estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments may
change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they
occur.
i) Fair value measurement of financial instruments

In estimating the fair value of financial assets and financial liabilities, the Group uses market observable data to the extent available. Where such Level 1
inputs are not available, the Group establishes appropriate valuation techniques and inputs to the model. The inputs to these models are taken from
observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include
considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of
financial instruments.
ii) Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation
involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future
salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive
to changes in these assumptions. All assumptions are reviewed at each reporting date.
iii) Taxes
The Group’s tax jurisdiction is India, Bangladesh and Singapore. Significant judgments are involved in estimating budgeted profits for the purpose of paying
advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions. Significant
management judgment is also required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of
future taxable profits together with future tax planning strategies, including estimates of temporary differences reversing on account of available benefits
under respective country taxation laws.
iv) Impairment of Non Financial Assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs
of disposal and its value in use. The fair value less costs of disposal calculation is based on available data for similar assets or observable market prices less
incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the Business Projections
and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset’s performance
of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the
growth rate used for extrapolation purposes.
v) Useful life of Property, Plant and Equipment
Determination of the estimated useful life of property, plant and equipment and intangible assets and the assessment as to which components of the cost
may be capitalized. Useful life of these assets is based on the life prescribed in Schedule II to the Companies Act, 2013 or based on technical estimates, taking
into account the Group’s historical experience with similar assets, nature of the asset, estimated usage, expected residual values and operating conditions of
the asset. Management reviews its estimate of the useful lives of depreciable/ amortizable assets at each reporting date, based on the expected utility of the
assets. The depreciation / amortization for future periods is revised if there are significant changes from previous estimates.
vi) Determination of lease term & discount rate

Ind AS 116 Leases requires lessee to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the
lease, if the use of such option is reasonably certain. The Group makes assessment on the expected lease term on lease by lease basis and thereby assesses
whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers
factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of lease and the importance of the
underlying to the Group’s operations taking into account the location of the underlying asset and the availability of the suitable alternatives. The lease term in
future periods is reassessed to ensure that the lease term reflects the current economic circumstances.
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar
characteristics.
vii) Recognition and measurement of Contingent liabilities, provisions and uncertain tax positions
There are various legal, direct and indirect tax matters and other obligations including local and state levies, availing input tax credits etc., which may impact
the Group. Evaluation of uncertain liabilities and contingent liabilities arising out of above matters and recognition and measurement of other provisions are
based on the assessment of the probability of an outflow of resources, and on past experience and circumstances known at the balance sheet date. The
actual outflow of resources at a future date may therefore vary from the figure included in other provisions.
viii) Revenue from contracts with customers
The Group applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers.
The Group has various incentive schemes for its retailers and distributors which are based on volume of sales achieved during the stipulated period. The
estimate of sales likely to be achieved by each retailer / distributor is based on judgement,historic trends and assessment of market conditions. The Group
makes a provision for such incentives at each reporting date.
ix) Inventory Measurement

The measurement of inventory in bulk / loose form lying in tankages / yards is complex and involves significant judgment and estimate. The Company performs
physical counts of above inventory on a periodic basis using internal / external experts to perform volumetric surveys and assessments, basis which the
estimate of quantity for these inventories is determined. The variations, if any noted between book records and physical quantities of above inventories are
evaluated and appropriately accounted in the books of accounts.
x) Provision for Decommissioning / Dismantling Liabilities

The Management of the Group has estimated that there is no probable decommissioning / dismantling liability under the conditions / terms of the lease
agreements.
238
2.3 Summary of significant accounting policies
a Property, plant and equipment

i. Recognition and measurement
Property, plant and equipment are stated at acquisition cost less accumulated depreciation and accumulated impairment losses, if any. All costs, including
borrowing costs incurred up to the date the asset is ready for its intended use, is capitalized along with respective asset.
Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, after deducting
trade discounts and rebates, any directly attributable cost of bringing the item to its working condition for its intended use. The cost of a self-constructed
item of property, plant and equipment comprises the cost of materials and direct labor, any other costs directly attributable to bringing the item to working
condition for its intended use, and estimated costs of dismantling and removing the item and restoring the site on which it is located.
Policy on Replacement Cost accounting

When significant parts of plant and equipment are required to be replaced at regular intervals, the Group depreciates them separately based on their specific
useful lives. All other repair and maintenance costs are recognised in profit or loss as incurred.
If significant parts of an item of Property, Plant and Equipment have different useful lives, then they are accounted for as separate items (major components)
of property, plant and equipment.
Freehold land is carried at cost.
ii. Subsequent measurement
Subsequent expenditure related to an item of Property, Plant and Equipment are included in its carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Group and the cost of the item can be
measured reliably. Subsequent costs are depreciated over the residual life of the respective assets. All other expenses on existing Property, Plant and
Equipments, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the
period during which such expenses are incurred.
iii. Depreciation
Depreciation is recognized so as to expense the cost of assets (other than freehold land and properties under construction) less their residual values over
their useful lives, using the Straight line method. The useful life of property, plant and equipment is considered based on life prescribed in Schedule II to the
Companies Act, 2013. In case of major components identified, depreciation is provided based on the useful life of each such component based on technical
assessment, if materially different from that of the main asset.
Depreciation on Property, Plant and Equipment ("PPE") for Bangladesh Companies is calculated to write off the cost of PPE less their estimated residual value
using the straight line method over their useful lives.
iv. Derecognition
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of
the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognized in statement of profit and loss.
b Intangible Assets
i. Recognition and measurement
Intangible assets acquired separately are carried at cost less accumulated amortization and any accumulated impairment losses.
ii. Amortization
Amortization is recognized on straight line basis over their estimated useful lives. Estimated useful life of the Computer Software is 5 years.
iii. Derecognition
An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from
derecognition are recognized in statement of profit and loss.
c Capital Work in Progress

Capital work in progress is stated at cost including borrowing costs for qualifying assets if the recognition criteria are met and other direct administrative
costs. Expenditure related to and incurred during implementation of capital projects to get the assets ready for intended use is included under “Capital Work
in Progress". The same is allocated to the respective items of property plant and equipment on completion of construction/ erection of the capital project/
property plant and equipment.
d Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
e Financial assets
Initial recognition and measurement
The Group recognizes financial asset in its balance sheet when it becomes a party to the contractual provisions of the instruments. All financial assets, except
investment in joint venture are recognized initially at fair value.
On initial recognition, a financial assets is recognized at fair value. In case of financial assets which are recognized at fair value through profit and loss, its
transaction cost are recognized in profit and loss. In other cases, the transaction cost are attributable to acquisition value of financial assets.
The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business
model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied
the practical expedient are measured at the transaction price determined under Ind AS 115, the Group initially measures a financial asset at its fair value plus,
in the case of a financial asset not at fair value through profit or loss, transaction costs.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are 'solely
payments of principal and interest (SPPI)' on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business
model.
The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model
determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured
at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets
classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and
selling.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified as below :
a) Financial assets at amortised cost (debt instruments)
b) Financial assets at fair value through other comprehensive income (FVTOCI)
c) Financial assets at fair value through profit or loss
239
i) Financial assets at amortized cost
A financial asset is measured at the amortized cost if both the following conditions are met :
a) The asset is held within the Group’s business model whose objective for managing the financial asset is to hold assets for collecting contractual cash
flows, and
b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the
principal amount outstanding.
These include trade receivables, finance receivables, balances with banks, short-term deposits with banks, other financial assets and investments with fixed or
determinable payments. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market
and which are not classified as financial assets at fair value through profit and loss or for-sale fair value through profit and loss. Subsequently, these are
measured at amortized cost using the effective interest method (EIR) less any impairment losses. Amortised cost is calculated by taking into account fees or
costs that are an integral part of the EIR.The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are
recognised in the profit or loss.
ii) Financial assets at fair value through Other comprehensive income (FVTOCI)
A financial asset is classified at FVOCI if it both of the following criteria are met :
• The objective of the business model is achieved both by collecting contractual cash flows and selling financial assets; and
• the asset's contractual cash flows represent SPPI.
At present, the Group does not have any assets that are classified as Fair value through other comprehensive income (FVOCI).
iii) Financial assets at fair value through profit and loss (FVTPL)
A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained above.
Fair value changes related to such financial assets including derivative contracts are recognized in the statement of profit and loss.
Derecognition of financial assets
A financial asset is primarily derecognised when:

> The rights to receive cash flows from the asset have expired, or
> The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material
delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b)
the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what
extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Group’s continuing involvement. In that case,
the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the Group could be required to repay.
Impairment of Financial assets
The Group applies the expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk
exposure;
a) Financial assets that are debt instruments, and are measured at amortised cost e.g. loans, debt securities, deposits, trade receivables and bank balances.;
b) Financial assets that are debt instruments and are measured as at other comprehensive income (FVTOCI);
c) Lease receivables under relevant accounting standard.
d) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 115.
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit
risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
In case of other assets (listed as a, b and c above), the Group determines if there has been a significant increase in credit risk of the financial asset since initial
recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognised as loss allowance.
However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognised as loss allowance.
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant increase in credit risk since initial recognition, the
Group reverts to recognising impairment loss allowance based on 12-month ECL.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held
or other credit enhancements that are integral to the contractual terms.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial asset. 12-month ECL are a portion of
the lifetime ECL which result from default events that are possible within 12 months from the reporting date.
ECL allowance recognised (or reversed) during the period / year is recognised as income/expense in the Statement of Profit and Loss under the head "Other
expenses"/"other Income".
f Financial liabilities and equity instruments

Classification as debt or equity
Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued
by the Group are recognized at the proceeds received, net of direct issue costs.
Financial liabilities

The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative
financial instruments.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
240
For purposes of subsequent measurement, financial liabilities are classified in two categories:
a) Financial liabilities at amortised cost (loans and borrowings)
b) Financial liabilities at fair value through profit or loss
Financial liabilities at amortized cost
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost
using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit and loss.
Financial liabilities at FVTPL
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as
at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes
derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109.
Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, and only if
the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in
OCI. These gains/ losses are not subsequently transferred to P&L. However, the Group may transfer the cumulative gain or loss within equity. All other changes
in fair value of such liability are recognised in the statement of profit and loss. The Group has not designated any financial liability as at fair value through
profit or loss.
Financial guarantee contracts

Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because
the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised
initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is
measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less, when
appropriate, the cumulative amount of income recognised in accordance with the principles of Ind AS 115.
Derecognition of financial liabilities

A financial liability is derecognised when the obligations under the liability is discharged, cancelled or expired. When an existing financial liability is replaced
by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amount is recognized in statement of profit and loss.
g Derivative
1) Financial Instruments
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as forward currency contracts, options and interest rate swaps to hedge its foreign currency risks and
interest risk respectively. Such derivative financial instruments are initially recognized at fair value through profit or loss (FVTPL) on the date on which a
derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative.
Any gains or losses arising from changes in the fair value of derivative financial instrument are recognized in the statement of profit and loss.
2) Commodity Contracts:
The Group enters into purchase and sale contracts of commodities for own use as well as to hedge price risk. These contracts form part of the Group's overall
business portfolio. The Group has elected an irrevocable option to designate its own use contracts at FVTPL (in line with derivative contracts) to eliminate or
significantly reduce accounting mismatch of business income.
Purchase and sale contracts are initially recognized at FVTPL on the date on which contract is entered into and are subsequently re-measured to their fair
value at the end of each reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of commodity contracts are recognized in the statement of profit and loss under the head "Raw
Materials Consumed".
h Fair value measurement
The Group measures financial instruments, such as, derivatives at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. The fair value measurement is based on the presumption that the transaction to sell the financial asset or settle the financial liability
takes place either
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that
market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its
highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing
the use of relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value measurement as a whole:
• Level 1 : Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
• Level 3 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
At each reporting date, the Management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as
per the Group’s - accounting policies.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the
asset or liability and the level of the fair value hierarchy as explained above.
241
i Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM) of the Group. The
CODM is responsible for allocating resources and assessing performance of the operating segments of the Group.
j Inventories
Inventories comprises of Raw material, finished goods, packing material, By products and other stores, spares & consumables.
Inventory of Raw material and finished goods are carried at the lower of the cost and net realizable value after providing for obsolescence and other losses
where considered necessary. Inventory of By products are carried at net realizable value, while all the other inventories are carried at cost.
Cost of Raw material comprises all cost of purchase and other cost incurred in bringing inventories to their present location and condition. Cost of finished
goods comprises of cost of raw material, labour and a proportion of manufacturing overheads.
Traded goods cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
Cost is determined using the moving weighted average cost method, while the net realizable value is the estimated selling price in the ordinary course of
business less estimated cost of completion and cost necessary to make the sale.
k Foreign currencies Transactions and Translations

These financial statements are presented in Indian Rupees (INR), which is the functional currency of parent Company "Adani Wilmar Limited".
i) Transactions and balances
Transactions in foreign currencies are initially recorded by the Group at its functional currency spot rates at the date the transaction first qualifies for
recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial
transactions.
Exchange differences are recognized in the statement of profit and loss except exchange differences on foreign currency borrowings relating to assets under
construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to borrowing costs on those
foreign currency borrowings.
In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-
monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognises the
non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group
determines the transaction date for each payment or receipt of advance consideration.
For the purpose of presenting consolidated financial statements, the assets and liabilities of foreign operations are translated at the exchange rate prevailing
at the reporting date and their statements of profit and loss are translated using average rate of exchange prevailing during the year, which approximates to
the exchange rate prevailing at the transaction date. All resulting exchange differences arising on translation for consolidation are recognised in OCI. On
disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified / recognised in the statement of profit and
loss.
l Revenue
Revenue from Operations
The Group derives revenues primarily from sale of manufactured goods, traded goods and related services.
Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products or services to customers in an amount that
reflect the consideration the Group expects to receive in exchange for those products or services.
Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of
the Government such as goods and services tax, etc. Accumulated experience is used to estimate the provision for such discounts and rebates. Revenue is
only recognised to the extent that it is highly probable a significant reversal will not occur.
The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by
the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.
The Group satisfies a performance obligation and recognizes revenue over time, if one of the following criteria is met :
1. The customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs; or
2. The Group's performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
3. The Group's performance does not create an asset with an alternative use to the Group and an entity has an enforceable right to payment for performance
completed to date.
For performance obligations where one of the above conditions are not met, revenue is recognized at the point in time at which the performance obligation is
satisfied.
Other Incomes
i) Income from services rendered is recognised based on agreements/arrangements with the customers as the service is performed and there are no
unfulfilled obligations.
ii) Dividend is recognized when the Group’s right to receive the payment is established, which is generally when shareholders approve the dividend.
iii) Interest income is recognized on Effective Interest Rate (EIR) basis taking into account the amount outstanding and the applicable interest rate.
iv) Income from Export benefit and incentives are classified as ‘Other Operating Revenue’ and is recognized based on effective rate of incentive under the
scheme, provided no significant uncertainty exists for the measurability, realization and utilization of the credit under the scheme.
v) Revenue from Insurance claims are accounted for in the period / year of claim lodged with the insurance company based on the surveyor assessment.
However, claims whose recovery cannot be ascertained with reasonable certainty are accounted for on actual receipts basis.
Contract Balances
Contract Assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or
services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is
conditional and is disclosed as "Unbilled Revenue" under Other Current Financial Assets. Upon completion of performance and acceptance by the customer,
the amount recognised as contract assets is reclassified to trade receivables.
Contract assets are subject to impairment assessment. Refer to accounting policies on impairment of financial assets Financial instruments – initial
recognition and subsequent measurement.
Trade receivables
A receivable represents the Group’s right to an amount of consideration that is unconditional i.e. only the passage of time is required before payment of
consideration is due.
242
Contract Liability
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration
is due) from the customer. Contract liabilities are recognised as revenue when the Group performs obligations under the contract. The same is disclosed as
"Advance from Customers" under Other Current Liabilities.
m Borrowing costs
Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the
extent regarded as an adjustment to the borrowing costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale. Interest income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in statement of profit and loss in the period in which they are incurred.
n Employee benefits
Employee benefits include gratuity, compensated absences, contribution to provident fund, employees' state insurance, superannuation fund and Worker's
profit participation fund ("WPPF").
Short term employee benefits :

Short-term employee benefit obligations are recognized at an undiscounted amount in the Statement of Profit and Loss for the period / year in which the
related services are received.
Post employment benefits :
i) Defined benefit plans :
The parent Company and its subsidiaries in India have an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan
provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment. The parent Company make
annual contributions to insurance companies as gratuity funds. The liability for gratuity benefits payable in the future is accounted for using the projected
unit credit method.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined
benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in
the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not
reclassified to profit and loss in subsequent periods.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net
defined benefit obligation as an expense in the statement of profit and loss :
- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non routine settlements; and
- Net interest expense or income
Provision for Gratuity and its classifications between current and non-current liabilities are based on independent actuarial valuation for parent Company and
Indian subsidiary Company.
ii) Defined contribution plan :
Retirement benefit in the form of Provident Fund and Family Pension Fund is a defined contribution scheme. The Group has no obligation, other than the
contribution payable to the provident fund. The Group recognizes contribution payable to the provident fund scheme as a charge to the capital work-in-
progress till the capitalization otherwise the same is charged to the Statement of Profit and Loss for the period in which the contributions to the respective
funds accrue. The Group has no further defined obligations beyond the monthly contributions.
The subsidiary Companies established in Bangladesh is required to provide 5% of net profit before tax after charging such expense as WPPF in accordance
with Bangladesh Labour Act, 2006 (amended at 2013).
iii) Other Long-term Employee Benefits :
Other long term employee benefits comprise of compensated absences/leaves. Provision for Compensated Absences and its classifications between current
and non-current liabilities are based on independent actuarial valuation. The actuarial valuation is done as per the projected unit credit method.
o Taxation
Tax on Income comprises current and deferred tax. It is recognized in statement of profit and loss except to the extent that it relates to a business
combination, or items recognized directly in equity or in other comprehensive income.
Current tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Current income tax
(including Minimum Alternate Tax (MAT)) is measured at the amount expected to be paid to the tax authorities in accordance with the respective country
taxation law.The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted, at the reporting date.
Current income tax relating to items recognized outside the statement of profit and loss is recognized outside the statement of profit and loss (either in other
comprehensive income (OCI) or in equity). Current tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to
interpretation and establishes provisions where appropriate.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognized amounts, and it is intended to
realize the asset and settle the liability on a net basis or simultaneously.
Deferred tax
Deferred tax is recognized for the future tax consequences of deductible temporary differences between the carrying values of assets and liabilities and their
respective tax bases at the reporting date, using the tax rates and laws that are enacted or substantively enacted as on reporting date. The measurement of
deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the
carrying amount of its assets and liabilities. Deferred tax is also recognized in respect of carried forward tax losses and tax credits subject to the assessment
of reasonable certainty of recovery.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised, or the liability is settled,
based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside the statement of profit and loss is recognized outside with the underlying items i.e. either in the statement
of other comprehensive income or directly in equity as relevant.
p Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the period /
year. Diluted earnings per share is computed by dividing the profit / (loss) after tax as adjusted for the effects of dividend, interest and other charges relating
to the dilutive potential equity shares by weighted average number of shares plus dilutive potential equity shares.
243
q Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The
amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking
into account the risks and uncertainties surrounding the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under
an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a
provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to
the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
The unwinding of the discount is recognized as finance cost. Expected future operating losses are not provided for.
Contingent liabilities being a possible obligation as a result of past events, the existence of which will be confirmed only by the occurrence or non occurrence
of one or more future events not wholly in control of the Group are not recognized in the accounts. The nature of such liabilities and an estimate of its
financial effect are disclosed in notes to the Financial Statements unless the probability of an outflow of resources is remote. Contingent assets are not
recognized but are disclosed in the notes where an inflow of economic benefits is probable.
r Impairment of non-financial assets

At the end of each reporting period, the Group reviews the carrying amounts of non-financial assets, other than inventories and deferred tax assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the
asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Each Cash Generating Unit (CGU) represents the
smallest group of assets that generates cash inflows that are largely independent of the cash inflows of other assets or CGUs. When a reasonable and
consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the
smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount.
An asset's recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset or CGU for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is
reduced to its recoverable amount. An impairment loss is recognized immediately in statement of profit and loss. Impairment loss recognized in respect of a
CGU is allocated to reduce the carrying amounts of the other assets of the CGU (or group of CGUs) on a pro rata basis.
Assets (other than goodwill) for which impairment loss has been recognized in prior periods, the Group reviews at each reporting date whether there is any
indication that the loss has decreased or no longer exists. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-
generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognized immediately in statement of profit and loss.
s Leases
The Group assess at contract inception whether a contract is, or contains a lease, if the contract conveys the right to control the use of an identified asset for
a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether (i) the contract involves the use of
identified asset; (ii) the Group has substantially all of the economic benefits from the use of the asset through the period of lease and (iii) the Group has right
to direct the use of the asset.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group
recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the site on which it is located, less any lease incentives received.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease term. The right-of-use assets and lease liabilities
include these options when it is reasonably certain that the option will be exercised.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of
the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property,
plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the
lease liability.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is
calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental
borrowing rate as the discount rate.
The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value
guarantee, or if Group changes its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit
or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Lease payments have been classified as financing activities.
The Group has elected not to recognize right-of-use assets and lease liabilities for short term leases that have a lease term of less than or equal to 12 months
with no purchase option and assets with low value leases. The Group recognizes the lease payments associated with these leases as an expense in statement
of profit and loss over the lease term. The related cash flows are classified as operating activities.
Group as a lessor
Leases for which the Group is a lessor is classified as finance or operating leases. When the terms of the lease transfer substantially all the risks and rewards
of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
244
Operating lease
Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term.
t Investment in subsidiaries, joint ventures and associates
Equity investments in joint ventures are shown at cost less impairment, if any. The Group tests these investments for impairment in accordance with the
policy applicable to ‘Impairment of non-financial assets'. Where the carrying amount of an investment or CGU to which the investment relates is greater than
its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference is recognized in the Statement of Profit and
Loss.
u Business Combination
Business combinations are accounted for using the acquisition method of accounting. The cost of an acquisition is measured at the fair value of the assets
transferred, equity instruments issued and liabilities assumed at their acquisition date i.e. the date on which control is acquired. Contingent consideration to
be transferred is recognised at fair value and included as part of cost of acquisition. Transaction related costs are expensed in the period in which the costs
are incurred. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree’s identifiable net assets.
Where the aggregate of consideration transferred and amount recognised for non-controlling interests exceeds the fair value of net identifiable assets
acquired and liabilities assumed, the excess is recorded as goodwill. After initial recognition, goodwill is tested for impairment annually and measured at cost
less any accumulated impairment losses if any. Alternatively, in case of a bargain purchase wherein the aggregate of consideration transferred and amount
recognised for noncontrolling interests is lower than the fair value of net identifiable assets acquired and liabilities assumed, the difference is recognised as
capital reserve within equity.
v Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and short-term deposits with an original maturity of three months or less, which are
readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.
Cash and cash equivalents for the purpose of Statement of Cash Flow comprise cash and cheques in hand, bank balances, demand deposits with banks where
the original maturity is three months or less.
w Government Grant
Grants from the government are recognized when there is reasonable assurance that the Group will comply with the conditions attached to them and the
grant will be received.
When the grant relates to expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to
compensated, are expensed. Where the grant relates to assets, it is recognized as deferred income and released to income in equal amounts over the
expected useful life of the related asset.
x Exception Items
Exceptional items are generally non-recurring items of income and expense within profit or loss from ordinary activities, which are of such size, nature or
incidence that their disclosure is relevant to explain the performance of the Company for the period / year.
245
SUMMARY OF RESTATEMENT ADJUSTMENT
Statement of restatement adjustments to consolidated audited financial statements
Reconciliation between audited equity and restated equity

Particulars Note No
30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
Equity (as per audited financial statements) 36,520.38 28,584.57 32,989.78 25,706.72 21,276.93
Adjustments:
Changes in accounting policies
Ind AS 116-Leases (net of deferred taxes) Note-1 (6.22) (14.57) (8.36) (16.57) (105.90)
Other adjustment Note-3 - 16.82 - 16.83 (10.23)
Reversal of loss of associate Note-4 - - - - 1.29
Adjustment in opening retained earnings Note-3 - - - - (52.01)
Total impact on Adjustments (6.22) 2.25 (8.36) 0.26 (166.85)
Total equity as per restated consolidated statement of
assets and liabilities 36,514.16 28,586.82 32,981.42 25,706.98 21,110.08
Reconciliation between audited Profit and restated Profit

Particulars Note No
Profit after tax (as per audited financial statements) 3,569.18 2,885.89 7,285.12 4,441.61 3,870.04
Adjustments:
Impact of Ind AS 116 Note-1
Increase/(decrease) in total expenses
(Gain) /Loss on Termination of lease (1.49) - (9.65) (1.05) -
Depreciation of Right-of-use assets (1.38) (3.10) (4.66) (8.57) 174.28
Interest on lease liabilities - - - - 60.77
Other expenses - Rent - - - - (199.95)
Tax impact on the above 0.72 1.10 6.10 (79.71) 70.80
Other adjustment Note-3 - - 16.83 (27.06) 10.23
Reversal of profit /(loss) of associate Note-4 - - - 2.28 (1.29)
Adjustment on account of Stock reserve Note-3 - - (53.00) -
Total impact on Adjustments (2.15) (2.00) 8.62 (167.11) 114.84
Restated profit after tax for the year 3,571.33 2,887.89 7,276.50 4,608.72 3,755.20
Notes to Adjustments
1) Ind AS 116 - Leases has been notified and effective for financial statements from 01 April 2019 which prescribes the accounting of the lease contracts entered in the capacity of the
lessee and a lessor. The Group has applied Ind AS 116 for preparing the Ind AS audited financial statements for the period beginning from 01 April 2019. For the purpose of preparing
restated consolidated financial information, Ind AS 116 has been applied retrospectively with effect from 01 April 2018.
Effective 01 April 2018, the Group has recognised lease liability measured at an amount equal to present value of remaining lease payments and corresponding Right of Use asset at an
amount equivalent to lease liability adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the balance sheet immediately before 01 April
2018.
2) The Restated Consolidated Financial information do not require any adjustment for auditor qualification as there was no qualification in the underlying audit reports of the respective
periods / years that required any corrective adjustment.
3) Other adjustment and adjustment in opening retained earnings represents difference between Management certified & audited results of Joint venture companies and effect of stock
reserve.
4)The Group holds 26% in equity share capital in Gujarat Agro Infrastructure Mega Food Park Private Limited which by share ownership is deemed to be an associate company. However,
the Group does not exercise significant influence in the above entity hence referring to the Para 6 of Ind AS 28, financials of associate are not required to be consolidated accordingly the
effect given earlier has reversed.
5) Appropriate adjustments have been made in the Restated Consolidated Statement of Assets and Liabilities, Profit and Loss and Cash Flows,whereever required, by a reclassification of
the corresponding items of income,expenses,assets,liabilities and cash flows in order to bring them in line with the groupings/disclosures as per the Audited Consolidated Financial
Statements of the Group for the period ended 30 September 2021.
246
NOTE : 3 PROPERTY, PLANT AND EQUIPMENTS, RIGHT OF USE ASSETS AND INTANGIBLE ASSETS
a) Tangible Assets
Amount in ₹ Mn
Jetty, Pier
Freehold Leasehold Office Marine Electrical Fittings Plant &
PARTICULARS Building Computer Vehicles and Furniture Total
Land Land Equipments Vehicles and Installation Machinery
facilities
Factory Office Residence
I. Gross Carrying Amount
Balance as at 1st April, 2018 1,879.27 662.76 3,425.62 826.52 281.16 170.72 115.93 40.92 - - 68.01 791.77 17,989.42 26,252.10
Reclassified on account of adoption of Ind
- (662.76) - - - - - - - - - - - (662.76)
AS 116
Additions 129.27 - 1,434.67 31.89 - 79.91 39.80 1.70 - - 18.20 599.98 5,284.86 7,620.28
Disposals / Adjustments (170.53) - - - - - - 0.05 - - - 0.08 0.92 (169.48)
Balance as at 31st March, 2019 2,179.07 - 4,860.29 858.41 281.16 250.63 155.73 42.57 - - 86.21 1,391.67 23,273.36 33,379.10
Additions 74.15 - 2,177.02 75.68 55.50 28.90 15.97 8.75 - - 25.23 952.56 5,694.74 9,108.50
Disposals / Adjustments - - - - 1.10 0.88 - - - 0.08 - 0.63 2.69
Additions 71.37 - 328.05 13.04 - 19.44 31.39 0.76 - - 34.81 38.00 362.09 898.95
Disposals / Adjustments - - - - - 0.02 - 1.20 - - - - 12.69 13.91
Balance as at 30th September, 2020 2,324.59 - 7,365.36 947.13 336.66 297.85 202.21 50.88 - - 146.17 2,382.23 29,316.87 43,369.95
Additions 102.39 - 448.86 37.87 - 54.73 77.07 13.51 - - 52.70 194.11 910.80 1,892.04
Disposals / Adjustments - - - - - 0.02 - 5.14 - - 0.70 - 13.12 18.98
Addition on acquisition of subsidiary 639.95 - 1,006.55 - - - - 21.13 140.76 47.24 42.35 - 3,670.06 5,568.04
Additions 24.92 - 242.82 146.53 - 11.70 32.74 2.72 - - 10.39 107.09 673.22 1,252.13
Foreign Exchange Translation (5.63) - (9.48) - - - - (0.21) (1.38) (0.46) (0.43) - (36.02) (53.61)
Disposals / Adjustments - - - - - 0.51 - - - - 0.05 - 5.22 5.78
Balance as at 30th September, 2021 3,014.85 - 8,726.06 1,118.49 336.66 344.33 280.63 83.33 139.38 46.78 215.62 2,645.43 34,167.19 51,118.75
II. Accumulated Depreciation
Balance as at 1st April, 2018 - 6.35 434.10 30.83 14.95 79.62 61.87 18.74 - - 22.65 263.88 2,650.39 3,583.38
- (6.35) - - - - - - - - - - - (6.35)
AS 116
Depreciation expense - - 196.17 19.47 4.73 32.30 21.98 5.34 - - 9.42 205.36 1,262.06 1,756.83
Disposals / Adjustments - - - - - - - 0.01 - - - 0.08 0.16 0.25
Balance as at 31st March, 2019 - - 630.27 50.30 19.68 111.92 83.85 24.07 - - 32.07 469.16 3,912.29 5,333.61
Disposals / Adjustments - - - - 0.94 0.73 - - - 0.06 - 0.18 1.91
Depreciation expense - - 164.01 10.02 3.73 20.90 12.19 2.65 - - 6.18 107.27 823.45 1,150.40
Disposals / Adjustments - - - - - 0.01 - 1.12 - - - - 5.63 6.76
Balance as at 30th September, 2020 - - 1,043.38 80.72 29.47 172.64 117.66 30.97 - - 48.49 776.82 6,248.40 8,548.55
Disposals / Adjustments - - - - - 0.02 - 3.79 - - 0.32 - 5.63 9.76
Balance as at 31st March, 2021 - - 1,207.95 90.36 33.18 194.93 134.13 31.20 - - 55.26 882.85 7,070.51 9,700.37
Addition on acquisition of subsidiary - - 136.81 - - - - 20.32 44.26 21.56 24.21 - 1,712.47 1,959.63
Depreciation expense - - 174.45 9.96 3.74 22.62 19.97 3.23 1.94 0.61 8.18 111.88 894.08 1,250.66
Foreign Exchange Translation - - (2.07) - - - - (0.20) (0.44) (0.21) (0.24) - (16.94) (20.10)
Disposals / Adjustments - - - - - 0.40 - - - - 0.04 - 2.40 2.84
Balance as at 30th September, 2021 - - 1,517.14 100.32 36.92 217.15 154.10 54.55 45.76 21.96 87.37 994.73 9,657.72 12,887.72
III. Net Carrying Amount
As at 31st March, 2019 2,179.07 - 4,230.02 808.11 261.48 138.71 71.88 18.50 - - 54.14 922.51 19,361.07 28,045.49
As at 31st March, 2020 2,253.22 - 6,157.94 863.39 310.92 126.68 65.35 21.88 - - 69.05 1,674.68 23,536.89 35,080.00
As at 30th September, 2020 2,324.59 - 6,321.98 866.41 307.19 125.21 84.55 19.91 - - 97.68 1,605.41 23,068.47 34,821.40
As at 31st March, 2021 2,355.61 - 6,278.22 881.60 303.48 138.21 113.76 28.49 - - 108.10 1,655.49 22,794.64 34,657.60
As at 30th September, 2021 3,014.85 - 7,208.92 1,018.17 299.74 127.18 126.53 28.78 93.62 24.82 128.25 1,650.70 24,509.47 38,231.03
Note 1: Information on Property, Plant and Equipment pledged as security by the Group (Refer Note 17 & 20)
247
b) Right of Use Assets

Amount in ₹ Mn
Plant &
PARTICULARS Land Building Right of Way Total
Machinery
Office & Guest
Warehouse
House
Balance as at 1st April, 2018 38.83 295.92 208.80 - 38.24 581.79
662.76 - - - - 662.76
AS 116
Additions 833.33 278.90 39.81 5.29 2.89 1,160.22
Disposals / Adjustments 170.53 - - - - 170.53
Balance as at 31st March, 2019 1,364.39 574.82 248.61 5.29 41.13 2,234.24
Additions 344.94 237.54 4.50 - - 586.98

Disposals / Adjustments - 25.74 3.96 - - 29.70
Additions 7.85 76.68 1.66 2.94 - 89.13

Disposals / Adjustments - - - - - -
Balance as at 30th September, 2020 1,717.18 863.30 250.81 8.23 41.13 2,880.65
Additions 10.80 306.27 59.05 8.15 - 384.27
Addition on acquisition of subsidiary 71.22 56.22 43.49 - - 170.93

Additions 2.63 236.28 58.71 9.95 - 307.57
Foreign Exchange Translation (0.70) (0.55) (0.43) - - (1.68)
Balance as at 30th September, 2021 1,793.28 1,166.03 223.66 23.39 41.13 3,247.49

Balance as at 1st April, 2018 - - - - - -
6.35 - - - - 6.35
AS 116
Amortization expense (Refer Note 34) 16.60 131.46 35.85 1.91 3.15 188.97
Balance as at 31st March, 2019 22.95 131.46 35.85 1.91 3.15 195.32
Balance as at 30th September, 2020 78.98 441.11 103.04 8.23 8.33 639.69
Addition on acquisition of subsidiary 32.76 43.21 23.71 - - 99.68

Foreign Exchange Translation (0.33) (0.43) (0.24) - - (1.00)
As at 30th September, 2021 171.16 598.62 83.80 13.83 11.77 879.18

As at 31st March, 2019 1,341.44 443.36 212.76 3.38 37.98 2,038.92
As at 31st March, 2020 1,659.57 454.12 168.47 - 34.53 2,316.69
As at 30th September, 2020 1,638.20 422.19 147.77 - 32.80 2,240.96
As at 31st March, 2021 1,612.11 475.70 85.99 2.41 31.09 2,207.30
As at 30th September, 2021 1,622.12 567.41 139.86 9.56 29.36 2,368.31
248
c) Intangible Assets
Amount in ₹ Mn
Computer
PARTICULARS
Software
Balance as at 1st April, 2018 111.37
Additions 178.26
Disposals / Adjustments -
Balance as at 31st March, 2019 289.63
Additions 44.34
Additions 11.12
Balance as at 30th September, 2020 345.09
Additions 32.11
Addition on acquisition of subsidiary 65.52

Additions 6.91
Foreign Exchange Translation (0.64)

Balance as at 1st April, 2018 52.96
Amortisation expense 47.33
Addition on acquisition of subsidiary 45.85


As at 31st March, 2019 189.34
As at 31st March, 2020 181.93
As at 30th September, 2020 161.51
As at 31st March, 2021 148.98
d) Capital Work in Progress

Amount in ₹ Mn
As at 30th As at 30th As at As at As at
PARTICULARS September, September, 31st March, 31st March, 31st March,
2021 2020 2021 2020 2019
Capital Work in Progress 6,878.62 4,221.24 5,305.29 3,248.93 5,703.87
6,878.62 4,221.24 5,305.29 3,248.93 5,703.87
Note 1: Includes expense directly attributable to construction period of ₹ 119.19 Mn (September 30,2020: ₹ 57.61 Mn, March 31,2021: ₹ 87.34 Mn, March 31,2020: ₹ 31.62 Mn,March 31,2019: ₹ 44.28 Mn). (Refer Note 34)
249
Capital Work in Progress ageing schedule: Amount in ₹ Mn

more than 3
Periods in progress Less than 1 year 1-2 years 2-3 years Total
years
As at 30th September, 2021 4,050.99 2,118.27 582.03 127.32 6,878.61
As at 30th September, 2020 3,535.27 547.72 136.36 1.89 4,221.24
As at 31st March, 2021 3,998.58 1,041.69 263.16 1.86 5,305.29
As at 31st March, 2020 2,965.50 281.30 2.13 - 3,248.93
As at 31st March, 2019 4,480.63 1,204.73 17.53 0.98 5,703.87
Note: The Company does not have any project temporary suspended or any CWIP which is overdue or has exceeded its cost compared to its original plan and hence CWIP completion schedule is not applicable.
e) Goodwill
Amount in ₹ Mn
PARTICULARS Goodwill

Balance as at 1st April, 2018 -
Recognised pursuant to business
-
combination
Balance as at 31st March, 2019 -

-
combination

-
combination
Balance as at 30th September, 2020 -

-
combination

562.21
combination

Balance as at 1st April, 2018 -
Impairment loss -
Impairment loss -
Impairment loss -

Impairment loss -
Impairment loss -

As at 31st March, 2019 -
As at 30th September, 2020 -
250
NOTE : 4
INVESTMENTS :
NON CURRENT INVESTMENTS
Unquoted
Investment in Equity Instruments (At amortised cost)
In Equity Shares of Joint Ventures
37,56,150 (September 30,2020: 37,56,150, March 31,2021: 37,56,150 , March

31,2020: 37,56,150, March 31,2019: 37,56,150) fully paid Equity Shares of ₹ 10/- each 542.88 484.06 527.74 422.12 338.01
of Vishakha Polyfab Private Limited
50,05,000 (September 30,2020: 50,05,000, March 31, 2021: 50,05,000, March 31,
2020: 50,05,000, March 31, 2019: 50,05,000) fully paid Equity Shares of ₹ 10/- 250.05 250.05 250.05 250.05 250.05
each of AWN Agro Private Limited
Less : Diminution in the value of investment 250.05 250.05 250.05 250.05 250.05
- - - - -
4,30,00,000 (September 30,2020: 4,30,00,000, March 31, 2021: 4,30,00,000,
March 31, 2020: 4,30,00,000, March 31, 2019: 4,30,00,000) fully paid Equity 873.18 720.54 852.87 606.29 386.91
Shares of ₹ 1/- each of KOG KTV Food Products (India) Private Limited
1,12,525 (September 30,2020:1,12,525, March 31, 2021: 1,12,525, March 31, 2020:
1,12,525, March 31, 2019: 1,12,525) fully paid Equity Shares of ₹ 100/- each of K.T.V. 1,575.94 1,233.65 1,388.36 981.78 696.90
Health Food Private Limited
Investment in Equity Instruments (At fair value through Profit and Loss)
2020: 31,20,000, March 31, 2019: 31,20,000) fully paid Equity Shares of ₹ 10/- each 31.20 31.20 31.20 31.20 31.20
of Gujarat Agro Infrastructure Mega Food Park Private Limited
1,25,000 (September 30,2020: 1,25,000, March 31, 2021: 1,25,000, March 31, 2020:
1,25,000, March 31, 2019: 1,25,000) fully Paid Equity Shares of ₹ 10/- each of 1.25 1.25 1.25 1.25 1.25
Federation of Oils Processors at Krishnapatnam
In Preference Shares (At fair value through Profit and Loss)

2020: 20,80,000, March 31, 2019: 20,80,000) fully paid 0% Non Cumulative
19.88 18.13 18.97 17.29 15.76
Redeemable Preference Shares of ₹ 10/- each of Gujarat Agro Infrastructure Mega
Food Park Private Limited
Investment in Government Securities (At amortised cost)

(Lodged with Government Departments)
National Saving Certificates 0.23 0.23 0.23 0.23 0.23
3,044.56 2,489.06 2,820.62 2,060.16 1,470.26

Aggregate amount of Unquoted Investments 3,294.38 2,738.88 3,070.44 2,309.98 1,720.08
Aggregate Provision for diminution in the value of Investments 250.05 250.05 250.05 250.05 250.05
Notes:
a) Value of Deemed Investment accounted in Joint Ventures in terms of fair valuation under Ind AS 109
KOG KTV Food Products(India) Private Limited 30.00 30.00 30.00 25.00 20.00
K.T.V. Health Food Private Limited 30.00 30.00 30.00 25.00 20.00
60.00 60.00 60.00 50.00 40.00
b) Reconciliation of Fair value measurement of the investment in unquoted 0% Non Cumulative Redeemable Preference Shares
Opening Balance 18.97 17.29 17.29 15.76 20.80
Net Gain / (Loss) on fair valuation of Investment recognised in Profit and Loss
0.91 0.84 1.68 1.53 (5.04)
Statement
Closing Balance 19.88 18.13 18.97 17.29 15.76
NOTE : 5
OTHER FINANCIAL ASSETS
NON CURRENT
Unsecured considered good
Security Deposit 234.06 181.00 178.69 209.19 220.51
Margin Money Deposit* 91.09 10.19 22.18 117.47 8.71
Incentive Receivables 124.45 128.26 124.45 128.26 128.26
449.60 319.45 325.32 454.92 357.48
*Placed as margin for Bank Guarantee, Buyer's credit and Letter of Credit facilities.
251
NOTE : 6
OTHER NON CURRENT ASSETS
Capital Advances 545.55 454.79 550.98 397.55 1,059.41
Prepaid Expenses 10.82 9.52 5.92 13.06 16.79
Deposit with Government Authorities 471.25 731.69 424.91 775.59 796.56
1,027.62 1,196.00 981.81 1,186.20 1,872.76
NOTE : 7
INVENTORIES
(At lower of cost and net realizable value)
Raw Material (Including stock in transit of ₹ 6,972.05 Mn (September 30,2020: ₹
3,164.28 Mn, March 31, 2021: ₹ 1,284.69 Mn, March 31, 2020: ₹ 1,217.49 Mn, March 41,815.50 28,788.01 22,136.86 21,812.62 19,346.73
31, 2019: ₹ 2,396.23 Mn))
Finished Goods (Including stock in transit of ₹ 408.58 Mn (September 30, 2020: ₹

485.83 Mn, March 31, 2021: ₹ 622.48 Mn, March 31, 2020: ₹ 164.42 Mn, March 31,
31,333.13 18,087.06 23,445.78 14,075.80 18,769.23
2019: ₹ 555.08 Mn))
Stores, Chemicals, Packing Materials, Fuel and Scheme Materials (Including stock in
transit of ₹ 49.30 Mn (September 30, 2020: ₹ 31.93 Mn, March 31, 2021: ₹ 8.40 Mn, 2,194.18 1,934.62 1,859.97 2,122.49 2,042.46
March 31, 2020: ₹ 23.46 Mn, March 31, 2019: ₹ 14.92 Mn))
By Products 309.27 225.98 334.39 253.39 257.45
75,652.08 49,035.67 47,777.00 38,264.30 40,415.87
NOTE : 8
INVESTMENTS
Unquoted mutual funds (At fair value through profit and loss)
Nil (September 30,2020: 1,56,27,246.568 units of ₹ 10 each SBI
- 499.98 - - -
Savings Fund - Regular Plan - Growth)
146,862.261 units (March 31, 2021: 1,49,182.352 units of ₹ 1,000
500.02 - 500.02 - -
each in SBI Overnight Fund -Growth)
500.02 499.98 500.02 - -
Aggregate carrying value of unquoted Mutual Funds 500.02 499.98 500.02 - -
Aggregate net assets value of unquoted Mutual Funds 500.02 499.98 500.02 - -
NOTE : 9
TRADE RECEIVABLES
Considered good - Secured 5,470.62 3,136.11 3,549.18 2,129.90 2,815.72
Considered good - Unsecured 13,105.93 8,542.32 11,602.18 7,081.88 9,764.76
Considered doubtful - Unsecured 34.87 4.16 25.28 4.16 3.10
Less: Provision for credit loss (34.87) (4.16) (25.28) (4.16) (3.10)
18,576.55 11,678.43 15,151.36 9,211.78 12,580.48
Notes:
a) No trade receivables are due from directors or other officers of the Group either severally or jointly with any other person nor any trade or other receivable are due from firms or private
companies in which any director is a partner, a director or a member.
b) Above balances with trade receivables include balances with related parties. (Refer Note 37)
Trade Receivables ageing schedule:

Trade Receivables ageing as at September 30, 2021 Amount in ₹ Mn
Outstanding for following periods from due date of payment
Particulars Total
Not Due 0- 6 Months 6 - 12 Months 1-2 Years 2-3 Years above 3 Years
Undisputed Trade Receivables– considered good 16,538.96 1,883.32 153.76 0.51 - - 18,576.55
Undisputed Trade Receivables– considered

- 10.07 4.69 17.34 0.58 2.19 34.87
doubtful
Total 16,538.96 1,893.39 158.45 17.85 0.58 2.19 18,611.42
Trade Receivables ageing as at September 30, 2020 Amount in ₹ Mn

Particulars Total

- - 1.18 0.79 2.19 - 4.16
doubtful
Total 10,593.41 1,069.96 15.73 1.30 2.19 - 11,682.59
Trade Receivables ageing as at March 31, 2021 Amount in ₹ Mn

Particulars Total

- 4.73 3.59 14.45 2.51 - 25.28
doubtful
Total 13,543.55 1,610.94 5.11 14.53 2.51 - 15,176.64
252

Particulars Total

- 1.22 0.43 2.51 - - 4.16
doubtful
Total 7,793.76 1,416.74 2.53 2.91 - - 9,215.94

Particulars Total
Undisputed Trade Receivables– considered good 11,500.88 1,056.36 21.39 0.42 0.42 1.01 12,580.48

- 0.10 2.19 - 0.81 - 3.10
doubtful
Total 11,500.88 1,056.46 23.58 0.42 1.23 1.01 12,583.58
NOTE : 10
CASH AND CASH EQUIVALENTS
Cash on Hand 0.30 - - - -
In Current Account 1730.76 510.63 572.51 970.00 786.88
Deposits with original maturity of less than three months - - - 2,490.00 -
Matured fixed deposits - - - - 1.69
1,731.06 510.63 572.51 3,460.00 788.57
NOTE : 11
OTHER BANK BALANCE
Margin Money Deposits* 9,001.34 13,108.23 4,992.04 4,794.38 5,311.81
Other Earmarked Deposits** 6,262.46 5,018.63 6,320.09 6,066.63 6,054.23
15,263.80 18,126.86 11,312.13 10,861.01 11,366.04
*Placed as margin for Bank Guarantee, Buyer's credit and Letter of Credit facilities.
**Lien marked against Overdraft Facilities.
NOTE : 12
LOANS
CURRENT
Unsecured considered good
Loan to Employees 20.06 17.79 20.14 21.13 13.20
Loans to Related Parties (Refer Note 37)
- Considered good 410.50 409.31 410.50 410.50 410.50
- Considered Doubtful 119.11 120.30 119.11 120.30 120.30
Less: Provision for Doubtful Loans (119.11) (120.30) (119.11) (120.30) (120.30)
430.56 427.10 430.64 431.63 423.70
NOTE : 13
OTHER FINANCIAL ASSETS
CURRENT
Unsecured, considered good
Security Deposits 251.93 165.96 162.21 147.24 107.42
Interest Accrued But Not Due 57.07 37.92 81.19 180.81 121.49
Insurance Claim Receivable 117.01 21.63 79.30 15.79 49.23
Derivatives / Forward Contracts Receivables 1,641.49 1,710.53 76.62 2,614.72 1,889.85
Incentive Receivables* 1,089.88 993.34 894.52 772.13 253.45
Other Receivable (Refer Note 37)
- Considered good 4.50 9.46 10.10 15.99 53.26
- Considered Doubtful 13.99 11.25 13.99 11.25 11.25
Less: Provision for Credit Losses (13.99) (11.25) (13.99) (11.25) (11.25)
3,161.88 2,938.84 1,303.94 3,746.68 2,474.70

*It includes tax incentives, GST refund etc.
NOTE : 14
OTHER CURRENT ASSETS
Advances for goods and services 1,200.40 435.47 998.46 390.93 2,865.11
Prepaid Expenses 459.67 369.39 360.31 199.76 358.99
Export Benefit Receivable 305.16 119.39 117.55 33.75 205.11
Licenses - Merchandise Exports from India Scheme 1.89 2,111.23 1.14 572.24 170.15
Balances / Deposits with Government Authorities 9,254.23 7,563.30 8,286.21 6,142.54 4,665.77
11,221.35 10,598.78 9,763.67 7,339.22 8,265.13
253
NOTE : 15
EQUITY SHARE CAPITAL
AUTHORISED SHARE CAPITAL
3,62,76,00,000 Equity Shares of ₹ 1/- each (September 30, 2020: 36,27,60,000,

March 31, 2021: 36,27,60,000, March 31, 2020: 36,27,60,000, March 31, 2019: 3,627.60 3,627.60 3,627.60 3,627.60 3,627.60
36,27,60,000 Equity Shares of ₹ 10/- each)*
3,627.60 3,627.60 3,627.60 3,627.60 3,627.60

ISSUED, SUBSCRIBED AND FULLY PAID-UP SHARE CAPITAL
1,14,29,48,860 fully paid up Equity Shares of ₹ 1/- each (September 30, 2020:
11,42,94,886, March 31, 2021: 11,42,94,886, March 31, 2020: 11,42,94,886, March 31, 1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
2019: 11,42,94,886 fully paid up Equity Shares of ₹ 10/- each)*
1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
Reconciliation of Equity Shares outstanding at the beginning and at the end of the reporting period
PARTICULARS
At the beginning of the period / year
- Number of shares 114,294,886 114,294,886 114,294,886 114,294,886 114,294,886
- In ₹ Mn 1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
Change during the period / year
Increase in Equity Shares on account of subdivision of face value from ₹ 10/- to ₹ 1/-
each*
- Number of shares 1,028,653,974 - - - -
- ₹ in Mn - - - - -
At the end of the period / year
- Number of shares 1,142,948,860 114,294,886 114,294,886 114,294,886 114,294,886
- ₹ in Mn 1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
*Pursuant to the approval of Board of Director in its meeting held on dated May 04,2021 and approval of the shareholders in Extraordinary General Meeting held dated May 05, 2021, the face
value of equity shares ₹ 10 per share were subdivided into 10 equity shares having face value of ₹ 1 per share. As a result the number of equity shares of the Company has increased from
11,42,94,886 to 1,14,29,48,860.
Terms / rights attached to equity shares:

The Company has only one class of equity shares having a par value of ₹ 1 per share (September 30,2020, March 31, 2021, March 31,2020, March 31, 2019: ₹ 10 per share). Each holder of equity
shares is entitled to one vote per share. In the event of liquidation of the Company the holder of the Equity Shares will be entitled to receive remaining assets of the Company after distribution of
all preferential amount. The distribution will be in proportion to the number of Equity Shares held by the shareholders. The dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
Details of shareholders holding more than 5% shares in the Company and details of shares held by promoters:
PARTICULARS
Adani Commodities LLP and its nominees
- Number of shares 571,474,430 57,147,443 57,147,443 57,147,443 57,147,443
- % of Holding 50% 50% 50% 50% 50%
- % Change during the period / year - - - - -
Lence Pte Limited
- Number of shares 571,474,430 57,147,443 57,147,443 57,147,443 57,147,443
- % of Holding 50% 50% 50% 50% 50%
- % Change during the period / year - - - - -
Total
- Number of shares 1,142,948,860 114,294,886 114,294,886 114,294,886 114,294,886
- % of Holding 100% 100% 100% 100% 100%
As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownership of shares.
254
NOTE : 16
OTHER EQUITY
Securities Premium
Opening Balance 4,538.90 4,538.90 4,538.90 4,538.90 4,538.90
Closing Balance 4,538.90 4,538.90 4,538.90 4,538.90 4,538.90
General Reserve
Opening Balance 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
Closing Balance 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
Amalgamation Reserve
Opening Balance 778.16 778.16 778.16 778.16 778.16
Closing Balance 778.16 778.16 778.16 778.16 778.16
Capital Reserve On Consolidation

Opening Balance 1.06 1.06 1.06 1.06 1.06
Closing Balance 1.06 1.06 1.06 1.06 1.06
Retained Earnings
Opening Balance 25,020.34 17,745.90 17,745.90 13,149.00 9,402.82
Add : Profit for the period / year 3,571.33 2,887.89 7,276.49 4,608.72 3,755.21
Less : Re-measurement losses on defined benefit plans (net of tax) (12.80) (8.04) (2.05) (11.82) (9.03)
Closing Balance 28,578.87 20,625.75 25,020.34 17,745.90 13,149.00

Foreign Currency translation reserve
Opening Balance - - - - -
Add/(Less):- Changes during the period / year (25.78) - - - -
Closing Balance (25.78) - - - -
35,371.21 27,443.87 31,838.46 24,564.02 19,967.12

Notes:
a) Security premium represents the premium received on issue of shares over and above the face value of Equity Shares. Such amount is available for utilization in accordance of the Provisions of
the Companies Act, 2013.
b) The general reserve is used from time to time to transfer profit from retained earnings for apportion purposes. As the general reserve is created by a transfer from one component of equity to
another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.
c) Amalgamation reserve represents the surplus arises in the course of amalgamation of wholly owned subsidiary companies. The said reserve shall be treated as free reserve available for
distribution as per the scheme approved by Hon'ble Gujarat High Court.
d) The Group recognises profit and loss on purchase, sale, issue or cancellation of the Group’s own equity instruments to Capital reserve.
e) The portion of profits not distributed among the shareholders are termed as Retained Earnings. The Group may utilize the retained earnings for making investments for future growth and
expansion plans or any other purpose as approved by the Board of Directors of the Company.
f) Exchange differences relating to translation of results and net assets of the group's foreign operations from their functional currencies to the group's presentation currency (i.e. rupees) are
recognised directly in other comprehensive income and accumulated in foreign currency translation reserve. Exchange difference previously accumulated in the foreign currency translation
reserve are reclassified to profit or loss on the disposal of the foreign operation.
NOTE : 17
NON CURRENT BORROWINGS
Term Loans
From Banks ( Secured) 9,408.39 10,945.28 10,240.94 11,463.06 9,645.32
From Other Parties (Unsecured) - 0.43 - 0.84 1.61
9,408.39 10,945.71 10,240.94 11,463.90 9,646.93
Amount grouped under “Current maturities of Non Current Borrowings” (Refer Note
2,836.75 2,053.30 2,745.61 1,390.57 885.38
20)
12,245.14 12,999.01 12,986.55 12,854.47 10,532.31
Details of Security :
Repayment Security note
Particulars 30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
Commence From reference
Cooperative Rabo Bank U.A. Hong Kong March 2020 Note 1 1,322.78 1,463.97 1,421.26 1,532.22 1,400.39
Cooperative Rabo Bank U.A. Hong Kong December 2021 Note 1 742.30 - 731.10 - -
Bank of India December 2012 Note 2(i) & 2(ii) - - - 13.77 76.21
HDFC Bank Ltd. June 2017 Note 2(i) & 2(ii) 41.10 123.30 82.20 164.40 246.59
IDFC Bank Ltd. June 2016 Note 2(ii) - - - - 710.00
HDFC Bank Ltd. September 2016 Note 2(i) & 2(ii) 195.00 447.50 322.50 560.00 747.50
RBL Bank Ltd. June 2018 Note 2(i) & 2(ii) 111.45 227.03 169.24 284.82 400.40
RBL Bank Ltd. June 2019 Note 2(i) & 2(ii) 250.00 583.33 416.67 750.00 1,000.00
Bank of Baroda April 2020 Note 2(i) & 2(ii) 2,147.20 2,391.21 2,342.40 2,440.00 2,440.00
India EXIM Bank April 2020 Note 2(i) & 2(ii) 1,002.23 1,116.12 1,093.34 1,138.90 1,138.90
HDFC Bank Ltd. April 2020 Note 2(i) & 2(ii) 1,073.60 1,195.60 1,171.20 1,220.00 1,220.00
Cooperative Rabo Bank U.A. Mumbai April 2020 Note 2(i) & 2(ii) 1,073.60 1,195.60 1,171.20 1,220.00 1,220.00
HDFC Bank December 2019 Note 2(i) & 2(ii) 495.00 570.00 540.00 600.00 -
AXIS Bank September 2020 Note 2(i) & 2(ii) 583.33 918.88 750.00 1,000.00 -
State Bank Of India June 2021 Note 2(i) & 2(ii) 1,873.03 2,000.00 2,000.00 2,000.00 -
India EXIM Bank June 2021 Note 2(i) & 2(ii) 761.00 840.00 840.00 - -
The City Bank Limited January 2021 Note 3 629.88 - - - -
Unamortized ancillary cost on Term Loan (56.80) (74.77) (65.40) (71.25) (70.01)
Other Parties
CISCO Capital July 2019 0.44 1.24 0.84 1.61 2.33
Total (Current and Non Current Borrowing) 12,245.14 12,999.01 12,986.55 12,854.47 10,532.31
255
Maturity profile of borrowings outstanding : Amount in ₹ Mn

Interest rate range as
Borrowings at Total carrying value* <1 year 1-5 years >5 years
September 30, 2021
Term loan from banks 3.09% to 9.20% 12,301.51 2,853.24 9,342.03 106.24
Financial Institutions Loan 7.95% 0.43 0.43 - -
Total 12,301.94 2,853.67 9,342.03 106.24
*Excluding Unamortized ancillary cost on Term Loan of ₹ 56.80 Mn.
Notes:
1 ECB Term Loan is secured by :-
( i ) First pari passu charge by way of equitable mortgage by deposit of title deeds in favor of SBICAP Trustee Company Limited in respect of immovable properties of the Company wherever
situated both present and future and hypothecation of all movable tangible assets of the Company both present and future.
( ii ) Second pari-passu charge by way of hypothecation in favor of SBICAP Trustee Company Ltd. of all inventories including stores and spares, book debts, receivables, advances and other current
assets of the Company both present and future.
( iii ) First ranking exclusive charge over prepayment assets which include the prepayment account and prepayment amount of the Company in respect of ECB term loan.
2 Rupee Term Loans are secured by :-

( i ) First pari passu charge by way of equitable mortgage by deposit of title deeds in favor of SBICAP Trustee Company Limited in respect of immovable properties of the Company wherever
situated both present and future and hypothecation of all movable assets of the Company both present and future.
( ii ) Second pari-passu charge by way of hypothecation in favor of SBICAP Trustee Company Ltd. of all inventories including stores and spares and book debts, receivables, advances and other
current assets of the Company both present and future. (Except prepayment assets which include the prepayment account and prepayment amount of the Company in respect of ECB term loan).
3 ( i ) Registered mortgage on leasehold property at Mongla Port Industrial Area, Bagerhat, Bangladesh.
( ii ) Registered first ranking charge by way of Hypothecation over Plant and Machineries, Stocks, Book Debts, Receivables, Raw Materials, Finished Goods and all other Floating Assets of Shun
Shing Edible Oil Limited both present & future.
NOTE : 18
OTHER FINANCIAL LIABILITIES
NON CURRENT
Security Deposits from Customers and Others 4,263.16 2,785.04 3,718.07 2,518.14 2,424.51
Retention Money 2.16 0.50 2.25 0.51 0.80
4,265.32 2,785.54 3,720.32 2,518.65 2,425.31
NOTE : 19
PROVISIONS
NON CURRENT
Provision for Compensated Absences 144.08 133.76 129.41 120.16 93.64
Provision for Gratuity 389.71 144.29 145.78 127.99 98.68
533.79 278.05 275.19 248.15 192.32
NOTE : 20
CURRENT BORROWINGS
From Banks (Secured)
- Export Packing Credit - 500.00 229.21 2,352.82 4,605.03
- Buyers Credit 4,548.98 4,152.98 2,695.22 5,078.95 -
- Overdraft Facility 494.26 3,481.32 2,840.47 1,372.77 3,157.22
- Working Capital Loan 33.29 - 288.63 1,343.75 -
From Banks (Unsecured)
- Buyers Credit 2,121.88 - - - -
Current Maturities of Non Current Borrowings (Refer Note 17) 2,836.75 2,053.30 2,745.61 1,390.57 885.38
10,035.16 10,187.60 8,799.14 11,538.86 8,647.63
Notes:
1 Working capital facilities are secured by :-
( i ) First pari passu charge by way of hypothecation in favor of SBICAP Trustee Company Limited of all inventories including stores, spares, book debts, receivables, advances and other current
assets of the Company both present and future. (except prepayment assets which include the prepayment account and prepayment amount of the company in respect of ECB term loan).
( ii ) Second pari passu charge by way of equitable mortgage by deposit of title deeds in favor of SBICAP Trustee Company Limited in respect of immovable properties of the Company wherever
situated, both present and future and hypothecation of all movable assets of the Company both present and future.
( iii ) First Registered Hypothecation (Pari-Passu basis among Eastern Bank Ltd., Standard Chartered Bank &. HSBC Ltd.) on the book debts, stocks of raw materials, work-in-process and finished
goods of Bangladesh Edible Oil Limited.
( iv )The rate of interest for above working capital facilities as at September 30,2021 are as follows:
Buyers Credit ( In Foreign Currency) : Libor + spread i.e. from 0.50% to 1.71% .
Export Packing Credit : 7.25% to 8.20%
Overdraft Facility from Banks : 3.15% to 4.65%
Working Capital Loan : 9%
NOTE : 21
TRADE PAYABLES
Acceptances 72,909.78 55,671.66 53,177.50 43,649.87 43,293.85
Other than acceptances
- Total outstanding dues of Micro and Small Enterprises (Refer Note 39) 636.57 180.31 760.30 60.82 1.79
- Total outstanding dues other than Micro and Small Enterprises * 31,112.94 14,257.59 8,705.87 13,260.22 23,208.07
104,659.29 70,109.56 62,643.67 56,970.91 66,503.71
* Balances with trade payables include balances with related parties. (Refer Note 37)
256
Trade Payables ageing schedule:

Trade Payables ageing as at September 30, 2021 Amount in ₹ Mn
Particulars Total
Not Due Less than 1 year 1-2 Years 2-3 Years above 3 Years
Micro and Small Enterprises ("MSME") 246.29 390.28 - - - 636.57
Others 89,258.07 10,840.74 47.11 8.25 42.27 100,196.44
Unbilled dues 3,826.28 - - - - 3,826.28
Total 93,330.64 11,231.02 47.11 8.25 42.27 104,659.29
Trade Payables ageing as at September 30, 2020 Amount in ₹ Mn

Particulars Total
Others 59,575.62 5,802.94 57.29 47.49 49.99 65,533.33
Unbilled dues 4,395.92 - - - - 4,395.92
Total 64,058.05 5,896.74 57.29 47.49 49.99 70,109.56
Trade Payables ageing as at March 31, 2021 Amount in ₹ Mn

Particulars Total
Others 57,039.41 2,703.94 12.52 18.70 35.57 59,810.13
Unbilled dues 2,073.24 - - - - 2,073.24
Total 59,588.37 2,988.52 12.52 18.70 35.57 62,643.67

Particulars Total
Others 51,589.80 2,812.44 102.97 30.70 64.83 54,600.74
Unbilled dues 2,309.35 - - - - 2,309.35
Total 53,899.17 2,873.24 102.97 30.70 64.83 56,970.91

Particulars Total
Micro and Small Enterprises ("MSME") 1.32 0.47 - - 1.79
Others 48,539.64 15,260.91 0.59 101.95 46.34 63,949.43
Unbilled dues 2,552.49 - - - - 2,552.49
Total 51,093.45 15,261.38 0.59 101.95 46.34 66,503.71
NOTE : 22
OTHER FINANCIAL LIABILITIES
CURRENT
Interest Accrued 260.88 214.63 102.20 302.21 230.10
Financial Guarantee - 5.34 0.30 0.30 0.33
Capital Creditors and Retention Money 677.45 628.55 759.68 1,305.37 1,539.35
Derivative Instruments / Forward Contracts Payable 1,545.86 4,597.84 4,145.44 39.42 921.63
Security Deposits from Customers and Others 14.17 0.10 0.10 0.10 6.70
Employee Dues 76.68 108.26 65.65 73.25 64.76
2,575.04 5,554.72 5,073.37 1,720.65 2,762.87
NOTE : 23
OTHER CURRENT LIABILITIES
Statutory Dues (including provident fund, tax deducted at source, Goods and
264.12 97.64 147.77 139.18 267.56
Service Tax and others)
Contract Liability
- Advances from Customers 1,256.98 803.14 580.73 779.96 357.70
- Deferred Income of Loyalty Programme - 23.23 129.60 51.57 81.00
#
Other Liabilities 5,776.27 4,008.83 5,478.70 1,570.70 -
7,297.37 4,932.84 6,336.80 2,541.41 706.26

# Includes provision for Social Welfare Surcharge paid under protest which is shown under Balances / Deposits with Government Authorities.
NOTE : 24
PROVISIONS
CURRENT
Provisions for Compensated Absences 80.80 57.97 68.83 62.31 47.90
Provisions for Gratuity * * * 0.11 0.09
Provision For Workers' Participation Fund 22.39 - - - -
103.19 57.97 68.83 62.42 47.99

(* represents value less than ₹ 50,000)
257
NOTE : 25
REVENUE FROM OPERATIONS
I Sale of Products
Domestic Sales 231,692.66 149,820.23 342,932.51 266,589.22 255,312.30
Export Sales 16,509.52 11,819.04 27,461.55 29,270.87 31,660.06
248,202.18 161,639.27 370,394.06 295,860.09 286,972.36
II Other Operating Revenue

Export Benefit and Other Incentives 348.84 130.46 200.95 388.73 728.90
Sale of Scrap 108.40 65.50 159.39 180.17 141.89
Insurance Claim 78.85 35.13 129.94 115.23 116.91
Commission Income 6.92 15.50 19.88 26.14 14.53
248,745.19 161,885.86 370,904.22 296,570.36 287,974.59
Note 1 : Refer Note 41 for Reconciliation for the amount of revenue recognized in the statement of profit and loss with the contracted price.
NOTE : 26
OTHER INCOME
Interest Income on
- Bank Deposits and Inter Corporate Deposits 317.25 328.43 621.82 796.20 887.67
- Customer Dues 83.48 31.41 90.48 93.17 88.22
- Taxes Refund 5.63 6.38 29.99 1.42 27.67
- Others 6.54 6.90 8.64 30.59 1.53
412.90 373.12 750.93 921.38 1,005.09
Other Non Operative Income

- Rent Income 0.17 0.19 0.38 0.38 0.49
- Profit on Sale of Property, Plant and Equipment (Net) - - - 0.09 0.61
- Income from Pro Kabaddi Franchise 0
Share in Franchise Income - - - 60.89 79.33
Sale of Ticket - - - 9.90 7.29
Sponsorship and Advertisement Income - - - 15.50 67.55
- - - 86.29 154.17
- Sale of Franchise Rights 325.00 - - - -
- Sundry Balance Written back 11.71 11.62 84.88 15.13 -
- Provision No Longer Required Written Back - - - - 7.45
- Net Gain on sale / fair valuation of Investment at Fair Value 8.70 1.82 23.78
13.50
Through Profit and Loss (Refer Note 1 below) 1.51
- Net foreign exchange gain - 441.18 124.40 - -
- Fair Value Changes on Interest Rate Swap - - 1.30 - -
- Financial Guarantee 0.30 4.96 10.00 10.03 9.97
- Reversal of Provision for Doubtful Loans & Debts 0.51 - 1.19 - -
- Miscellaneous Income 63.58 18.89 70.58 64.38 20.66
827.67 851.47 1,052.36 1,099.50 1,222.22
Note 1 : Includes fair value gain/(loss) of Non Cumulative Redeemable Preference Share of ₹ 0.92 Mn (September 30, 2020: ₹ 0.84 Mn, March 31, 2021: ₹ 1.68 Mn, March 31, 2020: ₹ 1.53 Mn, March
31, 2019: ₹ (5.04 Mn)).
NOTE : 27
COST OF MATERIALS CONSUMED
Raw Material Consumed 213,698.22 131,281.96 313,047.22 214,075.72 208,988.97
Packing Material Consumed 5,952.07 4,455.89 9,713.33 9,189.80 9,459.52
219,650.29 135,737.85 322,760.55 223,265.52 218,448.49
NOTE : 28
CHANGES IN INVENTORIES OF FINISHED GOODS
AND BY PRODUCTS
Finished Goods and By Products

Opening Stock 23,780.17 14,329.20 14,329.20 19,026.69 19,379.64
Inventory acquired on acquisition of Subsidiary Company (Refer Note 46) 1,119.60 - - - -
Closing Stock 31,642.40 18,313.04 23,780.17 14,329.20 19,026.69
(6,742.63) (3,983.84) (9,450.97) 4,697.49 352.95
NOTE : 29
EMPLOYEE BENEFIT EXPENSES
Salaries, Wages and Bonus 1,502.89 1,392.52 2,916.31 1,945.92 1,842.43
Contribution to Provident and Other Funds 61.06 53.82 109.11 101.80 89.45
Gratuity Expenses 33.69 21.37 46.37 42.08 36.46
Workmen and Staff Welfare Expenses 108.81 53.80 145.38 149.54 100.51
1,706.45 1,521.51 3,217.17 2,239.34 2,068.85
258
NOTE : 30
FINANCE COSTS
Interest on Loans, Trade Credits and Others 1,189.97 1,410.86 2,686.15 3,723.48 3,052.51
Interest on Finance Lease (Refer Note 34) 29.91 35.36 63.41 72.42 60.77
Bank and Other Finance Charges 405.02 226.47 473.37 376.89 398.42
Fair Value Changes on Interest Rate Swap 1.64 6.77 - 9.86 -
Exchange Difference regarded as an Adjustment to Borrowing Costs 1,283.80 597.39 843.15 1,509.28 1,357.23
2,910.34 2,276.85 4,066.08 5,691.93 4,868.93
NOTE : 31
OTHER EXPENSES
Consumption of Chemicals and Consumables 1,526.68 1,276.78 2,749.39 2,764.36 2,768.18
Power and Fuel 2,199.43 1,907.49 3,949.74 3,647.62 3,501.59
Labour Charges 886.53 825.19 1,690.96 1,597.14 1,470.59
Franchise Expenses - - - 62.50 62.24
Storage Charges 266.22 263.62 534.46 546.05 396.19
Job Work Charges 256.38 161.68 319.16 477.55 438.31
Rates and Taxes 102.66 2,450.83 4,120.04 1,602.57 22.43
Factory and Office Expenses 316.82 276.98 563.58 495.94 382.64
Repairs and Maintenance:
- Plant & Equipment 115.40 82.30 229.46 250.73 247.19
- Building 50.85 33.34 93.66 118.13 108.77
- Others 25.15 13.33 29.86 36.04 20.43
191.40 128.97 352.98 404.90 376.39
IT Expenses 183.78 169.86 359.31 291.05 281.52

Insurance 260.42 182.40 392.07 254.11 214.51
Rent Expenses (Refer Note 40) 101.76 106.80 180.87 136.80 154.89
Postage and Telephone 29.66 24.09 50.12 51.94 59.58
Printing and Stationery 11.66 10.97 25.15 23.44 21.61
Net foreign exchange loss 659.64 - - 1,705.73 1,073.86
Loss on Sale of Property Plant and Equipment(Net) 1.42 5.99 4.14 0.05 -
Provision for Doubtful Loan - - - - 18.62
Electricity Expenses 15.84 12.83 24.69 26.98 21.46
Miscellaneous Expenses 30.65 15.58 72.92 21.80 2.09
Reversal of Other Incentives and Export Benefit - - - 40.42 63.78
Payment to Auditors
- Audit Fees 3.14 2.98 6.24 6.36 6.20
- Other Services 0.02 0.07 0.10 0.08 0.05
3.16 3.05 6.34 6.44 6.25
Legal, Professional Fees and Subscription 208.85 204.98 336.68 407.65 291.77
Donation 0.03 0.14 0.56 2.13 51.20
Corporate Social Responsibility Expenses (Refer Note 42) 72.66 74.50 119.70 101.15 72.25
Directors sitting fees (Refer Note 37) 0.30 - - 0.03 0.16
Travelling and Conveyance 102.10 50.96 154.41 264.29 266.22
Business Development and Promotion Expenses 1,795.98 1,561.49 2,553.76 2,849.63 1,879.32
Freight, Selling and Distribution Expenses 6,040.30 5,049.98 10,684.86 9,477.70 9,796.76
Brokerage, Commission and Service Charges 156.47 126.88 266.52 272.36 230.29
15,431.24 14,892.04 29,536.28 27,533.71 23,941.88
#REF! #REF!
259
32 Income Tax Expense :

The major component of income tax expenses are as under :
(i) Tax Expense reported in the Restated statement of Profit and Loss : Amount in ₹ Mn
Period Ended Period Ended
Year Ended Year Ended Year Ended
Particulars 30th September, 30th September,
31st March, 2021 31st March, 2020 31st March, 2019
2021 2020
Current Income tax
Current tax charges 866.18 3,180.15 2,819.44 1,569.38 1,273.29
Deferred Tax
Relating to origination and reversal of temporary differences 330.42 (1,824.09) (1,781.82) 521.78 824.69
Tax relating to earlier years
Impact of tax relating to earlier years (0.13) 0.06 1.08 (31.39) 24.97
Tax Expense reported in the restated Statement of Profit and Loss 1,196.47 1,356.12 1,038.70 2,059.77 2,122.95
Tax on Other Comprehensive Income ('OCI')

Deferred tax related to items recognized in OCI during the period / year
Tax impact on re-measurement gains on defined benefit plans (4.26) (4.27) (0.63) (6.34) (4.85)
Tax on Other Comprehensive Income ('OCI') (4.26) (4.27) (0.63) (6.34) (4.85)
(ii) Balance Sheet : Amount in ₹ Mn

AS AT AS AT
AS AT AS AT AS AT
2021 2020
Liabilities for Current Tax (net) (168.88) (2,547.76) (28.59) (143.74) (328.13)
Taxes Recoverable (net) 11.99 13.21 8.20 14.97 35.51
(156.89) (2,534.55) (20.39) (128.77) (292.62)
iii) Reconciliation of tax expenses and the accounting profit multiplied by India's domestic tax rate : Amount in ₹ Mn
2021 2020
Profit Before Tax 4,544.77 3,825.93 7,566.41 6,090.13 5,672.52
Company's domestic statutory tax rate 25.17 34.94 25.17 34.94 34.94
Tax using company's domestic statutory tax rate 1,143.83 1,336.93 1,904.31 2,128.14 1,982.21
Tax Effect of
Expenses not allowable under Tax laws 49.60 11.95 47.30 (38.09) 166.27
Adjustment in respect of previous years (0.13) 0.06 1.08 (31.37) (25.27)
MAT credit reversal - - 230.24 - -
Remeasurement of deferred tax - - (1,150.39) - -
Difference in Tax rates of entities in Group 2.92 7.40 5.64 1.44 (0.22)
Other Consolidation Adjustments 0.25 (0.22) 0.52 (0.35) (0.04)
1,196.47 1,356.12 1,038.70 2,059.77 2,122.95

Income-tax recognised in the restated statement of profit and loss 1,196.47 1,356.12 1,038.70 2,059.77 2,122.95
Effective tax rate 26.33% 35.45% 13.73% 33.82% 37.43%
iv) Deferred Tax Liability (net) :

a) Major Components of Deferred Tax Liability / Asset (net) : Amount in ₹ Mn
AS AT AS AT
AS AT AS AT AS AT
2021 2020
(Liability) on Accelerated depreciation for tax purpose (3,076.03) (3,961.30) (2,885.85) (3,734.54) (3,170.07)
Asset on deferred revenue - 0.60 2.42 1.33 2.10
Assets on Provision for Gratuity, Bonus and Leave encashment 169.73 154.20 102.58 133.63 105.34
(Liability) on unamortized loan processing fees (0.07) (0.24) (0.13) (0.70) (1.00)
(Liability) on Deemed Investment (15.18) (19.20) (15.10) (17.47) (13.98)
Asset on fair valuation of investment 0.23 0.94 0.46 1.22 1.76
Asset on provision for doubtful loans & advances, receivables 42.27 47.42 39.86 47.42 47.04
Asset on provision for dim. In value of investment 62.93 87.38 62.93 87.38 87.38
Assets/(Liability) on Mark to Market loss/gain 306.77 1,379.29 573.08 (627.25) (574.13)
(Liability) on Donations - - - (17.47) -
Lease assets net of lease liabilities 36.29 36.66 30.50 24.07 (70.80)
Assets on other adjustments 0.22 0.95 0.20 (0.03) (0.46)
Assets on MAT Credit entitlement - - - 209.72 701.69
-
(2,472.84) (2,273.30) (2,089.05) (3,892.69) (2,885.13)
260
b) The gross movement in the deferred tax account are as follows : Amount in ₹ Mn
2021 2020
Net deferred tax asset/ (liability) at the beginning of the period / year (2,089.05) (3,892.69) (3,892.69) (2,885.13) (2,029.84)
Addition on acquisition of subsidiary (including Foreign Exchange Translation) (Refer Note
(57.64)
46)
Tax (Expenses) / Income recognized in:
Restated Statement of Profit and Loss
Accelerated depreciation for tax purpose (66.27) (226.68) 848.77 (564.47) (419.90)
Deferred revenue (2.42) (0.73) 1.08 (0.77) 2.10
Provision for Gratuity, Bonus and Leave encashment 7.35 25.32 (29.95) 29.77 12.12
Unamortized loan processing fees 0.05 0.46 0.58 0.29 0.74
Deemed Investment (0.08) (1.73) 2.37 (3.49) (13.98)
Fair valuation of investment (0.23) (0.29) (0.77) (0.54) 1.76
Provision for doubtful loans & advances, receivables 2.41 - (7.56) 0.38 9.83
Asset on provision for diminution in value of investment - - (24.44) - -
Mark to Market gain (266.31) 2,006.52 1,200.33 (53.12) (574.13)
Donations - 17.47 17.47 (17.47) -
Lease assets net of lease liabilities 3.59 12.79 6.63 94.87 (70.80)
Other adjustments 0.02 0.25 (1.78) 0.44 (0.71)
MAT Credit reversal - - (209.72) - -
MAT Credit entitlement /(utilisation) - (209.72) - (491.96) 201.05
Employee Benefits Liability (4.26) (4.27) 0.63 (1.49) (3.37)
Net deferred tax asset/(Liability) at the end of the period / year (2,472.84) (2,273.30) (2,089.05) (3,892.69) (2,885.13)
Pursuant to the Taxation Law (Amendment) Ordinance, 2019 ("Ordinance") issued by Ministry of Law and Justice (Legislative Department) on September 20, 2019 effective from April 01,
2019, domestic companies have the option to pay Corporate income tax rate at 22% plus applicable surcharge and cess ("New tax rate") subject to certain conditions. Based on the
assessment, the Company has chosen to exercise the option of New tax rate in the year ended March 31,2021.Accordingly the Company has made the provision for current tax and deferred
tax at the rate of 25.17% and written off unutilised credit for Minimum Alternate Tax aggregating to ₹ 230.24 Mn in the year ended March 31,2021.
Further, Ind-AS 12 requires deferred tax assets and liabilities to be measured using the enacted (or substantively enacted) tax rates expected to apply to taxable income in the years in which
the temporary differences are expected to reverse. Accordingly, the Company has re-measured the outstanding deferred tax balances that is expected to be reversed in future at New tax
rate and an amount of ₹ 1,150.39 Mn have been written back in the restated Statement of Profit and Loss in the year ended March 31,2021.
33 Contingent liabilities and Commitments
A) Contingent liabilities to the extent not provided for : Amount in ₹ Mn

AS AT AS AT
AS AT AS AT AS AT
2021 2020
a) Bank Guarantees favoring
- Commercial Taxes 69.73 71.36 69.73 71.36 106.50
b) Corporate Guarantees on behalf of Joint Venture Companies - 1,000.00 1,000.00 1,000.00 1,000.00
c) Disputed Customs Duty 492.40 492.40 492.40 492.40 496.31
d) Other Disputed matters :
Commercial Taxes {net of BG given to department shown in (a)} 398.67 625.62 397.33 635.49 645.09
Income Tax 477.74 226.42 186.66 184.70 153.01
Service Tax & Excise Duty 321.88 308.60 296.96 296.96 302.06
Notes :
i) In the matter of Disputed appeal, the amount of interest and penalty wherever not ascertainable the same has not been disclosed above.
ii) Certain claims / show cause notices disputed have not been considered as contingent liabilities nor acknowledged as claims, based on internal evaluation of the management.
B) Commitments :
Amount in ₹ Mn
AS AT AS AT
AS AT AS AT AS AT
2021 2020
a) Capital Commitments : 1,660.34 2,389.91 1,889.54 2,053.76 3,483.93
Estimated amount of contract remaining to be executed and not provided for (net
of advance)
b) Other Commitments :
i) The Group has imported plant and machinery for their Refinery Project under EPCG
Scheme for which:
- Export Obligation though completed but procedural relinquishments are pending 269.59 181.35 385.46 181.35 137.09
before Customs
- Export Obligation pending against duty saved for which export to be made in Six
years
> Export obligation 2,382.61 3,434.98 2,481.59 3,441.65 3,522.33
> Duty saved 397.10 572.50 405.12 573.61 587.06
ii) For lease and derivatives commitments, Refer Note 40 and 43 respectively.
261
34 Expenses Directly Attributable To Construction Period
The following expenses which are specifically attributable to construction of project are included in Capital Work-in-Progress (CWIP) and in the case of an asset under construction, the same
will be allocated / transferred to Property, Plant and Equipment.
Amount in ₹ Mn
AS AT AS AT
AS AT AS AT AS AT
2021 2020
Opening Balances 87.34 31.62 31.62 44.28 -
Additions:
Employee Benefits Expense - - - 15.86 39.56
Finance Cost - - - 146.39 14.88
Operating and Other Expenses 0.01 0.89 10.03 25.00 -
Trial run period income (Net of expense) - - - (94.44) -
Amortization of Lease Assets 18.59 18.58 36.99 6.87 -
Interest of Lease Assets 14.30 13.94 28.06 4.95 -
Less :
Capitalizations 1.05 7.41 19.36 117.29 10.16
Closing Balances 119.19 57.62 87.34 31.62 44.28
35 Segment Reporting
The Company's activities during the period / year revolve around processing of agro commodities. Considering the nature of the Company's business and operations, as well as, based on
reviews of operating results by the chief operating decision maker there is only one reportable segment in accordance with the requirement of Ind AS 108 "Operating Segment" prescribed
under Companies (Indian Accounting Standards) Rules 2015.Accordingly, the segment revenue, segment results, segment assets and segment liabilities are reflected in the financial
statements themselves as at and for the period ended 30 September 2021.
36 Restated Earning Per Share

2021 2020
Restated Profit attributable to Equity Shareholders (₹ in Mn) 3,571.33 2,887.89 7,276.49 4,608.72 3,755.21
Weighted Average Number of Equity Shares for Restated basic and diluted EPS 1,142,948,860 114,294,886 114,294,886 114,294,886 114,294,886
Nominal Value of Equity Shares (in ₹) 1 10 10 10 10
Weighted average number of Equity shares of ₹ 1/- each for Restated Basic & Diluted EPS
(after share split)* 1,142,948,860 1,142,948,860 1,142,948,860 1,142,948,860 1,142,948,860
Restated Basic and Diluted Earning per Share (in ₹) (after share split) (Non-annualized for the
3.12 2.53 6.37 4.03 3.29
period ended September 30, 2021 and September 30, 2020)
*The Company on May 05, 2021, had splitted the Rs. 10 equity share into 10 shares of Re. 1 each. Accordingly, the earnings per share has been adjusted for subdivision of shares
for previous period and previous years presented in accordance with the requirements of Indian Accounting Standard (Ind AS) 33 - Earnings per share.
262
37 Related Party Disclosures

The management has identified the following entities and individuals as related parties of the Group for the purpose of reporting as per Ind AS 24 - Related Party Transactions, which are as
under:
i) Name of related parties and description of relationship with whom transactions made :
Name of the Related Party Relationship
Adani Commodities LLP
Joint Venturers
Lence Pte Limited
Adani Enterprises Limited
Parent Company of Joint Venturer
Wilmar International Limited
AWN Agro Private Limited
Vishakha Polyfab Private Limited
KOG-KTV Food Products (India) Private Limited Joint Ventures
KTV Health Food Private Limited
KTV Edible Oils Private Limited (wholly owned subsidiary of KTV Health Food Private Limited)
Aalst Chocolate Pte Limited
Adani Agri Fresh Limited
Adani CMA Mundra Terminal Private Limited
Adani Ennore Container Terminal Private Limited
Adani Estates Private Limited
Adani Estate Management Private Limited
Adani Finserve Private Limited
Adani Foundation
Adani Global Pte Ltd
Adani Hazira Port Limited (formerly known as Adani Hazira Port Private Limited)
Adani Hospitals Mundra Private Limited
Adani Infra (India) Limited
Adani Infrastructure And Developers Private Limited
Adani Institute For Education And Research
Adani International Container Terminal Private Limited
Adani Kandla Bulk Terminal Private Limited
Adani Kattupalli Port Limited (formerly known as Adani Kattupalli Port Private Limited)
Adani Krishnapatnam Port Company Limited
Adani Logistics Limited
Adani Logistics Services Private Limited
Adani Murmugao Port Terminal Private Limited
Adani Petronet (Dahej) Port Private Limited
Adani Ports and Special Economic Zone Limited
Adani Power (Mundra) Limited
Adani Properties Private Limited
Adani Sportsline Private Limited
Adani Total Gas Limited (formerly known as Adani Gas Limited)
Adani Township & Real Estate Company Private Limited
Adani Transmission (India) Limited
Adani Transmission Limited
Adani Vizag Coal Terminal Private Limited
Adani Warehousing Services Private Limited
Alfa Trading Limited Entities over which joint venturers or
Bangladesh Edible Oil Limited (till 30th June 2021) their substantial controlling
Dubois Natural Esters Sdn Bhd shareholders or Directors or Key
Global Amines Company Pte Limited Management Personnel (“KMP”) of
Goodman Fielder Consumer Foods Pty Limited the company or their relatives are
Goodman Fielder (Fiji) Pte Limited able to exercise significant
Goodman Fielder New Zealand Limited influence/control (directly or
Karnavati Aviation Private Limited indirectly)
KOG Investments Pte Ltd
KTV Oil Mills Private Limited
Maharashtra Eastern Grid Power Transmission Co Limited
Marine Infrastructure Developers Private Limited
Mundra Solar PV Limited
Natural Oleochemicals Sdn Bhd
PGEO Marketing Sdn Bhd
Pyramid Wilmar (Private) Limited
Qinhuangdao Goldensea Foodstuf Industries Co Ltd
Shantikrupa Estates Private Limited
Shree Renuka Sugars Limited
Shun Shing Edible Oil Limited (till 30th June 2021)
The Adani Harbour Services Limited (formerly known as The Adani Harbour Services Private Limited)
The Dhamra Port Company Limited
Tsh-Wilmar Sdn Bhd
Volac Wilmar Feed Ingredients Sdn Bhd (Vwsb)
Wilmar (China) Oleo Co. Limited
Wilmar Europe Trading B.V.
Wilmar Highpolymer Material (Lianyungang) Co. Limited
Wilmar Japan Co. Limited
Wilmar Marketing CLV Company Limited
Wilmar Nutrition (Jiangsu) Co. Limited
Wilmar Oils and Fats Africa (Proprietary) Limited
Wilmar Oleo North America LLC
Wilmar Riceland Trading Pte. Ltd.
Wilmar Spring Fruit Nutrition Products (Jiangsu) Co. Limited
Wilmar Surfactant Material (Lianyungang) Co. Limited
Wilmar Trading (Asia) Pte Limited
Wilmar Trading Pte Limited
Wilmar Yuanda Bio Tech Taixing Co Ltd
Yihai Kerry (Guangzhou) Logistics & Supply Chain Co Ltd
Yihai Kerry (Beijing) Trading Co. Limited
263
Related Parties transactions (Contd……)
Name of the Related Party Relationship

Mr. Kuok Khoon Hong1 - Chairman (Non- Executive)
Mr. T. K. Kanan2 -Director
Mr. Pranav V. Adani3 - Director
Dr. Malay Mahadevia11 - Director
Mr. Ashish Rajvanshi4 - Director
Mr. Gurpreet Singh Vohra8 - Director
Ms. Teo La- Mei4 - Director
Mr. Atul Chaturvedi9 - Director
Mr. Rajesh S. Adani5 - Chairman
Mr. Angshu Mallick7 – CEO and Managing Director Directors and Key Managerial
Mr. Rahul Kale5 - Director Personnel
Mr. Shyamal S. Joshi6 – Independent Director
Dr. Chitra Bhatnagar6 – Independent Director
Mr. Madhu Rao- Independent Director10
Mr. P. N. Prasad- Independent Director12
Mr. Dorab Mistry- Independent Director10
Ms. Dipali H. Sheth- Independent Director10
Dr. Anup P. Shah- Independent Director13
Mr. Shrikant Kanhere- Chief Financial Officer
Mr. Darshil Lakhia- Company Secretary
1. Mr. Kuok Khoon Hong has been designated as Executive Chairman w.e.f. 17th June, 2019.
2. Mr. T. K. Kanan, resigned as CEO & Whole Time Director w.e.f. 01st April,2021 (has been designated as CEO & Managing Director w.e.f. 17th June, 2019).Resigned as Director w.e.f. 10th June
2021.
3. Mr. Pranav Adani resigned as Managing Director and is continuing as Director (Non Executive) w.e.f 17th June, 2019.
4. Mr. Ashish Rajvanshi and Ms. Teo La- Mei were appointed as Directors w.e.f. 17th June, 2019 and resigned w.e.f. 10th June 2021.
5. Mr. Rajesh S. Adani resigned as Chairman and Mr. Rahul Kale resigned as Director w.e.f. 17th June, 2019.
6. Mr. Shyamal S. Joshi and Dr. Chitra Bhatnagar resigned as Independent Directors w.e.f. 17th June, 2019.
7. Mr. Angshu Mallick has been designated as CEO & Managing Director w.e.f. 01st April, 2021 (resigned as Whole Time Director w.e.f. 17th June, 2019)
8. Mr. Gurpreet Singh Vohra was appointed as Directors w.e.f. 17th June, 2019 and resigned w.e.f 31 March 2021
9. Mr. Atul Chaturvedi resigned as Director w.e.f. 10 June 2021.
10. Mr. Madhu Rao,Mr. Dorab Mistry & Ms. Dipali H. Sheth are appointed as Independent Directors with effect from 10th June, 2021.
11. Dr. Malay Mahadevia was appointed as Directors w.e.f. 17th June, 2019
12. Mr. P. N. Prasad was appointed as Directors w.e.f. 10th June, 2021 and resigned w.e.f. 20th July 2021
13. Dr. Anup P. Shah is appointed as Independent Director (Non-Executive) with effect from 20th July 2021.
Notes:
The names of the related parties and nature of the relationships where control exists are disclosed irrespective of whether or not there have been transactions between the related parties.
For others, the names and the nature of relationships is disclosed only when the transactions are entered into by the Group with the related parties during the existence of the related party
relationship.
(ii) The following is the summary of transactions with related parties for the period / year ended 30 September 2021, 30 September 2020, 31 March 2021, 31 March
2020 and 31 March 2019: Amount in ₹ Mn
Nature of Transactions Name of Company 30th September, 30th September,
2021 2020
Purchase of Goods Entities over which joint venturers or their substantial controlling
shareholders or Directors or Key Management Personnel (“KMP”)
of the company or their relatives are able to exercise significant
influence/control (directly or indirectly):
Aalst Chocolate Pte Limited - - - - 9.36
Adani Global Pte Ltd - 7,843.62 11,354.59 - -
Adani Infra (India) Limited - - - - 8,153.19
Adani Ports and Special Economic Zone Limited 17.34 41.95 84.54 81.34 76.03
Adani Power (Mundra) Limited - - - 0.22 -
Adani Properties Private Limited - - - - 511.64
Alfa Trading Limited - - 3,247.93 1,243.90 1,515.47
Bangladesh Edible Oil Limited - - - - 37.46
Global Amines Company Pte Limited 1.52 12.89 20.70 1.08 -
Natural Oleochemicals Sdn Bhd 413.55 48.84 297.06 220.56 -
PGEO Marketing Sdn Bhd 1,138.45 - - 1,173.08 2,235.42
Shree Renuka Sugars Limited 330.63 137.20 339.24 58.96 -
Tsh-Wilmar Sdn Bhd - - - - 280.43
Wilmar Riceland Trading Pte. Ltd. 26.49 - - -
Wilmar Trading (Asia) Pte Limited - - - 1,479.13 643.15
Wilmar Trading Hong Kong Limited 102.98 - - - -
Wilmar Trading Pte Limited 43,871.63 12,943.90 40,547.92 31,223.63 33,595.92
Yihai Kerry (Guangzhou) Logistics & Supply Chain Co Ltd - 4.77 4.77 - -
Total 45,902.59 21,033.17 55,896.75 35,481.90 47,058.05
Parent Company of Joint Venturer:
Adani Enterprises Limited 14.87 430.15 430.15 35.87 3,866.55
Total 14.87 430.15 430.15 35.87 3,866.55
Joint Ventures:
KTV Health Food Private Limited 508.92 175.83 175.83 361.25 176.47
Vishakha Polyfab Private Limited 553.45 520.39 1,052.17 908.13 928.30
Total 1,062.37 696.22 1,228.00 1,269.38 1,104.77
Purchase of Assets / Entities over which joint venturers or their substantial controlling
Upfront Charges for shareholders or Directors or Key Management Personnel (“KMP”)
right of the company or their relatives are able to exercise significant
Adani Agri Fresh Limited - - - 0.27 0.70
Mundra Solar PV Limited - 0.13 0.13 4.77 74.61
Yihai Kerry (Beijing) Trading Co. Limited - - - - 14.92
Adani Hazira Port Limited - - - - 0.19
Adani Ports and Special Economic Zone Limited - - - 6.07 813.65
Yihai Kerry (Guangzhou) Logistics & Supply Chain Co Ltd - - 3.03 - -
Total 29.41 0.13 3.16 11.11 904.07
Adani Enterprises Limited - - 0.43 - -
Total - - 0.43 - -
Joint Ventures:
KTV Health Food Private Limited - - - - 6.22
Total - - - - 6.22
264
Related Parties transactions (Contd……) Amount in ₹ Mn

2021 2020
Purchase of License Entities over which joint venturers or their substantial controlling
(MEIS / SEIS) shareholders or Directors or Key Management Personnel (“KMP”)
Adani CMA Mundra Terminal Private Limited - 59.52 59.52 112.90 -

Adani Ennore Container Terminal Private Limited - 5.18 5.18 - -
Adani Hazira Port Limited - - - 1,157.57 325.14
Adani International Container Terminal Private Limited - 485.90 485.90 298.55 371.97
Adani Kandla Bulk Terminal Private Limited - - - 141.92 45.71
Adani Kattupalli Port Limited - - - 139.17 22.58
Adani Logistics Limited - 64.54 64.54 539.78 -
Adani Logistics Services Private Limited - 40.39 40.39 - -
Adani Murmugao Port Terminal Private Limited - - - 90.82 25.83
Adani Petronet (Dahej) Port Private Limited - - - 448.02 137.36
Adani Ports and Special Economic Zone Limited - 1,561.20 1,561.20 1,461.07 917.42
Adani Vizag Coal Terminal Private Limited - - - 21.25 -
Marine Infrastructure Developers Private Limited - - - 85.90 -
Mundra Solar PV Limited 45.11 94.68 111.74 118.78 53.21
The Adani Harbour Services Limited - - - 1,203.31 -
The Dhamra Port Company Limited - - - 552.98 372.19
Total 45.11 2,311.41 2,328.47 6,372.02 2,271.41
Sale of Goods Entities over which joint venturers or their substantial controlling
Adani Agri Fresh Limited - - 0.04 - 0.29
Adani Infrastructure And Developers Private Limited - - - - 679.05
Adani Power (Mundra) Limited 0.27 - - - -
Adani Ports and Special Economic Zone Limited - - - 0.02 -
Adani Transmission Limited - - - - 8,271.46
Alfa Trading Limited - - - - 17.46
Bangladesh Edible Oil Limited (Till 30 June 2021) 41.68 47.42 100.40 57.41 71.52
Goodman Fielder Consumer Foods Pty Limited 185.98 38.58 135.27 - -
Goodman Fielder (Fiji) Pte Limited 1.60 1.35 1.35 - -
Goodman Fielder New Zealand Limited 19.80 - 19.03 - -
Natural Oleochemicals Sdn Bhd 45.90 - 109.81 - -
Pyramid Wilmar (Private) Limited 5.82 2.69 8.63 11.63 13.70
Qinhuangdao Goldensea Foodstuf Industries Co Ltd 144.48 - - - -
Shantikrupa Estates Private Limited - - - - 0.01
Shree Renuka Sugars Limited - - - - 3,669.87
Shun Shing Edible Oil Limited (Till 30 June 2021) - - - 2.39 -
The Adani Harbour Services Limited (formerly known as The Adani
0.15 0.15 - -
Harbour Services Private Limited) -
Volac Wilmar Feed Ingredients Sdn Bhd (Vwsb) 40.78 - - - -
Wilmar (China) Oleo Co. Limited 1,795.00 1,323.36 3,178.78 2,334.40 -
Wilmar Europe Trading B.V. - 6.14 10.33 12.86 53.01
Wilmar Highpolymer Material (Lianyungang) Co. Limited - - - 92.11 1,662.90
Wilmar Japan Co. Limited 273.59 265.16 622.34 529.75 642.22
Wilmar Marketing CLV Company Limited 9.99 4.91 10.39 8.37 -
Wilmar Nutrition (Jiangsu) Co. Limited 5.12 1.72 1.72 96.23 55.29
Wilmar Oils and Fats Africa (Proprietary) Limited 4.65 3.49 8.93 1.82 -
Wilmar Oleo North America LLC 254.87 442.39 918.18 461.33 298.92
Wilmar Riceland Trading Pte. Ltd. 930.18 328.30 2,432.51 - -
Wilmar Spring Fruit Nutrition Products (Jiangsu) Co. Limited - - - - 69.30
Wilmar Trading (Asia) Pte Limited - - - 3,620.42 3,409.64
Wilmar Trading Pte Limited 312.29 1,211.17 1,466.50 88.95 144.17
Yihai Kerry (Guangzhou) Logistics & Supply Chain Co Ltd 13.92 - - - -
Total 4,085.92 3,676.83 9,024.36 7,317.69 19,058.81
Adani Enterprises Limited - - - 0.27 -
Total - - - 0.27 -
Joint Ventures:
KTV Health Food Private Limited 591.46 744.31 1,282.14 771.13 174.75
Total 591.46 744.31 1,282.14 771.13 174.75
Lease Rent Paid Entities over which joint venturers or their substantial controlling
Adani Power (Mundra) Limited - - - - 2.05
Total 23.79 23.46 23.46 9.87 8.62
Adani Enterprises Limited 2.85 3.00 6.00 6.00 6.00
Total 2.85 3.00 6.00 6.00 6.00
265

2021 2020
Rent Paid Entities over which joint venturers or their substantial controlling
Adani Ports and Special Economic Zone Limited 0.24 0.36 0.72 - -
Adani Power (Mundra) Limited - - - 0.24 -
Adani Properties Private Limited - - 2.25 7.48 -
Total 0.24 0.36 2.97 7.72 -
Adani Enterprises Limited - - - 4.75 -
Total - - - 4.75 -
Rent Received Entities over which joint venturers or their substantial controlling
Maharashtra Eastern Grid Power Transmission Co Limited - - - - 0.11
Total 0.16 0.19 0.38 0.38 0.49
Rendering of Services Entities over which joint venturers or their substantial controlling
Adani Agri Fresh Limited - - - 1.50 -
Adani Finserve Private Limited - - - - 2.50
Alfa Trading Limited - - - 0.74 -
Dubois Natural Esters Sdn Bhd - - 0.28
Global Amines Company Pte Limited 3.27 4.39 4.39 0.19 1.33
Mundra Solar PV Limited 0.04 - - - -
Natural Oleochemicals Sdn Bhd - - 1.06 0.55 1.77
Shree Renuka Sugars Limited - - - 6.00 -
Wilmar (China) Oleo Co. Limited - - - - 0.08
Wilmar Surfactant Material (Lianyungang) Co. Limited 4.87 8.58 8.58 9.18 -
Wilmar Trading (Asia) Pte. Ltd - 4.99 5.29 - -
Wilmar Trading Pte Limited 0.97 8.02 11.76 13.96 3.59
Wilmar Yuanda Bio Tech Taixing Co Ltd - 0.09 0.09 - -
Total 9.15 26.07 31.45 32.12 9.27
Receiving of Services Entities over which joint venturers or their substantial controlling
Adani Agri Fresh Limited - - 0.78 1.16 1.90

Adani CMA Mundra Terminal Private Limited - - 0.01 - -
Adani Estates Private Limited - - - - 3.54
Adani Estate Management Private Limited 0.40 - 0.19 - -
Adani Total Gas Limited (formerly known as Adani Gas Limited) * * - 0.01 0.04
Adani Hazira Port Limited (formerly known as Adani Hazira Port 117.32 108.68
222.14 137.71 0.71
Private Limited)
Adani Hospitals Mundra Private Limited 4.74 0.19 0.62 1.14 3.23
Adani Institute For Education And Research 0.01 0.09 0.14 0.27 -
Adani International Container Terminal Private Limited 0.04 0.10 0.13 0.30 0.03
Adani Kandla Bulk Terminal Private Limited - - - - 9.25
Adani Krishnapatnam Port Company Limited 40.32 - 9.06 - -
Adani Logistics Limited 33.18 48.53 99.25 134.30 114.84
Adani Logistics Services Private Limited 4.67 - - - -
Adani Township & Real Estate Company Private Limited - - - 0.70 11.75
Adani Warehousing Services Private Limited - - - - 1.25
Dubois Natural Esters Sdn Bhd - - - 0.10 0.08
Global Amines Company Pte Ltd 0.80 0.29 1.17 - -
KTV Oil Mills Private Limited - - - 0.15 -
Mundra Solar PV Limited - - 0.02 - -
Wilmar Surfactant Material (Lianyungang) Co. Limited - - - - 8.33
Wilmar Trading (Asia) Pte Limited - - - 2.37 -
Wilmar Trading Pte Limited 0.32 - 0.72 - 0.79
Total 365.67 319.04 672.39 642.85 522.51

Wilmar International Limited - - 19.80 138.60 4.50
Total 118.12 151.43 364.25 453.40 24.67
Joint Ventures:
KTV Health Food Private Limited - - - 5.35 25.54
Total - - - 5.35 25.54
Interest Received Joint Ventures:

KOG-KTV Food Products (India) Private Limited 4.31 4.31 8.61 8.63 8.61
Vishakha Polyfab Private Limited 13.95 14.06 27.94 28.39 24.14
Total 21.61 21.72 43.22 44.47 42.70
266

2021 2020
Sale of Franchise Rights Entities over which joint venturers or their substantial controlling
Adani Sportsline Private Limited 325.00 - - - -

325.00 - - - -
Reimbursement of Entities over which joint venturers or their substantial controlling

Expenses shareholders or Directors or Key Management Personnel (“KMP”)
Adani Power (Mundra) Limited - - - - 0.14
Wilmar Japan Co. Limited - - - - 0.18
Wilmar Trading Pte Limited - 0.05 0.05 - 6.39
Total - 0.05 0.05 - 6.71

Wilmar International Limited 3.58 0.02 0.02 - -
Total 3.58 0.02 0.02 - -
Loan Given Joint Ventures:

Vishakha Polyfab Private Limited - 20.00 20.00 500.00 55.00
Total - 20.00 20.00 750.00 255.00
Loan Received Back Joint Ventures:
AWN Agro Private Limited - 1.19 1.19 - -

Vishakha Polyfab Private Limited - 20.00 20.00 500.00 -
Total - 21.19 21.19 750.00 200.00
Purchase of Equity Entities over which joint venturers or their substantial controlling
Shares shareholders or Directors or Key Management Personnel (“KMP”)
Adani Global Pte Ltd 894.00 - - - -
Total 894.00 - - - -
Parent Companies of Joint Venturers
Wilmar International Limited 894.00 - - - -
Total 894.00 - - - -
Corporate Entities over which joint venturers or their substantial controlling

Responsibility Payment shareholders or Directors or Key Management Personnel (“KMP”)
Adani Foundation 60.00 20.00 63.00 99.40 72.15
Total 60.00 20.00 63.00 99.40 72.15
Sitting Fees to Non Mr. Shyamal S. Joshi - - - 0.01 0.10

Executive Directors Dr. Chitra Bhatnagar - - - 0.02 0.06
Dr. Anup P. Shah 0.10 - - - -
Ms. Dipali H. Sheth 0.10 - - - -
Mr. Madhu Rao 0.10 - - - -
Total 0.30 - - 0.03 0.16
Remuneration Mr. T.K. Kanan 1.48 9.41 46.20 39.90 43.29

Mr. Angshu Mallick 33.88 7.50 - 3.44 34.04
Mr. Atul Chaturvedi - - - - 22.88
Mr. Shrikant Kanhere 11.24 8.88 14.12 12.51 11.91
Mr. Darshil Lakhia 1.65 1.27 2.37 1.76 1.62
Total 48.25 27.06 62.69 57.61 113.74
Terms and conditions of transactions with related parties :
a) Outstanding balances of related parties at the period/ year-end are unsecured and settlement occurs in cash. There have been no guarantees provided or received for any related party
receivables or payables except for Corporate Guarantees to Joint Venture as mentioned in Note 33.
b) Remuneration does not include Provision for Leave Encashment and Gratuity as it is provided in the books on the basis of actuarial valuation for the Company as a whole and hence
individual figures cannot be identified.
c)Transactions entered into with related parties are made on terms equivalent to those that prevail in arm’s length transactions.
d) Impact of foreign currency translation during consolidation adjustments have not been considered.
e) All above figures are net of taxes wherever applicable.
267
Related Parties transactions (Contd……)

(iii)The following is the summary of balances outstanding with related parties for the period / year ended 30 September 2021, 30 September 2020, 31 March 2021, 31
March 2020 and 31 March 2019: Amount in ₹ Mn
AS AT AS AT
AS AT AS AT AS AT
Particulars Name of Company 30th September, 30th September,
2021 2020
Due From Entities over which joint venturers or their substantial controlling
Adani Agri Logistics Limited 1.02 0.02 - - -
Adani Bunkering Private Limited 0.09 - -
Adani Hazira Port Limited - - - 0.76 -
Adani Infrastructure And Developers Private Limited - - - - 456.58
Bangladesh Edible Oil Limited - 15.74 8.87 - 11.91
Goodman Fielder Consumer Foods Pty Limited 16.10 1.96 0.70 - -
Goodman Fielder New Zealand Limited - - 1.78 - -
Pyramid Wilmar (Private) Limited 2.87 2.62 2.98 2.82 2.86
Volac Wilmar Feed Ingredients Sdn Bhd (Vwsb) 27.53 - - - -
Wilmar (China) Oleo Co. Limited 132.82 88.38 406.98 115.18 -
Wilmar Highpolymer Material (Lianyungang) Co. Limited - - - - 140.72
Wilmar Japan Co. Limited 24.30 8.72 37.50 57.10 36.88
Wilmar Marketing CLV Company Limited 2.11 1.58 3.70 1.74 -
Wilmar Nutrition (Jiangsu) Co. Limited - - - 3.43 7.73
Wilmar Oils and Fats Africa (Proprietary) Limited - - 1.88 - -
Wilmar Oleo North America LLC 5.35 52.25 50.19 55.81 75.73
Wilmar Riceland Trading Pte. Ltd. 40.65 78.12 225.58 - -
Wilmar Trading (Asia) Pte Limited - - - - 301.40
Total 258.59 249.48 740.16 236.84 1,033.81
Joint Ventures:
AWN Agro Private Limited 0.56 0.13 0.33 - 0.28
KOG-KTV Food Products India P Limited 0.64 0.65 0.68 0.01 -
Total 1.59 1.38 1.76 0.76 58.03
Due From Total 260.18 250.86 741.92 237.60 1,091.84
Due to Entities over which joint venturers or their substantial controlling

Adani Agri Fresh Limited 0.22 - 0.40 - 0.59
Adani CMA Mundra Terminal Private Limited - - 0.01 - -
Adani Total Gas Limited (formerly known as Adani Gas Limited) - - - * *
Adani Ennore Container Terminal Private Limited - 5.18 - - -
Adani Estate Management Private Limited - - 0.22 - -
Adani Global Pte Ltd - 1,575.64 2,189.23 - -
Adani Hazira Port Limited (formerly known as Adani Hazira Port
Private Limited) 3.80 1.38 - - -
Adani Hospitals Mundra Private Limited 4.62 0.07 0.10 0.03 0.36
Adani Infra (India) Limited - - - - 456.26
Adani International Container Terminal Private Limited - 0.03 0.01 0.01 -
Adani Krishnapatnam Port Company Limited 11.53 - 8.34 - -
Adani Logistics Limited 7.37 21.29 19.22 19.88 18.11
Adani Logistics Services Private Limited 3.04 - - - -
Adani Power (Mundra) Limited - - - 0.27 0.29
Adani Properties Private Limited - 0.02 - 8.09 0.02
Adani Township & Real Estate Company Private Limited - 0.75 0.75 0.75 0.84
Adani Transmission (India) Limited - - - - 0.88
Alfa Trading Limited - 82.04 1,412.38 1,254.51 6.39
Global Amines Company Pte Limited 0.41 2.55 6.28 1.08 0.19
KOG Investments Pte Ltd 1.68 - - - -
Karnavati Aviation Private Limited - - - - 0.09
Maharashtra Eastern Grid Power Transmission Co Limited - - - - 0.72
Natural Oleochemicals Sdn Bhd 281.08 2.95 199.07 17.05 -
Pyramid Wilmar (Private) Limited - - - - -
Shree Renuka Sugars Limited 34.44 17.45 10.45 - -
The Adani Harbour Services Limited (formerly known as The Adani
Harbour Services Private Limited) - - - - -
Wilmar Europe Trading B.V. - - - 1.79 -
Wilmar Riceland Trading Pte Limited 26.43 - - - -
Wilmar Trading (Asia) Pte Limited - 0.21 - 37.26 -
Wilmar Trading Pte Limited 13,062.90 4,046.88 2,038.60 6,299.17 12,783.60
Yihai Kerry (Guangzhou) Logistics & Supply Chain Co Ltd - - - - -
Total 13,477.02 5,827.65 5,911.85 8,164.92 14,006.77
Wilmar International Limited 16.40 0.02 - 68.10 5.64
Total 16.48 6.39 3.39 69.30 45.31
Joint Ventures:
AWN Agro Private Limited - - - 1.19 -
KTV Health Food Private Limited - - - - -
Total 98.36 116.90 96.76 21.24 154.59
Due To Total 13,591.86 5,950.94 6,012.00 8,255.46 14,206.67
268

AS AT AS AT
AS AT AS AT AS AT
2021 2020
Deposit Receivable Entities over which joint venturers or their substantial controlling
Adani Krishnapatnam Port Company Limited 53.00 - - - -
Deposit Receivable Total 71.50 18.50 18.50 18.50 18.50
Unsecured Loan Joint Ventures:

AWN Agro Private Limited 119.11 119.11 119.11 120.30 120.30
KOG-KTV Food Products (India) Private Limited 82.00 82.00 82.00 82.00 82.00
Unsecured Loan Total 529.61 529.61 529.61 530.80 530.80
(* represents value less than ₹ 50,000)
Loans to Joint Ventures : Amount in ₹ Mn

AWN Agro Private KOG-KTV Food KTV Health food Vishakha Polyfab
PARTICULARS Limited Products (India) Private Limited Private Limited
Private Limited
AS AT 30th September, 2021 119.11 82.00 63.50 265.00
Max. Balance during the Period 119.11 82.00 63.50 265.00
AS AT 30th September, 2020 119.11 82.00 63.50 265.00
Max. Balance during the Period 120.30 82.00 63.50 265.00
AS AT 31st March, 2021 119.11 82.00 63.50 265.00
Max. Balance during the Year 120.30 82.00 63.50 285.00
AS AT 31st March, 2020 120.30 82.00 63.50 265.00
AS AT 31st March, 2019 120.30 82.00 63.50 265.00
(iv) Transactions and balances with Adani Wilmar Limited eliminated at the time of consolidation in accordance with Ind AS 110: Amount in ₹ Mn
2021 2020
Receiving of Services Subsidiary Company
Golden Valley Agrotech Private Limited 3.39 0.28 2.48 2.43 1.71
3.39 0.28 2.48 2.43 1.71
Sale of Goods Subsidiary Company

Golden Valley Agrotech Private Limited - - - - 341.62
Bangladesh Edible Oil Limited (w.e.f. 30 June 2021) 51.56 - - - -
51.56 - - - 341.62
Purchase of Goods Subsidiary Company

Golden Valley Agrotech Private Limited - - - - 39.63
- - - - 39.63
Due from Subsidiary Company

Bangladesh Edible Oil Limited (w.e.f. 30 June 2021) 15.57 - - - -
136.82 92.44 195.06 120.51 199.75
(v) The investment by Adani Wilmar Limited eliminated at the time of consolidation in accordance with Ind AS 110: Amount in ₹ Mn
2021 2020
Investment Subsidiary Company
AWL Edible Oils and Foods Private Limited 0.10 0.10 0.10 0.10 0.10
Adani Wilmar Pte Ltd 1,791.57 - - - -
Investment Total 1,794.67 3.10 3.10 3.10 3.10
(vi) The transaction and balances with Adani Wilmar Pte Ltd eliminated at the time of consolidation in accordance with Ind AS 110: Amount in ₹ Mn
AS AT AS AT
AS AT AS AT AS AT
2021 2020
Due from Leverian Holdings Pte Ltd 1.66 - - - -
1.66 - - - -
(vii) The transaction and balances with Leverian Holding Pte Ltd eliminated at the time of consolidation in accordance with Ind AS 110: Amount in ₹ Mn
2021 2020
Sale of Goods Step down Subsidiary Company
Shun Shing Edible Oil Limited 836.24 - - - -
836.24 - - - -
Due to Adani Wilmar Pte Ltd 1.66

1.66 - - - -
(viii) The transaction and balances with Bangladesh Edible Oil Limited eliminated at the time of consolidation in accordance with Ind AS 110: Amount in ₹ Mn
2021 2020
Purchase of Goods Subsidiary Company
741.30 - - - -
Receiving of Services Subsidiary Company 6.62 - - - -

Due from Shun Shing Edible Oil Limited 2,309.99

2,309.99 - - - -
269
38 Employee Benefits
The Group has made provision in the accounts for Gratuity based on actuarial valuation. The particulars under the Ind AS 19 "Employee Benefits" furnished below are those which are relevant
and available to the Group.
a) Contributions to Defined Contribution Plan, recognized as expense are as under :

Amount in ₹ Mn
Particular 30th September, 30th September,
2021 2020
Provident Fund 60.15 49.62 100.71 92.02 82.28
Super Annuation Fund 0.80 0.86 1.69 1.88 2.19
Total 60.95 50.48 102.40 93.90 84.47
b) Defined Benefit Obligations :
The Parent & its Indian Subsidiaries has a defined benefit gratuity plan (funded & non-funded) and is governed by the Payment of Gratuity Act, 1972. Under the Act, which provides a lump
sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s salary and the tenure of employment.
The scheme is funded with Life Insurance Corporation of India (LIC) and SBI Life Insurance Company Limited in form of a qualifying insurance policy for future payment of gratuity to the
employees.
Liability in respect of Gratuity is determined based on actuarial valuation done by actuary as at the balance sheet date. Each year, the management reviews the level of funding in the gratuity
fund. Such review includes the asset - liability matching strategy. The management decides its contribution based on the results of this review. Current and non current classification has
been done based on actuarial valuation report.
Aforesaid post-employment benefit plans typically expose the Group to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.
These Plans invest in long term debt instruments such as Government securities and highly rated corporate bonds. The valuation of which is inversely proportionate
Investment Risk to the interest rate movements. There is risk of volatility in asset values due to market fluctuations and impairment of assets due to credit losses.
The present value of the defined benefit liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting
Interest Risk
period on Government securities. A decrease in yields will increase the fund liabilities and vice-versa.
The present value of the defined benefit liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their
Longevity Risk employment. An increase in the life expectancy of the plan participants will increase the plan's liability.
The present value of the defined benefit liability is calculated by reference to the future salaries of plan participants. As such, an increase in salary of the plan
Salary Risk
participants will increase the plan's liability.
Amount in ₹ Mn
Gratuity (Funded and Non Funded)
Particulars Period Ended Period Ended
30th September, 30th September,
2021 2020
i. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation
Liability at the beginning of the period/year 354.49 308.93 308.93 254.13 223.44
Current Service Cost 19.20 17.14 37.79 34.56 29.85
Interest Cost 11.71 10.20 20.68 19.35 17.36
Employee Transfer in / transfer out (net) - - - - (0.41)
Benefit paid (10.34) (5.67) (15.60) (17.27) (21.01)
Re-measurement (or Actuarial) (gain) / loss arising from:
change in demographic assumptions - 0.10 0.28 (1.68) (0.70)
change in financial assumptions - 4.00 10.19 16.73 3.23
experience variance (i.e. Actual experience vs assumptions) 13.73 1.55 (7.78) 3.11 2.37
Present Value of Defined Benefits Obligation at the end of the Period/Year 388.79 336.25 354.49 308.93 254.13
ii. Reconciliation of Opening and Closing Balances of the Fair value of Plan Assets
Fair Value of Plan assets at the beginning of the Period/Year 208.70 180.83 180.83 155.36 137.99
Investment Income 6.89 5.97 12.11 11.83 10.76
Return on plan asset excluding amount recognized in net interest expenses (3.33) (6.67) - - (8.97)
Employer's Contributions 18.50 17.49 31.36 30.91 28.31
Benefit paid (10.34) (5.67) (15.60) (17.27) (12.73)
Fair Value of Plan assets at the end of the Period/Year 220.42 191.95 208.70 180.83 155.36
iii. Reconciliation of the Present value of defined benefit obligation and Fair value of plan
assets
Present Value of Defined Benefit Obligations at the end of the Period / Year 388.79 336.25 354.49 308.93 254.13
Fair Value of Plan assets at the end of the Period / Year 220.42 191.95 208.70 180.83 155.36
Net Asset / (Liability) recognized in balance sheet as at the end of the Period / year (168.37) (144.30) (145.79) (128.10) (98.77)
iv. Gratuity Cost for the Period/Year
Current service cost 19.20 17.14 37.79 34.56 29.85
Interest cost 11.71 10.20 20.68 19.35 17.36
Investment income (6.89) (5.97) (12.11) (11.83) (10.76)
Net Gratuity cost 24.02 21.37 46.36 42.08 36.45
v. Other Comprehensive income
Actuarial (gains) / losses
Change in demographic assumptions - 0.10 0.28 (1.68) (0.70)
Change in financial assumptions - 4.00 10.19 16.73 3.23
Experience variance (i.e. Actual experience vs assumptions) 13.73 1.55 (7.78) 3.11 2.37
Return on plan assets, excluding amount recognized in net interest expense 3.33 6.67 - - 8.97
Components of defined benefit costs recognized in other comprehensive income 17.06 12.32 2.69 18.16 13.87
vi. Actuarial Assumptions
Discount Rate (per annum) 6.70% 6.50% 6.70% 6.70% 7.60%
Annual Increase in Salary Cost 8.50% 8.00% 8.50% 8.00% 8.00%
Mortality Rate During employment 100% of IALM 100% of IALM 100% of IALM 100% of IALM 100%of IALM
2012-14 2012-14 2012-14 2012-14 2006-08
Normal retirement age 58 Years 58 Years 58 Years 58 Years 58 Years
Attrition Rate 10.95% 11.00% 10.95% 11.00% 10.00%
vii. Sensitivity Analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been
determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of sensitivity
analysis is given below:
270
Amount in ₹ Mn
AS AT AS AT AS AT 31st AS AT 31st March, AS AT 31st
Particulars 30th September, 30th September, March, 2021 2020 March, 2019
2021 2020
Defined Benefit Obligation (Base) 388.79 336.25 354.49 308.93 254.13
Amount in ₹ Mn
AS AT AS AT AS AT 31st AS AT 31st March, AS AT 31st
Particulars 30th September, 30th September, March, 2021 2020 March, 2019
2021 2020
Discount Rate (- / + 1%)
- 1% decrease 24.36 21.43 22.59 19.48 16.32
(% change compared to base due to sensitivity) 6.3% 6.4% 6.4% 6.3% 6.4%
- 1% increase (21.85) (19.20) (20.22) (17.46) (14.61)
(% change compared to base due to sensitivity) -5.6% -5.7% -5.7% -5.7% -5.7%
Salary Growth Rate (- / + 1%)
- 1% decrease (21.83) (19.11) (20.08) (17.41) (14.69)
- 1% increase 23.85 20.91 21.98 19.04 16.10
Attrition Rate (- / + 50%)
- 50% decrease 16.95 13.48 16.41 11.41 3.97
- 50% increase (10.90) (8.81) (10.52) (7.54) (3.05)
Mortality Rate (- / + 10%)
- 10% decrease 0.06 0.04 0.06 0.04 0.01
- 10% increase (0.06) (0.04) (0.05) (0.03) -
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the
employment market.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has
been significant change in expected rate of return on assets due to change in the market scenario.
viii. Effect of Plan on Entity's Future Cash Flows

a) Funding arrangements and Funding Policy
The Group has purchased an insurance policy to provide for payment of gratuity to the employees. Every year, the insurance company carries out a funding valuation based on the latest
employee data provided by the Group. Any deficit in the assets arising as a result of such valuation is funded by the Group.
b) Expected Contribution during the next annual reporting period
The Group's best estimate of Contribution during the next period / year is ₹ 227.10 Mn (September 30, 2020: ₹ 180.48 Mn, March 31, 2021: ₹ 183.01 Mn, March 31, 2020: ₹ 162.31 Mn,
March 31, 2019: ₹ 127.79 Mn).
c) Maturity Profile of Defined Benefit Obligation

The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 6 years (September 30, 2020: 6 years, March 31,2021: 6 years, March 31,2020:
6 years, March 31,2019: 6 years).The expected maturity analysis of gratuity benefits is as follows :
Expected cash flows over the next (valued on undiscounted basis): Amount in ₹ Mn
AS AT AS AT
AS AT AS AT AS AT
2021 2020
1 year 68.87 61.58 64.85 57.41 44.68
2 to 5 years 183.80 150.18 160.34 138.26 117.32
6 to 10 years 167.64 148.22 153.81 138.66 123.34
More than 10 years 203.28 174.41 194.55 162.74 161.87
ix. Risk Exposure and Asset Liability Matching

Through its defined benefit plan of Gratuity, the Group is exposed to its number of risks, viz. asset volatility, changes in return on assets, inflation risks and life expectancy. The Group has
purchased insurance policy, which is a year-on-year cash accumulation plan in which the interest rate is declared on yearly basis and is guaranteed for a period of one year. The Insurance
Company, as part of the policy rules, makes payment of all gratuity outgoes happening during the year (subject to sufficiency of funds under the policy). The policy, thus, mitigates the
liquidity risk.
c) Compensated absences/ leaves

Other long term employee benefits comprise of compensated absences/leaves, which are recognized based on actuarial valuation. The actuarial liability for compensated absences as at the
period ended September 30, 2021 is ₹ 207.92 Mn (September 30,2020 is ₹ 191.74, March 31, 2021 is ₹ 198.24 Mn, March 31, 2020: ₹ 182.47 Mn, March 31, 2019: ₹ 141.54 Mn ).
39 Dues to micro and small enterprises

Under the Micro Small and Medium Enterprises Development Act, 2006, (MSMED) which came in to force from 2nd October, 2006, certain disclosers are required to be made relating to
Micro, Small and Medium enterprises. On the basis of the information and records available with management, outstanding dues to the Micro and Small enterprise as defined in the MSMED
Act, 2006 are disclosed as below.
Amount in ₹ Mn
2021 2020
The Principal amount and the interest remaining unpaid to any supplier as at the end of
accounting period / year;
- Principal 636.57 180.31 760.30 60.82 1.79
- Interest Nil Nil Nil Nil Nil
The amount of interest paid by the buyer under the Act along with the amounts of the Nil Nil Nil Nil Nil
payment made to the supplier beyond the appointed day during each accounting period /
year;
The amount of interest due and payable for the period / year (where the principal has been Nil Nil Nil Nil Nil
paid but interest under the Act not paid);
The amount of interest accrued and remaining unpaid at the end of accounting period / year; Nil Nil Nil Nil Nil
and
The amount of further interest due and payable even in the succeeding year, until such date Nil Nil Nil Nil Nil
when the interest dues as above are actually paid to the small enterprise, for the purpose of
disallowance as a deductible expenditure under section 23.
271
40 Leases
i) Transition to Ind AS 116 Leases:
Effective 1st April, 2019, the Group has adopted Ind AS 116 – Leases and applied the standard to all lease contracts existing on 1st April, 2019 using the modified
retrospective method. The Group has recorded the lease liability at the present value of the lease payments discounted at the incremental borrowing rate at the date of
initial application and right of use asset at an amount equal to the lease liability adjusted for any prepayments/accruals.
For the purpose of preparing restated consolidated financial information, Ind AS 116 has been applied retrospectively with effect from 01 April 2018.
The Group has elected below practical expedients on transition to Ind AS 116:
1. Applied a single discount rate to a portfolio of leases with reasonably similar characteristics.
2. Applied the exemption not to recognise right of use assets and lease liabilities with less than 12 months of lease term on the date of initial application.
3. Excluded the initial direct costs from the measurement of right of use asset at the date of initial application.
4. Elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date, the
Group relied on its assessment made applying Ind AS 17 Leases.
The effect of adoption of Ind AS 116 is as follows:

Amount in ₹ Mn
Particulars
Restated consolidated statement of assets and
liabilities
Assets
Non-current assets
Right-of-use assets 2,368.31 2,240.96 2,207.30 2,316.69 2,038.92
Total assets 2,368.31 2,240.96 2,207.30 2,316.69 2,038.92
Liabilities
Non Current Lease liabilities 908.66 747.08 734.93 796.84 534.30
Current Lease liabilities 294.98 272.17 274.15 253.98 238.06
Total liabilities 1,203.64 1,019.25 1,009.08 1,050.82 772.36
Amount recognised in Restated consolidated statement of profit and loss

Depreciation expense of right-of-use assets 156.82 146.28 302.83 287.72 188.97
Interest on lease liabilities 29.91 35.36 63.41 72.42 60.77
Expenses relating to short term leases,low value assets
101.76 106.80 180.87 136.80 154.89
and variable lease payment
Gain on termination of lease assets & liabilities (6.94) - (26.54) (1.67) -
Amounts recognised in statement of cash flows

Amount in ₹ Mn
Particulars 30th September, 2021 30th September, 2020 31st March, 2021 31st March, 2020 31st March, 2019
Cash Flow From Financing Activities
Payments of Lease Liabilities 188.48 162.47 329.54 321.19 199.95
Maturity analysis of lease liabilities

Amount in ₹ Mn
Particulars
Maturity Analysis of contractual undiscounted cash
flows
Less than one year 323.23 283.51 283.05 264.11 244.70
One to five years 750.28 598.40 566.77 634.59 542.22
More than five years 1,424.38 1,402.44 1,362.02 1,453.65 337.14
Total undiscounted lease liabilities 2,497.89 2,284.35 2,211.84 2,352.35 1,124.06
272
41 Contract Balances
(a) The following table provides information about receivables, contract assets and contract liabilities from the contracts with customers.
Amount in ₹ Mn
2021 2020
Trade receivables (Refer Note 9) 18,576.55 11,678.43 15,151.36 9,211.78 12,580.48
Contract assets - - - - -
Contract liabilities (Refer Note 23) 1,256.98 826.37 710.33 831.53 438.70
(b) Significant changes in contract assets and liabilities during the period / year:
Amount in ₹ Mn
2021 2020
Contract assets reclassified to receivables - - - - -
Contract liabilities recognised as revenue during the period / year 710.33 808.30 831.53 438.70 409.85
(c) Reconciliation the amount of revenue recognized in the statement of profit and loss with the contracted price:
Amount in ₹ Mn
2021 2020
Revenue as per contracted price 249,652.91 162,610.37 372,683.05 297,295.50 288,039.34
Adjustments
Returns 1,189.33 755.03 1,640.70 1,040.36 576.48
Discounts, Promotional Schemes etc. 261.40 216.07 648.29 395.05 490.50
Revenue from contract with customers 248,202.18 161,639.27 370,394.06 295,860.09 286,972.36
42 Corporate Social responsibility Payment
As per section 135 of the Companies Act,2013, a corporate social responsibility (CSR) committee has been formed by the Company. The funds are utilized on the activities which are specified
in Schedule VII of the Companies Act, 2013. The utilization is done by way of contribution towards various activities.
Amount in ₹ Mn
2021 2020
a Amount required to be spent as per Section 135 of the Companies Act,2013 129.36 117.33 117.33 99.33 72.20
b Amount Spent during the period/year 72.66 74.50 119.70 101.15 72.25
c Excess / (Shortfall) at the end of the year NA NA 2.37 1.82 0.05
d Total of previous years shortfall Nil Nil Nil Nil Nil
e Reason for shortfall NA NA NA NA NA
f Nature of CSR activities (activities as per Schedule VII) Activities mentioned in i, ii, vii, x & xii of Schedule VII
g Details of related party transactions Refer Note 37
h Where a provision is made with respect to a liability incurred by entering into a 10.00 Nil Nil Nil Nil
contractual obligation
43 Financial Instruments, Fair Value Measurements, Financial Risk and Capital Management
A) Financial Assets and Liabilities

The Group's principal financial assets include loans and trade receivables, investments, cash and cash equivalents and other receivables. The Group's principal financial liabilities other
than derivatives comprise of borrowings, provisions, trade and other payables. The main purpose of these financial liabilities is to finance the Group's operations and projects.
B) Fair Value Hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three
levels:
Level-1 : Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level-2 : Inputs are other than quoted prices included within Level-1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level-3 : Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation model based on the assumptions that are
neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.
C) Disclosure of fair value measurement and fair value hierarchy for financial assets and liabilities
The following tables summarizes carrying amounts of financial instruments by their categories and their levels in fair value hierarchy for each year end presented.
Period Ended 30th September, 2021 Amount in ₹ Mn

Particulars Refer Note Fair Value through profit or loss Amortized cost Total
Level-2 Level-3
Financial Assets
Investments 4&8 519.90 32.45 0.23 552.58
Cash and cash equivalents 10 - - 1,731.06 1,731.06
Other Bank Balance 11 - - 15,263.80 15,263.80
Trade Receivables 9 - - 18,576.55 18,576.55
Loans 12 - - 430.56 430.56
Derivative Assets 13 1,641.49 - - 1,641.49
Other Financial assets (other than Derivative Assets) 5 & 13 - - 1,969.99 1,969.99
Total 2,161.39 32.45 37,972.19 40,166.03
Borrowings 17 & 20 - - 19,443.55 19,443.55
Lease Liabilities 40 - - 1,203.64 1,203.64
Trade Payables 21 - - 104,659.29 104,659.29
Derivative Liability 22 1,545.86 - - 1,545.86
Other Financial Liabilities (Other than Derivative liability) 18 & 22 - - 5,294.50 5,294.50
Total 1,545.86 - 130,600.98 132,146.84
273
Period Ended 30th September, 2020

Amount in ₹ Mn
Level-2 Level-3
Financial Assets
Investments 4&8 518.11 32.45 0.23 550.79
Cash and cash equivalents 10 - - 510.63 510.63
Loans 12 - - 427.10 427.10
Total 2,228.64 32.45 32,291.01 34,552.10
Borrowings 17 & 20 - - 21,133.31 21,133.31
Trade Payables 21 - - 70,109.56 70,109.56
Total 4,597.84 - 96,004.54 100,602.38
As at 31 March, 2021 :
Amount in ₹ Mn
Level-2 Level-3
Financial Assets
Investments 4&8 518.99 32.45 0.23 551.67
Loans 12 - - 430.64 430.64
Derivative Assets 13 76.62 - - 76.62
Total 595.61 32.45 29,019.51 29,647.57
Borrowings 17 & 20 - - 19,040.08 19,040.08
Trade Payables 21 - - 62,643.67 62,643.67
Total 4,145.44 - 87,341.08 91,486.52
Amount in ₹ Mn
Level-2 Level-3
Financial Assets
Investments 4&8 17.29 32.45 0.23 49.97
Cash and cash equivalents 10 - - 3,460.00 3,460.00
Loans 12 - - 431.63 431.63
Total 2,632.01 32.45 25,551.53 28,215.99
Borrowings 17 & 20 - - 23,002.76 23,002.76
Trade Payables 21 - - 56,970.91 56,970.91
Derivative Liability 22 39.42 - - 39.42
Total 39.42 - 85,224.37 85,263.79
Amount in ₹ Mn
Level-2 Level-3
Financial Assets
Investments 4&8 15.76 32.45 0.23 48.44
Loans 12 - - 423.70 423.70
Other Financial assets (other than Derivative Assets) 5 & 13 - - 942.33 942.33
Total 1,905.61 32.45 26,101.35 28,039.41
Borrowings 17 & 20 - - 18,294.56 18,294.56
Lease Liabilities 40 - - 772.36 772.36
Trade Payables 21 - - 66,503.71 66,503.71
Derivative Liability 22 921.63 - - 921.63
Total 921.63 - 89,837.18 90,758.81
Notes :
a) Investment excludes Investment in Joint Ventures.
(b) Carrying amounts of current financial assets and liabilities as at the end of the each period / year presented approximate the fair value because of their short term nature. Difference
between carrying amounts and fair values of other non-current financial assets and liabilities subsequently measured at amortized cost is not significant in each of the period / year
presented.
274
D) Financial Instruments and Financial Risk Review

The Group's Financial Risk management is an integral part of how to plan and execute its business strategies. The Group's risk management activities are subject to the management
direction and control under the framework of Risk Management Policy as approved by the Board of Directors of the Company. The Management ensures appropriate risk governance
framework for the Group through appropriate policies and procedures and that risks are identified, measured and managed in accordance with the Group's policies and risk objectives.
In the ordinary course of business, the Group is mainly exposed to risks resulting from interest rate movements (Interest rate risk), Commodity price changes (Commodity risk) and
exchange rate fluctuation (Currency risk) collectively referred as Market Risk, Credit Risk, Liquidity Risk and other price risks such as equity price risk. The Group's senior management
oversees the management of these risks.
i) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises four types of risk:
Commodity risk, interest rate risk, currency risk and price risk.
Commodity risk
The price of agriculture commodities are subject to wide fluctuations due to unpredictable factors such as weather, government policies, change in global demand and global production
of similar and competitive crops. During its ordinary course of business, the value of Group's open sale and purchase commitments and inventory of raw material changes continuously in
line with movement in the prices of the underlying commodities. To the extent that its open sales and purchase commitments do not match at the end of each business day, the Group is
subjected to price fluctuations in the commodities market.
While the Group is exposed to fluctuations in agricultural commodities prices, its policy is to minimize its risks arising from such fluctuations by hedging its purchases either through
direct sale of similar commodity or through futures contracts on the commodity exchanges.
In the course of hedging its purchases either through direct sale or through futures contracts, the Group may also be exposed to the inherent risk associated with trading activities
conducted by its personnel. The Group has in place a risk management system to manage such risk exposure.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to changes
in interest rates due to its financing, investing and cash management activities. The risks arising from interest rate movements arise from borrowings with variable interest rates. The
Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
The Group's risk management activities are subject to the management, direction and control of Treasury team under the framework of Risk Management Policy for interest rate risk. The
Group’s treasury team ensures appropriate financial risk governance framework for the Group through appropriate policies and procedures and that financial risks are identified,
measured and mitigated in accordance with the Group’s policies and risk objectives.
For Group's total borrowings, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole period / year
Amount in ₹ Mn
Particulars 30th September, 30th September, 31st March, 2021 31st March, 2020 31st March, 2019
2021 2020
Total Borrowings 19,443.55 21,133.31 19,040.08 23,002.76 18,294.56
% of borrowings out of above bearing variable rate of interest 100% 100% 100% 100% 100%
In case of fluctuation in interest rates by 50 basis points and all other variable were held constant, the Group's profit for the period / year would increase or decrease as follows
Amount in ₹ Mn
Particulars 30th September, 30th September, 31st March, 2021 31st March, 2020 31st March, 2019
2021 2020
50 bps increase would decrease the profit before tax by (97.22) (105.67) (95.20) (115.01) (91.47)
50 bps increase would Increase the profit before tax by 97.22 105.67 95.20 115.01 91.47
Currency risk
The Group operates internationally and portion of the business is transacted in several currencies and consequently the Group is exposed to foreign exchange risk through its sales and
services in overseas and purchases from overseas suppliers in various foreign currencies.
The Group evaluates exchange rate exposure arising from foreign currency transactions and Group follows established risk management policies including the use of derivatives like
foreign exchange forward and options to hedge exposure to foreign currency risks.
i) Particulars of Foreign Currency Derivatives outstanding as at Balance Sheet date.

Foreign Currency in Mn
Particulars Purpose 30th September, 30th September, 31st March, 2021 31st March, 2020 31st March, 2019
2021 2020
Forward Contract to Sell EURO Hedging of Trade Receivables 12.16 3.56 4.18 4.29 5.55
Forward Contract to Sell USD Hedging of Trade Receivables 0.10 - - - -
Forward Contract to Buy USD Hedging of Trade Credits, Acceptances 730.73 514.22 457.16 353.16 452.76
& Loan
Option Contract to Buy USD Hedging of Trade Credits & - - - 14.81 -
Acceptances
Derivative financial instruments such as foreign exchange contracts are used for hedging purpose and not as trading or speculative instrument.
ii) Particulars of unhedged foreign currency exposures as at Reporting date

USD in Mn
Particulars Trade Receivable Trade Payable Other liability Loan Payable Interest Payable
AS AT 31st March, 2019 34.84 231.29 - - 2.97
AS AT 31st March, 2020 16.67 241.38 1.35 36.52 2.92
AS AT 31st March, 2021 29.04 179.12 33.37 29.42 0.90
AS AT 30th September, 2020 18.32 198.45 13.20 56.30 1.67
AS AT 30th September, 2021 25.45 343.53 13.89 89.87 1.25
EURO in Mn
AS AT 31st March, 2019 - 1.32 - - -
AS AT 31st March, 2020 - 0.26 0.19 - -
AS AT 31st March, 2021 - 0.29 0.02 - -
AS AT 30th September, 2020 - 0.16 0.05 - -
AS AT 30th September, 2021 - 0.23 0.32 - -
SEK in Mn
AS AT 31st March, 2019 - - - - -
AS AT 31st March, 2020 - - - - -
AS AT 31st March, 2021 - - - - -
AS AT 30th September, 2020 - 0.14 - - -
AS AT 30th September, 2021 - 0.03 - - -
The Company has unhedged foreign currency exposure in GBP & SGD currency of value less than 50,000 and in CHF currency of 0.03 Mn as at September 30,2021.
275
III) Foreign Currency Sensitivity Analysis

5 % Increase or decrease in foreign exchange rates will have following impact on Profit before tax.
Amount in ₹ Mn
2021 2020
USD 1,473.73 835.96 780.99 1,003.67 679.28
EURO 2.39 0.90 1.31 1.86 5.13
SEK 0.01 0.06 - - -
GBP 0.01 - - - -
CHF 0.12 - - - -
SGD 0.01 - - - -
Impact on proﬁt or loss 1,476.27 836.92 782.30 1,005.53 684.41
IV) Closing rates
Currency 30th September, 30th September, 31st March, 2021 31st March, 2020 31st March, 2019
2021 2020
INR/USD 74.2300 73.7700 73.1100 75.6650 69.1550
INR/EURO 86.0725 86.4925 85.7500 82.7700 77.6725
INR/SEK 8.4425 8.2025 8.3825 7.4725 7.4375
Price risk
The Group's exposure to price risk in the investment in mutual funds is classified in the balance sheet as fair value through profit or loss. Management monitors the prices closely to
mitigate its impact on profit and cash flows. Since these investments are insignificant, the exposure to equity price changes is minimal.
ii) Credit risk

Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations resulting in a loss to the Group. Financial instruments that are subject to credit risk
principally consist of Loans, Trade and Other Receivables, Cash & Cash Equivalents, Investments and Other Financial Assets. The carrying amounts of financial assets represent the
maximum credit risk exposure.
Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits
and creditworthiness of counter parties on continuous basis with appropriate approval mechanism for sanction of credit limits.
Other Financial Assets

Credit risk from balances with banks, financial institutions and investments is managed by the Group's treasury team in accordance with the Group's risk management policy. Cash and
cash equivalents and Bank deposits are placed with banks having good reputation, good past track record and high quality credit rating.
Trade Receivables
Credit risk on receivables is limited as almost majority of credit sales are against security deposits, advances, cheques and guarantees of banks of national standing. Moreover, given the
diverse nature of the Group’s businesses trade receivables are spread over a number of customers with no significant concentration of credit risk.
Receivables are deemed to be past due or impaired with reference to the Group’s normal terms and conditions of business. These terms and conditions are determined on a case to case
basis with reference to the customer’s credit quality and prevailing market conditions. Receivables that are classified as ‘past due’ are those that have not been settled within the terms
and conditions that have been agreed with that customer.
The credit quality of the Group’s customers is monitored on an ongoing basis and assessed for impairment where indicators of such impairment exist. The solvency of the debtor and
their ability to repay the receivable is considered in assessing receivables for impairment. Where receivables have been impaired, the Group actively seeks to recover the amounts in
question and enforce compliance with credit terms.
Movement in expected credit loss allowance on trade receivables Amount in ₹ Mn

AS AT AS AT
AS AT AS AT AS AT
2021 2020
Opening Balance of Credit Losses 25.28 4.16 4.16 3.10 4.81
Changes during the year 9.59 - 21.12 1.06 (1.71)
Closing Balance of Credit Losses 34.87 4.16 25.28 4.16 3.10
iii) Liquidity Risk

Liquidity risk refers the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group monitors its risk of shortage of funds
using cash flow forecasting models. These models consider the maturity of its financial investments, committed funding and projected cash flows from operations. The Group’s objective
is to provide financial resources to meet its business objectives in a timely, cost effective and reliable manner and to manage its capital structure. A balance between continuity of
funding and flexibility is maintained through the use of various types of borrowings.
Maturity profile of financial liabilities :

The table below provides details regarding contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments:
Amount in ₹ Mn
AS AT Refer Note Less than 1 year 1 to 5 year More than 5 Years Total
30th September, 2021
Borrowings 17 & 20 10,052.08 9,342.03 106.24 19,500.35
Lease Finance Liability 40 323.23 750.28 1,424.38 2,497.89
Trade Payables 21 104,659.29 - - 104,659.29
Other Non Current Financial Liabilities 18 - 4,265.32 4,265.32
Derivative Instruments 22 1,545.86 - - 1,545.86
Other Current Financial Liabilities 22 1,029.18 - - 1,029.18
117,609.64 14,357.63 1,530.62 133,497.89
AS AT Refer Note Less than 1 year 1 to 5 year More than 5 Years Total
30th September, 2020
Borrowings 17 & 20 10,203.33 10,838.21 166.53 21,208.07
Trade Payables 21 70,109.56 - - 70,109.56
Other Non Current Financial Liabilities 18 - 2,785.54 - 2,785.54
Other Current Financial Liabilities 22 956.88 - - 956.88
86,151.12 14,222.15 1,568.97 101,942.24
As at 31st March, 2021 Refer Note Less than 1 year 1 to 5 year More than 5 Years Total
Borrowings 17 & 20 8,816.22 10,179.59 109.67 19,105.48

Trade Payables 21 62,643.67 - - 62,643.67
Other Current Financial Liabilities 22 927.93 - - 927.93
76,816.31 14,466.68 1,471.69 92,754.68
276
Borrowings 17 & 20 11,554.59 10,976.12 543.30 23,074.01

Trade Payables 21 56,970.91 - - 56,970.91
Derivative Instruments 22 39.42 - - 39.42
70,510.26 14,129.36 1,996.95 86,636.57
Borrowings 17 & 20 8,647.63 7,262.01 2,454.93 18,364.57

Lease Finance Liability 40 244.70 542.22 337.14 1,124.06
Trade Payables 21 66,503.71 - - 66,503.71
Other Non Current Financial Liabilities 18 - 2,425.31 - 2,425.31
Derivative Instruments 22 921.63 - - 921.63
78,158.91 10,229.54 2,792.07 91,180.52
E) Capital Management
For the purpose of the Group's capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Group. The primary
objective of the Group when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.
The capital structure of the Group is based on management’s judgment of its strategic and day-to-day needs with a focus on total equity so as to maintain creditors and market
confidence.
The Group monitors capital using gearing ratio, which is net debt (borrowing less cash and bank balances) divided by total capital plus debt.
Amount in ₹ Mn
AS AT AS AT
AS AT AS AT AS AT
Particulars Note 30th September, 30th September,
2021 2020
Total Borrowings 17 & 20 19,443.55 21,133.31 19,040.08 23,002.76 18,294.56
Less: Cash and Bank Balances 10 & 11 16,994.86 18,637.49 11,884.64 14,321.01 12,154.61
Net Debt (A) 2,448.69 2,495.82 7,155.44 8,681.75 6,139.95
Total Equity (B) 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07
Total Equity and Net Debt (C) = A + B 38,962.85 31,082.64 40,136.85 34,388.72 27,250.02
Gearing Ratio (A/C) 6.28% 8.03% 17.83% 25.25% 22.53%
Management monitors the return on capital, as well as the level of dividends to equity shareholders. In order to achieve this overall objective, the Group's capital management, amongst
other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the
financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing.
No changes were made in the objectives, policies or processes for managing capital.
277
44 INTEREST IN OTHER ENTITIES

Pursuant to Para B14 of Ind AS 112, Disclosure of Interest in Other Entities, following is the disclosure relating to Joint Ventures of the entity
a Summarised Financial Information Amount in ₹ Mn

KOG-KTV Food Products (India) Private Limited KTV Health Food Private Limited (Consolidated)
As At As At As At As At As At As At As At
As At As At As At
Particulars 30th September 30th September 31st March 31st March 30th September 30th September 31st March
31st March 2021 31st March 2021 31st March 2019
2021 2020 2020 2019 2021 2020 2020
Audited Audited Audited Audited Audited Audited Audited Audited Audited Audited
Non-current assets 900.49 556.96 684.65 481.83 2,487.50 1,596.29 1,033.95 1,160.34 1,182.23 1,134.80
Current assets
Cash and Cash Equivalents 2,391.88 2,832.70 2,422.28 2,026.61 427.90 4,366.92 3,074.10 2,823.00 3,623.63 4,591.63
Other 4,172.65 1,402.19 1,807.92 1,297.36 1,963.90 7,321.43 2,808.44 2,479.16 3,691.27 3,587.79
Total Current assets 6,564.53 4,234.89 4,230.20 3,323.97 2,391.80 11,688.35 5,882.54 5,302.16 7,314.90 8,179.42
Total Assets 7,465.02 4,791.85 4,914.85 3,805.80 4,879.30 13,284.64 6,916.49 6,462.50 8,497.13 9,314.22
Non-current liabilities 2.40 1.68 1.66 2.66 9.80 171.23 42.79 41.83 47.12 88.58
Current liabilities 5,832.46 3,466.79 3323.64 2,696.77 4,191.90 10,145.70 4,601.11 3,828.11 6,660.62 7,995.99
Total Liabilities 5,834.86 3,468.47 3,325.30 2,699.43 4,201.70 10,316.93 4,643.90 3,869.94 6,707.74 8,084.57
Net Assets 1,630.16 1,323.38 1,589.55 1,106.37 677.60 2,967.71 2,272.59 2,592.56 1,789.39 1,229.65
Amount in ₹ Mn
Vishakha Polyfab Private Limited AWN Agro Private Limited
As At As At As At
2021 2020 2020 2019 2021 2020 2020
Non-current assets 1,617.21 1,458.43 1,637.31 1,461.23 946.16 5.23 5.32 5.28 5.36 7.00
Current assets
Cash and Cash Equivalents 727.89 1.74 4.36 1.21 0.41 0.50 0.48 0.58 0.64 0.90
Other 1,400.62 1,855.60 1,829.75 1,653.56 1,551.01 0.00 0.03 0.04 0.05 0.03
Total Current assets 2,128.51 1,857.34 1,834.11 1,654.77 1,551.42 0.50 0.51 0.62 0.69 0.93
Total Assets 3,745.72 3,315.77 3,471.42 3,116.00 2,497.58 5.73 5.83 5.90 6.05 7.93
Non-current liabilities 825.16 625.66 728.00 649.23 185.91 - - - - -
Current liabilities 1,699.72 1,605.26 1,553.49 1,485.58 1,498.72 269.81 269.36 269.70 269.36 270.80
Total Liabilities 2,524.88 2,230.92 2,281.49 2,134.81 1,684.63 269.81 269.36 269.70 269.36 270.80
Net Assets 1,220.84 1,084.85 1,189.93 981.19 812.95 (264.08) (263.53) (263.80) (263.31) (262.87)
b The Summarised Performance of the Joint Venture entities is as follows Amount in ₹ Mn

Period Ended Period Ended Year Ended Year Ended Year Ended Period Ended Period Ended Year Ended Year Ended Year Ended
Particulars 30th September, 30th September, 31st March, 31st March, 30th September, 30th September, 31st March,
2021 2020 2020 2019 2021 2020 2020
Revenue 7,197.10 4,978.55 10,110.57 9,660.26 11,816.70 15,700.81 10,462.84 20,037.50 23,723.74 27,044.40
Interest Income 55.99 76.33 156.78 166.59 153.00 78.09 101.42 197.94 388.00 414.30
Depreciation and Amortization Expenses 9.66 11.16 22.50 28.03 25.30 51.88 56.53 114.72 128.90 136.28
Finance Cost 27.50 49.09 88.23 120.88 128.40 55.02 67.18 120.74 209.11 247.56
Profit and Loss before Tax 55.26 286.63 670.78 586.27 102.50 494.32 637.63 1,085.39 738.99 356.60
Tax Expense 14.65 69.62 184.98 156.68 40.20 119.17 154.43 275.87 177.89 124.31
Profit and Loss after Tax 40.61 217.01 485.80 429.59 62.30 375.15 483.20 809.52 561.10 232.29
Other comprehensive Income (net of taxes) - - (2.63) (0.47) (0.20) - - (6.34) (1.37) (1.43)
Total comprehensive Income 40.61 217.01 483.17 429.12 62.10 375.15 483.20 803.18 559.73 230.86
278
Amount in ₹ Mn
Period Ended Period Ended Year Ended Year Ended Year Ended Period Ended Period Ended Year Ended Year Ended Year Ended
Particulars 30th September, 30th September, 31st March, 31st March, 30th September, 30th September, 31st March,
2021 2020 2020 2019 2021 2020 2020
Revenue 1,678.01 1,291.76 2,881.23 2,863.31 3,104.65 - - - - -
Interest Income 3.20 1.38 3.71 3.55 10.60 - - - - -
Depreciation and Amortization Expenses 77.15 35.66 117.48 88.62 83.53 0.04 0.04 0.08 0.08 0.16
Finance Cost 98.02 67.28 157.73 135.70 95.37 - - - - 0.27
Profit and Loss before Tax 81.11 115.63 283.94 252.18 232.38 (0.28) (0.22) (0.48) (0.44) (0.75)
Tax Expense 50.65 12.12 75.34 84.55 113.80 - - - - -
Profit and Loss after Tax 30.46 103.51 208.60 167.63 118.58 (0.28) (0.22) (0.48) (0.44) (0.75)
Other comprehensive Income (net of taxes) - 0.14 0.14 0.61 (0.25) - - - - -
Total comprehensive Income 30.46 103.65 208.74 168.24 118.33 (0.28) (0.22) (0.48) (0.44) (0.75)
c Contingent liabilities and Commitments of the Joint Venture entities is as follows Amount in ₹ Mn
As At As At As At
2021 2020 2020 2019 2021 2020 2020
Contingent Liabilities 798.76 798.76 798.76 1,300.00 70.40 - - - - -
Capital Commitments 39.98 131.44 169.07 1.60 - 546.85 - 273.75 0.40 1.75
Amount in ₹ Mn
As At As At As At
2021 2020 2020 2019 2021 2020 2020
Contingent Liabilities 10.88 10.88 10.88 27.90 27.90 1.32 1.32 1.32 1.32 1.32
Capital Commitments 52.50 52.50 52.50 984.61 1,127.50 - - - - -
279
45 Disclosures mandated by Schedule III of Companies Act 2013, by way of additional information
Amount in ₹ Mn
Share in Other Comprehensive Share in Total Comprehensive
Net Assets Share in Profit or Loss
Income Income
% of Amount % of Consolidated Amount Amount % of consolidated Amount
% of Consolidated
Consolidated Profit or Loss Total
Other Comprehensive
Net Assets Comprehensive
Income
Income
Parent
Balance as at 30 September 2021 98.86% 33,583.32 94.65% 3,444.02 32.86% (12.68) 97.13% 3,431.34
Balance as at 31 March 2021 91.42% 30,151.98 90.07% 6,553.85 91.71% (1.88) 90.07% 6,551.97
Subsidiary
Golden Valley Agrotech Private Limited
Balance as at 30 September 2021 0.11% 36.23 -0.74% (27.02) 0.31% (0.12) -0.77% (27.14)
Balance as at 30 September 2020 0.23% 67.08 -0.76% (21.92) 1.12% (0.09) -0.76% (22.01)
Balance as at 31 March 2021 0.19% 63.36 -0.35% (25.57) 8.29% (0.17) -0.35% (25.74)
Balance as at 31 March 2020 0.35% 89.10 -0.11% (5.02) 0.42% (0.05) -0.11% (5.07)
Balance as at 31 March 2019 0.45% 94.17 0.08% 3.04 0.44% (0.04) 0.08% 3.00
AWL Edible Oils and Foods Private Limited
Balance as at 30 September 2021 0.00% - 0.00% (0.01) 0.00% - 0.00% (0.01)
Balance as at 30 September 2020 0.00% 0.04 0.00% (0.01) 0.00% - 0.00% (0.01)
Balance as at 31 March 2021 0.00% 0.01 0.00% (0.03) 0.00% - 0.00% (0.03)
Balance as at 31 March 2020 0.00% 0.05 0.00% (0.04) 0.00% - 0.00% (0.04)
Balance as at 31 March 2019 0.00% 0.08 0.00% (0.02) 0.00% 0.00% (0.02)
Adani Wilmar Pte Ltd (Consolidated)
Balance as at 30 September 2021 7.49% 2,544.47 -1.85% (67.38) 0.00% - -1.91% (67.38)
Joint Ventures
Vishakha Polyfab Private Limited
Balance as at 30 September 2021 1.80% 610.42 0.42% 15.14 0.00% - 0.43% 15.14
Balance as at 31 March 2021 1.80% 594.97 1.45% 105.62 0.00% - 1.45% 105.62
KOG-KTV Food Products (India) Private Limited
KTV Health Food Private Limited
Balance as at 30 September 2021 4.37% 1,483.86 5.16% 187.58 0.00% - 5.31% 187.58
Balance as at 30 September 2020 3.97% 1,136.29 8.37% 241.59 0.00% - 8.39% 241.59
Balance as at 31 March 2021 3.93% 1,296.28 5.52% 401.59 0.00% - 5.52% 401.59
AWN Agro Private Limited (Refer Note 1 below)
Balance as at 30 September 2021 - - - - - - - -
Balance as at 30 September 2020 - - - - - - - -
Balance as at 31 March 2021 - - - - - - - -
Consolidation Adjustments
Balance as at 30 September 2021 -7.53% (2,559.21) -0.04% (1.30) 66.83% (25.79) -0.77% (27.09)
Balance as at 31 March 2021 0.24% 80.04 -0.01% (0.55) 0.00% - -0.01% (0.55)
Balance as at 31 March 2019 0.28% 58.61 0.00% 0.12 0.00% 0.00% 0.12
280

Total
#REF!
Notes:
1. In accordance with Para 39 of Ind AS - 28 "Investment in Associated and Joint Ventures" - "After the entity’s interest is reduced to zero, additional losses are provided for, and a liability is recognised, only to the
extent that the entity has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. If the Joint Venture subsequently reports profits, the entity resumes recognising its
share of those profits only after its share of the profits equals the share of losses not recognised."
As per Note - 4 to the restated consolidated financial statements, Group's interest in AWN Agro Private Limited is reduced to Zero as Share of Losses from AWN Agro exceeds the Group's interest and any losses in
excess of Group's interest is not considered.
281
46 Business Combinations during the period
On June 30,2021, the Company has acquired 100% equity shares of Adani Wilmar Pte Ltd (AWPTE), Singapore along
with its subsidiaries engaged in the business of Trading of edible oils and refining of crude edible oil & packing of the
same for distribution in local market. The same has been consolidated as subsidiary from the date of acquisition. The
Group has accounted for business combination based on the fair value of the identified assets and liabilities as on
the date of acquisition are as mentioned below.
The fair value of the identifiable assets and liabilities as at the date of acquisition were:
Amount in ₹ Mn
AWPTE & its
Particulars
subsidiaries
ASSETS
Property, Plant and Equipment 3,608.42
Capital Work in Progress 408.85
Right of Use Assets 71.24
Other Intangible Assets 19.66
Inventories 4,477.51
Trade Receivables 383.01
Cash and Bank Balances 796.06
Other Financial Assets 102.15
Other Assets 690.54
TOTAL ASSETS A 10,557.44
LIABILITIES
Borrowings 668.68
Lease Liabilities 81.97
Deferred Tax Liabilities (Net) 58.21
Trade Payables 7,608.34
Other Financial Liabilities 79.11
Other Liabilities 381.95
Provisions 256.58
Liabilities for Current Tax (Net) 193.24
TOTAL LIABILITIES B 9,328.08
Total Identifiable Net Assets at fair value C=(A-B) 1,229.36
Purchase Consideration paid for equity shares (cash consideration) D 1,791.57
Non-Controlling Interests -
Goodwill arising on acquisition D-C 562.21
Notes
a The determination of the fair value is based on discounted cash flow method. Key assumptions on which the
management has based fair valuation includes estimated long-term growth rates, weighted average cost of capital
and estimated operating margin. The Cash flow projections take into account past experience and represent the
management's best estimate about future developments.
b Goodwill is attributable to future growth of business out of synergies from these acquisitions and assembled
workforce.
c From the date of acquisition, Adani Wilmar Pte Ltd (AWPTE), Singapore including its subsidiaries have contributed ₹
5,553.88 Mn and ₹ (59.58) Mn to the Revenue and (Loss) Before Tax to the Group respectively. If the combination
had taken place at the beginning of the year, revenue would have been ₹ 11,440.66 Mn and the Profit Before Tax to
the group would have been ₹ 140.64 Mn respectively.
282
47 Other Notes
a) i) Incentive benefits of ₹ Nil (September 30,2020: ₹ Nil, March 31,2021: ₹ 1.02 Mn, March 31,2020: ₹Nil, March 31,2019: ₹ 29.11 Mn) under IIPP 2010-2015 scheme and ₹ Nil ( March 31,2021:
₹ 26.97 Mn) under Investment Promotion Assistance Scheme of Madhya Pradesh have been recognized on the accrual basis.
ii) Electricity Duty benefit under Fiscal Incentive Scheme under FIIP (R) 2013 of ₹ 0.11 Mn (September 30,2020: ₹ 2.50 Mn, March 31,2021: ₹ 3.61 Mn, March 31,2020: ₹ Nil, March 31,2019: ₹
0.40 Mn) under Fiscal Incentive Scheme under FIIP (R) 2013 & ₹ 1.06 Mn (30 September 2020: ₹ Nil, 31 March 2021: ₹ Nil, 31 March 2020: ₹ Nil, 31 March 2019: ₹ Nil) under Gujarat
Industrial Policy 2015 has been recognized.
iii) Sales Tax Incentives of ₹ Nil (September 30,2020: ₹ Nil, March 31,2021: ₹ Nil, March 31,2020: ₹ 40.42 Mn, March 31,2019: ₹ Nil) and Export Incentive of ₹ Nil (September 30, 2020: ₹ Nil,
March 31,2021: ₹ Nil, March 31,2020: ₹ Nil, March 31,2019: ₹ 63.78 Mn) recognized in earlier years on accrual basis have been reversed as management does not expect realization of the
same.
b) Details of Loans given, Investments made and Guarantee given or security provided covered u/s 186 (4) of the Companies Act, 2013 are given under respective heads (Refer Note 4, 12 and
33).
c) The Group has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of receivables, intangibles, investments and other assets. In
developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Group has used internal and external sources of
information. The Group operates in the industry that is considered essential, the operations were continuing during lockdown by ensuring appropriate measures. The Group has reviewed the
assumptions used and based on current estimates expects the carrying amount of these assets will be recovered and there is no major impact in the operational and financial performance of
business.
The impact of COVID-19 on the Group’s financial statements may differ from that estimated as at the date of approval of these financial statements and the Group will continue to closely
monitor any material changes to future economic conditions and its impact on the performance of the Group.
d) The Code on Wages,2019 and Code of Social Security ,2020 (“the Codes”) relating to employee compensation and post -employment benefits had received Presidential assent but the related
rules thereof for quantifying the financial impact have not been notified. The Group will assess the impact of the Codes when the rules are notified and will record any related impact in the
period the Codes become effective.
48 Approval of Financial information

The Restated Consolidated financial statements of the Group were authorized for issue in accordance with a resolution of the directors on 16 November 2021.

M. No.: 181748 DIN 02481358 DIN 00008457


283
OTHER FINANCIAL INFORMATION
The accounting ratios required under Clause 11 of Part A of Schedule VI of the SEBI ICDR Regulations are given below:
(in ₹ million)
Particulars As at and for As at and for As at and for As at and for As at and for
the six the six the year the year the year ended
months ended months ended ended March ended March March 31,
September 30, September 30, 31, 2021 31, 2020 2019
2021 2020
Restated profit for the year/ period (A) (₹ in 3,571.33 2,887.89 7,276.49 4,608.72 3,755.21
million)
Weighted average number of equity shares in 1,142.95 1,142.95 1,142.95 1,142.95 1,142.95
calculating basic EPS (B) (number in
million)
calculating diluted EPS (C) (number in
million)
Basic Earnings per share (in ₹) (D = A/B) 3.12 2.53 6.37 4.03 3.29
Diluted Earnings per share (in ₹) (E = 3.12 2.53 6.37 4.03 3.29
A/C)
Total Equity (A) (₹ in million) 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07

Restated Profit for the year/ period (B) (₹ in 3,571.33 2,887.89 7,276.49 4,608.72 3,755.21
million)
Return on net worth (C = B/A) (%) 9.78% 10.10% 22.06% 17.93% 17.79%
Total Equity (A) (₹ in million) 36,514.16 28,586.82 32,981.41 25,706.97 21,110.07

calculating basic EPS (B) (number in
million)
calculating diluted EPS (C) (number in
million)
Net Asset Value per Equity Share (basic) 31.95 25.01 28.86 22.49 18.47
(D = A/B) (in ₹)
Net Asset Value per Equity Share (diluted) 31.95 25.01 28.86 22.49 18.47
(E = A/C) (in ₹)
EBITDA (₹ in million) 8,896.58 7,431.01 14,305.59 14,194.75 12,534.57

EBITDA Margin (%) 3.56% 4.57% 3.85% 4.77% 4.33%
The ratios have been computed on a restated basis as under:
1. Basic and diluted earnings/ (loss) per equity share: Basic and diluted earnings/ (loss) per equity share are computed in accordance with Indian
Accounting Standard 33 notified under the Companies (Indian Accounting Standards) Rules of 2015 (as amended).
2. Return on Net Worth ratio: Profit/ (loss) for the period attributable to equity shareholders of the company divided by the Total Equity of the Company
at the end of the year/period.
3. EBITDA: Aggregate of restated profit/(loss) after tax, tax expense, finance cost and depreciation and amortisation.
The audited standalone financial statements of our Company as at and for the financial year ended March 31, 2021, March 31,
2020, and March 31, 2019 and the reports thereon dated May 4, 2021, May 5, 2020 and May 23, 2019, respectively (“Audited
Financial Statements”) are available at https://www.adaniwilmar.com/investors. Our Company is providing a link to this
website solely to comply with the requirements specified under the SEBI ICDR Regulations. The Audited Financial Statements
do not constitute, (i) a part of this Red Herring Prospectus; or (ii) a prospectus, a statement in lieu of a prospectus, an offering
circular, an offering memorandum, an advertisement, an offer or a solicitation of any offer or an offer document to purchase or
sell any securities under the Companies Act, 2013, the SEBI ICDR Regulations, or any other applicable law in India or
elsewhere in the world. The Audited Financial Statements should not be considered as part of information that any investor
should consider to for or purchase any securities of our Company, or any entity in which it or its shareholders have significant
influence (collectively, the “Group”) and should not be relied upon or used as a basis for any investment decision. None of the
Group or any of its advisors, nor any Managers, nor any of their respective employees, directors, affiliates, agents or
representatives accept any liability whatsoever for any loss, direct or indirect, arising from any information presented or
contained in the Audited Financial Statements, or the opinions expressed therein.
Related Party Transactions
We regularly explore the international suppliers for better supply volume and competitive rates of crude edible oil. As a result,
our purchases of goods from Adani Global Ptd Ltd and Alfa Trading Ltd in the financial year 2021 increased as compared to
the financial year 2020. The increased commodity prices in the financial year 2021 also contributed to the increase in our
purchase of goods from Alfa Trading Ltd and Wilmar Trading Ptd Limited.
284
For the financial years 2019, 2020 and 2021 and the six months ended September 30, 2021, we rendered the following services
to our related parties:
Related party Nature of Rendering of Services

Adani Agri Fresh Limited Sponsorship services received for Pro Kabaddi events under the franchisee held
by us
Adani Finserve Pvt Ltd Sponsorship services received for Pro Kabaddi events under the franchisee held
by us
Alfa Trading Ltd Commission income on sales to third parties introduced by us
Dubois Natural Esters Sdn Bhd Commission income on sales to third parties introduced by us
Global Amines Company Pte Ltd Commission income on sales to third parties introduced by us
Natural Oleochemicals Sdn Bhd Commission income on sales to third parties introduced by us
Shree Renuka Sugars Ltd Advertisement and brand promotion service
Wilmar China Oleo Co. Limited Commission income on sales to third parties introduced by us
Wilmar Surfactant Material (Lianyungang) Co. Commission income on sales to third parties introduced by us
Limited
Wilmar Trading (Asia) Pte. Ltd Load port despatch income for loading various vessels before scheduled time
Wilmar Trading Pte Limited Commission income on sales to third parties introduced by us
Wilmar Yuanda Bio Tech Taixing Co Ltd Commission income on sales to third parties introduced by us
For the financial years 2019, 2020 and 2021 and the six months ended September 30, 2021, we extended the following loans to
our related parties:
Related party Tenure Interest Rate % Loan Amount Purpose Default

KOG-KTV Food 12 months 10.50% INR 82 million Business support No
Products (India)
Private Limited
(now amalgamated
with KTV Health
Food Private
Limited)
KTV Health Food 12 months 10.50% INR 63.5 million Business support No
Private Limited
Vishakha Polyfab 12 months 10.50% INR 265.00 million Business support No
Private Limited
AWN Agro Private 12 months 10.50% INR 119.11 million Business support No
Limited
There was no write-off on trade receivables from related parties for the financial year 2019, 2020 and 2021 and the six months
ended September 30, 2021.
For details of the related party transactions, as per the requirements under applicable Accounting Standards, i.e., Ind AS 24 -
Related Party Disclosures read with the SEBI ICDR Regulations, for the Financial Year 2021, Financial Year 2020, and
Financial Year 2019, see “Restated Financial Statements – Notes forming part of the Restated Consolidated Financial
Information - Note 37: Related Party Disclosures” beginning on page 263.
285
FINANCIAL INDEBTEDNESS
Our Company has availed loans in the ordinary course of its business primarily for the purposes of working capital requirements
and for capital expenditure purposes. For the borrowing powers of our Board of Directors, see “Our Management - Borrowing
powers of our Board of Directors” on page 189.
The following table sets forth details of the aggregate outstanding borrowings of our Company, on a consolidated basis, as on
September 30, 2021:
Category of borrowing Sanctioned Amount (in ₹ million) Outstanding amount

(in ₹ million)*
Term loans (secured)(1)
Fund based 20,249.34 12,301.51
Working capital loans (secured)(2)
Fund-based(3) 11,500.00 -
Non-fund based 78,484.05 70,350.76
Working capital loans (unsecured)
Non-fund based - 9,263.17
Total 110,233.39 91,915.44
* As certified by Shah Dhandharia & Co. LLP, Chartered Accountants, our Statutory Auditor, pursuant to the certificate dated January 13, 2022.
(1) This does not include unamortized ancillary cost of ₹ 56.80 million and an amount of ₹ 0.44 million which is a financing arrangement with one of
our suppliers.
(2) Working capital limits are interchangeable between fund based and non-fund based facilities.
(3) In addition to the above, our Company has also availed an overdraft facility secured against fixed deposits outstanding to the tune of ₹ 494.26
million as on September 30, 2021.
Principal terms of the borrowings availed by our Company:
Set out below are the principal terms of the borrowings availed by our Company. There may be additional terms, conditions
and requirements under the various borrowing arrangements entered into by us.
1. Interest: Interest rate for our term loans typically ranges from 3.09% to 9.20% and is tied to a base rate/ MCLR/
LIBOR as specified by the lenders with a reset option. The interest rate for the domestic working capital loans typically
ranges from 6.90% to 9.35% and is tied with the MCLR or as mutually agreed between the parties. The interest rate
for the foreign working capital loans typically ranges from 0.25% to 1.71% and is tied to LIBOR. The additional/penal
interest rate for the facilities availed by us typically ranges from 0.50% to 3.00% on account of non-adherence to
certain terms and conditions.
2. Tenor: The tenor of the working capital limits (including non-fund based limits) typically ranges from being payable
on demand to 12 months and the tenor for term loans typically ranges from 36 months to 84 months.
3. Security: In terms of our borrowings where security needs to be created, we are typically required to:
(a) create charge pari passu on all existing and future current assets of the Company;
(b) create charge pari passu on all existing and future fixed assets of the Company.
This is an indicative list and there may be additional requirements for creation of security under the various borrowing
arrangements entered into by us.
4. Prepayment: The lender may charge prepayment premium/penalty at such rate as may be advised by the lender at time
of request for prepayment of outstanding principal amount together with interest due in full or in part before the due
dates. The prepayment premium typically ranges up to 2% in an event certain conditions are not fulfilled.
5. Repayment: The working capital facilities are typically repayable on demand. The repayment period for most term
loans typically ranges from three years to seven years.
6. Key covenants:
In terms of our facility agreements, consortium agreements and sanction letters, we are required to:
(a) utilize the facilities sanctioned by the lenders solely for the purpose for which the facilities are sanctioned;
(b) take prior consent before making any corporate investments or investments by way of share capital with any
other concern except in normal course of business;
(c) take prior consent of the lenders for change in capital structure, change in shareholding pattern and
management control in the Company;
286
(d) take prior consent before permitting any transfer of controlling interest or make any change in the
management set-up of the Company;
(e) take prior consent from the lenders for entering into any scheme for merger, amalgamation, compromise or
reconstruction;
(f) take prior consent of lenders before modification / amendment in the constitutional documents of our
Company;
(g) take prior written permission for any reduction or change in promoter shareholding below a prescribed
threshold;
(h) take prior consent of lenders for repaying loan amounts availed from shareholders, directors and other
affiliates (as the case maybe); and
(i) take prior consent of lenders for declaring dividend for any year except out of profits of the current year.
7. Events of Default:
In terms of the facility agreements, consortium agreements and sanction letters the following, among others, constitute
as events of default:
(i) failure and/or breach of Company to perform any of the obligations or terms or conditions applicable under
the deed/other documents/any other agreement with any person including non-payment in full of any part of
the obligations when due or when demanded by the lender;
(ii) any misrepresentation or misstatement under the agreement;
(iii) initiation of proceedings pertaining to bankruptcy, liquidation or winding up;
(iv) event of, winding up, failure in business, insolvency, bankruptcy, or initiations of any
proceedings/actions/notices under the applicable laws including Insolvency and Bankruptcy Code, 2016;
(v) default on any other borrowings vis-à-vis a lender subject to a minimum threshold;
(vi) inadequacy of the insurance cover;
(vii) inability of the borrower to repay debts to any person or any steps being taken by any person, accelerating
the payment obligations of the borrower or declaration by any person of an event of default under their
respective agreement with the Company;
(viii) material deterioration or depreciation or decline in value of security created under the loan documents which
becomes unsatisfactory in the opinion of the lenders;
(ix) cessation of carrying out all or substantial part of its business; and
(x) cross default.
8. Consequences of occurrence of events of default:
In terms of the facility agreements, consortium agreements and sanction letters, in case of occurrence of events of
default set out above, our lenders may, among others:
(a) declare that the dues and all obligations shall immediately become due and payable irrespective of any agreed
maturity;
(b) enforce their security without relieving the Company of its obligations under the loan documentation;
(c) to appoint a nominee/observer on the Board of the Company;
(d) restrict the Company from declaring or paying any dividend in respect of Equity Shares; and
(e) convert the outstanding due amounts under the facility into Equity Shares or other securities as prescribed
under the relevant loan documentation.
287
CAPITALISATION STATEMENT
The following table sets forth our Company’s capitalization as at September 30, 2021, on the basis of our Restated Financial
Statements, and as adjusted for the Issue. This table should be read in conjunction with the sections titled “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”, “Financial Information” and “Risk Factors”
beginning on pages 289, 222 and 21, respectively.
(in ₹ million, unless indicated otherwise)

Particulars Pre-Issue as at September As adjusted for the
30, 2021 proposed Issue
Total Borrowings
Current Borrowings*# 80,108.19 [●]
Non-current borrowings* (A) 9,408.39 [●]
Current maturities of long term debt* (B) 2,836.75 [●]
Total Borrowings (C) 92,353.33 [●]
Total Equity
Equity share capital* 1,142.95 [●]
Other equity* 35,371.21 [●]
Total Equity (D) 36,514.16 [●]
Ratio: Non-current borrowings (including current maturities of 0.34 [●]
borrowings) (A+B) / Total Equity (D)
Ratio: Total Borrowings (C) / Total Equity (D) 2.53 [●]
* These terms shall carry the meaning as per Schedule III of the Companies Act.
# Current borrowings include fund-based and non-fund borrowings. Non-fund based borrowings are classified under acceptances under trade payables.
Notes:
(1)
The corresponding post IPO capitalization data for each of the amounts given in the above table is not determinable at this stage pending the completion
of the Book Building process and hence, the same has not been provided in the above statement.
(2)
Pursuant to a resolution passed by our Shareholders on May 5, 2021, our Company sub-divided the face value of its equity shares from ₹10 each to ₹1
each. Accordingly, the cumulative number of issued, subscribed and paid-up equity shares pursuant to sub-division is 1,142,948,860 Equity Shares of
face value of ₹1 each.
288
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
You should read the following discussion of our financial condition and results of operations together with our restated
consolidated financial statements as of and for the six months ended September 30, 2021 and 2020 and as of and for the
financial years ended March 31, 2021, 2020 and 2019, including the related notes, schedules and annexures. These restated
consolidated financial statements are based on our audited consolidated financial statements and are restated in accordance
with the Companies Act, 2013, and the ICDR Regulations. Our audited consolidated financial statements are prepared in
accordance with Indian Accounting Standards (“Ind AS”), which differs in certain material respects with IFRS and U.S. GAAP.
Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month
period ended March 31 of that year.
This discussion contains forward-looking statements that involve risks and uncertainties and reflects our current view with
respect to future events and financial performance. Actual results may differ from those anticipated in these forward-looking
statements as a result of factors such as those set forth under “Forward-looking Statements” and “Risk Factors” beginning on
pages 20 and 21, respectively.
Overview
Our Vision
Our vision is to be a leading agribusiness company committed to sustainably deliver safe, nutritious and quality agricultural
commodity and food through innovation, highest standards of environmental, social and governance practices, and the creation
of livelihoods in communities in which we operate to deliver long term value to all our stakeholders.
Who We Are
consumers, including edible oil, wheat flour, rice, pulses and sugar. (Source: Technopak Report) Commodities, such as edible
oils, wheat flour, rice, pulses and sugar, account for approximately 66% of the spend on primary kitchen commodities in India.
(Source: Technopak Report) We offer a range of staples such as wheat flour, rice, pulses and sugar. Our products are offered
significant interests across transport and logistics, and energy and utility sectors, and the Wilmar Group, one of Asia’s leading
of September 30, 2021. As a joint venture between the Adani Group and the Wilmar Group, we benefit from our strong
parentage. We benefit from the Adani Group’s in-depth understanding of local markets, extensive experience in domestic
trading and advanced logistics network in India, and leverage on the Wilmar Group’s global sourcing capabilities and technical
know-how.
Our portfolio of products spans across three categories: (i) edible oil, (ii) packaged food and FMCG, and (iii) industry essentials.
A significant majority of our sales pertain to branded products accounting for approximately 73% of our edible oil and food
and FMCG sales volume for the financial year 2021 (excluding industry essentials which were offered on a non-branded basis).
We have a presence across a wide array of sub-categories within each of these three categories as described below:
289
As of March 31, 2021, the Refined Oil in Consumer Packs (“ROCP”) market share of our branded edible oil was of 18.3%,
putting us as the dominant No. 1 edible oil brand in India (Source: Nielsen Retail Index – MAT March 2021). “Fortune”, our
flagship brand, is the largest selling edible oil brand in India (Source: Technopak Report). We have also leveraged our brands
and distribution network to offer a wide array of packaged foods since 2013, including packaged wheat flour, rice, pulses,
besan, sugar, soya chunks and ready-to-cook khichdi. We are among the top 5 fastest growing packaged food companies in
India, based on the growth in revenues during the last five years (Source: Technopak Report). We also offer a diverse range of
industry essentials, including oleochemicals, castor oil and its derivatives and de-oiled cakes. For details, please see – “Our Key
Business Categories” starting on page 291.
In recent years, we have been placing an increasing focus on value-added products, with an aim to diversify our revenue streams
and generate high profit margins. The value-added products we have launched in recent years include functional edible oil
products, such as rice bran health oil, fortified foods, ready-to-cook soya chunks and khichdi, and FMCG.
Our strong raw material sourcing capabilities are supported by our market standing and extensive business networks. We were
India’s largest importer of crude edible oil as of March 31, 2020 (Source: Technopak Report), which provided us with
bargaining power to source better quality raw materials on favorable commercial terms. We also benefit from the support of
the Wilmar Group for market intelligence and raw material sourcing, as well as our long-standing relationships with our
international suppliers.
comprising 10 crushing units and 19 refineries. Out of the 19 refineries, ten are port-based to facilitate use of imported crude
capacity of 5,000 MT per day (Source: Technopak Report). In addition to the 22 plants we own, we also used 36 leased tolling
units in India as of September 30, 2021, which provided us with additional manufacturing capacities. We had an average fixed
asset turnover ratio, calculated as total Income divided by net fixed assets, of 8.55, for the financial years from 2019 to 2021.
integration includes the following means: (i) backward and forward integration. Most of our crushing units are fully integrated
with refineries to refine crude oil we produce in-house. We further derive de-oiled cakes from crushing and use palm stearin
derived from palm oil refining to manufacture oleochemical products, such as soap noodles, stearic acid and glycerin, and
FMCG, such as soaps and handwash; (ii) integration of manufacturing capabilities of edible oils and packaged foods at the
same locations. Such integrated manufacturing infrastructure has enabled us to share supply chain, storage facilities, distribution
network and experienced manpower among different products and reduce the overall costs for processing and logistics.
We have the largest distribution network among all the branded edible oil companies in India (Source: Technopak Report). As
of March 31, 2021, we were present in one out of three households in India with a household reach of 90.51 million through
our Fortune brand (Source: IMRB). As of September 30, 2021, we had 5,590 distributors in India located in 28 states and eight
union territories, catering to over 1.6 million retail outlets (Source: Technopak Report). These retail outlets represent
approximately 35 % of the retail outlets in India (Source: Technopak Report). As of September 30, 2021, we also had (i) 88
depots in India, with an aggregate storage space of approximately 1.8 million square feet across the country to ensure availability
of our products; and (ii) 685 personnel in our sales and marketing team in India. We leverage our edible oil distribution network
290
for packaged foods, and currently, we have approximately 64% of our edible oil distributors in India catering to our packaged
food distribution. In addition to traditional retail distribution channels, we also serve our customers offline and online through
Fortune Mart and Fortune Online and provide them with ease of ordering our products from home.
We are committed to maintaining environmental and social sustainability. Our efforts towards environmental, social and
corporate governance compliance include sourcing sustainable palm oil, promoting green energy, conserving water, introducing
recyclable packaging and community upliftment. We procure crude palm oil from environmentally responsible suppliers for
refining. We have installed solar power at five of our plants with an aggregate installed capacity of 3,040 kilowatts and zero
liquid discharge systems at seven of our plants in India.
We have won several awards and accolades, including Times CSR Awards 2021 Gujarat for our contribution towards the
society in the field of healthcare services to prevent malnutrition and anemia by Optimalmedia Solutions, a division of Times
Internet Limited, Confederation of Indian Industry Award for Food Safety in 2020 for the Mundra, Unit-I of Krishnapatnam
and Neemuch manufacturing facilities, one of the top 100 most trusted brands in India by The Economic Times Brand Equity
in 2020 for the Fortune brand, one of India’s 50 most admired brands by White Page International in 2017, India’s most
attractive edible oil brands by TRA Research in 2016 and Superbrand by Superbrands Council in 2018. We have received the
Great Place to Work Certification by Great Place to Work Institute, India since 2017. Angshu Mallick, the Chief Executive
Officer and Managing Director of our Company, received the “Man of the Year” award from Globoil India at the World’s
Leading Edible Oil and Agri Trade Conference in 2021.
Our Key Business Categories
Edible Oil
oil brand in India (Source: Nielsen Retail Index – MAT March 2021). “Fortune”, our flagship brand, is the largest selling edible
oil brand in India (Source: Technopak Report). We offer a comprehensive portfolio of edible oil products, including soyabean
oil, palm oil, sunflower oil, rice bran oil, mustard oil, groundnut oil, cottonseed oil, blended oil, vanaspati, specialty fats and a
range of functional edible oil products with distinctive health benefits. We also offer various specialty fats, including (i)
industrial margarine, bakery shortening and vanaspati, (ii) lauric fats as substitutes for milk fat and cocoa butter substitutes,
and (iii) bulk packaging of frying oil. We are one of the largest players in specialty fats and oils in India (Source: Technopak
Report).
The following table sets forth the market share and ranking in India of our key edible oil products:

Soyabean oil* Fortune 22.8% First
King’s 6.4% Third
Total 29.2%
Sunflower oil* Fortune 8.3% Third
Aadhar 2.6% ***
Total 10.9%
291
Palmolein oil* Raag 15.1% Second
Alpha 0.7% ***
Fryola 0.3% ***
Total 16.1%
Mustard oil** 10% First
Rice bran oil* 25.1% ***
______________
Sources:
* Nielsen Retail Index – MAT March 2021, based on the data as of March 31, 2021.
** Technopak Report, based on the data as of 2020.
*** Ranking unavailable.
Packaged Food and FMCG
We also offer a wide array of packaged foods, including packaged wheat flour, rice, pulses, besan, sugar, soya chunks and
ready-to-cook khichdi. We are among the top 5 fastest growing packaged food companies in India, based on the growth in
revenues during the last five years (Source: Technopak Report). In 2021, the market share of our packaged wheat flour and
basmati rice under the Fortune brand was approximately 3.4% and 6.6% by volume, respectively, ranking second and third,
respectively, in India (Source: Nielsen Retail Index – MAT March 2021). We also offer FMCGs, including soaps, handwash
and sanitizers. The revenue we generated from sales of soap increased by 175.60% from ₹159.69 million for the fiscal year
2020 to ₹440.11 million for the fiscal year 2021.
Industry Essentials
We also offer a diverse range of industry essentials, including oleochemicals, castor oil and its derivatives and de-oiled cakes.
We were among the five largest basic oleochemical manufacturers in India in terms of revenue as of March 31, 2020, and the
Technopak Report). We were the largest exporter of castor oil and among the three largest exporters of oleochemicals in India
as of March 31, 2020 (Source: Technopak Report).
Our Key Financial and Operational Performance Indicators
The following table provides a snapshot of our key financial and operational performance indicators.
As at/For the Financial Year Ended As at/For the Six Months

March 31, Ended September 30,
Particulars Metric 2019 2020 2021 2020 2021
Total income ₹
million 289,196.81 297,669.86 371,956.58 162,737.33 249,572.86
Total income growth % — 2.93 24.96 — 53.36
EBITDA ₹
million 12,534.57 14,194.75 14,305.59 7,431.01 8,896.58
EBITDA growth % — 13.24 0.78 — 19.72
EBITDA margin % 4.33 4.77 3.85 4.57 3.56
Profit after tax (including share of profit ₹
in joint ventures) million 3,755.21 4,608.72 7,276.49 2,887.89 3,571.33
Profit after tax growth % — 22.73 57.89 — 23.67
Profit after tax margin % 1.30 1.55 1.96 1.77 1.43
Return on capital employed (calculated %
as profit before interest and tax divided
by capital employed)* 12.75 12.76 11.06 5.79 (1) 5.79 (1)
Fixed asset turnover Ratio (calculated as times
total income divided by net fixed assets) 8.57 7.77 9.31 4.17 (1) 5.53 (1)
Debt to Equity Ratio (calculated as long- times
term borrowings divided by total equity) 0.50 0.50 0.39 0.45 0.34
*
Capital employed includes acceptances.
Note:
(1) Not annualized.
Our Market Opportunity
We leverage our leading market positions in various product categories and expertise and the following industry trends to
further strengthen the portfolio of our core kitchen staples.
Indian consumption story of edible oils and food staples remains robust
The Indian consumption growth story remains intact supported by various trends including the demographics, greater influence
of women on their families, urbanization and a growing middle class. Various government initiatives have been implemented
to increase the consumption of edible oils and food staples in India.
292
Significant rise in packaged food demand in India
The demand for packaged foods in India is experiencing a rapid growth. Certain food categories, such as wheat flour and rice,
which used to be predominantly sold in loose form, are being increasingly sold in packages. However, the penetration rate of
packaged foods in India remains low, which provides significant potential for growth for packaged edible oil and food products.
This is further supported by the favorable demographics with urbanization and rise in middle-class population, gradual
expansion of modern retail including e-commerce, convenience and healthy eating trends.
The following charts show the packaged food under-penetration in India compared to the United States and China and also
the historical and expected growth rate for the packaged food retail market in India (Source: Technopak report):
Shift of consumer preference to branded products resulting in immense potential market
A number of packaged food categories such as salt and edible oil have witnessed significant increase in the overall branded
product usage (Source: Technopak report). Similar trends are expected in various other large packaged food categories such as
wheat flour, rice, besan and soya chunks in the coming years (Source: Technopak report). A chart depicting these trends is
shown below (Source: Technopak report):
Note: The percentages represent the market share of branded foods in each of these food categories.
Significant Factors Affecting our Financial Condition and Results of Operations
Our results of operations and financial condition are affected by a number of important factors including:
Volume and Mix of Products
The key driver in the growth of our revenue from operations has been the volume of products we produce and sell. Increased
production and sales volume favourably affect our results of operations as it enables us to benefit from economies of scale in
procurement of raw materials and may improve our operating margins through our ability to leverage our fixed cost base. To
increase our production volume, we endeavour to establish additional manufacturing facilities and increase the utilization rate
of our existing manufacturing facilities. We also seek to utilize additional tolling facilities to increase our production volume.
We strive to increase our sales volume through expanding distribution network and increasing marketing activities.
The success of our business depends upon our ability to anticipate and identify changes in consumer preferences and offer
products that appeal to consumers. Our results of operations are affected by the product mix. In general, functional edible oils
and soft oils generate high profit margin. To this end, we endeavour to increase food products in our portfolio which have good
potential to generate high profit margin in the future to further diversify our product mix.
293
Cost and Availability of Raw Materials
Our material costs constitute the largest component of our cost structure. Our material costs comprise cost of materials
consumed, purchases of traded goods and changes in inventories of finished goods and by products. For the six months ended
September 30, 2021 and 2020, the financial years 2021, 2020 and 2019, our material costs were ₹223,538.59 million,
₹138,892.77 million, ₹324,897.54 million, ₹253,702.06 million and ₹250,651.51 million, or 89.57%, 85.35%, 87.35%, 85.23%
and 86.67% of our total income, respectively. We are thus exposed to fluctuations in cost and availability of our raw materials
and there may be a time lag before we may effectively pass on all increases in cost of raw materials to our customers. Our
ability to pass on the increases in cost of raw materials to our customers is also subject to prevailing market conditions. If we
fail to pass on the increases in cost of raw materials, our margins, sales and overall results may be negatively affected. For
further details, see “Risk Factors – Internal Risk Factors – 1. Our operations are dependent on the supply of large amounts of
raw materials, such as unrefined palm oil, soyabean oil and sunflower oil, wheat, paddy and oilseeds. Unfavourable local and
global weather patterns may have an adverse effect on the availability of raw materials. In addition, we do not have long term
agreements with suppliers for our raw materials. Any increase in the cost of, or a shortfall in the availability of, such raw
materials could have an adverse effect on our business and results of operations, and seasonable variations could also result
in fluctuations in our results of operations.” on page 21.
Fluctuations in Commodity Prices
Our products are in the nature of commodities and their prices are subject to fluctuations that may affect our profitability. Our
earnings are to an extent dependent on the prices of the commodities that we sell, including, amongst others, palm oil, sunflower
oil, soyabean oil, mustard oil, grains and castor oil. The prices of these fluctuate due to factors beyond our control, including,
amongst others, world supply and demand, weather, crop yields, trade disputes between governments of key producing and
consuming countries and governmental regulation. Global demand and supply equation for agricultural commodities may be
adversely affected in case of sustained economic downturn, while supply may increase due to weather patterns or long-term
technological developments, all of which are factors beyond our control.
An increase in commodity prices only have a marginal impact on our sales volume and due to the increased prices, our revenue
from operations increased by 53.55% in the six months ended September 30, 2021 as compared to the six months ended
September 30, 2020. With respect to our operations in India, the volume of products sold increased by approximately 1% for
the same periods. If commodity prices fall from this level going forward, our revenue may also fall. See “Risk Factors – Internal
Risk Factors – 7. Our products are in the nature of commodities and their prices are subject to fluctuations that may affect our
profitability” on page 24.
Fluctuations in Currency
A majority of our raw materials is imported and therefore we are subject to fluctuations in currency. We have risk management
policies in place to cover any possible losses due to fluctuations in currency. For example, we use derivatives such as foreign
exchange forward contracts and options to hedge our foreign currency risks. However, we remain subject to currency risks due
to factors beyond our control, such as changes in government policies, geo-political factors, changes in fiscal policies of other
countries and any socio-economic event across the globe, which may lead to sudden fluctuations in currency. In accordance
with the Indian Accounting Standards, foreign exchange assets and liabilities are booked at the prevailing foreign exchange
rates on the date of transaction. On each reporting date, the foreign exchange rates for the outstanding assets and liabilities are
compared with the closing foreign exchange rates on the reporting date, and the differences are accounted as mark-to-market
gains/losses which will be reversed in the subsequent period. When the assets and liabilities are realized or paid, the differences
in foreign exchanges between booking rates and actual rates are accounted as realized foreign exchange gains/losses.
Accordingly, fluctuations in currency may impact our cost of funds and therefore adversely impact our profit margins.
Competition and Pricing Pressure
We are facing increasing competition from a number of domestic and international market players in each of the businesses we
operate. Some of our competitors may be larger than us, may have more financial and other resources and have products with
greater brand recognition than ours. Our competitors in certain regions may also have better access to raw materials required in
our operations and may procure them at lower costs than us. Some of our international competitors may be able to capitalize
on their overseas experience to compete in the markets where we operate. They may also significantly increase their advertising
expenses to promote their brands and products, which may require us to similarly increase our advertising and marketing
expenses.
The success of our business is dependent on our ability to competitively price our products, and to also compete against lower-
priced products from our competitors based on the higher quality of our products. Our pricing policy is based on several factors
including the cost of operations and raw material, customer demands, our competitive position and the pricing of certain
products in the markets. We seek to offset the effect of this pricing pressure by increasing the efficiency of our manufacturing
operations at our facilities.
294
Distribution Network
We have the largest and fastest-growing distribution network among all packaged food players in India. We constantly seek to
grow our product reach to under-penetrated geographies, increase the penetration of our products in markets in which we are
currently present and widen the portfolio of our products available in those markets by growing our distribution network. We
may, however, not be successful in appointing new distributors to expand our network or effectively manage our existing
distribution network. Further, we may also face disruptions in the delivery of our products for reasons beyond our control,
including poor handling of our products by third parties, transportation bottlenecks, natural disasters and labor issues, which
could lead to delayed or lost deliveries. If our distributors fail to distribute our products in a timely manner or fail to adhere to
the terms of the distribution agreements, or if our distribution agreements are terminated, our business and results of operations
may be adversely affected. For further details, see “Risk Factors – Internal Risk Factors – 16. Our inability to expand or
effectively manage our distribution network may have an adverse effect on our business, results of operations and financial
condition” on page 29.
Ability to Successfully Introduce New Products and Cater to Evolving Consumer Preferences
The success of our business depends upon our ability to anticipate and identify changes in consumer preferences and offer
products that appeal to consumers. For example, consumers in the edible oil markets are becoming more health conscious and
select cooking oils based on considerations other than price and taste. Additionally, such consumer preferences are influenced
by a number of other factors beyond our control, such as the prices of alternative products and economic conditions. We
constantly seek to develop our R&D capabilities to distinguish ourselves from our competitors to enable us to introduce new
products and different variant of our existing products, based on consumer preferences and demand. Although we seek to
identify such trends and introduce new products, we recognise that customer tastes cannot be predicted with certainty and can
change rapidly, and that there is no certainty that these will be commercially viable or effective or accepted by our customers
or that we will be able to successfully compete in such new product segments.
Government Regulations and Policies
Government regulations and policies in the countries where we operate and in the countries to which we export can affect the
demand for our products. These regulations and policies are extensive and cover a broad range of industries, some of which are
politically sensitive. These regulations and policies and the tax regimes to which we are subject could change at any time, with
little or no warning or time for us to prepare. For further details, see “Risk Factors – Internal Risk Factors – 27. We are subject
to extensive government regulation and if we fail to obtain, maintain or renew our statutory and regulatory licenses, permits
and approvals required to operate our business, our business and results of operations may be adversely affected” on page 34
and “Risk Factors – Internal Risk Factors – 59. Changing laws, rules and regulations and legal uncertainties, including adverse
application of corporate and tax laws, may adversely affect our business, prospects and results of operations” on page 43.
Since 2020, lockdowns and social distancing rules implemented by governments due to the COVID-19 pandemic have
negatively affected the hospitality and restaurant industries. As a result, the volume of our bulk sales to institutional customers
decreased. However, we did not experience any delay in payment from customers, interruption in our supply chains or labour
shortages which would have had a material and adverse impact on our business, financial position and results of operations.
Statement of Significant Accounting Policies
Basis of Preparation
The restated consolidated financial information has been prepared by our management in terms of the requirements of:
• Section 26 of Part I of Chapter III of the Companies Act, 2013 (“the Companies Act”);
• The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as
amended (“ICDR Regulations”); and
• The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered
Accountants of India (ICAI), as amended (the “Guidance Note”).
The restated consolidated financial information has been compiled by our management from the audited consolidated financial
statements of our Group and its joint venture as at and the six months ended September 30,2021 and 2020 and as at and for the
years ended 31 March 2021, 31 March 2020 and 31 March 2019 prepared in accordance with the Indian Accounting Standards
(“Ind AS”) prescribed under Section 133 of the Companies Act, 2013, read with Companies (Indian Accounting Standards)
Rules, 2015 (as amended) and other accounting principles generally accepted in India, which have been approved by our board
of directors at their meetings.
Use of Estimates
The preparation of our restated consolidated financial statements requires management to make certain estimates and
assumptions that affect the reported amounts of revenue, expenses, assets, liabilities and the accompanying disclosure, and the
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a
295
material adjustment to the carrying amount of assets or liabilities affected in future. The management believes that the estimates
used in preparation of the financial statements are prudent and reasonable.
Critical Accounting Policies
Property, plant and equipment
Recognition and measurement
Property, plant and equipment are stated at acquisition cost less accumulated depreciation and accumulated impairment losses,
if any. All costs, including borrowing costs incurred up to the date the asset is ready for its intended use, is capitalized along
with respective asset.
Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its working
condition for its intended use. The cost of a self-constructed item of property, plant and equipment comprises the cost of
materials and direct labor, any other costs directly attributable to bringing the item to working condition for its intended use,
and estimated costs of dismantling and removing the item and restoring the site on which it is located.
Policy on Replacement Cost accounting
When significant parts of plant and equipment are required to be replaced at regular intervals, the Group depreciates them
separately based on their specific useful lives. All other repair and maintenance costs are recognised in profit or loss as incurred.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate
items (major components) of property, plant and equipment. Freehold land is carried at cost.)
Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure
will flow to the Group.
Depreciation
Depreciation is recognized so as to expense the cost of assets (other than freehold land and properties under construction) less
their residual values over their useful lives, using the straight line method. The useful life of property, plant and equipment is
considered based on life prescribed in Schedule II to the Companies Act, 2013. In case of major components identified,
depreciation is provided based on the useful life of each such component based on technical assessment, if materially different
from that of the main asset.
Depreciation on Property, Plant and Equipment ("PPE") for Bangladesh Companies is calculated to write off the cost of PPE
less their estimated residual value using the straight-line method over their useful lives.
Derecognition
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in
statement of profit and loss.
Financial Assets
The Group recognizes financial asset in its balance sheet when it becomes a party to the contractual provisions of the
instruments. All financial assets, except investment in joint venture are recognized initially at fair value.
On initial recognition, a financial assets is recognized at fair value. In case of financial assets which are recognized at fair value
through profit and loss, its transaction cost are recognized in profit and loss. In other cases, the transaction cost are attributable
to acquisition value of financial assets.
The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics
and the Group's business model for managing them. With the exception of trade receivables that do not contain a significant
financing component or for which the Group has applied the practical expedient are measured at the transaction price determined
under Ind AS 115, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to
cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding. This assessment is
296
referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are
classified and measured at fair value through profit or loss, irrespective of the business model.
The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash
flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective
to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value
through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention
in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or
sell the asset.
Subsequent Measurement
For purposes of subsequent measurement, financial assets are classified as below:
Financial assets at amortized cost
A financial asset is measured at the amortized cost if both the following conditions are met:
a) The asset is held within the Group’s business model whose objective for managing the financial asset is to hold assets
for collecting contractual cash flows, and
b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.
These include trade receivables, finance receivables, balances with banks, short-term deposits with banks, other financial assets
and investments with fixed or determinable payments. Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market and which are not classified as financial assets at fair value
through profit and loss or for-sale fair value through profit and loss. Subsequently, these are measured at amortized cost using
the effective interest method (EIR) less any impairment losses. Amortised cost is calculated by taking into account fees or costs
that are an integral part of the EIR.The EIR amortisation is included in finance income in the profit or loss. The losses arising
from impairment are recognised in the profit or loss.
Financial assets at fair value through Other comprehensive income (FVTOCI)
A financial asset is classified at FVOCI if it both of the following criteria are met:
• The objective of the business model is achieved both by collecting contractual cash flows and selling financial assets;
and
• the asset's contractual cash flows represent SPPI.
At present, the Group does not have any assets that are classified as Fair value through other comprehensive income (FVOCI).
Financial assets at fair value through profit and loss (FVTPL)
A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained above. Fair value
changes related to such financial assets including derivative contracts are recognized in the statement of profit and loss.
Derecognition of Financial Assets
A financial asset is primarily derecognised when:
• The rights to receive cash flows from the asset have expired, or
• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a)
the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that
the Group has retained.
297
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
Impairment of Financial Assets
The Group applies the expected credit loss (ECL) model for measurement and recognition of impairment loss on the following
financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g. loans, debt securities, deposits, trade
receivables and bank balances;
b) Financial assets that are debt instruments and are measured as at other comprehensive income (FVTOCI);
c) Lease receivables under relevant accounting standard;
d) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that
are within the scope of Ind AS 115.
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date,
right from its initial recognition.
In case of other assets (listed as a, b and c above), the Group determines if there has been a significant increase in credit risk of
the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to
12-month ECL is measured and recognised as loss allowance. However, if credit risk has increased significantly, an amount
equal to lifetime ECL is measured and recognised as loss allowance.
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant increase in credit risk
since initial recognition, the Group reverts to recognising impairment loss allowance based on 12-month ECL.
ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows
that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows
will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial asset.
12-month ECL are a portion of the lifetime ECL which result from default events that are possible within 12 months from the
reporting date.
ECL allowance recognised (or reversed) during the year is recognised as income/expense in the Statement of Profit and Loss
under the head "Other expenses"/"other Income".
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial
guarantee contracts and derivative financial instruments.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.
For purposes of subsequent measurement, financial liabilities are classified in two categories:
Financial liabilities at amortized cost
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently
measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
Financial liabilities at FVTPL
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss.
298
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This
category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments
in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also classified as held for trading unless
they are designated as effective hedging instruments.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial
date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk are recognized in OCI. These gains/ losses are not subsequently transferred to
P&L. However, the Group may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability
are recognised in the statement of profit and loss. The Group has not designated any financial liability as at fair value through
profit or loss.
Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder
for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that
are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of
loss allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less, when appropriate,
the cumulative amount of income recognised in accordance with the principles of Ind AS 115.
Derecognition of financial liabilities
A financial liability is derecognised when the obligations under the liability is discharged, cancelled or expired. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amount is recognized in statement of
profit and loss.
Inventories
Inventories comprise raw material, finished goods, packing material, By products and other stores, spares and consumables.
Inventory of raw material and finished goods are carried at the lower of the cost and net realizable value after providing for
obsolescence and other losses where considered necessary. Inventory of by products are carried at net realizable value, while
all the other inventories are carried at cost.
Cost of raw material comprises all cost of purchase and other cost incurred in bringing inventories to their present location and
condition. Cost of finished goods comprises cost of raw material, labour and a proportion of manufacturing overheads.
Traded goods cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and
condition.
Cost is determined using the moving weighted average cost method, while the net realizable value is the estimated selling price
in the ordinary course of business less estimated cost of completion and cost necessary to make the sale.
Derivative
Financial Instruments
The Group uses derivative financial instruments, such as forward currency contracts, options and interest rate swaps to hedge
its foreign currency risks and interest risk respectively. Such derivative financial instruments are initially recognized at fair
value through profit or loss (FVTPL) on the date on which a derivative contract is entered into and are subsequently re-measured
at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivative financial instrument are recognized in the statement of
profit and loss.
Commodity Contracts
The Group enters into purchase and sale contracts of commodities for own use as well as to hedge price risk. These contracts
form part of the Group's overall business portfolio. The Group has elected an irrevocable option to designate its own use
299
contracts at FVTPL (in line with derivative contracts) to eliminate or significantly reduce accounting mismatch of business
income.
Purchase and sale contracts are initially recognized at FVTPL on the date on which contract is entered into and are subsequently
re-measured to their fair value at the end of each reporting period. Derivatives are carried as financial assets when the fair value
is positive and as financial liabilities when the fair value is negative.
Any gains or losses arising from changes in the fair value of commodity contracts are recognized in the statement of profit and
loss under the head "Raw Materials Consumed".
Foreign Currencies
These financial statements are presented in Indian Rupees (INR), which is the functional currency of Adani Wilmar Limited..
Transactions and balances
Transactions in foreign currencies are initially recorded by the Group at its functional currency spot rates at the date the
transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange
at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates
at the dates of the initial transactions.
Exchange differences are recognized in the statement of profit and loss except exchange differences on foreign currency
borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when
they are regarded as an adjustment to borrowing costs on those foreign currency borrowings.
In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the
derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction
is the date on which the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance
consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment
or receipt of advance consideration.
For the purpose of presenting consolidated financial statements, the assets and liabilities of foreign operations are translated at
the exchange rate prevailing at the reporting date and their statements of profit and loss are translated using average rate of
exchange prevailing during the year, which approximates to the exchange rate prevailing at the transaction date. All resulting
exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the
component of OCI relating to that particular foreign operation is reclassified / recognised in the statement of profit and loss.
Revenue
Revenue from operations
The Group derives revenues primarily from sale of manufactured goods, traded goods and related services.
Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products or services to
customers in an amount that reflect the consideration the Group expects to receive in exchange for those products or services.
Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any taxes or
duties collected on behalf of the Government such as goods and services tax, etc. Accumulated experience is used to estimate
the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly probable a significant
reversal will not occur.
The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to
the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices
for the time value of money.
Other incomes
i) Income from services rendered is recognised based on agreements/arrangements with the customers as the service is
performed and there are no unfulfilled obligations.
ii) Dividend is recognized when the Group’s right to receive the payment is established, which is generally when
shareholders approve the dividend.
iii) Interest income is recognized on Effective Interest Rate (EIR) basis taking into account the amount outstanding and
the applicable interest rate.
300
iv) Income from Export benefit and incentives are classified as ‘Other Operating Revenue’ and is recognized based on
effective rate of incentive under the scheme, provided no significant uncertainty exists for the measurability, realization
and utilization of the credit under the scheme.
v) Revenue from Insurance claims are accounted for in the year of claim lodged with the insurance company based on
the surveyor assessment. However, claims whose recovery cannot be ascertained with reasonable certainty are
accounted for on actual receipts basis.
Contract assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs
by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract
asset is recognised for the earned consideration that is conditional and is disclosed as "Unbilled Revenue" under Other Current
Financial Assets. Upon completion of performance and acceptance by the customer, the amount recognised as contract assets
is reclassified to trade receivables.
Contract assets are subject to impairment assessment. Refer to accounting policies on impairment of financial assets Financial
instruments – initial recognition and subsequent measurement.
Trade receivables
A receivable represents the Group’s right to an amount of consideration that is unconditional i.e. only the passage of time is
required before payment of consideration is due.
Contract liability
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration
(or an amount of consideration is due) from the customer. Contract liabilities are recognised as revenue when the Group
performs obligations under the contract. The same is disclosed as "Advance from Customers" under Other Current Liabilities.
Borrowing Costs
Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing cost also includes
exchange differences to the extent regarded as an adjustment to the borrowing costs. Borrowing costs directly attributable to
the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of
time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially
ready for their intended use or sale. Interest income earned on the temporary investment of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in statement of profit and loss in the period in which they are incurred.
Taxation
Tax on income comprises current and deferred tax. It is recognized in statement of profit and loss except to the extent that it
relates to a business combination, or items recognized directly in equity or in other comprehensive income.
Current tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. Current income tax (including Minimum Alternate Tax (MAT)) is measured at the amount expected to be paid to
the tax authorities in accordance with respective country taxation law. The tax rates and tax laws used to compute the amount
are those that are enacted or substantially enacted, at the reporting date.
Current income tax relating to items recognized outside the statement of profit and loss is recognized outside the statement of
profit and loss (either in other comprehensive income (OCI) or in equity). Current tax items are recognized in correlation to the
underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns
with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognized
amounts, and it is intended to realize the asset and settle the liability on a net basis or simultaneously.
Deferred tax
Deferred tax is recognized for the future tax consequences of deductible temporary differences between the carrying values of
assets and liabilities and their respective tax bases at the reporting date, using the tax rates and laws that are enacted or
substantively enacted as on reporting date. The measurement of deferred tax reflects the tax consequences that would follow
from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and
301
liabilities. Deferred tax is also recognized in respect of carried forward tax losses and tax credits subject to the assessment of
reasonable certainty of recovery.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised,
or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside the statement of profit and loss is recognized outside with the underlying items
i.e. either in the statement of other comprehensive income or directly in equity as relevant.
Leases
The Group assess at contract inception whether a contract is, or contains a lease, if the contract conveys the right to control the
use of an identified asset for a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset the Group assesses whether (i) the contract
involves the use of identified asset; (ii) the Group has substantially all of the economic benefits from the use of the asset through
the period of lease and (iii) the Group has right to direct the use of the asset.
Group as a Lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-
value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use
the underlying assets.
The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before
the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying
asset or to restore the site on which it is located, less any lease incentives received.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease term. The right-of-use
assets and lease liabilities include these options when it is reasonably certain that the option will be exercised.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of
the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets
are determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is periodically
reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to
impairment.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental
borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there
is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of
the amount expected to be payable under a residual value guarantee, or if Group changes its assessment of whether it will
exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-
use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Lease payments have been classified as financing activities.
The Group has elected not to recognize right-of-use assets and lease liabilities for short term leases that have a lease term of
less than or equal to 12 months with no purchase option and assets with low value leases. The Group recognizes the lease
payments associated with these leases as an expense in statement of profit and loss over the lease term. The related cash flows
are classified as operating activities.
Group as a lessor
Leases for which the Group is a lessor is classified as finance or operating leases. When the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.
302
Operating lease
Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease
term.
Revenue and Expenses
Our revenue and expenses are reported in the following manner:
Income
Income. Total Income consists of revenue from operations and other income.
Revenue from operations. Revenue from operations comprises revenue from sale of products and other operating revenue. The
following table sets forth a breakdown of our revenue from operations for the six months ended September 30, 2021 and 2020
and the financial years 2021, 2020 and 2019:
For the Six Months Ended September

30, For the Financial Year
2021 2020 2021 2020 2019
(₹ in million) (₹ in million) (₹ in million) (₹ in million) (₹ in million)
Sale of Products
Domestic sales (A) 231,692.66 149,820.23 342,932.51 2 66,589.22 255,312.30
Export sales (B) 16,509.52 11,819.04 27,461.55 29,270.87 31,660.06
(C=A+B) 248,202.18 161,639.27 370,394.06 295,860.09 286,972.36
Other Operating
Revenue
Export benefit and other
incentives (D) 348.84 130.46 200.95 388.73 728.90
Sale of scrap (E) 108.40 65.50 159.39 180.17 141.89
Insurance claim (F) 78.85 35.13 129.94 115.23 116.91
Commission income
(G) 6.92 15.50 19.88 26.14 14.53
(H=D+E+F+G) 248,745.19 161,885.86 370,904.22 296,570.36 287,974.59
Revenue from sale of products comprises revenue from our domestic and export sale of products.
Other operating revenue comprises:
• Export benefit and other incentives, including (i) export incentives provided by the government on export of goods,
which are accounted on an accrual basis, and (ii) industrial incentives accrued pursuant to various state industrial
incentive policies;
• Sale of scrap generated in the process of manufacturing as well as in the process of project construction;
• Insurance claim received from insurance companies for losses of finished products in transit due to accidents; and
• Commission income generated from arranging sales of third-party goods.
Other income. Other income primarily comprises (a) interest income on bank deposits and inter-corporate deposits, customer
dues, taxes refund and other interest income, and (b) other non-operative income such as rent income, sale of franchise rights,
foreign exchange gain and miscellaneous income. For the six months ended September 30, 2021 and 2020 and the financial
years 2021, 2020 and 2019, our other income was ₹827.67 million, ₹851.47 million, ₹1,052.36 million, ₹1,099.50 million and
₹1,222.22 million, respectively.
Expenses
Expenses consist of material costs, employee benefits expenses, finance costs, depreciation and amortization expenses and other
expenses.
Material costs. Material costs comprise cost of materials consumed, purchases of traded goods and changes in inventories of
finished goods and by products. Cost of materials consumed comprises (i) costs incurred towards the purchase of raw materials
and (ii) cost of packing materials consumed for packing of finished goods. Purchases of traded goods primarily comprises the
cost of goods which are sold without any processing. These goods were primarily sold domestically. Changes in inventories of
finished goods and by products primarily comprises movements between opening and closing value of finished goods and by
products in stock.
Employee benefits expenses. Employee benefits expenses comprises salaries, wages and bonus, contribution to provident and
other funds, gratuity expenses and workmen and staff welfare expenses.
303
Finance costs. Finance costs primarily comprises interest on loans, trade credits and others, interest on finance lease, bank and
other finance charges and exchange difference regarded as an adjustment to borrowing costs.
Depreciation and amortization expenses. Depreciation and amortization expenses comprises depreciation on tangible assets
and amortization on intangible assets and right of use assets.
Other expenses. Other expenses primarily comprises consumption of chemicals and consumables, power and fuel, labour
charges, rates and taxes, net foreign exchange loss, business development and promotion expenses and freight, selling and
distribution expenses.
Our Results of Operations
The following table sets forth select financial data from our restated consolidated statement of profit and loss for the six months
ended September 30, 2021 and 2020 and the financial years 2021, 2020 and 2019, the components of which are also expressed
as a percentage of total revenue for such years:
For the Six Months Ended September 30, For the Financial Year
2021 2020 2021 2020 2019
(% of (% of (% of (% of (% of
(₹ in Total (₹ in Total (₹ in Total (₹ in Total (₹ in Total
million) Revenue) million) Revenue) million) Revenue) million) Revenue) million) Revenue)
Income
Revenue from
Operations (A) 248,745.19 99.67% 161,885.86 99.48% 370,904.22 99.72% 296,570.36 99.63% 287,974.59 99.58%
Other Income
(B) 827.67 0.33% 851.47 0.52% 1,052.36 0.28% 1,099.50 0.37% 1,222.22 0.42%
Total Income
(C = A+B) 249,572.86 100.00% 162,737.33 100.00% 371,956.58 100.00% 297,669.86 100.00% 289,196.81 100.00%
Expenses
Cost of
materials
consumed 219,650.29 88.01% 135,737.85 83.41% 322,760.55 86.77% 223,265.52 75.00% 218,448.49 75.54%
Purchases of
Traded Goods 10,630.93 4.26% 7,138.76 4.39% 11,587.96 3.12% 25,739.05 8.65% 31,850.07 11.01%
Changes In
Inventories of
Finished Goods
and By Products (6,742.63) (2.70%) (3,983.84) (2.45%) (9,450.97) (2.54%) 4,697.49 1.58% 352.95 0.12%
Material Cost
(D) 223,538.59 89.57% 138,892.77 85.35% 324,897.54 87.35% 253,702.06 85.23% 250,651.51 86.67%
Employee
Benefits
Expenses (E) 1,706.45 0.68% 1,521.51 0.93% 3,217.17 0.86% 2,239.34 0.75% 2,068.85 0.72%
Finance Costs
(F) 2,910.34 1.17% 2,276.85 1.40% 4,066.08 1.09% 5,691.93 1.91% 4,868.93 1.68%
Depreciation
and
Amortization
Expenses (G) 1,441.47 0.58% 1,328.23 0.82% 2,673.10 0.72% 2,412.69 0.81% 1,993.12 0.69%
Other Expenses
(H) 15,431.24 6.18% 14,892.04 9.15% 29,536.28 7.94% 27,533.71 9.25% 23,941.88 8.28%
Total Expenses
(I =
D+E+F+G+H) 245,028.09 98.18% 158,911.40 97.65% 364,390.17 97.97% 291,579.73 97.95% 283,524.29 98.04%
Restated Profit
Before Tax (J
= C-I) 4,544.77 1.82% 3,825.93 2.35% 7,566.41 2.03% 6,090.13 2.05% 5,672.52 1.96%
Tax Expense
Current Tax (K) 866.18 0.35% 3,180.15 1.95% 2,819.44 0.76% 1,569.38 0.53% 1,273.29 0.44%
Deferred Tax
(L) 330.42 0.13% (1,824.09) (1.12%) (1,781.82) (0.48%) 521.78 0.18% 824.69 0.29%
Adjustments of
Tax relating to
Earlier Years
(M) (0.13) (0.00%) (0.06) 0.00% 1.08 0.00% (31.39) (0.01%) 24.97 0.01%
304
For the Six Months Ended September 30, For the Financial Year
2021 2020 2021 2020 2019
(% of (% of (% of (% of (% of
(₹ in Total (₹ in Total (₹ in Total (₹ in Total (₹ in Total
million) Revenue) million) Revenue) million) Revenue) million) Revenue) million) Revenue)
Total Tax
Expense (N =
K+L+M) 1,196.47 0.48% 1,356.12 0.83% 1,038.70 0.28% 2,059.77 0.69% 2,122.95 0.73%
Restated Profit
for the year
before Share in
Joint Ventures
(O = J-N) 3,348.30 1.34% 2,469.81 1.52% 6,527.71 1.75% 4,030.36 1.35% 3,549.57 1.23%
Share of profit
in Joint
Ventures 223.03 0.09% 418.08 0.26% 748.78 0.20% 578.36 0.19% 205.64 0.07%
Restated Profit
for the
Period/Year 3,571.33 1.43% 2,887.89 1.77% 7,276.49 1.96% 4,608.72 1.55% 3,755.21 1.30%
Other
Comprehensive
Income
Items that will
not be
reclassified to
Profit or loss in
subsequent
periods
Re-
measurement
(loss) on
defined benefit
plans (17.06) (0.01%) (12.31) (0.01%) (2.68) (0.00%) (18.16) (0.01%) (13.88) (0.00%)
Income tax
impact 4.26 0.00% 4.27 0.00% 0.63 0.00% 6.34 0.00% 4.85 0.00%
Items that will
be reclassified
to Profit or loss
in subsequent
periods
Exchange
difference on
translation of
foreign
operations (25.78) (0.01%) ─ ─ ─ ─ ─ ─ ─ ─
Restated Other
Comprehensive
Income / (Loss)
(Net of Tax) (38.58) (0.02%) (8.04) (0.00%) (2.05) (0.00%) (11.82) (0.00%) (9.03) (0.00%)
Restated Total
Comprehensive
Income for the
Period/Year 3,532.75 1.42% 2,879.85 1.77% 7,274.44 1.96% 4,596.90 1.54% 3,746.18 1.30%
Six months ended September 30, 2021 compared to six months ended September 30, 2020
Our results of operations for the six months ended September 30, 2021 were affected by the following key factors:
• an increase in commodity prices due to macroeconomic conditions; and
• the impact of the Taxation Laws (Amendment) Act, 2019, pursuant to which we opted for the lower corporate income
tax rate.
Total Income. Our total income increased by 53.36% to ₹249,572.86 million for the six months ended September 30, 2021
from ₹162,737.33 million for the six months ended September 30, 2020, primarily due to an increase in revenue from operations.
305
Revenue from Operations. Our revenue from operations increased by 53.65% to ₹248,745.19 million for the six months ended
September 30, 2021 from ₹161,885.86 million for the six months ended September 30, 2020, primarily due to an increase in
our revenue from sale of products.
Our revenue from the sale of products increased by 53.55% to ₹248,202.18 million for the six months ended September 30,
2021 from ₹161,639.27 million for the six months ended September 30, 2020, primarily due to an increase in the unit selling
price of our products as a result of a surge in commodity prices in the six months ended September 30, 2021. As a result, the
average selling price of the edible oil products with respect to our operation in India increased by 51.60%. In particular, the
average selling price of our palm oil increased by 56.11%, and the average selling price of our soyabean oil increased by
55.19%. With respect to our operation in India, the sales volume grew by approximately 1% to 2,190,138 MT for the six months
ended September 30, 2021 from 2,173,909 MT for the six months ended September 30, 2020.
Our other operating revenue increased by 120.21% to ₹543.01 million for the six months ended September 30, 2021 from
₹246.59 million for the six months ended September 30, 2020, primarily due to an increase in export benefit and other incentives
to ₹348.84 million for the six months ended September 30, 2021 from ₹130.46 million for the six months ended September 30,
2020 as a result of the increase in export sales and the higher export incentive rates under the new export incentive policy.
Other income. Other income decreased by 2.80% to ₹827.67 million for the six months ended September 30, 2021 from ₹851.47
million for the six months ended September 30, 2020, primarily due to the net foreign exchange gain of ₹441.18 million for the
six months ended September 30, 2020 arising from the appreciation of rupees against U.S. dollars. We did not have net foreign
exchange gain for the six months ended September 30, 2021. The foreign exchange gain for the six months ended September
30, 2020 was partially offset by an increase in sale of franchise rights to ₹325.00 million for the six months ended September
30, 2021 from nil for the six months ended September 30, 2020, an increase in interest income on customer dues by ₹52.07
million and an increase in miscellaneous income by ₹44.69 million.
Expenses.
Material costs. Material costs increased by 60.94% to ₹223,538.59 million for the six months ended September 30, 2021 from
₹138,892.77 million for the six months ended September 30, 2020, generally in line with the increase in our revenue from sale
of products.
Employee benefit expenses. Employee benefit expenses increased by 12.16% to ₹1,706.45 million for the six months ended
September 30, 2021 from ₹1,521.51 million for the six months ended September 30, 2020, primarily due to addition of new
employees which was in line with the growth of our business and compensation increments to our employees.
Finance costs. Finance costs increased by 27.82% to ₹2,910.34 million for the six months ended September 30, 2021 from
₹2,276.85 million for the six months ended September 30, 2020, primarily due to an increase in the foreign exchange difference
regarded as borrowing costs to ₹1,283.80 million for the six months ended September 30, 2021 from ₹597.39 million for the
six months ended September 30, 2020 as a result of the depreciation of rupee against the U.S. dollar, partially offset by a
decrease in the interest on loans, trade credits and others to ₹1,189.97 million for the six months ended September 30, 2021
from ₹1,410.86 million for the six months ended September 30, 2020 primarily due to the lower benchmark LIBOR USD rates.
Depreciation and amortization expenses. Depreciation and amortization expenses increased by 8.53% to ₹1,441.47 million for
the six months ended September 30, 2021 from ₹1,328.23 million for the six months ended September 30, 2020, generally in
line with our additions of property, plant and equipment, right of use assets and other intangible assets.
Other expenses. Other expenses increased by 3.62% to ₹15,431.24 million for the six months ended September 30, 2021 from
₹14,892.04 million for the six months ended September 30, 2020, primarily due to an increase in the freight, selling and
distribution expenses to ₹6,040.30 million for the six months ended September 30, 2021 from ₹5,049.98 million for the six
months ended September 30, 2020, primarily due to increased fuel prices.
Total tax expense. Total tax expense decreased by 11.77% to ₹1,196.47 million for the six months ended September 30, 2021
from ₹1,356.12 million for the six months ended September 30, 2020, primarily due to the lower corporate income tax rate
opted by Adani Wilmar Limited as per the Taxation Laws (Amendment) Act, 2019.
Share of profit in joint ventures. Share of profit in joint ventures decreased by 46.65% to ₹223.03 million for the six months
ended September 30, 2021 from ₹418.08 million for the six months ended September 30, 2020.
Profit for the period. As a result of the foregoing, profit for the period increased by 23.67% to ₹3,571.33 million for the six
months ended September 30, 2021 from ₹2,887.89 million for the six months ended September 30, 2020.
Financial Year 2021 compared to Financial Year 2020
Our results of operations for the financial year 2021 were affected by the following key factors:
• an increase in commodity prices due to macroeconomic conditions; and
306
• the impact of the Taxation Laws (Amendment) Act, 2019, pursuant to which we opted for the lower corporate income
tax rate.
Total Income. Our total income increased by 24.96% to ₹371,956.58 million for the financial year 2021 from ₹297,669.86
million for the financial year 2020, primarily due to an increase in revenue from operations.
Revenue from Operations. Our revenue from operations increased by 25.06% to ₹370,904.22 million for the financial year 2021
from ₹296,570.36 million for the financial year 2020, primarily due to an increase in our revenue from sale of products.
Our revenue from the sale of products increased by 25.19% to ₹370,394.06 million for the financial year 2021 from ₹295,860.09
million for the financial year 2020, primarily due to an increase in the unit selling price of our products as a result of a surge in
commodity prices in the financial year 2021. As a result, the average selling price of our edible oil products increased by
24.84%. In particular, the average selling price of our palm oil increased by 32.62%, and the average selling price of our
soyabean oil increased by 19.77%. Our sales volume grew by only 4.01% to 4,484,175 MT for the financial year 2021 from
4,311,492 MT for the financial year 2020 due to the impact of COVID-19.
Our other operating revenue decreased by 28.17% to ₹510.16 million for the financial year 2021 from ₹710.27 million for the
financial year 2020, primarily due to a decrease in export benefit and other incentives to ₹200.95 million for the financial year
2021 from ₹388.73 million for the financial year 2020 as a result of (a) changes in the export incentive policy where the export
benefit was capped up to ₹20 million for the period from September 1, 2020 to December 31, 2020 and (b) introduction of a
new scheme with effect from January 1, 2021 where the export incentive rates were not notified resulting into non-accrual of
export incentives.
Other income. Other income decreased by 4.29% to ₹1,052.36 million for the financial year 2021 from ₹1,099.50 million for
the financial year 2020, primarily due to a decrease in interest income to ₹750.93 million for the financial year 2021 from
₹921.38 million for the financial year 2020, which was primarily as a result of a decrease in interest rates on deposits placed
with banks as margins for working capital facilities and free deposits. The decrease was partially offset by the net foreign
exchange gain of ₹124.40 million for the financial year 2021 arising from the appreciation of rupees against U.S. dollars. We
did not have net foreign exchange gain for the financial year 2020.
Expenses.
Material costs. Material costs increased by 28.06% to ₹324,897.54 million for the financial year 2021 from ₹253,702.06 million
for the financial year 2020, generally in line with the increase in our revenue from sale of products. The increase was partially
offset by the decrease in the purchases of traded goods by 54.98% to ₹11,587.96 million for the financial year 2021 from
₹25,739.05 million for the financial year 2020, as trading is not in our routine course of business and we engage in trading
activities only when better opportunities arise.
Employee benefit expenses. Employee benefit expenses increased by 43.67% to ₹3,217.17 million for the financial year 2021
from ₹2,239.34 million for the financial year 2020, primarily due to a one-time ad hoc incentive amounting to ₹254 million
given to all employees in the financial year 2021. In addition, the employee benefit expenses for the financial year 2020 was
lower because there was reversal of ₹175 million towards performance-linked incentives provided in the financial year 2019.
Finance costs. Finance costs decreased by 28.56% to ₹4,066.08 million for the financial year 2021 from ₹5,691.93 million for
the financial year 2020, primarily due to (a) a decrease in the interest on loans, trade credits and others to ₹2,686.15 million for
the financial year 2021 from ₹3,723.48 million for the financial year 2020 which was due to the lower benchmark LIBOR USD
rates; and (b) a decrease in the foreign exchange difference regarded as borrowing costs to ₹843.15 million for the financial
year 2021 from ₹1,509.28 million for the financial year 2020 as a result of the appreciation of rupee against the U.S. dollar.
Depreciation and amortization expenses. Depreciation and amortization expenses increased by 10.79% to ₹2,673.10 million
for the financial year 2021 from ₹2,412.69 million for the financial year 2020, generally in line with our additions of property,
plant and equipment, right of use assets and other intangible assets.
Other expenses. Other expenses increased by 7.27% to ₹29,536.28 million for the financial year 2021 from ₹27,533.71 million
for the financial year 2020, primarily due to (a) an increase in the provision of ₹2,337.30 million for social welfare surcharge
on basic customs duty which we have paid under protest and is disputed by us. See “Legal and Other Information – Outstanding
Litigation and Material Developments” on page 314; (b) an increase in the freight, selling and distribution expenses of
₹1,207.16 million as a result of an increase in diesel prices; and (c) an increase in the factory and office expenses as a result of
our increased spending on contractual manpower used for general and administrative purposes. This increase was partially
offset by the net foreign exchange gain of ₹124.40 million for the financial year 2021, as compared to the net foreign exchange
loss of ₹1,705.73 million for the financial year 2020.
Total tax expense. Total tax expense decreased by 49.57% to ₹1,038.70 million for the financial year 2021 from ₹2,059.77
million for the financial year 2020, primarily due to the lower corporate income tax rate opted by the Group as per the Taxation
Laws (Amendment) Act, 2019. As a result of this, deferred tax liability amounting to ₹1,150 million was reversed along with
reversal of unutilized minimum alternate tax credit entitlement of ₹230 million in the financial year 2021.
307
Share of profit in joint ventures. Share of profit in joint ventures increased by 29.47% to ₹748.78 million for the financial year
2021 from ₹578.36 million for the financial year 2020 due to the increase in profits in JV businesses.
Profit for the year. As a result of the foregoing, profit for the year increased by 57.89% to ₹7,276.49 million for the financial
year 2021 from ₹4,608.72 million for the financial year 2020.
Certain Items in the Restated Consolidated Statement of Assets and Liabilities.
Inventories. Our inventories increased by 24.86% to ₹47,777.00 as of March 31, 2021 from ₹38,264.30 as of March 31, 2020,
primarily due to the increase in commodity prices. The inventory volume of raw materials and finished goods was 496,860 MT
as of March 31, 2021 as compared to 601,425 MT as of March 31, 2020.
Trade Receivables. Our trade receivables increased by 64.48% to ₹15,151.36 million as of March 31, 2021 from ₹9,211.78
million as of March 31, 2020, primarily due to the increase in commodity prices during the financial year 2021. The overall
debtor days was 11 days for the financial year 2021 as compared to 12 days for the financial year 2020.
Derivative Instruments/Forward Contracts Payable. We had commodity and foreign currency derivatives which were marked
to market at the year ends. Our derivative instruments/forward contracts payable increased to ₹4,145.44 million as of March
31, 2021 from ₹39.42 million as of March 31, 2020, primarily because of the increase in the market rate of the commodities.
Other Current Liabilities. Our other current liabilities increased to ₹6,336.81 million as of March 31, 2021 from ₹2,541.41
million as of March 31, 2020, primarily due to our provision of social welfare surcharge on basic customs duty which we have
paid under protest and is disputed by us. See “Legal and Other Information – Outstanding Litigation and Material
Developments” on page 314.
Financial Year 2020 compared to Financial Year 2019
Our results of operations for the financial year 2020 were affected by the following key factors:
• an increase in the sale of our products, including edible oil and food products; and
• an increase in our expenses as a result of the increase in the sale of products.
Total Income. Our total income increased by 2.93% to ₹297,669.86 million for the financial year 2020 from ₹289,196.81
million for the financial year 2019, primarily due to an increase in revenue from operations.
Revenue from Operations. Our revenue from operations increased by 2.98% to ₹296,570.36 million for the financial year 2020
from ₹287,974.59 million for the financial year 2019, primarily due to an increase in our revenue from sale of products.
Our revenue from the sale of products increased by 3.10% to ₹295,860.09 million for the financial year 2020 from ₹286,972.36
million for the financial year 2019, primarily due to an increase in the sales volume of edible oil.
Our other operating revenue decreased by 29.13% to ₹710.27 million for the financial year 2020 from ₹1,002.23 million for
the financial year 2019, primarily due to a decrease in export benefit and other incentives to ₹388.73 million for the financial
year 2020 from ₹728.90 million for the financial year 2019 as a result of changes in the product mix sold.
Other income. Other income decreased by 10.04% to ₹1,099.50 million for the financial year 2020 from ₹1,222.22 million for
the financial year 2019, primarily due to a decrease in interest income to ₹921.38 million for the financial year 2020 from
₹1,005.09 million for the financial year 2019, which was primarily as a result of a decrease in interest rates on deposits placed
with banks in the form of margins for working capital facilities and free deposits.
Expenses.
Material costs. Material costs increased slightly by 1.22% to ₹253,702.06 million for the financial year 2020 from ₹250,651.51
million for the financial year 2019, generally in line with the increase in our revenue from sale of products.
Employee benefit expenses. Employee benefit expenses increased by 8.24% to ₹2,239.34 million for the financial year 2020
from ₹2,068.85 million for the financial year 2019, primarily due to addition of new employees from 2,106 as of March 31,
2019 to 2,321 as of March 31, 2021, which was in line with the growth of our business and compensation increments to our
employees.
Finance costs. Finance costs increased by 16.90% to ₹5,691.93 million for the financial year 2020 from ₹4,868.93 million for
the financial year 2019, primarily due to (a) an increase in the interest on loans, trade credits and others to ₹3,723.48 million
for the financial year 2020 from ₹3,052.51 million for the financial year 2019 as a result of an increase in the term loans and
the working capital facilities we utilized; and (b) an increase in the exchange difference regarded as an adjustment to borrowing
costs to ₹1,509.28 million for the financial year 2020 from ₹1,357.23 million for the financial year 2019 arising from the
depreciation of rupee against the U.S. dollar.
308
Depreciation and amortization expenses. Depreciation and amortization expenses increased by 21.05% to ₹2,412.69 million
for the financial year 2020 from ₹1,993.12 million for the financial year 2019, generally in line with our additions of property,
plant and equipment, right of use assets and other intangible assets.
Other expenses. Other expenses increased by 15.00% to ₹27,533.71 million for the financial year 2020 from ₹23,941.88 million
for the financial year 2019, primarily due to (a) an increase in the provision of ₹1,570.70 million for social welfare surcharge
on basic customs duty which is paid under protest and is disputed by us. See “Legal and Other Information – Outstanding
Litigation and Material Developments” on page 314; (b) an increase in the business development and promotion expenses of
₹970.31 million as a result of our increased marketing activities to promote our products; and (c) an increase in the net foreign
exchange loss of ₹631.87 million arising from the depreciation of rupees against U.S. dollars.
Total tax expense. Total tax expense amounted to ₹2,059.77 million for the financial year 2020 and ₹2,122.95 million for the
financial year 2019. The effective tax rates for the financial years 2020 and 2019 were relatively stable at 33.82% and 37.43%,
respectively.
Share of profit in joint ventures. Share of profit in joint ventures increased by 181.24% to ₹578.36 million for the financial year
2020 from ₹205.64 million for the financial year 2019.
Profit for the year. As a result of the foregoing, profit for the year increased by 22.73% to ₹4,608.72 million for the financial
year 2020 from ₹3,755.21 million for the financial year 2019.
Cash Flows
The table below summarizes our cash flows for the years indicated:
For the six months ended September

30, For the Financial Year
2021 2020 2021 2020 2019
(₹ in million) (₹ in million) (₹ in million) (₹ in million) (₹ in million)
Net cash generated from operating
activities 10,226.50 10,338.21 9,260.04 7,812.96 16,930.36
Net cash (used in) investing
activities (7,859.66) (9,882.93) (4,837.94) (5,063.81) (9,336.65)
Net cash (used in) financing
activities (2,004.35) (3,404.65) (7,309.59) (77.72) (7,622.74)
Net increase in cash and cash
equivalents 362.49 (2,949.37) (2,887.49) 2,671.43 (29.03)
Operating Activities
Net cash generated from operating activities was ₹10,226.50 million for the six months ended September 30, 2021. While our
net profit before taxes was ₹4,544.77 million for the six months ended September 30, 2021, we had an operating profit before
working capital adjustment of ₹7,898.42 million, primarily as a result of adjustments for finance cost of ₹1,624.90 million and
depreciation and amortization expenses of ₹1,441.47 million. Our working capital adjustments of ₹3,245.81 million for the six
months ended September 30, 2021 primarily consisted of adjustments for an increase in trade payables of ₹34.014.25 million,
partially offset by an increase in inventories of ₹23,397.57 million. The income taxes paid was ₹917.73 million.
Net cash generated from operating activities was ₹10,338.21 million for the six months ended September 30, 2020. While our
net profit before taxes was ₹3,825.93 million for the six months ended September 30, 2020, we had an operating profit before
working capital adjustment of ₹4,479.63 million, primarily as a result of adjustments for finance cost of ₹1,672.69 million,
mark to market loss on derivate contracts of ₹1,339.32 million and depreciation and amortization expenses of ₹1,328.23 million,
partially offset by unrealized foreign exchange fluctuation gain of ₹3,336.11 million. Our working capital adjustments of
₹6,416.96 million for the six months ended September 30, 2020 primarily consisted of adjustments for an increase in trade
payables of ₹16,156.61 million, partially offset by an increase in inventories of ₹10,771.37 million. The income taxes paid was
₹558.38 million.
Net cash generated from operating activities was ₹9,260.04 million for the financial year 2021. While our net profit before taxes
was ₹7,566.41 million for the financial year 2021, we had an operating profit before working capital adjustment of ₹10,953.26
million, primarily as a result of adjustments for finance cost of ₹3,222.94 million and depreciation and amortization expenses
of ₹2,673.10 million, partially offset by unrealized foreign exchange fluctuation gain of ₹2,615.54 million. Our working capital
adjustments of ₹1,249.74 million for the financial year 2021 primarily consisted of adjustments for an increase in trade payables
of ₹8,026.90 million, an increase in financial liability of ₹5,243.51 million and an increase in other liabilities of ₹3,795.39
million, partially offset by an increase in inventories of ₹9,512.70 million and an increase in trade receivables of ₹5,970.93
million. The income taxes paid was ₹2,942.96 million.
Net cash generated from operating activities was ₹7,812.96 million for the financial year 2020. While our net profit before taxes
was ₹6,090.13 million for the financial year 2020, we had an operating profit before working capital adjustment of ₹13,936.76
million, primarily as a result of adjustments for finance cost of ₹4,172.78 million, unrealized foreign exchange loss of ₹3,653.28
309
and depreciation and amortization expenses of ₹2,412.69 million. Our working capital adjustments of ₹(4,915.09 million) for
the financial year 2020 primarily consisted of adjustments for a decrease in trade payables of ₹12,758.50 million, partially offset
by a decrease in trade receivables of ₹3,400.75 million, a decrease in inventories of ₹2,151.57 million and an increase in other
liabilities of ₹1,835.14 million. The income taxes paid was ₹1,208.71 million.
Net cash generated from operating activities was ₹16,930.36 million for the financial year 2019. While our net profit before
taxes was ₹5,672.52 million for the financial year 2019, we had an operating profit before working capital adjustment of
₹9,902.27 million, primarily as a result of adjustments for finance cost of ₹3,511.70 million and depreciation and amortization
expenses of ₹1,993.12 million, partially offset by unrealized foreign exchange fluctuation gain of ₹1,363.72 million. Our
working capital adjustments of ₹8,367.96 million for the financial year 2019 primarily consisted of adjustments for an increase
in trade payables of ₹16,327.30 million, partially offset by an increase in other assets of ₹3,161.95 million, an increase in
inventories of ₹2,938.61 million and an increase in financial assets of ₹1,693.91 million. The income taxes paid was ₹1,339.87
million.
Investing Activities
Net cash used in investing activities was ₹7,859.66 million for the six months ended September 30, 2021, primarily consisting
of bank deposits of ₹3,951.66 million, payment for property, plant, equipment and intangible assets of ₹2,474.25 million and
payment for acquisition of subsidiary company of ₹1,791.57 million.
Net cash used in investing activities was ₹9,882.93 million for the six months ended September 30, 2020, primarily consisting
of bank deposits of ₹7,265.84 million and payment for property, plant, equipment and intangible assets of ₹2,591.44 million.
Net cash used in investing activities was ₹4,837.94 million for the financial year 2021, primarily consisting of payment for
property, plant, equipment and intangible assets of ₹4,620.37 million.
property, plant, equipment and intangible assets of ₹6,306.88 million, offset in part by proceeds from bank deposits.
property, plant, equipment and intangible assets of ₹9,078.64 million.
Financing Activities
Net cash used in financing activities was ₹2,004.35 million for the six months ended September 30, 2021, primarily consisting
of finance cost paid of ₹1,480.54 million and repayment of non-current borrowings of ₹1,428.88 million which is partially
offset by proceeds of net current borrowings of ₹949.23 million.
Net cash used in financing activities was ₹3,404.65 million for the six months ended September 30, 2020, primarily consisting
of finance cost paid of ₹1,733.67 million, repayment of net current borrowings of ₹1,694.74 million and repayment of non-
current borrowings of ₹1,570.78 million.
Net cash used in financing activities was ₹7,309.59 million for the financial year 2021, primarily consisting of repayment of
net current borrowings of ₹3,806.20 million and finance cost paid of ₹3,357.00 million.
Net cash used in financing activities was ₹77.72 million for the financial year 2020, primarily consisting of finance cost paid
of ₹4,038.12 million and repayment of non-current borrowings of ₹1,433.59 million, partially offset by proceeds from non-
current borrowings of ₹3,625.15 million and proceeds of net current borrowings of ₹2,090.03 million.
Net cash used in financing activities was ₹7,622.74 million for the financial year 2019, primarily consisting of repayment of
net current borrowings of ₹10,483.29 million, finance cost paid of ₹3,381.04 million and repayment of non-current borrowings
of ₹2,312.51 million, partially offset by proceeds from non-current borrowings of ₹8,754.05 million.
Indebtedness
Our indebtedness as of September 30, 2021 is set out below:
As of September 30, 2021

(₹ in millions)
Secured Loans
Long Term Borrowings
Term loans from banks 9,408.39
Current maturities of non-current borrowings 2,836.75
Short Term Borrowings
Buyers credit from banks 4,548.98

Overdraft facility from banks 494.26
Working capital loan from banks 33.29
310
As of September 30, 2021
(₹ in millions)
Acceptances 65,768.49
Total Secured Loans 83,090.16
Unsecured Loans
Short Term Borrowings
Buyers credit from banks 2,121.88
Acceptances 7,141.29
Total Unsecured Loans 9,263.17
Grand Total 92,353.33
See “Financial Indebtedness” for a description of broad terms of our indebtedness on page 286.
In the event our lenders declare an event of default, such current and any future defaults could lead to acceleration of our
obligations, termination of one or more of our financing agreements or force us to sell our assets, which may adversely affect
our business, results of operations and financial condition. See “Risk factors – Internal Risk Factors – 25. We have indebtedness
and may incur additional indebtedness in the future, which may adversely affect our business and results of operations” on
page 32.
Capital Commitments
As of September 30, 2021, our estimated amount of contracts on capital account remaining to be executed and not provided for
(net of advance) was ₹1,660.34 million.
Capital Expenditure
For the six months ended September 30, 2021, we capitalized ₹1,191.76 million, primarily in the development of the food
manufacturing facility in Haldia. For the financial year 2021, we capitalized ₹1,930.97 million, primarily in the development
of a greenfield refinery in Hazira. For the financial year 2020, we capitalized ₹9,238.10 million, primarily in the development
of a greenfield refinery in Hazira, the acquisition of the wheat flour plant in Nimrani and the expansion and diversification of
our manufacturing facilities in Mundra, Alwar and Krishnapatnam. For the financial year 2019, we capitalized ₹7,790.42
million, primarily in the development of the plant in Mundra and the acquisition of refineries in Krishnapatnam and Paradip.
During the financial year 2022, we expect to incur planned capital expenditures of approximately ₹1,547.60 million towards
the development of edible oil, rice, besan, wheat flour and soya value-added product manufacturing facilities towards planned
capital expenditure for the financial year 2022, which will be partly funded from the Net Proceeds. For details in relation to the
use of Net Proceeds in this regard, see “Objects of the Issue – Details of the Objects – I. Capital Expenditure” on page 72.
Further, we may also incur additional capital expenditure as part of our ordinary course of business.
Contingent Liabilities
The following table sets forth our contingent liabilities as of September 30, 2021:
Particulars As of September 30, 2021

(₹ in millions)
(a) Bank guarantees favouring commercial taxes 69.73
(b) Disputed customs duty 492.40
(c) Other disputed matters
• Commercial taxes (net of bank guarantees given to department shown in (a) above 398.67
• Income tax 477.74
• Service tax and excise duty 321.88
Off-Balance Sheet Commitments and Arrangements
Except as described in this Red Herring Prospectus, we do not have any off-balance sheet arrangements, derivative instruments,
swap transactions or relationships with affiliates or other unconsolidated entities or financial partnerships that would have been
established for the purpose of facilitating off-balance sheet arrangements.
Quantitative and Qualitative Analysis of Market Risks
We are exposed to various types of market risks during the normal course of business. Market risk is the risk of loss related to
adverse changes in market prices, including commodity risk, interest rate risk, currency risk and equity price risk. We are also
exposed to credit risk and liquidity risk.
Commodity Risk
The price of agricultural commodities is subject to fluctuations due to unpredictable factors such as weather, government
policies, change in global demand and global production of similar and competitive crops. During our ordinary course of
311
business, the value of our open sale and purchase commitments and inventory of raw material changes continuously in line with
movement in the prices of the underlying commodities. To the extent that our open sales and purchase commitments do not
match at the end of each business day, we are subject to price fluctuations in the commodities market.
We have a policy to minimize our risks arising from such fluctuations by hedging our purchases either through direct sales of
similar commodity or through futures contracts on the commodity exchanges.
In the course of hedging our purchases either through direct sales or through futures contracts, we may also be exposed to the
inherent risk associated with trading activities conducted by our personnel. We have in place a risk management system to
manage such risk exposure.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. We are exposed to changes in interest rates due to our financing, investing and cash management activities.
The risks arising from interest rate movements arise from borrowings with variable interest rates. We manage our interest rate
risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
Our risk management activities are subject to the management, direction and control of our treasury team under the framework
of risk management policy for interest rate risk. Our treasury team ensures appropriate financial risk governance framework
through appropriate policies and procedures and that financial risks are identified, measured and mitigated in accordance with
our policies and risk objectives.
Currency Risk
We operate internationally and a portion of our business is transacted in several currencies. Consequently, we are exposed to
foreign exchange risk through our sales and services overseas and purchases from overseas suppliers in various foreign
currencies.
We evaluate exchange rate exposure arising from foreign currency transactions and follow established risk management
policies, including the use of derivatives, such as foreign exchange forward contracts and options, to hedge our exposure to
foreign currency risks.
Equity Price Risk
Our exposure to equity price risk in the investment in mutual funds is classified in the balance sheet as fair value through profit
or loss. Our management monitors the price closely to mitigate its impact on our profit and cash flows. Since these investments
are insignificant, the exposure to equity price changes is minimal.
Credit Risk
Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations resulting in a loss to us.
Financial instruments that are subject to credit risk principally consist of loans, trade and other receivables, cash and cash
equivalents, investments and other financial assets. The carrying amounts of financial assets represent the maximum credit risk
exposure.
Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration
of risks. Credit risk is controlled by analyzing credit limits and creditworthiness of counterparties on continuous basis with
appropriate approval mechanism for sanction of credit limits. Credit risk on receivables
is limited as a majority of our credit sales are against security deposits, advances, cheques and guarantees of banks of national
standing. Moreover, our trade receivables are spread over a number of customers with no significant concentration of credit
risk. Credit risk from balances with banks, financial institutions and investments is managed by our treasury team in accordance
with our risk management policy. Cash and cash equivalents and bank deposits are placed with banks having good reputation,
good past track record and high quality credit rating.
Liquidity Risk
Liquidity risk refers the risk that we will encounter difficulty in meeting the obligations associated with our financial liabilities.
We monitor our risk of shortage of funds using cash flow forecasting models. These models consider the maturity of our
financial investments, committed funding and projected cash flows from operations. Our objective is to provide financial
resources to meet our business objectives in a timely, cost effective and reliable manner and to manage our capital structure. A
balance between continuity of funding and flexibility is maintained through the use of various types of borrowings.
Unusual or Infrequent Events or Transactions
Except as described in this Red Herring Prospectus, to our knowledge, there have been no unusual or infrequent events or
transactions that have in the past or may in the future affect our business operations or future financial performance.
312
Known Trends or Uncertainties
Our business has been affected and we expect that it will continue to be affected by the trends identified above in “Significant
Factors Affecting Our Financial Condition and Results of Operations” and the uncertainties described in the section “Risk
Factors” beginning on pages 293 and 21, respectively, of this Red Herring Prospectus. To our knowledge, except as disclosed
in this Red Herring Prospectus, there are no known factors which we expect to have a material adverse effect on our income.
Future Relationship between Cost and Revenue
Other than as described in “Risk Factors” and this section, there are no known factors that might affect the future relationship
between cost and revenue.
Competitive Conditions
We expect competition in our industry from existing and potential competitors to intensify. For details, please refer to the
discussions of our competition in the sections “Risk Factors” and “Our Business” on pages 21 and 137, respectively, of this
Red Herring Prospectus.
Seasonality of Business
Our business is affected by seasonal variations and adverse weather conditions. For further details, see “Risk Factors – Internal
Risk Factors – 1. Our operations are dependent on the supply of large amounts of raw materials, such as unrefined palm oil,
soyabean oil and sunflower oil, wheat, paddy and oilseeds. Unfavourable local and global weather patterns may have an
adverse effect on the availability of raw materials. In addition, we do not have long term agreements with suppliers for our raw
materials. Any increase in the cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on
our business and results of operations, and seasonable variations could also result in fluctuations in our results of operations.”
on page 21.
New Products or Business Segments
Except as disclosed in “Our Business” on page 137 of this Red Herring Prospectus, we have not announced and do not expect
to announce in the near future any new products or business segments.
Significant Developments occurring after September 30, 2021
To our knowledge, no circumstances have arisen since the date of the last financial statements disclosed in this Red Herring
Prospectus which materially and adversely affect or are likely to affect, our operations or profitability, or the value of our assets
or our ability to pay our material liabilities within the next 12 months.
313
SECTION VI: LEGAL AND OTHER INFORMATION
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS
Except as disclosed in this section, there are no outstanding (i) criminal proceedings; (ii) actions taken by regulatory or
statutory authorities; (iii) litigation involving claims related to direct and indirect taxes; and (iv) other pending litigation as
determined to be material as per the materiality policy adopted pursuant to the Board resolution dated July 31, 2021, in each
case involving our Company, its Subsidiaries, Promoters and Directors (“Relevant Parties”).
For the purpose of identification of material litigation in (iv) above, our Board has considered and adopted the following policy
on materiality with regard to outstanding litigation to be disclosed by our Company in this Red Herring Prospectus pursuant
to the Board resolution dated July 31, 2021. Accordingly, disclosures of the following types of litigation involving Company,
Directors, Promoters or Subsidiaries have been included.
All outstanding litigation, including any litigation involving the Relevant Parties, other than criminal proceedings, actions by
regulatory authorities and statutory authorities, disciplinary actions including any penalty imposed by SEBI or stock exchanges
against the promoters in the last five financial years including any outstanding actions, and tax matters (direct or indirect),
would be considered ‘material’ if:
(i) where such matters involves our Company, its Subsidiaries and Directors, the monetary amount of claim by or against
the entity or person in any such pending proceeding is in excess of either 1% of the total income of the Company or
1% of the profit after tax of the Company as of March 31, 2021, whichever is lower, as per the latest Restated Financial
Statements, being ₹72.77 million; or
(ii) where such matters involves our Promoters, the monetary amount of claim by or against the Promoters in any such
pending proceeding is in excess of 2.5% of the profit after tax of the Promoter for the last financial year as per their
respective latest audited annual financial statements; or
(iii) with respect to where monetary liability is not quantifiable or any other outstanding litigation, the outcome of any
such pending proceedings may have a material bearing on the business, operations, performance, prospects or
reputation of the Company.
There are no outstanding litigations involving ACL and LPL. Further, as per the audited financials of AEL for the financial
year ending March 31, 2021, the profit after tax for AEL was ₹10,457.6 million. Accordingly, matters where the monetary
amount of claim by or against AEL in excess of ₹ 261.44 million has been considered as material.
It is clarified that for the above purposes, pre-litigation notices received by Relevant Parties (excluding statutory/ regulatory/
tax authorities or notices threatening criminal action), have not been considered as litigation until such time that the Relevant
Parties are not impleaded as a defendant in the litigation proceedings before any judicial/ arbitral forum.
Further, except as disclosed in this section, there are (i) no disciplinary actions including penalties imposed by the SEBI or the
stock exchanges against our Promoters in the last five Financial Years including any outstanding action; or (ii) pending
litigation involving our Group Companies which may have a material impact on our Company.
Except as stated in this section, there are no outstanding material dues to creditors of our Company. For this purpose, our
Board has considered and adopted a policy of materiality for identification of material outstanding dues to creditors, by way
of its resolution dated November 16, 2021. In terms of this materiality policy, outstanding dues to any creditor of our Company
having a monetary value which exceeds 5% of the total trade payables of our Company as per the Restated Financial Statements
of our Company as at September 30, 2021 disclosed in this Red Herring Prospectus, shall be considered as ‘material’.
Accordingly, as on September 30, 2021, any outstanding dues exceeding ₹ 1,309.29 million have been considered as material
outstanding dues for the purposes of disclosure in this section.
For outstanding dues to any micro, small or medium enterprise, the disclosure shall be based on information available with
our Company regarding the status of the creditor as defined under the Micro, Small and Medium Enterprises Development Act,
2006 as amended, read with the rules and notification thereunder.
Criminal Litigation
1. Nikunjkumar Ashokbhai Kalola, Agricultural Officer, Upleta, Rajkot (“Complainant”) has filed a criminal complaint
(“Complaint”) against our Company and others on September 23, 2020, before the Taluka Court, Upleta, Rajkot,
Gujarat (“Court”) under Fertilizer (Control) Order, 1985 (“Order”), alleging the adulteration in fertilizer
manufactured by the Company. The Complainant has taken a sample of De-oil (Castor Cake) on June 4, 2019 produced
by the Company which was not found as per the standards prescribed by the Order, resulting in commission of an
offence under Section 7(a)(ii) of the Essential Commodities Act, 1955. The matter is currently pending.
314
2. Mahindra Kumar Chaurasia (“Complainant”) had filed a criminal complaint (“Complaint”) against our Company,
before the court of Additional Chief Judicial Magistrate, Rohtas, Bihar (“Court”) for alleged non-payment of certain
amounts due to the Complainant, disputed by our Company. By way of memorandum of settlement dated September
25, 2019, the Complainant agreed to a settlement amount to be paid by our Company in full and final settlement of
dues claimed by the Complainant pursuant to which the Complainant has filed a petition (“Petition”) on October 14,
2019 for withdrawal of the Complaint before the Court. The Complaint is currently pending.
Civil Litigation
Civil matters above the materiality threshold of 72.77 million
1. Rupali P Shah (“Plaintiff”) has filed a civil suit against our Company, Saregama India Limited (“Defendant 2”) and
others in the High Court of Judicature at Bombay on March 1, 2012 seeking inter alia order for retainment and
injunction of copyright in the musical rights arising out of the cinematographic film produced by O.P Ralhan and
restraining Defendant 2 by temporary order and injunction from creating any third party rights in any of the songs and
musical works. Our Company has obtained the license to use a song (“Song”) from the film “Talash” produced by O.P
Ralhan from Defendant 2 for the commercial advertisement on television. The Plaintiff alleges that the exploitation of
songs produced by O.P Ralhan by Defendant 2 has come to an end and therefore Company has infringed the copyright
by using the Song. Further, the Plaintiff alleges that the use of Song by the Company in unauthorised and without
permission and has claimed damages of ₹ 100 million along with interest from our Company and Defendant 2. The
matter is currently pending.
Civil matters below the materiality threshold of ₹ 72.77 million but otherwise deemed material
1. M/s JK Oil Industries (“Plaintiff”) has filed a civil suit against our Company before the High Court of Delhi on January
6, 2010 under the provisions of Trade Marks Act, 1999 and Copyright Act, 1957 for seeking permanent injunction
restraining inter alia infringement and passing off of the trademark or label “KING’S LABEL”. The Plaintiff has
alleged that the trademark “KING’s LABEL” (“Trademark 1”) used by our Company is identical and deceptively
similar to the Plaintiff’s trademark “OIL KING LABEL” (“Trademark 2”) and therefore infringing the Trademark 2.
Further, the Plaintiff has claimed damages of ₹ 10.00 million as damages and prayed for an order for rendition of
accounts of profits earned by our Company. Subsequently, Our Company has contended inter alia that the (a) Plaintiff
has failed to produce any documents to establish their exclusive right over the word “King” since the word “King” is
common to trade and therefore the claim for infringement is not maintainable against the Company as per the
provisions of the Trade Mark Act, and (b) dispute about the ownership of Trademark 1 is pending before the Registrar
of Trade Marks prior to the filing of the suit which is required to be adjudicated first. The matter is currently pending.
Civil matters that are non-quantifiable but otherwise deemed material
1. Ramesh Jagshi Dungarshi Gala and Sharad Gala Jagshi Dungarshi (collectively “Plaintiffs”) have filed a civil suit
against Jadavji Ramji Gala, our Company and others before the Principal Senior Civil Judge, Bhuj-Kutch, Gujarat for
decree of declaration and permanent injunction in relation to share in portion of land purchased by our Company in
Bhuj, Gujarat (“Suit Property”). The Plaintiffs allege that they are owners of the suit property, which was transferred
to our Company without their consent, rendering the sale deed null and void. The matter is currently pending.
2. Prem and others (“Plaintiffs”) have filed a civil suit (“Suit”) against our Company and others before the Court of
Additional Civil Judge (Senior Division), Gohana, Sonepat (“Court”) in 2019 in relation to purchase of agricultural
land situated in village Mundlana by our Company. In terms of the Suit, the Plaintiffs allege that some portion of land
purchased by our Company was part of an undivided estate in which the Plaintiffs claim to be co-sharers. Accordingly,
the Plaintiffs had filed an application for injunction to restrain our Company from carrying out activities on the suit
land. By way of order dated February 11, 2019 (“Order”), the Plaintiffs’ application for injunction was rejected by
the Court. The Plaintiffs then filed a civil miscellaneous appeal before the Additional District Judge, Sonipat
(“Appeal”) against the Order. By way of its order dated August 24, 2021, the appellate court has upheld the Order
rejecting the Plaintiffs’ application for injunction and remanded the matter back to the trial court for adjudication. The
3. Nalamati Raja Rajeswari and others (“Plaintiffs”) has filed a final decree proceeding against our Company and others
before the Principal Senior Civil Judge, Kakinada in relation to specific performance for transfer of the some portion
of suit properties situated in Thammavaram Village of Kakinada (“Suit Premises”). Our Company has contended that
the Suit Premises were bonafide purchased by Acalmar Oils and Fats Limited (now merged with our Company) and
subsequently the Company has established the edible oil refining and processing unit at the Suit Premises. Further, our
Company has contended that at no point were the Suit Premises validly transferred to the Plaintiffs and that the suit
suffers from limitation of time. The matter is currently pending.
Actions taken by Regulatory or Statutory Authorities
1. During the course of our business operations, we have received 122 notices and intimations from the designated food
inspector in different cities under the FSSA for alleged violations of the provisions of the FSSA and the rules
315
thereunder, inter alia relating to substandard and misbranded food products, sale of adulterated food or misleading
advertisements. As on the date of this Red Herring Prospectus, such matters are pending at different levels of
adjudication before various courts, tribunals, and adjudicating officers.
2. Neeraj Shrivastav, Food Inspector, Khargon, has filed a criminal complaint (“Complaint”) against Sanjay, licensee
of depot of our Company (“Licensee”) and Rakesh Dubey, in his capacity as nominee of our Company (“Nominee”)
and others, under the PFA Act, alleging the sale of adulterated “Fortune mustard oil”, resulting in committing of an
offence under relevant provisions of the PFA Act and PFA Rules. Thereafter, the Licensee and Nominee have filed a
criminal miscellaneous application before the High Court of Madhya Pradesh to quash the Complaint. The matters are
currently pending.
3. Bhagwan Singh Udavat, Food Inspector has filed a criminal complaint against our Company and others, before the
Additional Chief Judicial Magistrate Court, First Class, Udaipur in under the PFA Act alleging misbranding of
“Fortune mustard oil”, resulting in commission of an offence under relevant provisions of the PFA Act. The matter is
currently pending.
4. Anil Bharadwaj, Food Inspector, Udaipur has filed a criminal complaint against our Company and others, before the
Additional Chief Judicial Magistrate, First Class, Udaipur under the PFA Act alleging the misbranding of “Fortune
refined groundnut oil”, resulting in commission of an offence under relevant provisions of the PFA Act. The matter is
currently pending.
5. Bhagwan Singh Udavat, Food Inspector, Udaipur has filed a criminal complaint against our Company and others,
before the Additional Chief Judicial Magistrate, First Class, Udaipur under the PFA Act alleging the misbranding of
“Refined soyabean oil”, resulting in commission of an offence under relevant provisions of the PFA Act. The matter
is currently pending.
before the Additional Chief Judicial Magistrate, First Class, Udaipur under the PFA Act alleging misbranding of
“Refined palmolein oil”, resulting in commission of an offence under relevant provisions of the PFA Act. The matter
before the Additional Chief Judicial Magistrate, First Class, Udaipur under the PFA Act alleging misbranding of
“Fortune mustard oil”, resulting in commission of an offence under relevant provisions of the PFA Act. The matter is
currently pending.
8. State of Maharashtra at the instance of L.Z. Taksande, Food Inspector, has filed a criminal complaint against our
Company and others, before the Chief Judicial Magistrate, Chandrapur on July 4, 2003, under the PFA Act alleging
adulteration in a sample of “Raag Vanaspati” manufactured by our Company and sold by a retailer dealing in food
articles, resulting in commission of an offence under relevant provisions of the PFA Act and PFA Rules. The matter
9. State of Andhra Pradesh through the Food Inspector has filed a criminal complaint (“Complaint”) against our
Company, Pranav Vinod Adani and others before the Additional Judicial First Class Magistrate, Nellore, Andhra
Pradesh on August 24, 2010, under the PFA Act alleging adulteration of “Raag gold refined palmolein”, resulting in
commission of an offence under relevant provisions of the PFA Act and PFA Rules. Subsequently, our Company has
filed a criminal petition under Section 482 of Cr.P.C before the High Court of Andhra Pradesh at Amravati (“High
Court”) for quashing of the Complaint. The High Court vide its order dated April 17, 2015 stayed the above criminal
proceedings. The matter is currently pending.
10. State of Maharashtra at the instance of SG Boyewar, Food Inspector, Chandrapur has filed a criminal complaint against
our Company and others, before the Chief Judicial Magistrate, Chandrapur on November 11, 2006, under the PFA Act
alleging the adulteration of “Fortune filtered mustard oil”, resulting in commission of an offence under relevant
provisions of the PFA Act and PFA Rules. The matter is currently pending.
11. State of Maharashtra at the instance of V.P Dhawad, Food Inspector, Chandrapur has filed a complaint against our
Company and others, before the Judicial Magistrate First Class, Rajura, Chandrapur on November 9, 2009, under the
PFA Act alleging the sale of adulterated “Mustard Oil (Fortune)”, resulting in commission of an offence under relevant
provisions of the PFA Act and PFA Rules. The matter is currently pending.
12. State of Maharashtra at the instance of S.P Nandanwar, Food Inspector, Chandrapur has filed a complaint against our
Company before the Judicial Magistrate First Class, Chimur, Chandrapur on February 23, 2006, under the PFA Act
alleging the sale of adulterated “Raag Vanaspati”, resulting in commission of an offence under relevant provisions of
the PFA Act and PFA Rules. The matter is currently pending.
13. State of Maharashtra at the instance of S.D Mahajan, Food Inspector, Dhule has filed a complaint against our Company
and others, before the Judicial Magistrate First Class, Sakri, Dhule on May 2011, under the PFA Act alleging the sale
316
of adulterated “Vanaspati (Raag)”, resulting in commission of an offence under relevant provisions of the PFA Act
and PFA Rules. The matter is currently pending.
14. State of Maharashtra at the instance of S.P Nandanwar, Food Inspector, Chandrapur has filed a complaint against our
Company and others, before the Chief Judicial Magistrate, Chandrapur on September 28, 2007, under the PFA Act
alleging the sale of adulterated “Vanaspati (Raag)”, resulting in commission of an offence under relevant provisions
of the PFA Act and PFA Rules. The matter is currently pending.
15. S.R Khan, Food Inspector, Bundi has filed a criminal complaint (“Complaint”) against Nirmit Kumar Shrivastva, in
his capacity as nominee of our Company (“Nominee”) and others, before the Additional Chief Judicial Magistrate,
Bundi (“Court”) in 2019, under the PFA Act alleging the misbranding of “Fortune Refined Soyabean Oil”, resulting
in commission of an offence under relevant provisions of the PFA Act and PFA Rules. The Court vide its orders dated
October 3, 2019 and October 15, 2019 (collectively, “Orders”), rejected the application of the Nominee for the
exemption from appearance and cancellation of the non-bailable warrant, respectively. Thereafter, the Nominee has
filed a criminal miscellaneous petition before the High Court of Judicature for Rajasthan at Jaipur bench for quashing
of the Complaint and impugned Orders. The matter is currently pending.
16. Ajay Kumar Tripathi, Food Inspector, Ratangarh has filed a criminal complaint (“Complaint”) against our Company,
Narendra Sharma, in his capacity as nominee of our Company (“Nominee”), Kuok Khoon Hong, Pranav Vinod Adani
and others, before the Court of Additional Chief Judicial Magistrate, Ratangarh (“Court”) on February 3, 2011, under
the PFA Act alleging the adulteration of “Vanaspati (Avsar)”, resulting in commission of an offence under relevant
provisions of the PFA Act and PFA Rules. Thereafter, our Company and Nominee has filed a criminal miscellaneous
petition before the High Court of Judicature for Rajasthan at Jodhpur for quashing the Complaint. Subsequently, Kuok
Khoon Hong, Pranav Vinod Adani and certain other defendants have filed a discharge application dated September
29, 2021 before the Court and prayed to be discharged as a party to the matter. The matter is currently pending.
17. Food Inspector, Satyajit Patel has filed a complaint (“Complaint”) against our Company, our managing director at the
time and others, before the Chief Judicial Magistrate, Sonepur on October 29, 2007, under the PFA Act alleging the
sale of adulterated “Fortune Kachighani” mustard oil, resulting in commission of an offence under relevant provisions
of the PFA Act. Thereafter, our Company has filed a criminal miscellaneous application in the High Court of Orissa,
Cuttack (“High Court”) on April 18, 2016 praying inter alia for quashing of Complaint. The matter was transferred
to JMFC, Tarava Trial Court as the stay order passed by the High Court had lapsed. However, the High Court in its
order dated November 12, 2021 stayed the proceedings before the Tarava Trial Court. The matter is currently pending.
18. PC Naik, Food Inspector, Sundargarh has filed a prosecution report against our Company and others, before the
Judicial Magistrate First Class, Rajgangpur, Odisha on March 9, 2005, under the PFA Act alleging the manufacturing
and selling of adulterated mustard oil (fortune kachighani pure mustard oil), resulting in commission of an offence
under relevant provisions of the PFA Act and PFA Rules. Thereafter, our Company has filed a criminal miscellaneous
application in the High Court of Orissa, Cuttack on April 23, 2013 praying inter alia for quashing of criminal
prosecution. The matter is currently pending.
19. A first information report has been filed against our employee, Amar Bhatt (“Accused”) before the Magistrate First
Class Court, Kolhapur on October 21, 2015 alleging stocking of essential commodities above the limit authorised
under license at the godown of our Company where the Accused was assuming responsibility of the godown, thereby
constituting a violation of inter alia the provisions of the Maharashtra Essential Commodities Act, 1955, Maharashtra
Scheduled Commodities Wholesale Dealers’ Licensing Order, 1998, Maharashtra Pulses Edible Oil, Seeds and Edible
Oil (Prohibition of Stock), 1977 and Rules of Removal of (Licensing Requirements, Stock Limits and Movements
Restrictions) on specified Foodstuffs (Amendment) Order, 2015. The matter is currently pending in the Court of
Judicial Magistrate First Class, Kolhapur.
20. Radheshyam Gole, Food Inspector, Khandwa has filed a criminal complaint (“Complaint”) against Abhra Kumar
Chatterji, in his capacity as nominee of our Company (“Accused”) before the Chief Judicial Magistrate, Khandwa on
September 15, 2010, under the PFA Act alleging adulteration of soyabean oil “Fortune”, resulting in committing of an
offence under relevant provisions of the PFA Act and PFA Rules. Subsequently, the Accused has filed a criminal
miscellaneous application before the High Court of Madhya Pradesh at Jabalpur for the quashing of Complaint. The
21. Dilip Singh Yadav, Food Inspector, Jalor has filed a criminal complaint (“Complaint”) against Ajay Sharma, branch
in-charge of our Company and others before the Additional Chief Judicial Magistrate, Bhinmal on May 26, 2010,
under the PFA Act alleging the misbranding of “refined soybean oil”, resulting in commission of an offence under
relevant provisions of the PFA Act. The matter is currently pending.
22. S.R. Khan, Food Inspector, Bundi had filed a complaint against our Company and others (“Respondents”), before the
Additional Chief Judicial Magistrate Bundi under the PFA Act alleging the sale of “Vegetable Oil Raag Brand”,
resulting in commission of an offence under relevant provisions of the PFA Act. Pursuant to its order dated April 16,
2019 (“Order”), the Additional Chief Judicial Magistrate, Bundi held the Respondents guilty for violation under the
relevant provisions of the PFA Act and awarded six month simple imprisonment along with fine on the Respondents.
317
Our Company has filed an appeal before the Court of District and Sessions Judge, Bundi on April 27, 2019 challenging
the Order. The matter is currently pending.
23. Food Inspector, Udaipur has filed a complaint against our Company and others, before the Chief Judicial Magistrate
Udaipur on January 25, 2010, under the PFA Act alleging the sale of adulterated and misbranded “Raag Vanaspati”,
resulting in commission of an offence under relevant provisions of the PFA Act. The matter is currently pending.
24. Legal Metrology Officer, Meerut (“Officer”) has filed a complaint (“Complaint”) against our Company before the
Additional Chief Judicial Magistrate, Meerut on March 9, 2019. The Complaint alleges that a sealed packet of ‘Fortune
besan’ manufactured by our Company mentioned the net quantity information in non-standard manner, thereby
amounting to a violation of the provisions of the Legal Metrology Act 2009, UP Legal Metrology (Enforcement) Rules
2011 and Legal Metrology (Packaged Commodities) Rules, 2011. The matter is currently pending.
25. Inspector in-charge, Legal Metrology, Palasa (“Inspector”) had issued a show cause notice dated November 24, 2020
(“Notice”) against our Company. The Notice alleged that pursuant to inspection of trading premises of a third party,
the Inspector found that some packages in a wholesale pack of ‘Fortune Chakki Fresh Atta” manufactured by our
Company failed to mention the sale price and declaration of month and year of manufacturing in violation of certain
provisions of the Legal Metrology Act 2009. Our Company had filed a reply to the Notice and received a rejoinder
from the Inspector and has subsequently filed an appeal against the Notice before the Controller, Legal Metrology,
Andhra Pradesh. The matter is currently pending.
26. Senior Inspector, Legal Metrology, Muradabad (“Inspector”) had issued a show cause notice dated July 20, 2019
(“Notice”) against our Company. The Notice alleged that packaging of a batch of ‘Fortune Premium Kachi Ghani Pure
Mustard Oil’ produced by our Company did not conform to the required minimum net content and was therefore in
violation of the Legal Metrology Act 2009 and the Legal Metrology (Packaged Commodities) Rules, 2011. Our
Company had filed a reply to the Notice and received a rejoinder from the Inspector and subsequently filed an appeal
against the Notice before the Controller, Legal Metrology, Uttar Pradesh. The matter is currently pending.
27. Legal Metrology Officer, Bareilly (“Officer”) has issued a show cause notice dated August 25, 2020 (“Notice”) against
our Company pursuant to an investigation carried out by the Officer at our premises at Alwar. The Notice alleges inter
alia that maximum retail price and batch numbers were not printed on the ‘Fortune besan 100% chana dal’ packaging
for products manufactured at the premises, thereby amounting to irregularity under the provision of the Legal
Metrology Act 2009 and UP Legal Metrology (Enforcement) Rules 2011. Our Company filed its reply with the Officer
in relation to the Notice on November 18, 2020. The matter is currently pending.
28. Isanaka Vedavathi has filed an application against Union of India, Krishnapatnam Oils & Fats Private Limited (now
merged with our Company), and others (“Respondents”) on November 16, 2015 (“Application”) before the National
Green Tribunal Southern Zone (“NGT”) alleging discharge of effluent by certain edible refinery units including
Krishnapatnam Unit-1 (acquired from Krishnapatnam Oils & Fats Private Limited) (“Unit 1”) and Krishnapatnam
Unit-2 (acquired from Louis Dreyfus Commodities Private Limited) (“Unit 2” and collectively with Unit 1, “Units”).
Thereby, the officials of Andhra Pradesh Pollution Control Board (“APPCB”) have submitted a report and noted some
adverse effect on environment due to alleged effluences from the premises of Respondents. Further, the NGT vide its
order dated March 16, 2020 appointed a Joint Committee to assess the ground situation and the committee in its report
dated December 12, 2020 (“Report”) has stated that there are violations committed by the units operated by the
Respondents and therefore environmental compensation has been assessed against certain units including Unit 2. Our
Company objected to the findings of the Report during the proceedings of the matter. Subsequently, on September 23,
2021, the APPCB issued directions to Unit 1 (“Direction 1”) and to Unit 2 (“Direction 2” and collectively with
Direction 1, “Directions”) requiring edible oil units to inter alia stop the illegal procurement of water, monitor
pollutants and effluents, construct roads around their industries and develop a green belt around their boundaries and
directing that Unit 2 pay ₹7.38 million as environmental compensation. Our Company submitted a reply to the APPCB
seeking a stay on the operation of its Direction 1 on October 12, 2021 and filed an appeal before the NGT challenging
Direction 2 on October 29, 2021 (“Appeal”). Thereafter, APPCB and the Joint Committee submitted action taken
reports to the NGT on November 17, 2021 and November 20, 2021 and requested the imposition of environmental
compensation on Unit 2, alleging that Unit 2 was yet to comply with Direction 2. Simultaneously, the APPCB also
issued directions to the Collector and District Magistrate, Nellore on November 18, 2021 to stop the illegal withdrawal
of water from borewells supplying water to the Units and direct them to source water from the Nellore Municipal
Corporation. While the APPCB submitted another action taken report on December 13, 2021, the NGT pursuant to its
orders dated November 24, 2021 and December 22, 2021 directed APPCB to keep the Directions in abeyance pending
its decision on the matter and disposed of the Appeal on December 22, 2021. The Application is currently pending.
29. Additionally, five complaints have been filed against our Company and others under the PFA Act, alleging inter alia
adulteration and misbranding of certain products, resulting in commission of an offence under relevant provisions of
the PFA Act and PFA Rules. These matters are currently pending and our Company is yet to be served with summons
in these matters.
30. The Sub-Divisional Magistrate, Vidisha (“SDM”) issued an order dated January 22, 2019 under Section 133 of the
Code of Criminal Procedure, 1973 (“Order”) in relation to pollution caused by soot and tiny particles emerging with
318
smoke from our factory in Vidisha and requiring our Company to make arrangements for the convenience of nearby
citizens. Our Company in its reply to the Order on January 28, 2019 submitted that it had replaced the bag filters
causing the pollution and had installed an automation system to prevent recurrence of such incidents in the future.
Accordingly, our Company prayed for the Order to be set aside. The matter is currently pending.
31. The Joint Commissioner of Labour (FAC) in the labour department, Government of Andhra Pradesh issued a notice
dated March 12, 2021 (“Notice”) under the Building and Other Construction Workers (Regulation of Employment
and Conditions of Service) Act, 1996 (“BOCW Act”) and the Building and Other Construction Workers Welfare Cess
Act, 1996 to Krishnapatnam Oils and Fats Private Limited (now merged with our Company) (“KOFPL”) alleging
non-payment of one percent labour cess required under the BOCW Act for its unit in Guntur and non-submission of
records and registers and cess returns in relation to the construction work. The Notice also required KOFPL to produce
project documents such as inter alia the approved plan, project report and income tax returns relating to the project.
The matter is currently pending.
Criminal Litigation
1. Our Company registered a first information report against Pankaj Prakashchandra Gadiya (“Accused”) with Kadi
police station alleging cheating and criminal breach of trust. Our Company supplied refined cotton oil to the Accused
and in consideration of same the Accused has provided the wrong cheques. The FIR has been registered under Sections
406 and 420 of the Indian Penal Code, 1850. The matter is currently pending.
2. Our Company filed a writ petition (“Petition”) against the State of Maharashtra (“State”), Deputy Controller of
Rationing, Thane (“Deputy Controller”), Controller of Rationing and Director, Civil Supplies, Mumbai
(“Controller”) and others (“Respondents”) before the High Court of Bombay (“Court”) challenging the
constitutional validity of the Maharashtra Scheduled Commodities Wholesale Dealers Licensing Order, 1998
(“Licensing Order”). The Deputy Controller has alleged for the failure of the Company to obtain a license for storage
as a “dealer”, pursuant to seizure of the edible oils, vanaspati and palm oil of our Company at the Bhiwandi depot of
State, in breach of the Licensing Order. The Company has contended that the Order does not apply to the manufacturers
and the Order has been ceased to be apply to the edible oils pursuant to the Removal of (Licensing Requirements,
Stock Limits and Movement Restrictions) on Specified Foodstuffs Order, 2002 dated February 15, 2002. The Court
vide its order dated February 9, 2012 (“Order”) permitted our Company to sell the seized stock of oils and to deposit
the sale amounts with the Court. Subsequently, our Company has filed a criminal application before the Court praying
for modification of Order permitting to retain the amount of the sale proceeds of the confiscated edible oil stock. The
matters are currently pending.
3. Our Company has filed a criminal complaint (“Complaint”) before the Court of the Additional Chief Metropolitan
Magistrate at Ahmedabad against Marv Global Service (“Accused 1”) and its proprietor Ramesh Pal Mehta (“Accused
2”, together with Accused 1, “Accused”), for dishonour of cheque under Section 138 of the Negotiable Instruments
Act, 1881. The Accused 2 had placed an order for various goods from our Company in his capacity as proprietor of
Accused 1 and in discharge of the liability towards the Company, issued a cheque of ₹5.12 million. The cheque was
dishonoured due to the account having no funds. Our Company had subsequently served a legal demand notice through
e-mail dated December 21, 2020 on the Accused notifying them of the dishonour of the cheque and demanding
repayment of the amount due. Upon failure of the Accused to repay the sums due, our Company has filed the
Complaint. Accused 2 has subsequently filed a commercial suit before the Court of District & Sessions Judge, Rohini
Courts, New Delhi against our Company, claiming inter alia recovery of ₹1.00 million towards scheme refunds and
damages amounting to ₹2.5 million and seeking directions for reconciliation of accounts with our Company, for which
our Company has been issued summons on September 29, 2021. This matter is currently pending.
4. Our Company has filed a criminal complaint (“Complaint”) before the Court of the Metropolitan Magistrate, District
Court at Gautam Budh Nagar against M/s Mobi Tradelinks (“Accused”) and its partners, for dishonour of cheques
under Section 138 of the Negotiable Instruments Act, 1881. The Accused was an authorised distributor of our
Company. The Accused had purchased goods from our Company and in discharge of their liability towards the
Company, issued four cheques of various amounts aggregating to ₹2.26 million. The cheques were dishonoured due
to the account having insufficient funds. Our Company had subsequently served a legal demand notice dated July 18,
2018 on the Accused notifying them of the dishonour of the cheque and demanding repayment of the amount due.
Upon failure of the Accused to repay the sums due, our Company has filed the Complaint. This matter is currently
pending.
Magistrate at Ahmedabad against M/s MS Traders (“Accused 1”) and its proprietor Bharat Nainani (“Accused 2”,
together with Accused 1, “Accused”), for dishonour of cheque under Section 138 of the Negotiable Instruments Act,
1881. The Accused 1 had placed an order for goods from our Company in his capacity as proprietor of Accused 1 and
in discharge of their liability towards the Company, issued cheque of amount of ₹1.18 million. The cheque was
dishonoured due to the Accused’s account having insufficient funds. Our Company had subsequently served a legal
demand notice on the Accused notifying them of the dishonour of the cheque and demanding repayment of the amount
319
due. Upon failure of the Accused to repay the sums due, our Company has filed the Complaint. This matter is currently
pending.
Magistrate at Ahmedabad against Pitco Foods & Impex LLP (“Accused 1”) and its partners Ahammed Kutty Poyilil
Shanavas (“Accused 2”) and Ahammed Kutty Hamsakutty (“Accused 3”, together with Accused 1 and Accused 2,
the “Accused”), for dishonour of cheques under Section 138 of the Negotiable Instruments Act, 1881. The Accused 2
and Accused 3 had placed an order for goods from our Company in his capacity as partners and authorised
representatives of Accused 1 and in discharge of their liability towards the Company, issued two cheques the amount
of which aggregates to ₹3.69 million. The cheques were dishonoured due to the account having insufficient funds and
signature mismatch. Our Company had subsequently served a legal demand notice dated October 7, 2020 on the
Accused notifying them of the dishonour of the cheque and demanding repayment of the amount due. Upon failure of
the Accused to repay the sums due, our Company has filed the Complaint. This matter is currently pending.
Magistrate at Ahmedabad (“Court”) against Productive Creations (India) Private Limited (“Accused 1”) and its
Director and authorised signatory Mr. Mulla Wasim (“Accused 2”, together with Accused 1, “Accused”), for
dishonour of cheque under Section 138 of the Negotiable Instruments Act, 1881. The Accused 2 entered into
sponsorship agreement with our Company in his capacity as director of Accused 1 and in discharge of their liability
towards the Company, issued five cheques out of which three cheques of amount aggregating to ₹32.07 million. The
cheque was dishonoured due to the account having insufficient funds. Our Company had subsequently served a legal
demand notice dated December 17, 2018 and December 18, 2018 on the Accused notifying them of the dishonour of
the cheque and demanding repayment of the amount due. Upon failure of the Accused to repay the sums due, our
Company has filed the Complaint. This matter is currently pending.
Magistrate at Ahmedabad against M/s Right Trading (“Accused 1”) and its partners Azhar Kuzhimpadath (“Accused
2”) and Ajmal Kuzhimpadath (“Accused 3”, together with Accused 1 and Accused 2, the “Accused”), for dishonour
of cheques under Section 138 of the Negotiable Instruments Act, 1881. The Accused 2 and Accused 3 had placed an
order for goods from our Company and in discharge of their liability towards the Company as capacity of partners and
authorised representatives of Accused 1, issued three cheques, the amount of which aggregates to ₹6.7 million. The
cheques were dishonoured due to the account having insufficient funds. Our Company had subsequently served a legal
demand notice through dated September 7, 2020 on the Accused notifying them of the dishonour of the cheque and
demanding repayment of the amount due. Upon failure of the Accused to repay the sums due, our Company has filed
the Complaint. This matter is currently pending.
9. Our Company has filed a criminal complaint (“Complaint”) before the Court of the Metropolitan Magistrate
(Negotiable Instruments Act) at Ahmedabad against Swastik Oil Industries (“Accused 1”) and its proprietor Pankaj
Prakash Gadia (“Accused 2”, together with Accused 1, “Accused”), for dishonour of cheque under Section 138 of the
Negotiable Instruments Act, 1881. The Accused 1 had placed an order for goods from our Company as capacity of
proprietor of Accused 1 and in discharge of their liability towards the Company, issued four cheques, the amount of
which aggregates to ₹4.51 million. The cheques were dishonoured due to the Accused’s account having insufficient
opening balance. Our Company had subsequently served a legal demand notice dated November 14, 2011 on the
Accused notifying them of the dishonour of the cheque and demanding repayment of the amount due. Upon failure of
the Accused to repay the sums due, our Company has filed the Complaint. This matter is currently pending.
Magistrate at Ahmedabad against M/s Goyal Store (“Accused”), for dishonour of cheque under Section 138 of the
Negotiable Instruments Act, 1881. The Accused is an authorised distributor of our Company. In their capacity as a
distributor, the Accused had purchased goods from our Company and in discharge of their liability towards the
Company, issued a cheque of ₹0.31 million. The cheque was dishonoured due to the Accused’s account having
insufficient funds. Our Company had subsequently served a legal demand notice dated June 25, 2019 on the Accused
notifying them of the dishonour of the cheque and demanding repayment of the amount due. Upon refusal of the
Accused to repay the sums due, our Company has filed the Complaint. This matter is currently pending.
Magistrate at Ahmedabad against M/s SA Enterprises (“Accused”), for dishonour of cheque under Section 138 of the
Negotiable Instruments Act, 1881. The Accused, in the course of their business, purchased products from our Company
on credit. In discharge of their liability towards our Company, the Accused had issued a cheque of ₹0.15 million in
favour of our Company. The cheque was dishonoured due to the “payment stopped by the drawer”. Our Company had
subsequently served a legal demand notice on the Accused, notifying them of the dishonour of the cheque, however
the notices were returned unclaimed. Upon the Accused’s failure to repay the sums due, our Company has filed the
Complaint. This matter is currently pending.
12. Our Company has filed a criminal complaint (“Complaint”) before the Court of Metropolitan Magistrate at
Ahmedabad against M/s Bharath Enterprises (“Accused 1”) and its proprietor, Ramkrishnan (“Accused 2”) on October
13, 2017, for dishonour of cheque under Section 138 of the Negotiable Instruments Act, 1881. The Accused 1 had
320
purchased edible oils from our Company and towards the payment of outstanding amount, the Accused 2 had issued
a cheque of ₹0.59 million in favour of our Company. The cheque was dishonoured by the bank. Our Company had
subsequently served a legal demand notice on the Accused 1 and Accused 2 on August 28, 2017, notifying them of
the dishonour of the cheque. Upon the Accused 1’s failure to repay the sums due, our Company has filed the Complaint.
This matter is currently pending.
13. Our Company has filed a criminal complaint (“Complaint”) before the Court of Metropolitan Magistrate at
Ahmedabad against M/s Nissi Enterprises (“Accused 1”) and its authorised signatory, T Nagarjuna Reddy (“Accused
2”) in November 2019, for dishonour of cheque under Section 138 of the Negotiable Instruments Act, 1881. The
Accused 2 had purchased goods from our Company and towards the payment of outstanding amount, the Accused 2
had issued a cheque of ₹0.32 million in favour of our Company. The cheque was dishonoured due to the “payment
stopped by the drawer”. Our Company had subsequently served a legal demand notice on the Accused 1 and Accused
2 on October 12, 2019, notifying them of the dishonour of the cheque. Upon the Accused’s failure to repay the sums
due, our Company has filed the Complaint. This matter is currently pending.
14. Our Company has filed a criminal complaint (“Complaint”) before the Additional Chief Metropolitan Magistrate
Court at Ahmedabad against M/s Shamoon Foods (“Accused 1”) and its proprietor, Ibrahim Mohammed (“Accused
2”) in September, 2021 for dishonour of cheque under Section 138 of the Negotiable Instruments Act, 1881. The
Accused 2 had purchased goods from our Company and towards the payment of outstanding amount, our Company
deposited the security cheque obtained from Accused 2 for an amount of ₹2.76 million in favour of our Company. The
cheque was dishonoured by the bank due to the reason that it “exceeds arrangement”. Our Company had subsequently
served a legal demand notice which was retuned as “not claimed” on August 10, 2021. Upon the Accused’s failure to
repay the sums due, our Company has filed the Complaint. Accused 1 and Accused 2 had previously filed a civil suit
before the Court of the Junior Civil Judge, City Civil Court, Hyderabad against our Company in March 2021 praying
for inter alia a perpetual injunction restraining our Company from depositing the cheques. Both matters are currently
pending.
15. Asheesh Gupta, authorized representative of our Company, has registered a first information report (“FIR”) with the
Jind police station, Haryana on June 12, 2021 against certain unknown persons alleging the sale of illegal and
counterfeit edible oil products bearing the packaging and trademark of the “RAAG” brand owned by our Company.
Our Company has sought the investigation of persons involved in the selling and manufacturing of such products in
Jind, Haryana. The FIR has been registered under Sections 51, 63 and 65 of the Copyright Act, 1957, Sections 103
and 104 of the Trade Marks Act, 1999 and relevant provisions of the Indian Penal Code, 1860. The matter is currently
pending.
16. Jainam Rajnikant Shah, legal officer of our Company, has registered a first information report (“FIR”) against Ramesh
Solanki, Rahul Bachani and others (“Accused”) with the Ramol police station, Ahmedabad on December 26, 2020
alleging the sale of oil tins by affixing duplicate sticker of “Fortune Brand Sunflower Oil” of our Company. The FIR
has been registered under Sections 51 and 63 of the Copyright Act, 1957 and relevant provisions of the Indian Penal
Code, 1860. The matter is currently pending.
17. Ajay Navinchandra Shah, authorised representative of our Company, has registered a first information report (“FIR”)
against Janak Bhajiyawala, Sanjeev Nadkarni and others (“Accused”) with the Rander police station, Surat on January
6, 2021 alleging the sale of duplicate edible oil products bearing the packaging and trademark of “FORTUNE refined
sunflower oil” owned by our Company. The FIR has been registered under inter alia the relevant provisions of the
Copyright Act, 1957, Trade Marks Act, 1999, PFA Act and the Indian Penal Code, 1860. The matter is currently
pending.
18. Asheesh Madanlal Gupta, legal head of our Company, has registered a first information report (“FIR”) against Vikram
Chaudhary, Mahesh Patel and Ajit Patel (“Accused”) with the Naranpura police station, Ahmedabad on February 27,
2021 alleging the sale of oil tins by affixing duplicate sticker of “Fortune Sunlight Refined Sun Flower Oil” of our
Company . The FIR has been registered under Sections 51 and 63 of the Copyright Act, 1957 and relevant provisions
of the Indian Penal Code, 1860. The matter is currently pending.
Civil Litigation
Civil matters non-quantifiable but otherwise deemed material
1. Our Company has filed a writ petition against the State of Madhya Pradesh (“Respondent”) before the Madhya
Pradesh High Court at Indore (“High Court”) seeking directions for, inter alia, quashing of the order of the Board of
Revenue arising from the original order of the Tehsildar, Shujalpur, in relation to alleged encroachment of land by our
Company and against the notice of eviction dated May 9, 2011 (“Notice”) issued by the Tehsildar, Shujalpur, against
our Company. By way of order dated April 27, 2016, the High Court has noted that an application for allotment of
land to our Company has been pending before the revenue department and restrained the Respondent from taking
coercive action in pursuance of Notice. The matter is currently pending.
321
2. Our Company has filed a writ petition against the State of Madhya Pradesh (“Respondent”) before the Madhya
Pradesh High Court at Indore (“High Court”) seeking directions for, inter alia, quashing of (i) the order dated October
28, 2014 (“Order”) of the sub-divisional officer dated, District Neemuch, cancelling the mutation order in favour of
our Company for land purchased at Neemuch under the provisions of the SARFAESI Act, 2002, and (ii) the order
dated December 31, 2018 of the Additional Commissioner, Ujjain (“Commissioner”) dismissing the appeal against
the Order. Further, the High Court by way of interim order dated May 3, 2019, stayed the order of the Commissioner
culminating into non-interference with the mutation in favour of our Company. The matter is currently pending.
3. Our Company has filed an appeal against the State of Madhya Pradesh and others before the Madhya Pradesh High
Court (“High Court”) against the order dated August 5, 2016 (“Order”), passed by the Additional District Judge,
Shujalpur (“ADJ"), dismissing our suit filed for declaration of title of our factory premises situated in Kisauni,
Shujalpur (“Disputed Land”) in terms of registered sale deed dated January 8, 2010, in favour of our Company. The
ADJ pursuant to the Order held that the Company has no ownership rights on the Disputed Land. Subsequently, the
High Court vide its order dated December 16, 2016, has ordered for maintenance of status quo for possession of the
suit land. The matter is currently pending.
Litigation against Promoters
Criminal Litigation
AEL
1. Serious Fraud Investigation Office (“SFIO”) has filed a criminal complaint against AEL, Adani Properties Private
Limited and others before the Additional Judicial Magistrate, Ballard Pier (“Court”) on April 26, 2012 alleging the
manipulation of its share prices. The Court vide its order dated October 7, 2015 (“Order”) discharged AEL on the
ground that no prima facie case was made out by the SFIO. The SFIO, aggrieved by the Order, filed a revision
application before the Sessions Court at Mumbai (“Sessions Court”) which was subsequently allowed by the Sessions
Court pursuant to its order dated November 1, 2019 (“Order 2”). Thereafter, AEL filed an appeal before the Bombay
High Court against Order 2 and prayed inter alia for the stay and quashing of Order 2 and a stay of further proceedings
before the Court. The High Court has granted a stay of Order 2. The matter is pending for hearing.
2. Central Bureau of Investigation (“CBI”) has lodged a FIR against AEL and National Co-operative Consumer
Federation on January 15, 2020 in relation to the tender process for supply of imported coal. In terms of the FIR, CBI
has alleged that AEL has illegally participated in the tender process initiated by Andhra Pradesh Power Generation
Corporation Limited and the National Co-operative Consumer Federation by engaging in cheating and criminal
conspiracy. The investigation is ongoing.
3. Directorate of Revenue Intelligence, Mumbai (“DRI”) has filed a special leave petition against AEL before the
Supreme Court of India on November 19, 2019 challenging the order dated October 17, 2019 passed by the Bombay
High Court (“High Court”), pursuant to which the High Court quashed and set aside the letter of request issued to the
DRI by the Magistrate Court at Mumbai in the case of alleged over valuation of Indonesian coal imported by AEL.
AEL
1. Samir Mehta (“Plaintiff”) has filed a civil application against AEL and others (“Respondents”) before the National
Green Tribunal, New Delhi (“NGT”) on November 22, 2011 in relation to the pollution and damage caused to
mangroves and marine ecology at around Mumbai as a result of oil spill and dumping of 60,000 MT of coal into the
sea due to sinking of vessel M.V Rak Carrier carrying coal for AEL. The Plaintiff prayed for compensation for the
damage caused to the eco-system and for the loss to ecology and livelihood. Thereafter, NGT pursuant to its order
dated August 23, 2016 directed the owner of the vessel and AEL to pay environmental compensation amounting to
₹1,000 million and ₹50 million respectively. AEL filed an appeal before the Supreme Court of India. Pursuant to its
order dated November 28, 2016, the Supreme Court admitted the appeal on payment of environmental compensation
of ₹50 million by AEL. The matter is pending.
322
Litigation by Promoters
Criminal Litigation
AEL
1. AEL filed a criminal complaint (“Complaint”) against ET Prime and others (“Accused”) before the Metropolitan
Court at Ahmedabad (“Court”) on November 21, 2019 for publishing a defamatory article against AEL. In terms of
the Complaint, AEL has prayed for the initiation of proceedings under Sections 499 and 500 of the Indian Penal Code,
1860 against the Accused. Thereafter, the Court has issued summons against the Accused. The Accused, being
aggrieved by the order of issuance of summons, filed a criminal revision application before the Sessions Court,
Ahmedabad which was subsequently rejected. The matter is pending.
Civil Litigation
Civil matters above the materiality threshold of ₹261.44 million
AEL
1. AEL initiated arbitration proceedings against State Transport Corporation (“STC”) on January 3, 2019 in relation to
the tripartite agreement dated January 25, 2011 entered into between STC and AEL and has claimed ₹727.70 million
along with interest against the services of coal supply rendered by AEL under the Agreement. AEL has submitted that
STC has paid approximately ₹500 million but has withheld payment of the balance amount due to the sales tax imposed
on STC’s trade margin and excess sales tax deposited by STC. The matter is currently pending.
2. AEL initiated arbitration proceedings against Madhya Pradesh Power Generation Company Limited (“MPPGCL”)
on January 8, 2019 in relation to the purchase order dated March 26, 2015 on account of various breaches committed
by MPPGCL causing losses to AEL. AEL has also incurred losses caused due to inter alia short closure of contract,
liquidated damages, bank guarantee charges and losses due to delay in payment. The claim value in this arbitration
matter is approximately ₹1,360.00 million. The matter is currently pending.
3. AEL initiated arbitration proceedings against Madhya Pradesh Power Generation Company Limited (“MPPGCL”)
on November 25, 2017 in relation to the purchase order dated November 20, 2012 on account of losses suffered by
AEL due to non-reimbursement of differential customs duty, wrongful levy of liquidated damages and delayed
payments by MPPGCL. AEL has claimed ₹2,860 million and the arbitrator has passed an award dated December 25,
2019 partly allowing the claim to the extent of ₹896.10 million (“Award”). MPPGCL has challenged the Award before
the Commercial Court, Jabalpur under Section 34 of the Arbitration and Conciliation Act, 1996 and AEL has also
challenged the Award to the extent of its balance claim of ₹1,963.90 million. The matter is currently pending.
4. AEL initiated arbitration proceedings against West Bengal Power Development Corporation Limited (“WBPDCL”)
on March 19, 2018 for various breaches and defaults by WBPDCL under the contract entered for the supply of
imported coal. AEL has alleged that it was not paid its legitimate receivables from WBPDCL and therefore has suffered
losses. AEL has made a claim of ₹ 2,360.00 million from WBPDCL. Thereafter, WBPDCL has filed a counter claim
against AEL claiming losses of approximately ₹ 510.00 million. The matter is currently pending.
5. AEL initiated arbitration proceedings against Mahaguj Collieries Limited (“MCL”) on May 10, 2017 seeking inter
alia restitution of expenditure incurred under the coal mining service agreement (“Agreement”) between AEL and
MCL for the development, mining, and delivery of coal from the Machhakata coal block. Pursuant to a judgment
passed by the Supreme Court of India, the Machhakata coal block had been de-allocated. AEL sought a claim
amounting to ₹ 3,997.90 million before the arbitral tribunal (“Tribunal”) and filed an application for interim relief
amounting to ₹ 447 million along with interest. Subsequently, MCL issued a demand notice against AEL for ₹ 78,548
million and invoked an undertaking submitted by AEL for securing the release of its performance bank guarantee for
₹ 1,500 million. In February 2018, the Tribunal granted an interim award amounting to ₹ 327.90 to AEL and pursuant
to its order in March 2018, dismissed MCL’s claim to enforce its demand notice. The Tribunal also required AEL to
undertake that in the event an award is made against AEL, AEL would be required to pay an amount of ₹ 1,500 million
to MCL. Thereafter, MCL filed an application under Section 34 of the Arbitration and Conciliation Act, 1996 before
the High Court of Bombay. The matter is currently pending before the High Court of Bombay.
6. AEL filed an arbitration claim against UCM Coal Company Limited (“Respondent”) before the arbitral tribunal
(“Tribunal”) on October 24, 2016 for the recovery of damages amounting to ₹ 3,180 million for restitution of
expenditures incurred by it towards undertaking activities pertaining to seeking and obtaining approvals for
development and operation of the Chhendipada Coal Block, the agreement for which were terminated pursuant to a
judgment passed by the Supreme Court of India. The Tribunal awarded AEL an amount of ₹739 million in its interim
award dated January 31, 2017 (“Interim Award”) and an amount of ₹1,263 million in its final award dated November
20, 2018 (“Final Award”). Thereafter, the Respondent filed a suit challenging the Final Award passed by the Tribunal
before the District Commercial Court at Lucknow (“Court”). Subsequently, AEL filed an execution application for
realisation of the Interim Award due to them on September 29, 2021. The matter is currently pending.
323
7. AEL initiated recovery proceedings against Yash Jewellers Limited (“YJL”) before the City Civil Court, Ahmedabad
on June 25, 2019 in relation to a loan of ₹250 million extended by AEL to YJL for YJL to meet its financial
requirements of its business for one year. AEL has sought the recovery of ₹407.12 million from YJL. The matter is
currently pending.
Civil matters that are non-quantifiable but otherwise deemed material
AEL
1. AEL has filed a trademark suit against P.V. Adani Juggler Hawk Industries Limited (“Defendant”) before the District
Court of Ahmedabad, Mirzapur (“Court”) on October 16, 2020, alleging the infringement and passing off of registered
trademark “ADANI” (“Trademark”) of AEL by the Defendant. Thereafter, the Court pursuant to its order dated
October 19, 2020 passed an ad-interim injunction against the Defendant to not use the Trademark until the disposal of
the matter. The matter is currently pending.
Criminal Litigation
Angshu Mallick
1. State of Madhya Pradesh had filed a criminal complaint (“Complaint”) before the Judicial Magistrate First Class,
Neemuch on May 11, 2015 against our Managing Director, Angshu Mallick and Govind Dubey alleging violation of
the provisions of the Factories Act, 1948 and rules made thereunder (“Factories Act”) read with the provisions of the
Madhya Pradesh Factories Rules, 1962 (“MP Factories Rules”). The complaint had been filed in relation to the death
of five labourers in an accident while cleaning the water tank inside the effluent treatment plant at our Neemuch unit
on April 9, 2015. The matter is currently pending.
2. Chandrakanta Dalai, Assistant Director of Factories & Boilers has filed a criminal complaint (“Complaint”) before
the Judicial Magistrate First Class, Kujang against our Managing Director, Angshu Mallick in his capacity as an
occupier under the Factories Act, 1948 alleging the violation of certain provisions of the Factories Act, 1948 and the
Orissa Factories Rules, 1950 in relation to inter alia mechanisms for accident prevention, periodical medical
examination and amenities for workers and implementation of safety standards at our factory in Paradip. The matter
Pranav Vinod Adani
1. State of Andhra Pradesh through the Food Inspector has filed a criminal complaint against our Company, Pranav Vinod
Adani and others before the Additional Judicial First Class Magistrate, Nellore, Andhra Pradesh on August 24, 2010
alleging adulteration of “Raag gold refined palmolein”. For further details, see “-Litigation involving our Company -
Litigation against our Company – Actions taken by Regulatory or Statutory Authorities” on page 315.
2. Ajay Kumar Tripathi, Food Inspector, Ratangarh has filed a criminal complaint (“Complaint”) against Narendra
Sharma, in his capacity as nominee of our Company, Kuok Khoon Hong, Pranav Vinod Adani and others, before the
Court of Additional Chief Judicial Magistrate, Ratangarh (“Court”) on February 3, 2011, under the PFA Act alleging
the adulteration of “Vanaspati (Avsar)”. For further details, see “-Litigation involving our Company -Litigation against
our Company – Actions taken by Regulatory or Statutory Authorities” on page 315.
3. Food Inspector, Satyajit Patel has filed a complaint against our Company, Pranav Vinod Adani and others, before the
Chief Judicial Magistrate, Sonepur on October 29, 2007 under the PFA Act alleging the sale of adulterated “Fortune
Kachigani” mustard oil. For further details, see “-Litigation involving our Company -Litigation against our Company
– Actions taken by Regulatory or Statutory Authorities” on page 315.
Kuok Khoon Hong
1. Ajay Kumar Tripathi, Food Inspector, Ratangarh has filed a criminal complaint (“Complaint”) against Narendra
Sharma, in his capacity as nominee of our Company, Kuok Khoon Hong, Pranav Vinod Adani and others, before the
Court of Additional Chief Judicial Magistrate, Ratangarh (“Court”) on February 3, 2011, under the PFA Act alleging
the adulteration of “Vanaspati (Avsar)”. For further details, see “-Litigation involving our Company -Litigation against
our Company – Actions taken by Regulatory or Statutory Authorities” on page 315.
Civil/ Criminal Litigation by our Subsidiaries
Nil
324
Civil/ Criminal Litigation against our Subsidiaries
Nil
Nil
Litigation involving our Group Companies
Our Group Companies are not party to any pending litigations which will have a material impact on our Company.
Tax Claims
Except as disclosed below, there are no outstanding litigations involving claims related to direct and indirect taxes involving
our Company, Subsidiaries, Directors and Promoters.
Nature of case Number of cases Amount involved (in ₹ million)#

Direct Tax 18 150.58
Indirect Tax 81 5,079.79
Direct Tax 9 283.92*
Indirect Tax 26 24.64**
Direct Tax 38 1,598.63
Indirect Tax 99 13,030.45***
Indirect Tax 1 376.39
* This includes claims amounting to BDT 326.35 million in direct tax matters involving Bangladesh Edible Oil and Shun Shing at the exchange rate of ₹
0.87 per BDT as on September 30, 2021.
** This includes claims amounting to BDT 14.99 million in indirect tax matters involving Bangladesh Edible Oil at the exchange rate of ₹ 0.87 per BDT as
on September 30, 2021.
# To the extent quantifiable.
Material Tax Matters
Indirect tax
1. The Senior Joint Commissioner, Commercial Taxes, West Bengal Corporate Division (“Commissioner”), has issued
a notice of demand of tax (“Notice”) assessed under Section 11 of the West Bengal Tax on Entry of Goods into Local
Areas Act, 2012 read with certain other provisions of the West Bengal Value Added Tax Act, 2003 on June 30, 2015.
The Commissioner through the Notice has demanded an amount of ₹184.96 million for the assessment period 2012-
13 with respect to the taxable turnover of import of specific goods. Our Company challenged the issue of the Notice
as void ab initio before the Additional Commissioner, Commercial Taxes, West Bengal, which in its order dated
December 23, 2015 dismissed the petition filed by our Company and confirmed the assessment of the Notice
(“Order”). Subsequently, our Company filed a revision application before the President, West Bengal Commercial
Taxes (Appellate and Revision Board) against the Order. The amount involved in the dispute is ₹228.36 million, which
is inclusive of interest and late fees payable by our Company. The matter is currently pending.
2. The Commissioner of Central Excise and Customs, Vishakhapatnam - II (“Commissioner”) issued a show cause
notice dated March 7, 2011 (“Notice”) to Acalmar Oils and Fats Limited (“AOFL”) (now amalgamated with our
Company). The Notice alleged that the refined palm stearin (“RPS”) cleared by AOFL was not exempted from
payment of central excise duty under the Central Excise Tariff Act, 1985 and that an amount of ₹ 43.33 million with
applicable interest was due to be recovered from AOFL for the period between April 2008 to September 2011. Upon
adjudication, an order dated September 17, 2012 was issued by the Commissioner directing AOFL to pay duty
amounting to ₹ 43.33 million and imposing penalties amounting to ₹47.83 million under the Central Excise Act, 1944
and the Central Excise Rules, 2002, aggregating to a total of ₹ 91.16 million to be paid by AOFL. AOFL filed an
appeal against the order before the Customs, Excise and Service Tax Appellate Tribunal, Hyderabad (“CESTAT”).
Pursuant to its common order dated September 8, 2017 (“Order”), CESTAT allowed the appeal. Subsequently, the
Principal Commissioner of Central Excise, Customs and Service Tax / Central GST, Vishakhapatnam
Commissionerate filed an appeal before the High Court of Andhra Pradesh (“High Court”) challenging the Order.
325
3. The Commissioner of Customs, Central Excise and Service Tax, Kannavarithota, Guntur-4 (“Commissioner”) issued
a show cause notice dated April 24, 2013 (“Notice”) to Krishnapatnam Oils and Fats Private Limited (“KOFPL”)
(now amalgamated with our Company). The Notice alleged that the refined palm stearin (“RPS”) cleared by KOFPL
was not exempted from payment of duty under the Central Excise Tariff Act, 1985 and that an amount of ₹ 42.59
million with applicable interest was due to be recovered from KOFPL for the period between March 2010 to December
2010. Upon adjudication, an order dated November 29, 2013 was issued by the Commissioner directing KOFPL to
pay duty amounting to ₹ 42.59 million and imposing a penalty amounting to ₹42.59 million under the Central Excise
Act, 1944, aggregating to a total of ₹85.18 million to be paid by KOFPL. KOFPL filed an appeal against the order
before the Customs, Excise and Service Tax Appellate Tribunal, Hyderabad (“CESTAT”). Pursuant to its common
order dated September 8, 2017 (“Order”), CESTAT allowed the appeal and set aside the order dated November 29,
2013 on the ground of limitation. Subsequently, the Commissioner filed an appeal before the High Court of Andhra
Pradesh (“High Court”) challenging the Order. The matter is currently pending.
4. The Directorate of Revenue Intelligence, Gandhidham (“DRI”) issued a show cause notice dated June 15, 2006 against
our Company, Pranav Vinod Adani and others, alleging that the goods imported by our Company were classified as
refined palm oil (“RPO”) and not hydrogenated vegetable oil (“HVO”) and proposing that our Company was required
to pay differential duty of ₹ 173.19 million, along with interest and penalty. Upon adjudication, the Commissioner of
Customs, Kandla issued an order dated March 29, 2007 rejecting the classification of the goods as HVO and directing
our Company to pay differential duty of ₹173.19 million, along with interest and penalty amounting to ₹203.19 million,
aggregating to a total of ₹376.39 million payable by our Company. Our Company filed an appeal before the Customs,
Excise and Service Tax Appellate Tribunal, West Zonal Bench, Ahmedabad (“CESTAT”), which in its order dated
May 5, 2008 (“Order”) set aside the order passed by the Commissioner and established that the goods imported by
our Company were HVO goods. Subsequently, the Commissioner filed two civil appeals before the Supreme Court of
India against our Company and Pranav Vinod Adani, challenging the Order. The matter is currently pending.
Indirect tax
1. Our Company has filed two writ petitions before the High Court of Kolkata (“High Court”) against the Union of
India, Commissioner of Customs (Appeal) (“Commissioner”) and Assistant Commissioner of Customs, Haldia on
June 13, 2019 challenging the order dated January 24, 2019 passed by the Commissioner of Customs (Appeal)
(“Order”) (“Writ Petitions”). Pursuant to a government notification dated March 1, 2018, the rate of customs duty
for crude palm oil of edible grade was enhanced from 30% to 44%. Upon re-assessment of three bills of entry by the
Assistant Commissioner of Customs, Haldia, our Company was directed to pay duty amounting to ₹174.08 million for
an order for clearance of the goods. However, the assessing officer did not issue a speaking order under Section 17(5)
of the Customs Act, 1962 for re-assessment of the bills of entry. Subsequently, our Company filed three appeals before
the Commissioner seeking a speaking order in relation to each bill of entry. The appeals were dismissed by the
Commissioner in the Order merely on grounds of delay, pursuant to which the Writ Petitions were filed by our
Company. Under the Writ Petitions, our Company has sought for inter alia a refund of the differential duty paid under
the increased rate of customs duty. The matter is currently pending.
2. Our Company has filed a special civil application dated November 28, 2019 before the High Court of Gujarat (“High
Court”) against the Union of India, Principal Commissioner of Customs, Ahmedabad and others (“Respondents”)
challenging the levy and collection of social welfare surcharge (“SWS”) on the clearance of goods imported against
duty based scrips. Our Company submitted that pursuant to government notifications each dated April 8, 2015, goods
imported against duty credit scrips under the Merchandise Exports from India Scheme and the Services Exports from
India Scheme are exempted from certain customs duties under the Customs Tariff Act, 1975 and that consequently,
our Company is exempt from debit of SWS on its bills of entry. Our Company has paid SWS under protest amounting
to ₹2,744.24 million as on September 30, 2021 to the Respondents under protest and has sought refund of the SWS
paid under protest. The High Court in its order dated December 27, 2019 permitted the Company to file the provisional
assessment of the bill of entry in manual form and directed that the goods be released on furnishing of a bond by the
Company. The matter is currently pending.
3. Our Company has filed a writ petition dated March 19, 2021 before the High Court of Andhra Pradesh (“High Court”)
against the Union of India, Chief Commissioner of Customs and Central Tax, Vishakhapatnam and others
(“Respondents”) challenging a circular dated January 10, 2020 issued by the Central Board of Indirect Taxes and
Customs (“Circular”), which clarified that social welfare surcharge (“SWS”) will be levied on the clearance of goods
imported against duty based scrips. Our Company has paid SWS under protest amounting to ₹853.72 million to the
Respondents as on September 30, 2021 and has sought refund of the SWS paid under protest. However, the High Court
in its order dated November 18, 2019 has granted ad-interim relief restraining the Respondents from debiting notional
SWS in the duty scrips issued under the Merchandise Exports from India Scheme or the Services Exports from India
Scheme during the pendency of these proceedings. The matter is currently pending.
4. Our Company filed a special civil application before the High Court of Gujarat (“High Court”) against the Union of
India and others challenging the levy of integrated goods and services tax (“IGST”) on the estimated component of
ocean freight for transportation of foreign goods, pursuant to government notifications dated June 28, 2017 levying
326
5% IGST payable by importers of such goods (“Notification”) (“Special Civil Application”). The High Court in its
common judgment dated January 23, 2020, while clubbing the Special Civil Application filed by our Company with
similar applications, held that the Notification was unconstitutional and ultra vires the Integrated Goods and Services
Tax Act, 2017. Subsequently, the Union of India filed a special leave petition before the Supreme Court of India
against our Company challenging the Order passed by the High Court. The matter is currently pending before the
Supreme Court. Our Company also filed similar writ petitions before the High Court of Orissa, Cuttack and the High
Court of Andhra Pradesh, Amravati against the Union of India, Central Board of Indirect Taxes and Customs and
others on July 22, 2019 and July 19, 2019, respectively, challenging the constitutional validity of the Notification.
Both matters are currently pending.
Direct tax
Bangladesh Edible Oil Limited
1. The Deputy Commissioner of Taxes (“Deputy Commissioner”) passed an adjustment order on September 20, 2020
against our Subsidiary, Bangladesh Edible Oil Limited (“BEOL”) for payment of differential income tax amounting
to BDT 148.86 million in relation to the income tax return filed by BEOL for the assessment year 2017-18 (“Order”).
Pursuant to the Order, the Deputy Commissioner had disallowed certain expenses such as inter alia advertisement
expenses and depreciation and allowed income adjustments such as sales value and GP basis earlier years and assessed
a taxable income amounting to BDT 1,157.12 million as against the taxable income of BDT 778.50 million declared
by BEOL. Subsequently, BEOL challenged the Order before the Commissioner (Appeal) on April 13, 2021 and was
awarded partial relief amounting to BDT 85.23 million. The matter is currently pending.
Indirect tax
Pranav Vinod Adani
1. The Commissioner of Customs, Kandla has filed civil appeals before the Supreme Court of India against our Company
and Pranav Vinod Adani, challenging an order passed by the Customs, Excise and Service Tax Appellate Tribunal
classifying goods imported by our Company as hydrogenated vegetable oil. For further details, see “- Material Tax
Matters – Litigation involving our Company – Litigation against our Company” on page 325.
AEL
1. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad (“Assessing Officer”) issued a notice of
demand of ₹267.15 million (“Demand Notice”) under Section 156 of the IT Act against AEL alleging contravention
of Sections 14A, 35D and other provisions of the IT Act and passed an assessment order dated October 23, 2018 under
Section 143(3) read with Section 144C of the IT Act for the assessment year 2015-2016 (“Assessment Order”).
Subsequently, AEL has filed an appeal against the Assessment Order before the Commissioner of Income Tax
(Appeals), Ahmedabad on November 26, 2018. The order of the Commissioner of Income Tax (Appeals) was passed
on July 9, 2020 (“CIT Order”), which provided for inter alia deletion of addition of +/- 1% tolerance band in transfer
pricing, disallowance under section 14A of the IT Act and depreciation of office building, car and equipment.
Subsequently, the Assessing Officer has filed an appeal before the Income Tax Appellate Tribunal, Ahmedabad against
the CIT Order on September 23, 2020. The total financial impact involved in this matter may differ from the amount
in the Demand Notice after taking into account set-off of losses, adjustment of tax refunds, interest liability, penalty if
any applicable etc. The matter is currently pending.
2. Commissioner of Customs (Preventive), Bhubaneswar had passed an order dated March 9, 2016 (“Order”) against
AEL confirming a duty demand of ₹ 413 million along with interest and imposing a redemption fine of ₹ 975 million
and further penalty of ₹ 413 million. The Order alleges under payment of countervailing duty and basic customs duty
on coal imported by AEL on account of misclassification. AEL has subsequently filed an appeal before the Customs,
Excise and Service Tax Appellate Tribunal, Kolkata challenging the Order on May 4, 2016. The matter is currently
pending.
3. Commissioner of Customs (Preventive), Bhubaneswar had passed an order dated March 9, 2016 (“Order”) against
AEL confirming a duty demand of ₹ 216 million along with interest and imposing a redemption fine of ₹ 511 million
327
and further penalty of ₹ 216 million. The Order alleges under payment of countervailing duty and basic customs duty
on coal imported by AEL on account of misclassification. AEL has subsequently filed an appeal before the Customs,
Excise and Service Tax Appellate Tribunal, Kolkata challenging the Order on May 4, 2016. The matter is currently
pending.
4. Commissioner of Customs, Vishakhapatnam II (“Commissioner”) had passed an order dated January 31, 2014
(“Order”) against AEL confirming a duty demand of ₹ 875 million and imposing a penalty of ₹ 70 million to be
adjusted against deposit of ₹ 776 million made by AEL. The Order alleges under payment of countervailing duty and
basic customs duty on coal imported by AEL on account of misclassification. The Order was subsequently appealed
before the Customs, Excise and Service Tax Appellate Tribunal, Bangalore (“CESTAT”), however, the CESTAT
remanded the matter back to the Commissioner. AEL has now challenged the order of the CESTAT before the Supreme
Court of India on March 19, 2016. The matter is currently pending.
5. Commissioner of Customs, Ahmedabad had passed an order dated May 20, 2014 (“Order”) against AEL confirming
a duty demand of ₹ 1,779 million along with interest and imposing a redemption fine of ₹ 250 million and further
penalty of ₹ 260 million. The Order alleges under payment of countervailing duty and basic customs duty on coal
imported by AEL. AEL has subsequently filed an appeal before the Customs, Excise and Service Tax Appellate
Tribunal, Ahmedabad challenging the Order on August 13, 2014. The matter is currently pending.
6. Commissioner of Customs (Preventive), Bhubaneswar has issued a show cause notice dated April 4, 2018 (“Notice”)
against AEL proposing to demand or recover a duty of ₹ 630 million along with interest and impose a redemption fine
and penalty. The Notice alleges under payment of countervailing duty and basic customs duty on coal imported by
AEL on account of misclassification. AEL has subsequently filed its reply to the Notice on June 5, 2009. The matter
7. Commissioner of Customs, Bangalore (“Commissioner”) had issued a show cause notice dated November 18, 2005
(“Notice”) against AEL alleging misdeclaration and wrong valuation of export goods and accordingly, proposed to
recover duty amounting to ₹550 million along with interest and penalty. Pursuant to order dated January 31, 2007
(“Order”), the Commissioner dropped the charges against AEL, which was affirmed by an order of the Customs,
Excise and Service Tax Appellate Tribunal, Bangalore on February 10, 2009. The customs department challenged the
Order before the Supreme Court of India on February 16, 2016. The matter is currently pending.
8. Commissioner of Customs (Port), Kolkata (“Commissioner”) had issued a demand cum show cause notice dated
March 20, 2013 (“Notice”) against AEL alleging that the coal imported by AEL was not steam coal but bituminous
coal as it exceeded prescribed limits for volatile matter and calorific value and that consequently, there was under
payment of basic customs duty and countervailing duty on the imported coal. The Notice proposed to recover duty
amounting to ₹414.34 million along with interest and penalty. Pursuant to its order dated March 25, 2014 (“Order”),
the Commissioner confirmed the duty demanded from AEL as ₹414.34 million along with interest and imposed a
redemption fine of ₹600 million and a penalty of ₹200 million. AEL has filed an appeal against the Order before the
Customs Excise and Service Tax Appellate Tribunal, Kolkata on June 30, 2014. The matter is currently pending.
9. Commissioner of Customs (Preventative), Bhubhaneshwar (“Commissioner”) had issued a demand cum show cause
notice dated March 18, 2013 (“Notice”) against AEL alleging that the coal imported by AEL was not steam coal but
bituminous coal as it exceeded prescribed limits for volatile matter and calorific value and that consequently, there
was under payment of basic customs duty and countervailing duty on the imported coal. The Notice proposed to
recover duty amounting to ₹98.65 million along with interest and penalty. Pursuant to its order dated March 9, 2016
(“Order”), the Commissioner confirmed the duty demanded from AEL as ₹98.65 million along with interest and
imposed a redemption fine of ₹232.50 million and a penalty of ₹98.65 million. AEL has filed an appeal against the
Order before the Customs Excise and Service Tax Appellate Tribunal, Kolkata on May 4, 2016. The matter is currently
pending.
10. The Directorate of Revenue Intelligence (“DRI”) had issued a show cause notice dated September 11, 2009 (“Notice”)
against AEL alleging misdeclaration of goods imported or exported by AEL as ‘studded gold jewelry’ to avail benefits
under schemes such as the Target Plus Scheme and accordingly, proposed to recover customs duty amounting to
₹440.32 million foregone by utilizing advance license along with interest and penalty. Subsequently, the adjudication
of the Notice was assigned to the Principal Commissioner of Customs, Ahmedabad. The matter is currently pending.
11. The Additional Director General, Directorate of Revenue Intelligence, Ahmedabad (“DRI”) had issued a show cause
notice dated December 19, 2012 (“Notice”) against AEL alleging that AEL obtained scrips under the Duty Free Credit
Entitlement (“DFCE”) Scheme against the export of cut and polished diamonds (“CPD”) from the Directorate General
of Foreign Trade (“DGFT”) by way of misstatement and suppression of facts. The Notice also alleged that AEL had
engaged in misdeclaration of value of the exported CPD and accordingly, proposed to recover duty amounting to
₹497.77 million foregone by utilizing DFCE scrips along with interest and penalty. The DRI made the Notice
answerable to the Commissioner of Customs, Ahmedabad. The DGFT has also issued a show cause notice proposing
to cancel the DFCE scrips issued to AEL, which was then set aside by the Joint Director General of Foreign Trade,
Ahmedabad (“JDGFT”). However, the order passed by the JDGFT was subsequently set aside by the Director General
328
of Foreign Trade, New Delhi pursuant to its order dated August 25, 2015 for want of jurisdiction and the matter was
remanded to the Additional Director General of Foreign Trade. Both matters are currently pending.
AEL
1. Commissioner of Customs, Bhubaneshwar (“Commissioner”) issued an assessment order dated February 27, 2013
(“Assessment Order”) under the Odisha Entry Tax Act, 1999 against AEL imposing a demand of ₹ 594.60 million
for entry tax payable on import purchase of coal. AEL preferred an appeal challenging the Assessment Order before
the Additional Commissioner of Customs (Appeal), Bhubaneshwar, which rejected the appeal on the grounds that the
entry tax demand could be imposed on coal imported from outside India into the state of Orissa and then resold outside
the state of Orissa. Subsequently, AEL has filed an appeal before the Sales Tax Tribunal. The matter is currently
pending.
Outstanding dues to Creditors
As of September 30, 2021, our Company has 3,386 creditors, and the aggregate outstanding dues to these creditors by our
Company are ₹ 26,185.83 million. Further, our Company owes an amount of ₹ 636.57 million to micro, small and medium
enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006.
Details of outstanding dues owed to micro, small and medium enterprises and other creditors as of September 30, 2021 are set
out below:
Types of Creditors Number of Creditors Amount involved (in ₹ million)

Micro, Small and Medium Enterprises 564 636.57
Other Creditors 2,822 25,549.26
Total Outstanding Dues 3,386 26,185.83
As per the materiality policy, creditors of our Company to whom our Company owes an amount having a monetary value
exceeding 5% of the total trade payables of our Company as of September 30, 2021, (i.e., an amount exceeding ₹ 1,309.29
million) have been considered as ‘material’. As of September 30, 2021, there are four material creditors to whom our Company
owes an aggregate amount of ₹ 20,434.57 million.
The details pertaining to net outstanding dues towards our material creditors are available on the website of our Company at
https://www.adaniwilmar.com/investors.
It is clarified that such details available on our website do not form a part of this Red Herring Prospectus and investors should
not make any investment decision based on information available on the website of our Company. Anyone placing reliance on
any other source of information, including our Company’s website, would be doing so at their own risk.
Material Developments
Other than as stated in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on page
289, there have not arisen, since the date of the last financial statement disclosed in this Red Herring Prospectus, any
circumstances which materially and adversely affect, or are likely to affect, our trading, our profitability or the value of our
assets or our ability to pay our liabilities within the next 12 months.
329
GOVERNMENT AND OTHER APPROVALS
We have set out below an indicative list of approvals obtained by our Company which are considered material and necessary
for the purpose of undertaking its business activities. In view of these material approvals, our Company can undertake this
Issue, and our Company can undertake its business activities. Other than as stated below, no further material approvals from
any regulatory authority are required to undertake the Issue or continue such business activities. In addition, certain of our
material approvals may have expired or may expire in the ordinary course of business, from time to time and our Company has
either already made an application to the appropriate authorities for renewal of such material approvals or is in the process
of making such renewal applications. In relation to the business activities and operations of our Company we have disclosed
below the material approvals applied for but not received. For details in connection with the applicable regulatory and legal
framework within which we operate, see “Key Regulations and Policies” on page 163.
I. Incorporation details
For details in relation to the incorporation of our Company, see “History and Certain Corporate Matters” on page
170.
II. Approvals in relation to the Issue
For the approvals and authorisations obtained by our Company in relation to the Issue, see “Other Regulatory and
Statutory Disclosures – Authority for the Issue” beginning on page 332.
III. Tax related approvals of our Company
Our Company has obtained registrations under various central and state specific tax laws such as the Income Tax Act,
1961, goods and service tax acts, and professional tax acts. Our Company has obtained the necessary licenses and
approvals from the appropriate regulatory and governing authorities in relation to such tax laws.
IV. Material approvals in relation to our business
Approvals in relation to our manufacturing facilities
In order to operate our manufacturing facilities, our Company requires various approvals and/or licenses under various
state and central laws, rules and regulations. These approvals and/or licenses include licenses under the Factories Act,
1948, Boilers Act, 1923, approvals from the central and state pollution control boards under the Water (Prevention
and Control of Pollution) Act, 1974, Air (Prevention and Control of Pollution) Act, 1981 and Hazardous and Other
Wastes (Management and Transboundary Movement) Rules, 2016, no-objection certificates from fire safety
authorities, licenses under the Food Safety and Standards Act, 2006 and rules and regulations made thereunder
(“FSSAI”), mandi licenses for trading and processing issued by the local Agricultural Produce Market Committee,
industrial entrepreneur memorandum issued by the Secretariat for Industrial Assistance, Ministry of Commerce and
Industry, licenses under the Drugs and Cosmetics Rules, 1945, licenses for sale of essential commodities under the
Essential Commodities Act, 1955, certificates of authorisation issued under the Agriculture Produce (Grading and
Marking) Act, 1937 and rules made thereunder (“AGMARK”) and trade licenses under state municipality rules.
Approvals in relation to our raw materials
In order to store our raw materials, our Company has obtained spirit licenses from state prohibition and excise
departments and permissions for storage of hexane and hydrogen gas from the Petroleum & Explosives Safety
Organisation, Ministry of Commerce and Industry under the Petroleum Rules, 2002 and the Gas Cylinder Rules, 2016,
respectively.
Approvals in relation to our tolling units
Our Company has outsourced a certain portion of our manufacturing processes to third-party tolling units, and such
third-parties are required to ensure that the tolling units have obtained the necessary approvals and/or licenses from
the appropriate regulatory and governing authorities for their daily operations. However, our Company has obtained
FSSAI licenses for storage and distribution of the products manufactured by some of the tolling units.
V. Labour related approvals
Our Company has obtained registrations under various employee and labour related laws including the Employees’
Provident Funds and Miscellaneous Provisions Act, 1952, Employees State Insurance Act, 1948 and the Contract
Labour (Regulations and Abolition Act), 1970.
330
VI. Material approvals applied for but not received
Except as set out below, there are no material approvals applied for which has not been received by our Company:
(i) Application dated December 8, 2021 for renewal of no-objection certificate of fire and emergency for our
Alwar facility;
(ii) Application dated December 4, 2021 for renewal of factory license for our Haldia-I facility;
(iii) Application dated December 18, 2021 for renewal of boiler certificate for our Kakinada-I facility;
(iv) Application dated May 17, 2021 for renewal of no-objection certificate of fire and emergency for our
Kakinada-I and Kakinada-II facilities;
(v) Application dated September 28, 2019 for no-objection certificate of fire and emergency for our Mangalore
facility;
(vi) Application dated November 12, 2021 for renewal of hazardous waste authorisation for our Mangalore
facility;
(vii) Application dated October 26, 2021 for grant of fire safety certificate for our Meda Adraj facility;
(viii) Application dated November 30, 2021 for renewal of hexane license for our Meda Adraj facility;
(ix) Application dated July 28, 2021 for renewal of hexane license for our Mundra Castor facility;
(x) Applications each dated January 4, 2022 for renewal of boiler certificates for our Mundra refinery; and
(xi) Application dated May 29, 2021 for renewal of no-objection certificate of fire and emergency for our Paradip
facility.
331
OTHER REGULATORY AND STATUTORY DISCLOSURES
Authority for the Issue

The Issue has been approved by our Board and Shareholders pursuant to the resolutions passed at their meetings held on July
30, 2021 and July 31, 2021, respectively. The Draft Red Herring Prospectus was approved pursuant to a resolution passed by
the Board on July 31, 2021. This Red Herring Prospectus has been approved pursuant to a resolution passed by the Board on
January 19, 2022.
In November 2020, SEBI had approached, amongst others, Adani Enterprises Limited (our Promoter), Adani Ports And Special
Economic Zone Limited, Adani Total Gas Limited and Adani Transmission Limited (our Group Companies) and directed them
to provide certain specific information and documents. For further details in this regard, see “Risk Factors – Internal Risk
Factors – Certain companies within the Adani group (including certain members of our Promoters, Promoter Group and Group
Companies) are involved in various legal, regulatory and other proceedings which could have an adverse impact on our
business and reputation” on page 24. Consequently, under Clause 3(1) of the Securities and Exchange Board of India (Issuing
Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020 (“SEBI General Order”), SEBI kept the
issuance of observations on the Draft Red Herring Prospectus in abeyance in accordance with the SEBI General Order. Our
Company filed an exemption application dated September 3, 2021 with SEBI under Regulation 300(1)(a) of the SEBI ICDR
Regulations, read with Clause 9 of the SEBI General Order, seeking exemption from the applicability of Clause 3(2) of the
SEBI General Order. SEBI, pursuant to its letter bearing no. SEBI/HO/CFD/DIL2/P/OW/2021/25405/1, dated September 23,
2021 granted the exemption to our Company from the requirement of keeping the observations on the Draft Red Herring
Prospectus in abeyance for a further period of 30 days.
Prohibition by SEBI or other Governmental Authorities

Our Company, Promoters, members of our Promoter Group, Directors and persons in control of our Company are not prohibited
from accessing the capital market or debarred from buying, selling or dealing in securities under any order or direction passed
by SEBI or any securities market regulator in any other jurisdiction or any other authority/court.
None of the companies with which our Promoters or Directors are associated with as promoters, directors or persons in control
have been debarred from accessing capital markets under any order or direction passed by SEBI or any other authorities.
Directors associated with the Securities Market
None of our Directors are associated with securities market related business, in any manner.
Confirmation under Companies (Significant Beneficial Owners) Rules, 2018
Our Company, Promoters and members of our Promoter Group are compliance with the Companies (Significant Beneficial
Owners) Rules, 2018, to the extent applicable, as on the date of this Red Herring Prospectus.
Eligibility for the Issue
Our Company is eligible for the Issue in accordance with Regulation 6(1) of the SEBI ICDR Regulations, and is in compliance
with the conditions specified therein in the following manner:
• Our Company has net tangible assets of at least ₹ 30 million, calculated on a restated and consolidated basis, in each
of the preceding three full financial years, i.e., as on and for the financial years ended March 31, 2021, March 31, 2020
and March 31, 2019;
• Our Company has an average operating profit of at least ₹ 150 million, calculated on a restated and consolidated basis,
during the preceding three full financial years, i.e. financial years ended March 31, 2021, March 31, 2020 and March
31, 2019, with operating profit in each of these preceding three financial years;
• Our Company has a net worth of at least ₹ 10 million, calculated on a restated and consolidated basis in each of the
preceding three full financial years, i.e. financial years ended March 31, 2021, March 31, 2020 and March 31, 2019;
and
• our Company has not changed its name in the last one year.
Our Company’s operating profit, net worth and net tangible assets derived from the Restated Financial Information included in
this Red Herring Prospectus as at, and for the last financial three years ended March 31 are set forth below:
Derived from our Restated Financial Information:
(₹ in million)
Particulars Fiscal 2021 Fiscal 2020 Fiscal 2019
Restated net tangible assets(1) 33,723.26 28,151.86 22,539.30
Restated monetary assets(2) 572.51 3,460.00 788.57
Percentage of monetary assets(2) to net tangible assets(1) 1.70% 12.29% 3.50%
Restated consolidated operating profit 33,372.17 32,963.65 29,592.05
Net worth(3) 32,981.41 25,706.97 21,110.07
332
Notes:
1.
“Net tangible assets” means the sum of all the net assets of our Company excluding fixed assets, capital work in progress, right of use and intangible
assets reduced by loan funds and liabilities and provisions excluding deferred tax and lease liability of our Company.
2.
“Monetary assets” means the sum of cash in hand and balance with bank in current and deposit account (net of bank deposits not considered as cash
and cash equivalent).
3.
“Net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit
or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous
expenditure not written off, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation, each as
applicable for the Company on a restated and consolidated basis.
The status of compliance of our Company with the conditions as specified under Regulations 5 and 7(1) of the SEBI ICDR
Regulations are as follows:
(i) Our Company, our Promoters, members of our Promoter Group and our Directors are not debarred from accessing the
capital markets by SEBI;
(ii) The companies with which our Promoters or our Directors are associated as a promoter or director are not debarred
from accessing the capital markets by SEBI;
(iii) Neither our Company, nor any of our Promoters, or Directors is a wilful defaulter (as defined in the SEBI ICDR
Regulations) and have not been declared as wilful defaulters by any bank or financial institution or consortium thereof
in accordance with the guidelines on wilful defaulters issued by the RBI;
(iv) None of our Promoters or Directors has been declared as a fugitive economic offender under Section 12 of the Fugitive
Economic Offenders Act, 2018;
(v) There are no outstanding convertible securities of our Company or any other right which would entitle any person with
any option to receive Equity Shares of our Company as on the date of filing of this Red Herring Prospectus;
(vi) Our Company along with Registrar to the Issue has entered into tripartite agreements dated August 4, 2016 and May
5, 2021 with NSDL and CDSL respectively, for dematerialisation of the Equity Shares;
(vii) The Equity Shares of our Company held by our Promoters are in dematerialised form;
(viii) All the Equity Shares are fully paid-up and there are no partly paid-up Equity Shares as on the date of filing of this
Red Herring Prospectus;
(ix) Our Company has received in-principle approvals from BSE and NSE for the listing of the Equity Shares pursuant to
their letters dated August 27, 2021 and August 20, 2021, respectively; and
(x) Our Company has appointed NSE as the Designated Stock Exchange.
DISCLAIMER CLAUSE OF SEBI
IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THE DRAFT RED HERRING PROSPECTUS
TO SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”) SHOULD NOT, IN ANY WAY, BE DEEMED OR
CONSTRUED THAT THE SAME HAS BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKE ANY
RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF ANY SCHEME OR THE PROJECT FOR
WHICH THE ISSUE IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS OF THE STATEMENTS MADE
OR OPINIONS EXPRESSED IN THE DRAFT RED HERRING PROSPECTUS. THE MANAGERS, BEING KOTAK
MAHINDRA CAPITAL COMPANY LIMITED, J.P MORGAN INDIA PRIVATE LIMITED, BOFA SECURITIES
INDIA LIMITED, CREDIT SUISSE SECURITIES (INDIA) PRIVATE LIMITED, ICICI SECURITIES LIMITED,
HDFC BANK LIMITED AND BNP PARIBAS, HAVE CERTIFIED THAT THE DISCLOSURES MADE IN THE
DRAFT RED HERRING PROSPECTUS ARE GENERALLY ADEQUATE AND ARE IN CONFORMITY WITH
THE SEBI ICDR REGULATIONS. THIS REQUIREMENT IS TO FACILITATE INVESTORS TO TAKE AN
INFORMED DECISION FOR MAKING AN INVESTMENT IN THE PROPOSED ISSUE.
IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE THE COMPANY IS PRIMARILY
RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT
INFORMATION IN THE DRAFT RED HERRING PROSPECTUS, THE MANAGERS ARE EXPECTED TO
EXERCISE DUE DILIGENCE TO ENSURE THAT THE COMPANY DISCHARGES ITS RESPONSIBILITIES
ADEQUATELY IN THIS BEHALF AND TOWARDS THIS PURPOSE, THE MANAGERS HAVE FURNISHED TO
SEBI, A DUE DILIGENCE CERTIFICATE DATED AUGUST 2, 2021 IN THE FORMAT PRESCRIBED UNDER
SCHEDULE V (FORM A) OF THE SEBI ICDR REGULATIONS.
THE FILING OF THIS RED HERRING PROSPECTUS DOES NOT, HOWEVER, ABSOLVE THE COMPANY
FROM ANY LIABILITIES UNDER THE COMPANIES ACT, 2013, OR FROM THE REQUIREMENT OF
OBTAINING SUCH STATUTORY OR OTHER CLEARANCES AS MAY BE REQUIRED FOR THE PURPOSE OF
THE ISSUE. SEBI FURTHER RESERVES THE RIGHT TO TAKE UP AT ANY POINT OF TIME, WITH THE
MANAGERS, ANY IRREGULARITIES OR LAPSES IN THIS RED HERRING PROSPECTUS.
333
All legal requirements pertaining to the Issue will be complied with at the time of filing of this Red Herring Prospectus with
the Registrar of Companies in terms of Section 32 of the Companies Act, 2013 and at the time of filing of the Prospectus with
the Registrar of Companies in terms of Sections 26, 32, 33(1) and 33(2) of the Companies Act, 2013.
Disclaimer from our Company, our Directors and Managers
Our Company, our Directors and the Managers accept no responsibility for statements made otherwise than in this Red Herring
Prospectus or in the advertisements or any other material issued by or at our instance and anyone placing reliance on any other
source of information, including our Company’s website https://www.adaniwilmar.com/, or the respective websites of any
affiliate of our Company would be doing so at his or her own risk.
The Managers accept no responsibility, save to the limited extent as provided in the Offer Agreement, and as will be provided
for in the Underwriting Agreement.
All information shall be made available by our Company and the Managers to the Bidders and the public at large and no
selective or additional information would be made available for a section of the investors in any manner whatsoever, including
at road show presentations, in research or sales reports, at the Bidding Centres or elsewhere.
Bidders will be required to confirm and will be deemed to have represented to our Company, the Underwriters and their
respective directors, officers, agents, affiliates, and representatives that they are eligible under all applicable laws, rules,
regulations, guidelines and approvals to acquire the Equity Shares and will not issue, sell, pledge, or transfer the Equity Shares
to any person who is not eligible under any applicable laws, rules, regulations, guidelines and approvals to acquire the Equity
Shares. Our Company, the Underwriters and their respective directors, officers, agents, affiliates, and representatives accept no
responsibility or liability for advising any investor on whether such investor is eligible to acquire the Equity Shares.
The Managers and their respective associates and affiliates in their capacity as principals or agents may engage in transactions
with, and perform services for, our Company, its Subsidiaries, their respective affiliates or associates or third parties in the
ordinary course of business and have engaged, or may in the future engage, in commercial banking and investment banking
transactions with our Company, its Subsidiaries, their respective affiliates or associates or third parties, for which they have
received, and may in the future receive, compensation.
Disclaimer in respect of Jurisdiction
The Issue is being made in India to persons resident in India (who are competent to contract under the Indian Contract Act,
1872, including Indian nationals resident in India, HUFs, companies, other corporate bodies and societies registered under the
applicable laws in India and authorised to invest in shares, domestic Mutual Funds, Indian financial institutions, commercial
banks, regional rural banks, co-operative banks (subject to RBI permission), or trusts under applicable trust law and who are
authorised under their constitution to hold and invest in equity shares, state industrial development corporations, insurance
companies registered with IRDAI, provident funds (subject to applicable law) and pension funds, National Investment Fund,
insurance funds set up and managed by army, navy or air force of Union of India, insurance funds set up and managed by the
Department of Posts, GoI, systemically important NBFCs registered with the RBI) and permitted Non-Residents including FPIs
and Eligible NRIs and AIFs that they are eligible under all applicable laws and regulations to purchase the Equity Shares. This
Red Herring Prospectus does not constitute an offer to sell or an invitation to subscribe to Equity Shares offered hereby, in any
jurisdiction to any person to whom it is unlawful to make an offer or invitation in such jurisdiction. Any person into whose
possession this Red Herring Prospectus comes is required to inform him or herself about, and to observe, any such restrictions.
Any dispute arising out of the Issue will be subject to the jurisdiction of appropriate court(s) in Mumbai only. This Red Herring
Prospectus does not constitute an invitation to subscribe to or purchase the Equity Shares in the Issue in any jurisdiction,
including India. Invitations to subscribe to or purchase the Equity Shares in the Issue will be made only pursuant to this Red
Herring Prospectus if the recipient is in India or the preliminary offering memorandum for the Issue, which comprises this Red
Herring Prospectus and the preliminary international wrap for the Issue, if the recipient is outside India.
No person outside India is eligible to Bid for Equity Shares in the Issue unless that person has received the preliminary
offering memorandum for the Issue, which contains the selling restrictions for the Issue outside India.
Eligibility and Transfer Restrictions
The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act or any
other applicable law of the United States and, unless so registered, may not be offered or sold within the United States,
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S.
Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within
the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A
under the U.S. Securities Act and referred to in this Red Herring Prospectus as “U.S. QIBs”) in transactions exempt
from, or not subject to, the registration requirements of the U.S. Securities Act, and (ii) outside the United States in
offshore transactions in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the
jurisdiction where those offers and sales are made. For the avoidance of doubt, the term “U.S. QIBs” does not refer to
a category of institutional investors defined under applicable Indian regulations and referred to in this Red Herring
Prospectus as “QIBs”.
334
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside
India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance
with the applicable laws of such jurisdiction.
Until the expiry of 40 days after the commencement of this Issue, an offer or sale of Equity Shares within the United States by
a dealer (whether or not it is participating in this Issue) may violate the registration requirements of the U.S. Securities Act if
such an offer or sale is made otherwise than in compliance with Section 4(a)(2) or Rule 144A or another available exemption
from registration under the U.S. Securities Act.
Equity Shares Offered and Sold within the United States

Each purchaser that is acquiring the Equity Shares offered pursuant to this Issue within the United States, by its acceptance of
this Red Herring Prospectus and of the Equity Shares, will be deemed to have acknowledged, represented to and agreed with
our Company and the Managers that it has received a copy of this Red Herring Prospectus and such other information as it
deems necessary to make an informed investment decision and that:
1. the purchaser is authorised to consummate the purchase of the Equity Shares offered pursuant to this Issue in
compliance with all applicable laws and regulations;
2. the purchaser acknowledges that the Equity Shares offered pursuant to this Issue have not been and will not be
registered under the U.S. Securities Act or with any securities regulatory authority of any state of the United States
and accordingly may not be offered or sold within the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities Act;
3. the purchaser (i) is a U.S. QIB, (ii) is aware that the sale to it is being made in a transaction exempt from or not subject
to the registration requirements of the U.S. Securities Act, and (iii) is acquiring such Equity Shares for its own account
or for the account of a U.S. QIB with respect to which it exercises sole investment discretion;
4. the purchaser is not an affiliate of our Company or a person acting on behalf of an affiliate;
5. if, in the future, the purchaser decides to offer, resell, pledge or otherwise transfer such Equity Shares, or any economic
interest therein, such Equity Shares or any economic interest therein may be offered, sold, pledged or otherwise
transferred only (A) (i) to a person whom the beneficial owner and/or any person acting on its behalf reasonably
believes is a U.S. QIB in a transaction meeting the requirements of Rule 144A under the U.S. Securities Act or (ii) in
an offshore transaction complying with Rule 903 or Rule 904 of Regulation S under the U.S. Securities Act and (B)
in accordance with all applicable laws, including the securities laws of the states of the United States. The purchaser
understands that the transfer restrictions will remain in effect until our Company determines, in its sole discretion, to
remove them;
6. the Equity Shares are “restricted securities” within the meaning of Rule 144(a)(3) under the U.S. Securities Act and
no representation is made as to the availability of the exemption provided by Rule 144 for resales of any such Equity
Shares;
7. the purchaser will not deposit or cause to be deposited such Equity Shares into any depositary receipt facility
established or maintained by a depositary bank other than a Rule 144A restricted depositary receipt facility, so long as
such Equity Shares are “restricted securities” within the meaning of Rule 144(a)(3) under the U.S. Securities Act;
8. the purchaser agrees that neither the purchaser, nor any of its affiliates, nor any person acting on behalf of the purchaser
or any of its affiliates, will make any “directed selling efforts” as defined in Regulation S under the U.S. Securities
Act in the United States with respect to the Equity Shares;
9. the purchaser understands that such Equity Shares (to the extent they are in certificated form), unless our Company
determines otherwise in accordance with applicable law, will bear a legend substantially to the following effect:
THE EQUITY SHARES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED
STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) TO
A PERSON WHOM THE SELLER OR ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE U.S.
SECURITIES ACT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE U.S.
SECURITIES ACT, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904
OF REGULATION S UNDER THE U.S. SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
10. Our Company will not recognize any offer, sale, pledge or other transfer of such Equity Shares made other than in
compliance with the above-stated restrictions; and
11. the purchaser acknowledges that our Company, the Managers, their respective affiliates and others will rely upon the
truth and accuracy of the foregoing acknowledgements, representations and agreements and agrees that, if any of such
335
acknowledgements, representations and agreements deemed to have been made by virtue of its purchase of such Equity
Shares are no longer accurate, it will promptly notify our Company, and if it is acquiring any of such Equity Shares as
a fiduciary or agent for one or more accounts, it represents that it has sole investment discretion with respect to each
such account and that it has full power to make the foregoing acknowledgements, representations and agreements on
behalf of such account.
All Other Equity Shares Offered and Sold in this Issue
Each purchaser that is acquiring the Equity Shares offered pursuant to this Issue outside the United States, by its acceptance of
this Red Herring Prospectus and of the Equity Shares offered pursuant to this Issue, will be deemed to have acknowledged,
represented to and agreed with our Company and the Managers that it has received a copy of this Red Herring Prospectus and
such other information as it deems necessary to make an informed investment decision and that:
1. the purchaser is authorised to consummate the purchase of the Equity Shares offered pursuant to this Issue in
compliance with all applicable laws and regulations;
2. the purchaser acknowledges that the Equity Shares offered pursuant to this Issue have not been and will not be
registered under the U.S. Securities Act or with any securities regulatory authority of any state of the United States
and accordingly may not be offered or sold within the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities Act;
3. the purchaser is purchasing the Equity Shares offered pursuant to this Issue in an offshore transaction meeting the
requirements of Rule 903 of Regulation S under the U.S. Securities Act;
4. the purchaser and the person, if any, for whose account or benefit the purchaser is acquiring the Equity Shares offered
pursuant to this Issue, was located outside the United States at the time (i) the offer for such Equity Shares was made
to it and (ii) when the buy order for such Equity Shares was originated and continues to be located outside the United
States and has not purchased such Equity Shares for the account or benefit of any person in the United States or entered
into any arrangement for the transfer of such Equity Shares or any economic interest therein to any person in the United
States;
5. the purchaser is not an affiliate of our Company or a person acting on behalf of an affiliate;
6. if, in the future, the purchaser decides to offer, resell, pledge or otherwise transfer such Equity Shares, or any economic
interest therein, such Equity Shares or any economic interest therein may be offered, sold, pledged or otherwise
transferred only (A) (i) to a person whom the beneficial owner and/or any person acting on its behalf reasonably
believes is a U.S. QIB in a transaction meeting the requirements of Rule 144A or (ii) in an offshore transaction
complying with Rule 903 or Rule 904 of Regulation S under the U.S. Securities Act and (B) in accordance with all
applicable laws, including the securities laws of the States of the United States. The purchaser understands that the
transfer restrictions will remain in effect until our Company determines, in its sole discretion, to remove them;
7. the purchaser agrees that neither the purchaser, nor any of its affiliates, nor any person acting on behalf of the purchaser
or any of its affiliates, will make any “directed selling efforts” as defined in Regulation S under the U.S. Securities
Act in the United States with respect to the Equity Shares;
8. the purchaser understands that such Equity Shares (to the extent they are in certificated form), unless our Company
determine otherwise in accordance with applicable law, will bear a legend substantially to the following effect:
THE EQUITY SHARES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED
STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) TO
A PERSON WHOM THE SELLER OR ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE U.S.
SECURITIES ACT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE
SECURITIES ACT, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904
OF REGULATION S UNDER THE U.S. SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
9. our Company will not recognize any offer, sale, pledge or other transfer of such Equity Shares made other than in
compliance with the above-stated restrictions; and
10. the purchaser acknowledges that our Company, the Managers, their respective affiliates and others will rely upon the
truth and accuracy of the foregoing acknowledgements, representations and agreements and agrees that, if any of such
acknowledgements, representations and agreements deemed to have been made by virtue of its purchase of such Equity
Shares are no longer accurate, it will promptly notify our Company, and if it is acquiring any of such Equity Shares as
a fiduciary or agent for one or more accounts, it represents that it has sole investment discretion with respect to each
such account and that it has full power to make the foregoing acknowledgements, representations and agreements on
behalf of such account.
336
Further, each Bidder where required must agree in the Allotment Advice that such Bidder will not sell or transfer any Equity
Shares or any economic interest therein, including any off-shore derivative instruments, such as participatory notes, issued
against the Equity Shares or any similar security, other than pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the U.S. Securities Act.
Disclaimer Clause of BSE
BSE Limited (“the Exchange”) has given vide its letter dated August 27, 2021 permission to this Company to use the
Exchange’s name in this offer document as one of the stock exchanges on which this company’s securities are proposed to be
listed. The Exchange has scrutinized this offer document for its limited internal purpose of deciding on the matter of granting
the aforesaid permission to this Company. The Exchange does not in any manner: -
a) warrant, certify or endorse the correctness or completeness of any of the contents of this offer document; or
b) warrant that this Company’s securities will be listed or will continue to be listed on the Exchange; or
c) take any responsibility for the financial or other soundness of this Company, its promoters, its management or any scheme
or project of this Company;
and it should not for any reason be deemed or construed that this offer document has been cleared or approved by the Exchange.
Every person who desires to apply for or otherwise acquires any securities of this Company may do so pursuant to independent
inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which
may be suffered by such person consequent to or in connection with such subscription/acquisition whether by reason of anything
stated or omitted to be stated herein or for any other reason whatsoever.
Disclaimer Clause of NSE
As required, a copy of this Offer Document has been submitted to National Stock Exchange of India Limited (hereinafter
referred to as NSE). NSE has given vide its letter Ref.: NSE/LIST/1129 dated August 20, 2021 permission to the Issuer to use
the Exchange’s name in this Offer Document as one of the Stock Exchanges on which this Issuer’s securities are proposed to
be listed. The Exchange has scrutinized this draft offer document for its limited internal purpose of deciding on the matter of
granting the aforesaid permission to this Issuer. It is to be distinctly understood that the aforesaid permission given by NSE
should not in any way be deemed or construed that the offer document has been cleared or approved by NSE; nor does it in any
manner warrant, certify or endorse the correctness or completeness of any of the contents of this offer document; nor does it
warrant that this Issuer’s securities will be listed or will continue to be listed on the Exchange; nor does it take any responsibility
for the financial or other soundness of this Issuer, its promoters, its management or any scheme or project of this Issuer.
Every person who desires to apply for or otherwise acquire any securities of this Issuer may do so pursuant to independent
inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which
may be suffered by such person consequent to or in connection with such subscription /acquisition whether by reason of
anything stated or omitted to be stated herein or any other reason whatsoever.
Listing
The Equity Shares offered through this Red Herring Prospectus and the Prospectus are proposed to be listed on BSE and NSE.
Applications will be made to the Stock Exchanges for obtaining permission for listing and trading of the Equity Shares. NSE
will be the Designated Stock Exchange with which the Basis of Allotment will be finalised.
Consents
Consents in writing of each of our Directors, our Company Secretary and Compliance Officer, Legal Counsel to the Company
as to Indian Law, Legal Counsel to the Managers as to Indian Law, International Legal Counsel to the Managers, Bankers to
our Company, the Managers, Registrar to the Issue, Statutory Auditors and Technopak, in their respective capacities, have been
obtained, and such consents have not been withdrawn up to the time of delivery of this Red Herring Prospectus. Further,
consents in writing of the Syndicate Members, Escrow Collection Bank(s)/Refund Bank(s)/ Public Issue Account/ Sponsor
Banks, to act in their respective capacities, have been obtained and filed along with a copy of this Red Herring Prospectus with
the RoC as required under the Companies Act, 2013 and such consents shall not be withdrawn up to the time of delivery of this
Red Herring Prospectus for filing with the RoC.
Experts to the Issue
Except as stated below, our Company has not obtained any expert opinions:
Our Company has received written consent dated January 13, 2022 from our Statutory Auditors namely, M/s Shah Dhandharia
& Co. LLP, Chartered Accountants, holding a valid peer review certificate from the ICAI, to include their name in this Red
Herring Prospectus and as an “expert” as defined under section 2(38) of the Companies Act, 2013 to the extent and in their
capacity as our Statutory Auditors, and in respect of their (i) examination report, dated November 16, 2021 on our Restated
337
Financial Information; and (ii) their report dated November 29, 2021 on the statement of possible special tax benefits included
in this Red Herring Prospectus and such consent has not been withdrawn as on the date of this Red Herring Prospectus.
However, the term “expert” shall not be construed to mean an “expert” as defined under the U.S. Securities Act.
Our Company has received written consent dated November 29, 2021 from the independent chartered engineer, namely M/s
Multi Engineers Private Limited, Chartered Engineer, to include their name in this Red Herring Prospectus, as an “expert” as
defined under section 2(38) and section 26(5) of the Companies Act, 2013 to the extent and in their capacity as a chartered
engineer, certifying the manufacturing capacity and capacity utilisation of the manufacturing facilities owned and/or controlled
by our Company and such consent has not been withdrawn as on the date of this Red Herring Prospectus.
Particulars regarding capital issues by our Company and listed Group Companies, Subsidiaries or associate entities
during the last three years
Other than as disclosed in “Capital Structure” on page 64, our Company has not made any capital issues during the three years
preceding the date of this Red Herring Prospectus.
Except as disclosed in “Our Group Companies – Other confirmations” on page 220, none of our listed Group Companies has
undertaken a capital issue in the last three years preceding the date of this Red Herring Prospectus.
None of our Subsidiaries or associate entities has undertaken a capital issue in the last three years preceding the date of this Red
Herring Prospectus.
Commission and Brokerage paid on previous issues of the Equity Shares in the last five years
No sum has been paid or has been payable as commission or brokerage for subscribing to or procuring or agreeing to procure
subscription for any of the Equity Shares in the last five years.
Performance vis-à-vis objects – Public/ rights issue of our Company
Our Company has not undertaken any public issue or rights issue in the five years preceding the date of this Red Herring
Prospectus.
Performance vis-à-vis objects – Public/ rights issue of the listed Subsidiaries/listed Promoter of our Company
As on date of this Red Herring Prospectus, our listed Promoters have not undertaken any public issue or rights issue in the five
years preceding the date of this Red Herring Prospectus. Further, none of our Subsidiaries are listed.
338
Price information of past issues handled by the Managers (during the current Fiscal and two Fiscals preceding the current Fiscal)
1) Kotak Mahindra Capital Company Limited
1. Price information of past issues handled by Kotak Mahindra Capital Company Limited (during the current Fiscal and two Fiscals preceding the current financial year):
S. Issue Name Issue Size Issue price Listing Date Opening +/- % change in +/- % change in closing +/- % change in
No. (₹ million) (₹) Price on closing price, [+/- price, [+/- % change in closing price, [+/- %
listing date % change in closing closing benchmark]- 90th change in closing
(in ₹) benchmark]- 30th calendar days from benchmark]- 180th
calendar days from listing calendar days from
listing listing
1. C.E. Info Systems Limited 10,396.06 1,033 December 21, 2021 1,581.00 +70.21%, [+6.71%] - -
2. Rategain Travel Technologies Limited 13,357.43 4251 December 17, 2021 360.00 +11.99%, [+7.48%] - -
3. Star Health and Allied Insurance Company 64,004.39 9002 December 10, 2021 845.00 -14.78%, [+1.72%] - -
Limited
4. PB Fintech Limited 57,097.15 980 November 15, 2021 1,150.00 +14.86%, [-4.33%] - -
5. FSN E-commerce Ventures Limited 53,497.24 1,1253 November 10, 2021 2,018.00 +92.31%, [-2.78%] - -
6. Aditya Birla Sun Life AMC Limited 27,682.56 712 October 11, 2021 715.00 -11.36%, [+0.55%] -23.85% [-0.74%] -
7. Vijaya Diagnostic Centre Limited 18,942.56 5314 September 14, 2021 540.00 +5.41%, [+4.50%] +8.08% [+0.76%] -
8. Aptus Value Housing Finance India Limited 27,800.52 353 August 24, 2021 333.00 -2.82%, [+5.55%] -0.82% [+6.86%] -
9. Cartrade Tech Limited 29,985.13 1,618 August 20, 2021 1,599.80 -10.31%, [+6.90%] -32.68% [+8.80%] -
10. Devyani International Limited 18,380.00 90 August 16, 2021 140.90 +32.83%, [+4.93%] +63.06% [+7.91%] -
Source: www.nseindia.com.
Notes:
1. In Rategain Travel Technologies Limited, the issue price to eligible employees was ₹ 385 after a discount of ₹ 40 per equity share.
2. In Star Health and Allied Insurance Company Limited, the issue price to eligible employees was ₹ 820 after a discount of ₹ 80 per equity share.
3. In FSN E-Commerce Ventures Limited, the issue price to eligible employees was ₹ 1,025 after a discount of ₹ 100 per equity share.
4. In Vijaya Diagnostic Centre Limited, the issue price to eligible employees was ₹ 479 after a discount of ₹ 52 per equity share.
5. In the event any day falls on a holiday, the price/index of the immediately preceding trading day has been considered.
6. The 30th, 90th, 180th calendar days from listed day have been taken as listing day plus 29, 89 and 179 calendar days.
7. Designated stock exchange as disclosed by the respective issuer at the time of the issue has been considered for disclosing the price information.
8. Restricted to last 10 equity initial public issues.
339
2. Summary statement of price information of past issues handled by Kotak Mahindra Capital Company Limited:
Fiscal Total Total amount No. of IPOs trading at discount - No. of IPOs trading at premium - No. of IPOs trading at discount - No. of IPOs trading at premium -
no. of of funds 30th calendar days from listing 30th calendar days from listing 180th calendar days from listing 180th calendar days from listing
IPOs raised Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than
(₹ Mn.) 50% 50% 25% 50% 50% 25% 50% 50% 25% 50% 50% 25%
2021-2022 17 556,556.04 - - 5 5 4 3 - - - 6 - -
2020-2021 6 140,143.77 - - 1 2 1 2 - - - 4 1 1
2019-2020 4 136,362.82 - 1 - - 1 2 - - 1 - 1 2
Notes:
1. This information is as on the date of this Red Herring Prospectus.
2. The information for each of the financial years is based on issued listed during such financial year.
340
2) J.P. Morgan India Private Limited
1. Price information of past issues handled by J.P. Morgan India Private Limited (during the current Fiscal and two Fiscals preceding the current financial year):
S. Issue Name Issue Size Issue Listing Date Opening Price +/- % change in closing +/- % change in closing +/- % change in closing
No. (₹ million) price (₹) on listing date price, [+/- % change in price, [+/- % change in price, [+/- % change in
(in ₹) closing benchmark]- 30th closing benchmark]- 90th closing benchmark]-
calendar days from listing calendar days from listing 180th calendar days from
listing
1. One97 Communications Limited 183,000 2,150 November 18, 1,955.00 (38.5%), [-4.4%] NA NA
2021
2. Nuvoco Vistas Corporation Limited 50,000 570 August 23, 471.00 (5.8%), [+6.5%] (9.7%), [+7.7%] NA
2021
3. Sona BLW Precision Forgings 55,500 291 June 24, 2021 302.40 +45.2%, [+0.4] +93.4%, [+11.2%] +140.3%, [+5.2%]
Limited
4. Macrotech Developers Limited 25,000 486 April 19, 2021 439.00 +30.2%, [+5.2%] +75.6% [+10.9%] +146.9% [+27.7%]
Source: SEBI, www.nseindia.com.
1. Price on the designated stock exchange is considered for all of the above calculations for individual stocks.
2. In case 30th/90th/180th day is not a trading day, closing price on NSE of the previous trading day has been considered.
3. Closing price of 30th, 90th and 180th calendar day from listing day has been taken as listing day plus 29, 89 and 179 calendar days respectively.
4. Pricing performance for the company is calculated as per the final offer price.
5. Pricing performance for the benchmark index is calculated as per the close on the day prior to the listing date.
6. Benchmark index considered is NIFTY 50.
7. Issue size is as per the basis of allotment.
341
2. Summary statement of price information of past issues handled by J.P. Morgan India Private Limited:
Fiscal Total Total No. of IPOs trading at discount - No. of IPOs trading at premium - No. of IPOs trading at discount - No. of IPOs trading at premium -
no. of amount of 30th calendar days from listing 30th calendar days from listing 180th calendar days from listing 180th calendar days from listing
IPOs funds raised Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than
(₹ Mn.) 50% 50% 25% 50% 50% 25% 50% 50% 25% 50% 50% 25%
2021-22 4 313,500 - 1 1 - 2 - - - - 2 - -
2020-21 - - - - - - - - - - - - - -
2019-20 - - - - - - - - - - - - - -
Note: In the event that any day falls on a holiday, the price/index of the previous trading day has been considered. The information for each of the financial years is based on issues listed during such financial year.
342
3) BofA Securities India Limited
1. Price information of past issues handled by BofA Securities India Limited (during the current Fiscal and two Fiscals preceding the current financial year):
S. Issue Name Issue Size Issue price Listing Date Opening Price +/- % change in +/- % change in closing +/- % change in
No. (₹ million) (₹) on listing date closing price, [+/- price, [+/- % change in closing price, [+/- %
(in ₹) % change in closing closing benchmark]- 90th change in closing
benchmark]- 30th calendar days from benchmark]- 180th
listing listing
1. Star Health And Allied Insurance 64,004.39 900.00 December 10, 845.00 -14.78% [1.72%] - -
Company Limited 2021
2. Sapphire Foods India Limited 20,732.53 1,180.00 November 18, 1,350.00 +3.69% [-4.39%] - -
2021
3. FSN E-Commerce Ventures Limited 53,497.24 1,125.00 November 10, 2,018.00 +92.31 [-2.78%] - -
2021
4. Aditya Birla Sun Life AMC Limited 27,682.56 712.00 October 11, 2021 715.00 -11.36% [+0.55%] -23.85% [-0.74%] -
5. Glenmark Life Sciences Limited 15,136.00 720.00 August 6, 2021 751.10 -6.38% [+7.10%] -12.94%[+10.12%] -
6. Zomato Limited 93,750.00 76.00 July 23, 2021 115.00 +83.22% [+4.44%] +81.97%[+15.64%] +75.07% [+14.68%]
7. UTI Asset Management Company Limited 21,598.80 554.00 October 12, 2020 500.00 -10.43% [5.87%] -0.60%[+20.25%] +5.81% [+24.34%]
8. SBI Cards and Payment Services Limited 103,407.80 755.00 March 16, 2020 658.00 -33.03% [-2.23%] -21.79% [+7.62%] +12.51% [+23.78%]
Source: www.nseindia.com; for price information and prospectus/basis of allotment for issue details.
Notes:
1. Equity public issues in the last three financial years were considered.
2. The opening price information is as disclosed on the website of NSE.
3. Designated stock exchange as disclosed by the respective issuer at the time of the issue considered as benchmark index and for disclosing the price information.
4. In case 30th day, 90th day or 180th day is not a trading day, the closing price on NSE of the next trading day is considered.
5. The 30th, 90th and 180th listing days have been taken as listing dates plus 29, 89 and 179 calendar days.
343
2. Summary statement of price information of past issues handled by BofA Securities India Limited:
Fiscal Total no. Total amount No. of IPOs trading at discount - No. of IPOs trading at premium - No. of IPOs trading at discount - No. of IPOs trading at premium -
of IPOs of funds 30th calendar days from listing 30th calendar days from listing 180th calendar days from listing 180th calendar days from listing
raised Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than
(₹ Mn.) 50% 50% 25% 50% 50% 25% 50% 50% 25% 50% 50% 25%
2021-2022 6 274,802.72 - - 3 2 - 1 - - - - - -
2020-2021 1 21,598.80 - - 1 - - - - - - - - 1
2019-2020 1 103,407.80 - 1 - - - - - - - - - 1
Notes:
2. The information is based on the day of listing.
344
4) Credit Suisse Securities (India) Private Limited
1. Price information of past issues handled by Credit Suisse Securities (India) Private Limited (during the current Fiscal and two Fiscals preceding the current financial year):
S. Issue Name Issue Size Issue Listing Date Opening Price +/- % change in +/- % change in closing +/- % change in
No. (₹ million) price (₹) on listing date closing price, [+/- price, [+/- % change in closing price, [+/- %
listing listing
1. MedPlus Health Services Limited 13,983.00 796.00 December 1,015.00 NA* NA* NA*
23,2021
2. Star Health and Allied Insurance Company 64,004.39 900.00 December 10, 845.00 -14.78%, [1.72%] NA* NA*
Limited 2021
3. Chemplast Sanmar Limited 38,500.00 541.00 August 24, 2021 550.00 2.06%, [5.55%] 12.68%, [6.86%] NA*
4. Zomato Limited 93,750.00 76.00 July 23, 2021 116.00 83.22%, [4.44%] 81.97% [15.64%] 75.07%, [9.81%]
5. Krishna Institute of Medical Sciences Limited 21,437.44 825.00 June 28, 2021 1,009.00 47.90%, [-0.30%] 48.24%, [13.87%] 61.83%, [7.95%]
6. Sona BLW Precision Forgings Limited 55,500.00 291.00 June 24, 2021 301.00 45.17%, [0.53%] 93.40%, [11.97%] 140.26%, [5.93%]
7. Home First Finance Company India Limited 11,537.19 518.00 February 03, 2021 618.80 4.98%, [1.97%] -5.64%, [-1.05%] 15.86%, [6.58%]
8. Sterling and Wilson Solar Limited 28,809.42 780.00 August 20, 2019 706.00 -21.67%, [-2.05%] -48.56%, [8.11%] -64.74%, [10.53%]
9. Metropolis Healthcare Limited 12,042.90 880.00 April 15, 2019 958.00 3.73%, [-4.08%] 21.30%, [-0.44%] 45.84%, [-2.00%]
Source: NSE and BSE for the price information and prospectus for issue details.
*Data not available
Note:
1. 30th, 90th and 180th calendar days from listed day have been taken as listing day plus 29, 89 and 179 calendar days, except wherever 30 th, 90th, 180th calendar day is a holiday, in which case we have considered the closing
data of the previous trading date.
2. % of change in closing price on 30th/ 90th / 180th calendar day from listing day is calculated vs issue price. % change in closing benchmark index is calculated based on closing index on listing day vs closing index on
30th/ 90th / 180th calendar day from listing day.
3. Designated stock exchange index is considered as the benchmark index.
345
2. Summary statement of price information of past issues handled by Credit Suisse Securities (India) Private Limited:
Fiscal Total no. Total No. of IPOs trading at discount - No. of IPOs trading at premium - No. of IPOs trading at discount - No. of IPOs trading at premium -
of IPOs amount of 30th calendar days from listing 30th calendar days from listing 180th calendar days from listing 180th calendar days from listing
funds raised Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than
(₹ Mn.) 50% 50% 25% 50% 50% 25% 50% 50% 25% 50% 50% 25%
2021-2022 6 287,174.83 - - 1 1 2 1 - - - 3 - -
2020-2021 1 11,537.19 - - - - - 1 - - - - - 1
2019-2020 2 40,852.32 - - 1 - - 1 1 - - - 1 -
Notes:
346
5) ICICI Securities Limited
1. Price information of past issues handled by ICICI Securities Limited (during the current Fiscal and two Fiscals preceding the current financial year):
S. Issue Name Issue Size Issue price (₹) Listing Date Opening +/- % change in +/- % change in closing +/- % change in
No. (₹ million) Price on closing price, [+/- % price, [+/- % change in closing price, [+/- %
listing date change in closing closing benchmark]- 90th change in closing
(in ₹) benchmark]- 30th calendar days from benchmark]- 180th
listing listing
1. Supriya Lifescience Limited^ 7,000.00 274.00 December 28, 425.00 NA* NA* NA*
2021
2. Metro Brands Limited^ 13,675.05 500.00 December 22, 436.00 NA* NA* NA*
2021
3. Shriram Properties Limited^^ 6,000.00 118.00(1) December 20, 90.00 -12.42%,[+9.02%] NA* NA*
2021
4. Star Health and Allied Insurance Company 60,186.84 900.00(2) December 10, 845.00 -14.78%,[+1.72%] NA* NA*
Limited^^ 2021
5. Go Fashion (India) Limited^ 10,136.09 690.00 November 30, 1,316.00 +59.78%,[+1.30%] NA* NA*
2021
6. Tarsons Products Limited^ 10,234.74 662.00(3) November 26, 700.00 -4.16%,[+0.03%] NA* NA*
2021
7. Latent View Analytics Limited^ 6,000.00 197.00(4) November 23, 530.00 +153.58%,[-2.96%] NA* NA*
2021
8. Sapphire Foods India Limited^^ 20,732.53 1,180.00 November 18, 1,350.00 +3.69%,[-4.39%] NA* NA*
2021
9. One 97 Communications Limited^ 183,000.00 2,150.00 November 18, 1,955.00 -38.52%,[-4.40%] NA* NA*
2021
10. PB Fintech Limited^^ 57,097.15 980.00 November 15, 1,150.00 +14.86%,[-4.33%] NA* NA*
2021
* Data not available
^BSE as designated stock exchange
^^NSE as designated stock exchange
Notes:
1. Discount of ₹ 11 per equity share offered to eligible employees. All calculations are based on issue price of ₹ 118.00 per equity share.
347
2. Summary statement of price information of past issues handled by ICICI Securities Limited:
no. of of funds raised 30th calendar days from listing 30th calendar days from listing 180th calendar days from listing 180th calendar days from listing
IPOs (₹ Mn.) Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than
50% 50% 25% 50% 50% 25% 50% 50% 25% 50% 50% 25%
2021-2022* 23 669,228.24 - 2 6 5 3 5 - - - 2 1 1
2020-2021 14 174,546.09 - - 5 5 2 2 - 1 3 5 3 2
2019-2020 4 49,850.66 - - 2 - 1 1 1 - - 2 - 1
* This data covers issues up to YTD.
Notes:
1. Data is sourced either from www.nseindia.com or www.bseindia.com, as per the designated stock exchange disclosed by the respective issuer company.
2. Similarly, benchmark index considered is “NIFTY 50” where NSE is the designated stock exchange and “S&P BSE SENSEX” where BSE is the designated stock exchange, as disclosed by the respective issuer company.
3. 30th, 90th and 180th calendar days from listed day have been taken as listing day plus 29, 89 and 179 calendar days, except wherever 30 th, 90th, 180th calendar day is a holiday, in which case we have considered the closing
data of the previous trading day.
348
6) HDFC Bank Limited
1. Price information of past issues handled by HDFC Bank Limited (during the current Fiscal and two Fiscals preceding the current financial year):
S. Issue Name Issue Size Issue price Listing Date Opening Price +/- % change in +/- % change in closing +/- % change in
No. (₹ million) (₹) on listing date closing price, [+/- price, [+/- % change in closing price, [+/- %
listing listing
1. One 97 Communications Limited 183,000.00 2,150 November 18, 1,955.00 -38.52% [-4.40%] - -
2021
2. PB Fintech Limited 57,097.15 980 November 15, 1,150.00 14.86% [-4.33%] - -
2021
3. Aditya Birla Sun Life AMC Limited 27,682.56 712 October 11, 2021 715.00 -11.36% [+0.55%] -23.85% [-0.74%] -
4. Chemplast Sanmar Limited 38,500.00 541 August 24, 2021 550.00 +2.06% [+5.55%] +12.68% [+6.86%] -
5. G R Infraprojects Limited 9,623.34 837 July 19, 2021 1,700.00 +90.61% [+6.16%] +138.67% [+16.65%] +132.16% [+16.50%]
6. Computer Age Management Services 22,421.05 1,230 October 1, 2020 1,518.00 +5.52%[+2.37%] +49.52%[+23.04%] +43.67%[+26.65%]
Limited
7. Metropolis Healthcare Limited 12,042.80 880 April 15, 2019 960.00 +3.73%[-4.08%] +21.30%[-0.44%] +45.84%[-2.00%]
Source: www.nseindia.com and www.bseindia.com for price information and prospectus for issue details.
Notes:
1. Designated stock exchange of the respective issuer has been considered for the pricing information.
2. 30th, 90th and 180th calendar days from listed day have been taken as listing day plus 29, 89 and 179 calendar days.
3. In case of reporting dates falling on a trading holiday, values for immediately previous trading day have been considered.
4. In G R Infraprojects Limited, the issue price to eligible employees was ₹ 795 after a discount of ₹ 42 per equity share.
5. In Computer Age Management Services Limited, the issue price to eligible employees was ₹ 1,108 after a discount of ₹ 122 per equity share.
349
2. Summary statement of price information of past issues handled by HDFC Bank Limited:
no. of of funds 30th calendar days from listing 30th calendar days from listing 180th calendar days from listing 180th calendar days from listing
IPOs raised Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than
(₹ Mn.) 50% 50% 25% 50% 50% 25% 50% 50% 25% 50% 50% 25%
2021-2022 5 315,903.05 - 1 1 1 - 2 - - - 1 - -
2020-2021 1 22,421.05 - - - - - 1 - - - - 1 -
2019-2020 1 12,042.88 - - - - - 1 - - - - 1 -
Notes:
350
7) BNP Paribas
1. Price information of past issues handled by BNP Paribas (during the current Fiscal and two Fiscals preceding the current financial year):
S. Issue Name Issue Size Issue price (₹) Listing Date Opening Price +/- % change in +/- % change in closing +/- % change in
No. (₹ million) on listing date closing price, [+/- price, [+/- % change in closing price, [+/- %
listing listing
1. Anand Rathi Wealth Limited 6,593.75 550.00(1) December 14, 602.05 12.57% [5.37%] NA NA
2021
Source: www.bseindia.com
Notes
(1) A discount of INR 25 per Equity Share was offered to Eligible Employees bidding in the Employee Reservation Portion.
(2) Sensex is considered as the benchmark index.
351
2. Summary statement of price information of past issues handled by BNP Paribas:
Fiscal Total Total No. of IPOs trading at discount - 30th No. of IPOs trading at premium - No. of IPOs trading at discount - No. of IPOs trading at premium
no. of amount of calendar days from listing 30th calendar days from listing 180th calendar days from listing - 180th calendar days from
IPOs funds raised listing
(₹ Mn.) Over Between 25- Less than Over Between 25- Less than Over Between 25- Less than Over Between Less than
50% 50% 25% 50% 50% 25% 50% 50% 25% 50% 25-50% 25%
2021-2022 1 6,593.75 NA NA NA NA NA 1 NA NA NA NA NA NA
2020-2021 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
2019-2020 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Notes:
352
Stock Market Data of Equity Shares
This being an initial public offer of Equity Shares of our Company, the Equity Shares are not listed on any stock exchange and
accordingly, no stock market data is available for the Equity Shares.
Mechanism for Redressal of Investor Grievances
The Registrar Agreement provides for the retention of records with the Registrar to the Issue for a period of at least eight years
from the date of listing and commencement of trading of the Equity Shares on the Stock Exchanges, to enable the investors to
approach the Registrar to the Issue for redressal of their grievances.
All grievances other than of Anchor Investors may be addressed to the Registrar to the Issue with a copy to the relevant
Designated Intermediary to whom the ASBA Form was submitted. The Bidder should give full details such as name of the sole
or first Bidder, ASBA Form number, Bidder DP ID, Client ID, PAN, address of the Bidder, number of the Equity Shares applied
for, ASBA Account number in which the amount equivalent to the Bid Amount was blocked or the UPI ID (for RIB who make
the payment of Bid Amount through the UPI Mechanism), date of ASBA Form and the name and address of the relevant
Designated Intermediary where the Bid was submitted. Further, the Bidder shall enclose the Acknowledgment Slip or the
application number from the Designated Intermediary in addition to the documents or information mentioned hereinabove. All
grievances relating to Bids submitted through Registered Brokers may be addressed to the Stock Exchanges with a copy to the
Registrar to the Issue.
All grievances of the Anchor Investors may be addressed to the Registrar to the Issue, giving full details such as the name of
the sole or First Bidder, Bid cum Application Form number, Bidders’ DP ID, Client ID, PAN, date of the Bid cum Application
Form, address of the Bidder, number of the Equity Shares applied for, Bid Amount paid on submission of the Bid cum
Application Form and the name and address of the Managers where the Bid cum Application Form was submitted by the Anchor
Investor.
In terms of SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/22, dated February 15, 2018 and SEBI circular
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, any ASBA Bidder whose Bid has not been considered for
Allotment, due to failure on the part of any SCSB, shall have the option to seek redressal of the same by the concerned SCSB
within three months of the date of listing of the Equity Shares. SCSBs are required to resolve these complaints within 15 days,
failing which the concerned SCSB would have to pay interest at the rate of 15% per annum for any delay beyond this period of
15 days. Further, the investors shall be compensated by the SCSBs at the rate higher of ₹ 100 or 15% per annum of the
application amount in the events of delayed or withdrawal of applications, blocking of multiple accounts for the same UPI
application, blocking of more amount than the application amount, delayed unblocking of amounts for the stipulated period. In
an event there is a delay in redressal of the investor grievance, the Managers shall compensate the investors at a rate higher than
₹ 100 or 15% per annum of the application amount.
The Registrar to the Issue shall obtain the required information from the SCSBs and Sponsor Banks for addressing any
clarifications or grievances of ASBA Bidders. Our Company, the Managers and the Registrar to the Issue accept no
responsibility for errors, omissions, commission or any acts of SCSBs including any defaults in complying with its obligations
under applicable SEBI ICDR Regulations. Investors can contact our Company Secretary and Compliance Officer, the Managers
or the Registrar to the Issue in case of any pre-Issue or post-Issue related problems such as non-receipt of letters of Allotment,
non-credit of allotted Equity Shares in the respective beneficiary account, non-receipt of refund intimations and non-receipt of
funds by electronic mode.
Anchor Investors are required to address all grievances in relation to the Issue to the Managers.
Disposal of Investor Grievances by our Company
Our Company has obtained authentication on the SCORES and shall comply with the SEBI circular (CIR/OIAE/1/2014) dated
December 18, 2014 in relation to redressal of investor grievances through SCORES.
Our Company estimates that the average time required by our Company and/or the Registrar to the Issue for the redressal of
routine investor grievances shall be three Working Days from the date of receipt of the complaint. In case of non-routine
complaints and complaints where external agencies are involved, our Company will seek to redress these complaints as
expeditiously as possible.
Our Company and Subsidiaries have not received any investor grievances in the last three Financial Years prior to the filing of
this Red Herring Prospectus. As at the date of this Red Herring Prospectus there are no outstanding investor grievances.
Our Company has also appointed Darshil Lakhia, Company Secretary of our Company, as the Compliance Officer for the Issue.
For details, see “General Information” on page 56.
Our Company has constituted a Stakeholders Relationship Committee comprising of Pranav Vinod Adani, Angshu Mallick,
Anup Pravin Shah and Kuok Khoon Hong as members. For details, see “Our Management – Committees of our Board of
Directors - Stakeholders Relationship Committee” on page 192.
353
SECTION VII: ISSUE INFORMATION
TERMS OF THE ISSUE
The Equity Shares being offered and Allotted pursuant to the Issue shall be subject to the provisions of the Companies Act,
SEBI ICDR Regulations, SCRA, SCRR, the MoA, AoA, Listing Regulations, the terms of this Red Herring Prospectus, the
Prospectus, the abridged prospectus, Bid cum Application Form, the Revision Form, the CAN/Allotment Advice and other
terms and conditions as may be incorporated in other documents/ certificates that may be executed in respect of the Issue. The
Equity Shares shall also be subject to laws as applicable, guidelines, rules, notifications and regulations relating to the issue of
capital and listing and trading of securities issued from time to time by SEBI, the Government of India, the Stock Exchanges,
the RBI, RoC and/or other authorities, as in force on the date of the Issue and to the extent applicable or such other conditions
as may be prescribed by the SEBI, the Government of India, the Stock Exchanges, the RoC and/or any other authorities while
granting its approval for the Issue.
Ranking of the Equity Shares
The Allottees upon Allotment of Equity Shares under the Issue will be entitled to dividend and other corporate benefits, if any,
declared by our Company after the date of Allotment. The Equity Shares transferred in the Issue shall be pari passu with the
existing Equity Shares in all respects including dividends. For further details, see “Description of Equity Shares and Terms of
Articles of Association” on page 380.
Mode of Payment of Dividend
Our Company shall pay dividends, if declared, to the Shareholders in accordance with the provisions of the Companies Act,
the Memorandum and Articles of Association and provisions of the Listing Regulations and any other guidelines or directions
which may be issued by the Government in this regard. Dividends, if any, declared by our Company after the date of Allotment,
will be payable to the Bidders who have been Allotted Equity Shares in the Issue, for the entire year, in accordance with
applicable laws. For further details, in relation to dividends, see “Dividend Policy” and “Description of Equity Shares and
Terms of Articles of Association” on pages 221 and 380, respectively.
Face Value, Issue Price and Price Band
The face value of each Equity Share is ₹1 and the Issue Price at the lower end of the Price Band is ₹[●] per Equity Share and
at the higher end of the Price Band is ₹[●] per Equity Share. The Anchor Investor Issue Price is ₹[●] per Equity Share.
The Price Band and the minimum Bid Lot size for the Issue will be decided by our Company in consultation with the Managers,
and advertised in all editions of Financial Express, an English national daily newspaper, all editions of Jansatta, a Hindi national
daily newspaper and regional edition of Jai Hind, a Gujarati newspaper, Gujarati being the regional language of Gujarat, where
our Registered and Corporate Office is located, each with wide circulation, at least two Working Days prior to the Bid/Issue
Opening Date and shall be made available to the Stock Exchanges for the purpose of uploading the same on their websites. The
Price Band, along with the relevant financial ratios calculated at the Floor Price and at the Cap Price, shall be pre-filled in the
Bid cum Application Forms available on the respective websites of the Stock Exchanges.
At any given point of time, there shall be only one denomination for the Equity Shares.
Rights of the Equity Shareholders
Subject to applicable laws, rules, regulations and guidelines and the Articles of Association, our equity Shareholders shall have
the following rights:
• Right to receive dividends, if declared;
• Right to attend general meetings and exercise voting rights, unless prohibited by law;
• Right to vote on a poll either in person or by proxy, in accordance with the provisions of the Companies Act;
• Right to receive offers for rights shares and be allotted bonus shares, if announced;
• Right to receive surplus on liquidation, subject to any statutory and preferential claim being satisfied;
• Right of free transferability, subject to applicable laws including any RBI rules and regulations; and
• Such other rights, as may be available to a shareholder of a listed public company under the Companies Act, the Listing
Regulations and the Articles of Association of our Company.
For a detailed description of the main provisions of the Articles of Association of our Company relating to voting rights,
dividend, forfeiture and lien, transfer, transmission and/or consolidation/splitting, see “Description of Equity Shares and Terms
of Articles of Association” on page 380.
354
Allotment only in dematerialised form
Pursuant to Section 29 of the Companies Act, 2013 and the SEBI ICDR Regulations, the Equity Shares shall be Allotted only
in dematerialised form. As per the SEBI ICDR Regulations, the trading of the Equity Shares shall only be in dematerialised
form on the Stock Exchanges. In this context, our Company has entered into the following agreements with the respective
Depositories and Registrar to the Issue:
• Tripartite agreement dated August 4, 2016 amongst our Company, NSDL and Registrar to the Issue; and
• Tripartite agreement dated May 5, 2021 amongst our Company, CDSL and Registrar to the Issue.
Market Lot and Trading Lot
Since trading of the Equity Shares is in dematerialised form, the tradable lot is one Equity Share. Allotment in the Issue will be
in multiples of one Equity Share subject to a minimum Allotment of [●] Equity Shares.
Joint Holders
Subject to the provisions of the Articles of Association, where two or more persons are registered as the holders of the Equity
Shares, they will be deemed to hold such Equity Shares as joint tenants with benefits of survivorship.
Nomination facility to investors
In accordance with Section 72 of the Companies Act, 2013, read with the Companies (Share Capital and Debentures) Rules,
2014, the sole Bidder, or the first Bidder along with other joint Bidders, may nominate any one person in whom, in the event
of the death of sole Bidder or in case of joint Bidders, death of all the Bidders, as the case may be, the Equity Shares Allotted,
if any, shall vest. A person, being a nominee, entitled to the Equity Shares by reason of the death of the original holder(s), shall
be entitled to the same advantages to which he or she would be entitled if he or she were the registered holder of the Equity
Share(s). Where the nominee is a minor, the holder(s) may make a nomination to appoint, in the prescribed manner, any person
to become entitled to Equity Share(s) in the event of his or her death during the minority. A nomination shall stand rescinded
upon a sale/transfer/alienation of Equity Share(s) by the person nominating. A buyer will be entitled to make a fresh nomination
in the manner prescribed. Fresh nomination can be made only on the prescribed form available on request at our Registered and
Corporate Office or to the registrar and transfer agents of our Company.
Any person who becomes a nominee by virtue of the provisions of Section 72 of the Companies Act, 2013 shall upon the
production of such evidence as may be required by the Board, elect either:
a) to register himself or herself as the holder of the Equity Shares; or
b) to make such transfer of the Equity Shares, as the deceased holder could have made.
Further, the Board may at any time give notice requiring any nominee to choose either to be registered himself or herself or to
transfer the Equity Shares, and if the notice is not complied with within a period of 90 days, the Board may thereafter withhold
payment of all dividends, bonuses or other monies payable in respect of the Equity Shares, until the requirements of the notice
have been complied with.
Since the Allotment of Equity Shares in the Issue will be made only in dematerialised mode, there is no need to make a separate
nomination with our Company. Nominations registered with respective Depository Participant of the Bidder would prevail. If
the Bidder wants to change the nomination, they are requested to inform their respective Depository Participant.
Our Company shall comply with such disclosure and accounting norms as may be specified by SEBI from time to time.
Withdrawal of the Issue
Our Company, in consultation with the Managers, reserves the right not to proceed with the Issue, after the Bid/Issue Opening
Date but before the Allotment. In such an event, our Company would issue a public notice in the newspapers in which the pre-
Issue advertisements were published, within two days of the Bid/Issue Closing Date or such other time as may be prescribed
by SEBI, providing reasons for not proceeding with the Issue and inform the Stock Exchanges promptly on which the Equity
Shares are proposed to be listed. The Managers, through the Registrar to the Issue, shall notify the SCSBs and the Sponsor
Banks (in case of RIBs using the UPI Mechanism), to unblock the bank accounts of the ASBA Bidders and the Escrow
Collection Bank to release the Bid Amounts to the Anchor Investors, within one Working Day from the date of receipt of such
notification. In terms of the UPI Circulars, in relation to the Issue, the Managers will submit reports of compliance with T+6
listing timelines and activities, identifying non-adherence to timelines and processes and an analysis of entities responsible for
the delay and the reasons associated with it. Further, in case of any delay in unblocking of amounts in the ASBA Accounts
(including amounts blocked through the UPI Mechanism) exceeding four Working Days from the Bid/Issue Closing Date, the
Bidder shall be compensated at a uniform rate of ₹ 100 per day for the entire duration of delay exceeding four Working Days
from the Bid/Issue Closing Date by the intermediary responsible for causing such delay in unblocking. The Managers shall, in
their sole discretion, identify and fix the liability on such intermediary or entity responsible for such delay in unblocking.
355
Notwithstanding the foregoing, this Issue is also subject to obtaining (i) the final listing and trading approvals of the Stock
Exchanges, which our Company shall apply for after Allotment; and (ii) filing of the Prospectus with the RoC. If our Company,
in consultation with the Managers withdraws the Issue after the Bid/Issue Closing Date and thereafter determines that it will
proceed with an issue of the Equity Shares, our Company shall file a fresh draft red herring prospectus with SEBI.
Bid/Issue Programme
BID/ISSUE OPENS ON January 27, 2022(1)

BID/ISSUE CLOSES ON January 31, 2022(2)
(1) Our Company in consultation with the Managers, may consider participation by Anchor Investors. The Anchor Investor Bid/Issue Period shall be one
Working Day prior to the Bid/Issue Opening Date in accordance with the SEBI ICDR Regulations.
(2) Our Company and in consultation with the Managers may, consider closing the Bid/Issue Period for QIBs one day prior to the Bid/Issue Closing Date
in accordance with the SEBI ICDR Regulations.
(3) UPI mandate end time and date shall be at 12:00 pm on February 1, 2022.
An indicative timetable in respect of the Issue is set out below:
Event Indicative Date

Finalisation of Basis of Allotment with the Designated Stock Exchange On or about February 3, 2022
Initiation of refunds (if any, for Anchor Investors)/unblocking of funds from ASBA Account* On or about February 4, 2022
Credit of Equity Shares to demat accounts of Allottees On or about February 7, 2022
Commencement of trading of the Equity Shares on the Stock Exchanges On or about February 8, 2022
* In case of (i) any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) for cancelled/withdrawn/deleted ASBA forms,
the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the Bid Amount, whichever is higher from the date on which the request for
cancellation/withdrawal/deletion is placed in the Stock Exchanges bidding platform until the date on which the amounts are unblocked; (ii) any blocking of multiple amounts
for the same ASBA form (for amounts blocked through the UPI Mechanism), the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the total
cumulative blocked amount except the original application amount, whichever is higher from the date on which such multiple amounts were blocked till the date of actual
unblock; (iii) any blocking of amounts more than the Bid Amount, the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the difference in
amount, whichever is higher from the date on which such excess amounts were blocked till the date of actual unblock; (iv) any delay in unblocking of non-allotted/partially
allotted Bids, exceeding four Working Days from the Bid/Issue Closing Date, the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the Bid
Amount, whichever is higher, for the entire duration of delay exceeding four Working Days from the Bid/Issue Closing Date by the SCSB responsible for causing such delay
in unblocking. The Managers shall be liable for compensating the Bidder at a uniform rate of ₹100 per day or 15% per annum of the Bid Amount, whichever is higher, from
the date of receipt of the investor grievance until the date on which the blocked amounts are unblocked. For the avoidance of doubt, the provisions of the SEBI circular number
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, as amended pursuant to SEBI circular number SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021
shall be deemed to be incorporated in the deemed agreement of the Company with the SCSBs to the extent applicable.
The processing fees for applications made by RIBs using the UPI Mechanism may be released to the remitter banks (SCSBs) only after such banks provide
a written confirmation on compliance with SEBI Circular No: SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 02, 2021 read with SEBI Circular No:
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021.
The above timetable, other than the Bid/Issue Closing Date, is indicative and does not constitute any obligation or
liability on our Company or the Managers.
Whilst our Company shall ensure that all steps for the completion of the necessary formalities for the listing and the
commencement of trading of the Equity Shares on the Stock Exchanges are taken within six Working Days of the
Bid/Issue Closing Date, the timetable may be extended due to various factors, such as extension of the Bid/Issue Period
by our Company in consultation with the Managers, revision of the Price Band or any delay in receiving the final listing
and trading approval from the Stock Exchanges. The commencement of trading of the Equity Shares will be entirely at
the discretion of the Stock Exchanges and in accordance with the applicable laws.
In terms of the UPI Circulars, in relation to the Issue, the Lead Managers will be required to submit reports of compliance with
timelines and activities prescribed by SEBI in connection with the allotment and listing procedure within six Working Days
from the Bid/ Issue Closing Date, identifying non-adherence to timelines and processes and an analysis of entities responsible
for the delay and the reasons associated with it.
SEBI is in the process of streamlining and reducing the post issue timeline for IPOs. Any circulars or notifications from
SEBI after the date of the Draft Red Herring Prospectus may result in changes to the above mentioned timelines.
Further, the offer procedure is subject to change to any revised SEBI circulars to this effect.
Submission of Bids (other than Bids from Anchor Investors):
Bid/Issue Period (except the Bid/Issue Closing Date)

Submission and Revision in Bids Only between 10.00 a.m. and 5.00 p.m. (Indian Standard Time (“IST”)
Bid/Issue Closing Date
Submission and Revision in Bids Only between 10.00 a.m. and 3.00 p.m. IST
UPI mandate end time and date shall be at 12:00 pm on February 1, 2022.
On the Bid/Issue Closing Date, the Bids shall be uploaded until:
(i) 4.00 p.m. IST in case of Bids by QIBs and Non-Institutional Bidders, and
356
(ii) until 5.00 p.m. IST or such extended time as permitted by the Stock Exchanges, in case of Bids by RIBs, Eligible
Employees Bidding under the Employee Reservation Portion and Eligible AEL Shareholders Bidding under the
Shareholder Reservation Portion.
On Bid/Issue Closing Date, extension of time may be granted by Stock Exchanges only for uploading Bids received by RIBs,
Eligible Employees Bidding under the Employee Reservation Portion and Eligible AEL Shareholders Bidding under the
Shareholder Reservation Portion, after taking into account the total number of Bids received and as reported by the Managers
to the Stock Exchanges.
It is clarified that Bids not uploaded on the electronic bidding system or in respect of which the full Bid Amount is not
blocked in the relevant ASBA Account would be rejected.
Due to limitation of time available for uploading the Bids on the Bid/Issue Closing Date, Bidders are advised to submit their
Bids one day prior to the Bid/Issue Closing Date no later than 3:00 p.m. Any time mentioned in this Red Herring Prospectus is
IST. Bidders are cautioned that, in the event a large number of Bids are received on the Bid/Issue Closing Date, some Bids may
not get uploaded due to lack of sufficient time. Such Bids that cannot be uploaded will not be considered for allocation under
the Issue. Bids and revisions in Bids will be accepted only during Working Days during the Bid/Issue Period.
Investors may please note that as per letter no. List/SMD/SM/2006 dated July 3, 2006 and letter no. NSE/IPO/25101-
6 dated July 6, 2006 issued by BSE and NSE respectively, Bids and any revision in Bids shall not be accepted on Saturdays
and public holidays as declared by the Stock Exchanges. Bids by ASBA Bidders shall be uploaded by the relevant Designated
Intermediary in the electronic system to be provided by the Stock Exchanges. None among our Company or any member of
the Syndicate is liable for any failure in (i) uploading the Bids due to faults in any software/ hardware system or otherwise; and
(ii) the blocking of Bid Amount in the ASBA Account on receipt of instructions from the Sponsor Banks on account of any
errors, omissions or non-compliance by various parties involved in, or any other fault, malfunctioning or breakdown in, or
otherwise, in the UPI Mechanism.
Our Company, in consultation with the Managers reserves the right to revise the Price Band during the Bid/Issue Period. The
revision in the Price Band shall not exceed 20% on either side, i.e. the Floor Price can move up or down to the extent of 20%
of the Floor Price and the Cap Price will be revised accordingly.
In case of revision in the Price Band, the Bid/Issue Period shall be extended for at least three additional Working Days
after such revision, subject to the Bid/Issue Period not exceeding 10 Working Days. In cases of force majeure, banking
strike or similar circumstances, our Company in consultation with the Managers, for reasons to be recorded in writing,
may extend the Bid/Issue Period for a minimum of three Working Days, subject to the Bid/Issue Period not exceeding
10 Working Days. Any revision in Price Band, and the revised Bid/Issue Period, if applicable, shall be widely
disseminated by notification to the Stock Exchanges, by issuing a press release and also by indicating the change on the
websites of the Managers and at the terminals of the Syndicate Members and by intimation to the Designated
Intermediaries.
In case of discrepancy in data entered in the electronic book vis-vis data contained in the Bid cum Application Form for a
particular Bidder, the details as per the Bid file received from the Stock Exchanges shall be taken as the final data for the
purpose of Allotment. The Floor Price shall not be less than the face value of the Equity Shares.
Minimum Subscription
If our Company does not receive the minimum subscription in the Issue as specified under Rule 19(2)(b) of the SCRR or the
minimum subscription of 90% of the Issue on the Bid/Issue Closing Date; or subscription level falls below aforesaid minimum
subscription after the Bid/Issue Closing Date due to withdrawal of Bids or technical rejections or any other reason; or in case
of devolvement of Underwriting, aforesaid minimum subscription is not received within 60 days from the date of Bid/Issue
Closing Date or if the listing or trading permission is not obtained from the Stock Exchanges for the Equity Shares in the Issue,
our Company shall forthwith refund the entire subscription amount received in accordance with applicable law including the
SEBI circular bearing no. SEBI/HO/CFD/DIL1/CIR/P/2021/47 dated March 31, 2021. If there is a delay beyond four days after
our Company becomes liable to pay the amount, our Company and every Director of our Company, who are officers in default,
shall pay interest at the rate of 15% per annum.
In the event of achieving aforesaid minimum subscription, however, there is under-subscription in achieving the total Issue
size, the Equity Shares will be Allotted in the following order:
(i) such number of Equity Shares will first be Allotted by our Company such that 90% of the Issue portion is subscribed;
and
(ii) once Equity Shares have been Allotted as per (i), such number of Equity Shares will be Allotted by our Company
towards the balance 10% of the Issue portion.
Further, in terms of Regulation 49(1) of the SEBI ICDR Regulations, our Company shall ensure that the number of Bidders to
whom the Equity Shares will be Allotted will be not less than 1,000.
357
Arrangements for Disposal of Odd Lots
There are no arrangements for disposal of odd lots since our Equity Shares will be traded in dematerialised form only and
market lot for our Equity Shares will be one Equity Share.
Restrictions, if any on Transfer and Transmission of Equity Shares
Except for lock-in of the pre-Issue capital of our Company, lock-in of our Promoters’ minimum contribution under the SEBI
ICDR Regulations and the Anchor Investor lock-in as provided in “Capital Structure” on page 64 and except as provided under
the Articles of Association, there are no restrictions on transfer of the Equity Shares. Further, there are no restrictions on
transmission of any shares of our Company and on their consolidation or splitting, except as provided in the Articles of
Association. For details, see “Description of Equity Shares and Terms of Articles of Association” on page 380.
358
ISSUE STRUCTURE
Initial public offer of up to [●] Equity Shares for cash at price of ₹ [●] per Equity Share aggregating up to ₹ 36,000 million by
our Company.
The Issue comprises of a Net Issue of up to [●] Equity Shares, an Employee Reservation Portion of up to [●] Equity Shares
aggregating up to ₹ 1,070 million (constituting up to [●]% of our post-issue paid-up Equity Share capital) and a Shareholder
Reservation Portion of up to [●] Equity Shares aggregating up to ₹ 3,600 million (constituting up to [●]% of our post-issue
paid-up Equity Share capital). In accordance with the SEBI ICDR Regulations, the Shareholder Reservation Portion shall not
exceed 10% of the Issue size. The Issue and the Net Issue shall constitute [●]% and [●]%, respectively of the post-Issue paid-
up Equity Share capital of our Company.
The face value of the Equity Shares is ₹1 each. The Issue is being made through the Book Building Process.
Particulars Eligible Employees# Eligible AEL QIBs(1) Non-Institutional Retail Individual

Shareholders Bidders Bidders
Number of Equity Up to [●] Equity Up to [●] Equity Not more than [●] Not less than [●] Not less than [●]
Shares available for Shares Shares Equity Shares Equity Shares Equity Shares
Allotment or available for available for
allocation*(2) allocation or Net Issue allocation or Net Issue
less allocation to QIB less allocation to QIB
Bidders and RIBs Bidders and Non-
Institutional Bidders
Percentage of Issue The Employee The Shareholder Not more than 50% of Not less than 15% of Not less than 35% of
size available for Reservation Portion Reservation Portion the Net Issue being the Net Issue or the the Net Issue or the
Allotment or shall constitute up to shall constitute up to available for Net Issue less Net Issue less
allocation [●]% of the post-Issue [●]% of the post-Issue allocation to QIB allocation to QIB allocation to QIB
paid-up Equity Share paid-up Equity Share Bidders. However, 5% Bidders and RIBs Bidders and Non-
capital of our capital of our of the Net QIB Portion Institutional Bidders
Company Company will be available for
allocation
proportionately to
Mutual Funds only.
Mutual Funds
participating in the
Mutual Fund Portion
will also be eligible for
allocation in the
remaining QIB
Portion. The
unsubscribed portion
in the Mutual Fund
Portion will be added
to the Net QIB Portion
Basis of Allotment Proportionate; unless Proportionate Proportionate as Proportionate or as per The allotment to each
if respective the Employee follows (excluding the such other method of RIB shall not be less
category is Reservation Portion is For details, see “Issue Anchor Investor allocation introduced than the minimum Bid
oversubscribed* undersubscribed, the Procedure” on page Portion): under applicable law Lot, subject to
value of allocation to 362 availability of Equity
an Eligible Employee (a) up to [●] Equity Shares in the Retail
shall not exceed ₹ Shares shall be Portion and the
200,000. In the event available for remaining available
of undersubscription allocation on a Equity Shares if any,
in the Employee proportionate shall be Allotted on a
Reservation Portion, basis to Mutual proportionate basis.
the unsubscribed Funds only; and For further details, see
portion may be (b) up to [●] Equity “Issue Procedure”
allocated, on a Shares shall be beginning on page
proportionate basis, to available for 362.
Eligible Employees allocation on a
for a value exceeding proportionate
₹ 200,000 up to ₹ basis to all
500,000 each QIBs, including
Mutual Funds
receiving
allocation as per
(a) above.
Up to [●] Equity
Shares may be
359
allocated on a
discretionary basis to
Anchor Investors of
which one-third shall
be available for
allocation to Mutual
Funds only
Mode of Bid Through ASBA Process only (except in case of Anchor Investors)
Minimum Bid [●] Equity Shares [●] Equity Shares Such number of Such number of [●] Equity Shares
Equity Shares in Equity Shares in
multiples of [●] multiples of [●]
Equity Shares such Equity Shares such
that the Bid Amount that the Bid Amount
exceeds ₹ 200,000. exceeds ₹ 200,000.
Maximum Bid Such number of Such number of Such number of Such number of Such number of
Equity Shares in Equity Shares in Equity Shares in Equity Shares in Equity Shares in
multiples of [●] multiples of [●] multiples of [●] multiples of [●] multiples of [●] Equity
Equity Shares, so that Equity Shares, such Equity Shares not Equity Shares not Shares so that the Bid
the maximum Bid that the Bid Amount exceeding the size of exceeding the size of Amount does not
Amount by each does not exceed the the Net Issue, subject the Net Issue, exceed ₹ 200,000
Eligible Employee in Shareholder to applicable limits (excluding the QIB
Eligible Employee Reservation Portion Portion) subject to
Portion does not limits applicable to the
exceed ₹ 500,000 Bidder
Mode of Allotment Compulsorily in dematerialised form
Bid Lot [●] Equity Shares and in multiples of [●] Equity Shares thereafter
Allotment Lot A minimum of [●] Equity Shares and in multiples of one Equity Share thereafter
For RIBs, [●] Equity Shares and in multiples of one Equity Share thereafter, subject to availability in the Retail Portion
Trading Lot One Equity Share
Who can apply(3) Eligible Employees Eligible AEL Public financial Resident Indian Resident Indian
(such that the Bid Shareholders institutions as individuals, Eligible individuals, Eligible
Amount does not specified in Section NRIs, HUFs (in the NRIs and HUFs (in the
exceed ₹ 500,000) 2(72) of the name of the karta), name of the karta)
Companies Act, companies, corporate
scheduled commercial bodies, scientific
banks, multilateral and institutions, societies,
bilateral development trusts, family offices
financial institutions, and FPIs who are
Mutual Funds, individuals, corporate
Eligible FPIs (other bodies and family
than Category II FPIs), offices which are
VCFs, AIFs, FVCIs, recategorised as
state industrial Category II FPIs and
development registered with SEBI
corporation, insurance
company registered
with IRDAI, provident
funds with minimum
corpus of ₹ 250
million, pension funds
with minimum corpus
of ₹ 250 million,
National Investment
Fund set up by the
GoI, insurance funds
set up and managed by
army, navy or air force
of the Union of India,
insurance funds set up
and managed by the
Department of Posts,
360
India and Systemically

Important NBFCs
Terms of Payment In case of Anchor Investors: Full Bid Amount shall be payable by the Anchor Investors at the time of submission of
their Bids(4)
In case of all other Bidders: Full Bid Amount shall be blocked by the SCSBs in the bank account of the ASBA Bidder,
or by the Sponsor Banks through the UPI Mechanism, that is specified in the ASBA Form at the time of submission of
the ASBA Form
* Assuming full subscription in the Issue.

# Eligible Employees Bidding in the Employee Reservation Portion can Bid up to a Bid Amount of ₹ 500,000. However, a Bid by an Eligible Employee in
the Employee Reservation Portion will be considered for allocation, in the first instance, for a Bid Amount of up to ₹ 200,000. In the event of under-
subscription in the Employee Reservation Portion, the unsubscribed portion will be available for allocation and Allotment, proportionately to all Eligible
Employees who have Bid in excess of ₹ 200,000, subject to the maximum value of Allotment made to such Eligible Employee not exceeding ₹ 500,000.
Further, an Eligible Employee Bidding in the Employee Reservation Portion can also Bid in the Net Issue and such Bids will not be treated as multiple
Bids subject to applicable limits. The unsubscribed portion if any, in the Employee Reservation Portion shall be added back to the Net Issue. In case of
under-subscription in the Net Issue, spill-over to the extent of such under-subscription shall be permitted from the Employee Reservation Portion.
(1) Our Company in consultation with the Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance
with the SEBI ICDR Regulations. One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being
received from domestic Mutual Funds at or above the price Anchor Investor Allocation Price. In the event of under-subscription or non-Allotment in the
Anchor Investor Portion, the balance Equity Shares in the Anchor Investor Portion shall be added to the Net QIB Portion. For details, see “Issue
Procedure” on 336.
(2) Subject to valid Bids being received at or above the Issue Price. This Issue is being made in accordance with Rule 19(2) of the SCRR and Regulation 6(1)
of the SEBI ICDR Regulations.
(3) In case of joint Bids, the Bid cum Application Form should contain only the name of the first Bidder whose name should also appear as the first holder
of the beneficiary account held in joint names. The signature of only such first Bidder would be required in the Bid cum Application Form and such first
Bidder would be deemed to have signed on behalf of the joint holders. A Bidder Bidding in the Shareholder Reservation Portion may also Bid under the
Net Issue and Employee Reservation Portion (if eligible) and such Bids shall not be considered multiple Bids subject to applicable limits. To clarify, an
Eligible AEL Shareholder Bidding in the Shareholder Reservation Portion above ₹ 200,000 can Bid in the Net Issue for up to ₹ 200,000 and Employee
Reservation Portion (if eligible and subject to applicable limits), otherwise such Bids will be treated as multiple Bids and both the Bids will be cancelled.
If an Eligible AEL Shareholder is Bidding in the Shareholder Reservation Portion up to ₹ 200,000, application by such Eligible AEL Shareholder in the
Retail Portion or Non-Institutional Portion and Employee Reservation Portion (if eligible and subject to applicable limits) shall not be treated as multiple
Bids. Therefore, Eligible AEL Shareholders bidding in the Shareholder Reservation Portion (subject to the Bid Amount being up to ₹ 200,000) can also
Bid under the Net Issue and Employee Reservation Portion (if eligible and subject to applicable limits) and such Bids will not be treated as multiple Bids.
(4) Full Bid Amount shall be payable by the Anchor Investors at the time of submission of the Anchor Investor Application Forms provided that any difference
between the Anchor Investor Allocation Price and the Anchor Investor Issue Price shall be payable by the Anchor Investor Pay-In Date as indicated in
the CAN.
(5) The Bids by FPIs with certain structures as described under “Issue Procedure - Bids by FPIs” on page 366 and having same PAN may be collated and
identified as a single Bid in the Bidding process. The Equity Shares Allocated and Allotted to such successful Bidders (with same PAN) may be
proportionately distributed. Bidders will be required to confirm and will be deemed to have represented to our Company, the Underwriters, their
respective directors, officers, agents, affiliates and representatives that they are eligible under applicable law, rules, regulations, guidelines and
approvals to acquire the Equity Shares.
Any unsubscribed portion remaining in the Employee Reservation Portion and the Shareholder Reservation Portion shall be
added to the Net Issue. Allotment to an Eligible Employee in the Employee Reservation Portion may not exceed ₹ 200,000 in
value.
Only in the event of under-subscription in the Employee Reservation Portion post the initial Allotment, such unsubscribed
portion may be Allotted on a proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, subject
to the total Allotment to an Eligible Employee not exceeding ₹ 500,000 in value.
Eligible Employees bidding in the Employee Reservation Portion at a price within the Price Band can make payment based on
Bid Amount, at the time of making a Bid. Eligible Employees bidding in the Employee Reservation Portion at the Cut-Off Price
have to ensure payment at the Cap Price, at the time of making a Bid.
Subject to valid Bids being received at or above the Issue Price, under-subscription, if any, in any category except the QIB
Portion, would be allowed to be met with spill over from any other category or combination of categorises at the discretion of
our Company, in consultation with the Managers and the Designated Stock Exchange, on a proportionate basis.
361
ISSUE PROCEDURE
All Bidders should read the General Information Document which highlights the key rules, processes and procedures
applicable to public issues in general in accordance with the provisions of the Companies Act, the SCRA, the SCRR and the
SEBI ICDR Regulations which is part of the abridged prospectus accompanying the Bid cum Application Form. The General
Information Document is available on the websites of the Stock Exchanges and the Managers. Please refer to the relevant
provisions of the General Information Document which are applicable to the Issue especially in relation to the process for Bids
by RIBs through the UPI Mechanism.
Additionally, all Bidders may refer to the General Information Document for information in relation to (i) category of investors
eligible to participate in the Issue; (ii) maximum and minimum Bid size; (iii) price discovery and allocation; (iv) payment
instructions for ASBA Bidders; (v)issuance of CAN and Allotment in the Issue; (vi) general instructions (limited to instructions
for completing the Bid cum Application Form); (vii) designated date; (viii) disposal of applications; (ix) submission of Bid cum
Application Form; (x) other instructions (limited to joint bids in cases of individual, multiple bids and instances when an
application would be rejected on technical grounds); (xi) applicable provisions of the Companies Act, 2013 relating to
punishment for fictitious applications; (xii) mode of making refunds; and (xiii) interest in case of delay in allotment or refund.
SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018 read with its circular no.
SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, has introduced an alternate payment mechanism using Unified
Payments Interface (“UPI”) and consequent reduction in timelines for listing in a phased manner. From January 1, 2019, the
UPI Mechanism for RIBs applying through Designated Intermediaries was made effective along with the existing process and
existing timeline of T+6 days. (“UPI Phase I”). The UPI Phase I was effective till June 30, 2019.
With effect from July 1, 2019, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, read with
circular bearing number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 with respect to Bids by RIBs through
Designated Intermediaries (other than SCSBs), the existing process of physical movement of forms from such Designated
Intermediaries to SCSBs for blocking of funds has been discontinued and only the UPI Mechanism for such Bids with existing
timeline of T+6 days was mandated for a period of three months or launch of five main board public issues, whichever is later
(“UPI Phase II”). Subsequently, however, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30,
2020 extended the timeline for implementation of UPI Phase II till further notice. However, given the prevailing uncertainty
due to the COVID-19 pandemic, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020, has
decided to continue with the UPI Phase II till further notice. The final reduced timeline of T+3 days will be made effective using
the UPI Mechanism for applications by RIBs (“UPI Phase III”), as may be prescribed by SEBI. The Issue will be undertaken
pursuant to the processes and procedures under UPI Phase II, subject to any circulars, clarification or notification issued by
the SEBI from time to time. Further, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16,
2021 as amended pursuant to SEBI circular number SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 has introduced
certain additional measures for streamlining the process of initial public offers and redressing investor grievances. The circular
shall come into force for initial public offers opening on/or after May 1, 2021, except as amended pursuant to SEBI circular
number SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, and the provisions of this circular are deemed to form part
of this Red Herring Prospectus.
Our Company and the Managers do not accept any responsibility for the completeness and accuracy of the information stated
in this section and the General Information Document and are not liable for any amendment, modification or change in the
applicable law which may occur after the date of this Red Herring Prospectus. Bidders are advised to make their independent
investigations and ensure that their Bids are submitted in accordance with applicable laws and do not exceed the investment
limits or maximum number of the Equity Shares that can be held by them under applicable law or as specified in the Draft Red
Herring Prospectus, this Red Herring Prospectus and the Prospectus.
Further, our Company and the Members of the Syndicate are not liable for any adverse occurrences consequent to the
implementation of the UPI Mechanism for application in the Issue.
Book Building Procedure
The Issue is being made in terms of Rule 19(2)(b) of the SCRR, through the Book Building Process in accordance with
Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Net Issue shall be allocated on a proportionate
basis to QIBs, provided that our Company may, in consultation with the Managers, allocate up to 60% of the QIB Portion to
Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations, of which one-third shall be reserved
for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor
Allocation Price. In the event of under-subscription, or non-allotment in the Anchor Investor Portion, the balance Equity Shares
shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate
basis only to Mutual Funds, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis
to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue
Price. Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional
Bidders or through such other method of allocation as may be introduced under applicable law and not less than 35% of the Net
Issue shall be available for allocation to RIBs in accordance with the SEBI ICDR Regulations, subject to valid Bids being
received at or above the Issue Price.
362
The Issue includes an Employee Reservation Portion of up to [●] Equity Shares aggregating up to ₹ 1,070 million for
subscription by Eligible Employees and a Shareholder Reservation Portion of up to [●] Equity Shares aggregating up to ₹ 3,600
million for subscription by Eligible AEL Shareholders. The Employee Reservation Portion shall not exceed [●]% of post-Issue
paid-up Equity Share capital and the Shareholder Reservation Portion shall not exceed [●]% of post-Issue paid-up Equity Share
capital. In accordance with the SEBI ICDR Regulations, the Shareholder Reservation Portion shall not exceed 10% of the Issue
size.
Under-subscription, if any, in any category including the Employee Reservation Portion and the Shareholder Reservation
Portion, except in the QIB Portion, would be allowed to be met with spill over from any other category or combination of
categories of Bidders at the discretion of our Company, in consultation with the Managers and the Designated Stock Exchange
subject to receipt of valid Bids received at or above the Issue Price. Under-subscription, if any, in the QIB Portion, would not
be allowed to be met with spill-over from any other category or a combination of categories.
The Equity Shares, on Allotment, shall be traded only in the dematerialised segment of the Stock Exchanges.
Investors should note that the Equity Shares will be Allotted to all successful Bidders only in dematerialised form. The
Bid cum Application Forms which do not have the details of the Bidders’ depository account, including DP ID, Client
ID, PAN and UPI ID, as applicable, shall be treated as incomplete and will be liable to rejected. Bidders will not have
the option of being Allotted Equity Shares in physical form. However, they may get the Equity Shares rematerialized
subsequent to Allotment of the Equity Shares in the Issue, in compliance with Applicable Law.
Phased implementation of Unified Payments Interface
SEBI has issued the UPI Circulars in relation to streamlining the process of public issue of inter alia, equity shares. Pursuant
to the UPI Circulars, the UPI Mechanism has been introduced in a phased manner as a payment mechanism (in addition to
mechanism of blocking funds in the account maintained with SCSBs under ASBA) for applications by RIBs through Designated
Intermediaries with the objective to reduce the time duration from public issue closure to listing from six Working Days to up
to three Working Days. Considering the time required for making necessary changes to the systems and to ensure complete and
smooth transition to the UPI payment mechanism, the UPI Circulars have introduced the UPI Mechanism in three phases in the
following manner:
Phase I: This phase was applicable from January 1, 2019 until March 31, 2019 or floating of five main board public issues,
whichever was later. Subsequently, the timeline for implementation of Phase I was extended till June 30, 2019. Under this
phase, a RIB had the option to submit the ASBA Form with any of the Designated Intermediary and use his/ her UPI ID for the
purpose of blocking of funds. The time duration from public issue closure to listing continued to be six Working Days.
Phase II: This phase has become applicable from July 1, 2019. SEBI vide its circular no.
SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019 had extended the timeline for implementation of UPI Phase
II till March 31, 2020. Further, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020 decided
to continue Phase II of UPI with ASBA until further notice. Under this phase, submission of the ASBA Form by RIBs through
Designated Intermediaries (other than SCSBs) to SCSBs for blocking of funds has been discontinued and is replaced by the
UPI Mechanism. However, the time duration from public issue closure to listing would continue to be six Working Days during
this phase.
Phase III: The commencement period of Phase III is yet to be notified. In this phase, the time duration from public issue closure
to listing is proposed to be reduced to three Working Days. Accordingly, upon commencement of Phase III, the reduced time
duration shall be applicable for the Issue.
The Issue will be made under UPI Phase II of the UPI Circular, unless UPI Phase III of the UPI Circular becomes effective and
applicable on or prior to the Bid/Issue Opening Date. If the Issue is made under UPI Phase III of the UPI Circular, the same
will be advertised in all editions of Financial Express, all editions of Jansatta and regional edition of Jai Hind (which are widely
circulated English daily, Hindi daily and Gujarati newspapers, respectively, Gujarati also being the regional language of
Gujarat, where our registered office is located) on or prior to the Bid/Issue Opening Date and such advertisement shall also be
made available to the Stock Exchanges for the purpose of uploading on their websites.
All SCSBs offering the facility of making applications in public issues shall also provide the facility to make application using
UPI. The Company has appointed HDFC Bank Limited and ICICI Bank Limited as Sponsor Banks to act as conduits between
the Stock Exchanges and NPCI in order to facilitate collection of requests and/ or payment instructions of the RIBs using UPI.
For further details, refer to the General Information Document available on the websites of the Stock Exchanges and the
Managers.
Bid cum Application Form
Copies of the Bid cum Application Form (other than for Anchor Investors) and the abridged prospectus will be available with
the Designated Intermediaries at the Bidding Centres, and our Registered and Corporate Office. An electronic copy of the Bid
cum Application Form will also be available for download on the websites of NSE (www.nseindia.com) and BSE
(www.bseindia.com) at least one day prior to the Bid/Issue Opening Date.
363
Copies of the Anchor Investor Application Form will be available with the Managers.
All Bidders (other than Anchor Investors) shall mandatorily participate in the Issue only through the ASBA process. Anchor
Investors are not permitted to participate in the Issue through the ASBA process. The RIBs and AEL Shareholders Bidding
under the Shareholders Reservation Portion (subject to the Bid Amount being up to ₹200,000) can additionally Bid through the
UPI Mechanism.
RIBs and AEL Shareholders Bidding under the Shareholders Reservation Portion (subject to the Bid Amount being up to
₹200,000) Bidding using the UPI Mechanism must provide the valid UPI ID in the relevant space provided in the Bid cum
Application Form and the Bid cum Application Forms that do not contain the UPI ID are liable to be rejected.
ASBA Bidders must provide either (i) the bank account details and authorisation to block funds in the ASBA Form, or (ii) the
UPI ID (in case of RIBs) as applicable, in the relevant space provided in the ASBA Form. The ASBA Forms that do not contain
such details will be liable to be rejected. Applications made by the RIBs using third party bank account or using third party
linked bank account UPI ID are liable for rejection.
ASBA Bidders shall ensure that the Bids are made on ASBA Forms bearing the stamp of the relevant Designated Intermediary,
submitted at the relevant Bidding Centres only (except in case of electronic ASBA Forms) and the ASBA Forms not bearing
such specified stamp are liable to be rejected. Since the Issue is made under Phase II of the UPI Circulars, ASBA Bidders may
submit the ASBA Form in the manner below:
(i) RIBs (other than the RIBs using UPI Mechanism) may submit their ASBA Forms with SCSBs (physically or online, as
applicable), or online using the facility of linked online trading, demat and bank account (3 in 1 type accounts) provided
by certain brokers.
(ii) RIBs using UPI Mechanism, may submit their ASBA Forms with the Syndicate, sub-Syndicate members, Registered
Brokers, RTAs or CDPs or online using the facility of linked online trading, demat and bank account (3 in 1 type
accounts), provided by certain brokers.
(iii) QIBs and NIBs may submit their ASBA Forms with SCSBs, Syndicate, sub-Syndicate members, Registered Brokers,
RTAs or CDPs.
ASBA Bidders are also required to ensure that the ASBA Account has sufficient credit balance such that an amount equivalent
to the full Bid Amount can be blocked by the SCSB or by Sponsor Banks under the UPI Mechanism, as applicable at the time
of submitting the Bid. In order to ensure timely information to investors, SCSBs are required to send SMS alerts to investors
intimating them about the Bid Amounts blocked / unblocked.
For Anchor Investors, the Anchor Investor Application Form will be available at the offices of the Managers. Anchor Investors
are not permitted to participate in the Issue through the ASBA process.
The prescribed colour of the Bid cum Application Form for the various categories is as follows:
Category Colour of Bid cum Application

Form*
Resident Indians, including resident QIBs, Non-Institutional Bidders, RIBs and Eligible NRIs applying White
on a non-repatriation basis
Non-residents including Eligible NRIs, FVCIs, FPIs and registered bilateral and multilateral institutions Blue
applying on a repatriation basis
Anchor Investors White
Eligible Employees Bidding in the Employee Reservation Portion Pink
Eligible AEL Shareholders Bidding in the Shareholder Reservation Portion Green
*Excluding electronic Bid cum Application Forms
Notes:
(1) Electronic Bid cum Application forms and the abridged prospectus will also be available for download on the website of NSE (www.nseindia.com) and
BSE (www.bseindia.com)
(2) Bid cum Application Forms for Anchor Investors shall be available at the offices of the Managers
(3) Bid cum Application Forms for Eligible Employees shall be available at the Registered and Corporate Office of our Company
In case of ASBA Forms, Designated Intermediaries shall upload the relevant bid details (including UPI ID in case of ASBA
Forms under the UPI Mechanism) in the electronic bidding system of the Stock Exchanges.
Subsequently, for ASBA Forms (other than RIBs using UPI Mechanism), Designated Intermediaries (other than SCSBs) shall
submit / deliver the ASBA Forms to the respective SCSB where the Bidder has an ASBA bank account and shall not submit it
to any non-SCSB bank or any Escrow Collection Bank. Stock Exchanges shall validate the electronic bids with the records of
the CDP for DP ID/Client ID and PAN, on a real time basis and bring inconsistencies to the notice of the relevant Designated
Intermediaries, for rectification and re-submission within the time specified by Stock Exchanges. Stock Exchanges shall allow
modification of either DP ID/Client ID or PAN ID, bank code and location code in the Bid details already uploaded.
364
For RIBs using UPI Mechanism, the Stock Exchanges shall share the Bid details (including UPI ID) with the Sponsor Banks
on a continuous basis through API integration to enable the Sponsor Banks to initiate UPI Mandate Request to RIBs for blocking
of funds. The Sponsor Banks shall initiate request for blocking of funds through NPCI to RIBs, who shall accept the UPI
Mandate Request for blocking of funds on their respective mobile applications associated with UPI ID linked bank account.
The NPCI shall maintain an audit trail for every Bid entered in the Stock Exchanges bidding platform, and the liability to
compensate RIBs (Bidding through UPI Mechanism) in case of failed transactions shall be with the concerned entity (i.e. the
Sponsor Banks, NPCI or the issuer bank) at whose end the lifecycle of the transaction has come to a halt. The NPCI shall share
the audit trail of all disputed transactions/ investor complaints to the Sponsor Banks and the issuer bank. The Sponsor Banks
and the Bankers to the Issue shall provide the audit trail to the Managers for analysing the same and fixing liability.
The Sponsor Banks will undertake a reconciliation of Bid responses received from Stock Exchanges and sent to NPCI and will
also ensure that all the responses received from NPCI are sent to the Stock Exchanges platform with detailed error code and
description, if any. Further, the Sponsor Banks will undertake reconciliation of all Bid requests and responses throughout their
lifecycle on daily basis and share reports with the Managers in the format and within the timelines as specified under the UPI
Circulars. Sponsor Banks and issuer banks shall download UPI settlement files and raw data files from the NPCI portal after
every settlement cycle and do a three way reconciliation with Banks UPI switch data, CBS data and UPI raw data. NPCI is to
coordinate with issuer banks and Sponsor Banks on a continuous basis.
Participation by Promoters and members of the Promoter Group of our Company, the Managers and the Syndicate
Members
The Managers and the Syndicate Members shall not be allowed to purchase Equity Shares in this Issue in any manner, except
towards fulfilling their underwriting obligations. However, the associates and affiliates of the Managers and the Syndicate
Members may Bid for Equity Shares in the Issue, either in the QIB Portion or in the Non-Institutional Portion as may be
applicable to such Bidders, where the allocation is on a proportionate basis and such subscription may be on their own account
or on behalf of their clients. All categories of investors, including associates or affiliates of the Managers and Syndicate
Members, shall be treated equally for the purpose of allocation to be made on a proportionate basis.
Neither (i) the Managers or any associates of the Managers (except Mutual Funds sponsored by entities which are associates of
the Managers or insurance companies promoted by entities which are associate of Managers or AIFs sponsored by the entities
which are associate of the Managers or FPIs (other than individuals, corporate bodies and family offices) sponsored by the
entities which are associates of the Managers) nor (ii) any “person related to our Promoters/ Promoter Group” shall apply in
the Issue under the Anchor Investor Portion.
For the purposes of this section, a QIB who has any of the following rights shall be deemed to be a “person related to our
Promoters/ Promoter Group”: (a) rights under a shareholders’ agreement or voting agreement entered into with our Promoters
or Promoter Group; (b) veto rights; or (c) right to appoint any nominee director on our Board.
Further, an Anchor Investor shall be deemed to be an associate of the Managers, if: (a) either of them controls, directly or
indirectly through its subsidiary or holding company, not less than 15% of the voting rights in the other; or (b) either of them,
directly or indirectly, by itself or in combination with other persons, exercises control over the other; or (c) there is a common
director, excluding a nominee director, amongst the Anchor Investor and the Managers.
Our Promoters and members of our Promoter Group will not participate in the Issue.
Bids by Mutual Funds
With respect to Bids by Mutual Funds, a certified copy of their SEBI registration certificate must be lodged along with the Bid
cum Application Form. Failing this, our Company in consultation with the Managers reserves the right to reject any Bid without
assigning any reason thereof.
Bids made by asset management companies or custodians of Mutual Funds shall specifically state names of the concerned
schemes for which such Bids are made.
In case of a Mutual Fund, a separate Bid can be made in respect of each scheme of the Mutual Fund registered with SEBI and
such Bids in respect of more than one scheme of the Mutual Fund will not be treated as multiple Bids provided that the Bids
clearly indicate the scheme concerned for which the Bid has been made.
No Mutual Fund scheme shall invest more than 10% of its NAV in equity shares or equity related instruments of any single
company provided that the limit of 10% shall not be applicable for investments in case of index funds or sector or industry
specific schemes. No Mutual Fund under all its schemes should own more than 10% of any company’s paid-up share capital
carrying voting rights.
Bids by Eligible NRIs
Eligible NRIs may obtain copies of Bid cum Application Form from the Designated Intermediaries. Only Bids accompanied
by payment in Indian Rupees or freely convertible foreign exchange will be considered for Allotment. Eligible NRI Bidders
bidding on a repatriation basis by using the Bid cum Application Form meant for Non-Residents should authorise their SCSB
365
to block their Non-Resident External (“NRE”) accounts (including UPI ID if activated), or Foreign Currency Non-Resident
(“FCNR”) accounts, and eligible NRI Bidders bidding on a non-repatriation basis by using resident forms should authorise
their SCSB to block their Non-Resident Ordinary (“NRO”) accounts for the full Bid Amount, at the time of the submission of
the Bid cum Application Form.
Eligible NRIs Bidding on non-repatriation basis are advised to use the Bid cum Application Form for residents (White in
colour). Eligible NRIs Bidding on a repatriation basis are advised to use the Bid cum Application Form meant for Non-Residents
(Blue in colour). Eligible NRIs will be permitted to apply in the Issue through Channel I or Channel II (as specified in the SEBI
UPI Circulars). Further, subject to applicable law, Eligible NRIs may use Channel IV (as specified in the SEBI UPI Circulars)
to apply in the Issue, provided the UPI facility is enabled for their NRE/NRO accounts.
For details of investment by NRIs, see “Restrictions on Foreign Ownership of Indian Securities” on page 378. Participation of
Eligible NRIs shall be subject to the FEMA Non-debt Instruments Rules.
Bids by HUFs
Bids by Hindu Undivided Families or HUFs, should be made in the individual name of the Karta. The Bidder/Applicant should
specify that the Bid is being made in the name of the HUF in the Bid cum Application Form/Application Form as follows:
“Name of sole or first Bidder/Applicant: XYZ Hindu Undivided Family applying through XYZ, where XYZ is the name of the
Karta”. Bids/Applications by HUFs will be considered at par with Bids/Applications from individuals.
Bids by FPIs
In terms of the SEBI FPI Regulations, the issue of Equity Shares to a single FPI or an investor group (which means the same
multiple entities having common ownership directly or indirectly of more than 50% or common control) must be below 10%
of our post-Issue Equity Share capital. Further, in terms of the FEMA Non-debt Instruments Rules, the total holding by each
FPI, or an investor group, shall be below 10% of the total paid-up Equity Share capital of our Company on a fully diluted basis
and the aggregate limit for FPI investments shall be the sectoral caps applicable to our Company, which is 100% of the total
paid-up Equity Share capital of our Company on a fully diluted basis. Bids by FPIs which utilise the multi investment manager
structure, submitted with the same PAN but with different beneficiary account numbers, Client IDs and DP IDs may not be
treated as multiple Bids.
In case of Bids made by FPIs, a certified copy of the certificate of registration issued under the SEBI FPI Regulations is required
to be attached to the Bid cum Application Form, failing which our Company reserves the right to reject any Bid without
assigning any reason. FPIs who wish to participate in the Issue are advised to use the Bid cum Application Form for Non-
Residents (blue in colour).
With effect from April 1, 2020, the aggregate limits for FPI investments are the sectoral caps applicable to our Company (i.e.
up to 100% under the automatic route).
The FEMA Non-Debt Instruments Rules were enacted on October 17, 2019 in supersession of the Foreign Exchange
Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, except as respects things
done or omitted to be done before such supersession. FPIs are permitted to participate in the Issue subject to compliance with
conditions and restrictions which may be specified by the Government from time to time. In terms of the FEMA Non-debt
Instruments Rules, for calculating the aggregate holding of FPIs in a company, holding of all registered FPIs shall be included.
To ensure compliance with the above requirement, SEBI, pursuant to its circular dated July 13, 2018, has directed that at the
time of finalisation of the Basis of Allotment, the Registrar shall (i) use the PAN issued by the Income Tax Department of India
for checking compliance for a single FPI; and (ii) obtain validation from Depositories for the FPIs who have invested in the
Issue to ensure there is no breach of the investment limit, within the timelines for issue procedure, as prescribed by SEBI from
time to time.
Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of Regulation 21 of
the SEBI FPI Regulations, an FPI, may issue, subscribe to or otherwise deal in offshore derivative instruments (as defined under
the SEBI FPI Regulations as any instrument, by whatever name called, which is issued overseas by a FPI against securities held
by it in India, as its underlying) directly or indirectly, only in the event:
(a) such offshore derivative instruments are issued only by persons registered as Category I FPIs;
(b) such offshore derivative instruments are issued only to persons eligible for registration as Category I FPIs;
(c) such offshore derivative instruments are issued after compliance with the ‘know your client’ norms as specified by
SEBI; and
(d) such other conditions as may be specified by SEBI from time to time.
An FPI issuing offshore derivative instruments is required to ensure that the transfer of an offshore derivative instruments issued
by or on behalf of it, is subject to (a) the transfer being made to persons which fulfil the criteria provided under the SEBI FPI
366
Regulations (as mentioned above from points (a) to (d)); and (b) prior consent of the FPI is obtained for such transfer, except
in cases, where the persons to whom the offshore derivative instruments are to be transferred, are pre-approved by the FPI.
Bids received from FPIs bearing the same PAN shall be treated as multiple Bids and are liable to be rejected, except for Bids
from FPIs that utilize the multiple investment manager structure in accordance with the operational guidelines for FPIs and
designated Depository Participants issued to facilitate implementation of SEBI FPI Regulations (such structure referred to as
“MIM Structure”), provided such Bids have been made with different beneficiary account numbers, Client IDs and DP IDs.
Accordingly, it should be noted that multiple Bids received from FPIs, who do not utilize the MIM Structure, and bear the same
PAN, are liable to be rejected. In order to ensure valid Bids, FPIs making multiple Bids using the same PAN, and with different
beneficiary account numbers, Client IDs and DP IDs, are required to provide a confirmation in the Bid cum Application Forms
that the relevant FPIs making multiple Bids utilize the MIM Structure. In the absence of such confirmation from the relevant
FPIs, such multiple Bids shall be liable to be rejected.
Further, in the following cases, Bids by FPIs shall not be treated as multiple Bids:
• FPIs which utilise the MIM structure, indicating the name of their respective investment managers in such
confirmation;
• Offshore derivative instruments which have obtained separate FPI registration for ODI and proprietary derivative
investments;
• Sub funds or separate class of investors with segregated portfolio who obtain separate FPI registration;
• FPI registrations granted at investment strategy level/sub fund level where a collective investment scheme or fund has
multiple investment strategies/sub-funds with identifiable differences and managed by a single investment manager;
• Multiple branches in different jurisdictions of foreign bank registered as FPIs;
• Government and Government related investors registered as Category 1 FPIs; and
• Entities registered as collective investment scheme having multiple share classes.
The Bids belonging to any of the above mentioned seven structures and having same PAN may be collated and identified as a
single Bid in the Bidding process. The Equity Shares allotted in the Bid may be proportionately distributed to the applicant FPIs
(with same PAN). In order to ensure valid Bids, FPIs making multiple Bids using the same PAN, and with different beneficiary
account numbers, Client IDs and DP IDs, are required to provide a confirmation along with each of their Bid cum Application
Forms that the relevant FPIs making multiple Bids utilize any of the above-mentioned structures and indicate the name of their
respective investment managers in such confirmation. In the absence of such confirmation from the relevant FPIs, such multiple
Bids shall be liable to be rejected.
For details of investment by FPIs, see “Restrictions on Foreign Ownership of Indian Securities” on page 378. Participation of
FPIs shall be subject to the FEMA Non-debt Instruments Rules.
All non-resident investors should note that refunds (in case of Anchor Investors), dividends and other distributions, if
any, will be payable in Indian Rupees only and net of bank charges and commission.
Bids by SEBI registered VCFs, AIFs and FVCIs
The SEBI VCF Regulations as amended, inter alia prescribe the investment restrictions on VCFs, registered with SEBI. The
SEBI AIF Regulations prescribe, amongst others, the investment restrictions on AIFs. The SEBI FVCI Regulations prescribe
the investment restrictions on FVCIs.
Accordingly, the holding in any company by any individual VCF or FVCIs (under Schedule I of the FEMA Non-Debt
Instruments Rules) registered with SEBI in one venture capital undertaking should not exceed 25% of the corpus of the VCF
or FVCI. Further, VCFs and FVCIs can invest only up to 33.33% of the investible funds by way of subscription to an initial
public offering.
Category I and II AIFs cannot invest more than 25% of their respective corpus in one investee company. A category III AIF
cannot invest more than 10% of its corpus in one investee company. A VCF registered as a category I AIF, as defined in the
SEBI AIF Regulations, cannot invest more than one-third of its investible funds by way of subscription to an initial public
offering of a venture capital undertaking. Additionally, the VCFs which have not re-registered as an AIF under the SEBI AIF
Regulations shall continue to be regulated by the SEBI VCF Regulations until the existing fund or scheme managed by the fund
is wound up.
Further, the shareholding of VCFs, category I AIFs or category II AIFs and FVCIs holding equity shares of a company prior to
an initial public offering being undertaken by such company, shall be exempt from lock-in requirements, Provided that such
equity shares shall be locked in for a period of at least one year from the date of purchase by the venture capital fund or
alternative investment fund or foreign venture capital investor.
367
All non-resident investors should note that refunds (in case of Anchor Investors), dividends and other distributions, if
any, will be payable in Indian Rupees only and net of bank charges and commission.
Our Company or the Managers will not be responsible for loss, if any, incurred by the Bidder on account of conversion of
foreign currency.
Bids by limited liability partnerships
In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008, a certified
copy of certificate of registration issued under the Limited Liability Partnership Act, 2008, must be attached to the Bid cum
Application Form. Failing this, our Company in consultation with the Managers reserves the right to reject any Bid without
Bids by banking companies
In case of Bids made by banking companies registered with RBI, certified copies of: (i) the certificate of registration issued by
RBI, and (ii) the approval of such banking company’s investment committee are required to be attached to the Bid cum
Application Form, failing which our Company in consultation with the Managers reserves the right to reject any Bid without
assigning any reason.
The investment limit for banking companies in non-financial services companies as per the Banking Regulation Act, 1949
(“Banking Regulation Act”). and the Reserve Bank of India Master Direction (Financial Services provided by Banks)
Directions, 2016, is 10% of the paid-up share capital of the investee company, not being its subsidiary engaged in non-financial
services, or 10% of the banks’ own paid-up share capital and reserves, whichever is less. Further, the aggregate investment by
a banking company in subsidiaries and other entities engaged in financial and non-financial services company cannot exceed
20% of the bank’s paid-up share capital and reserves.
However, a banking company would be permitted to invest in excess of 10% but not exceeding 30% of the paid-up share capital
of such investee company, subject to prior approval of the RBI, if (i) the investee company is engaged in non-financial activities
permitted for banking companies in terms of Section 6(1) of the Banking Regulation Act; (ii) the additional acquisition is
through restructuring of debt, or to protect the banking company’s interest on loans/investments made to a company; (iii) hold
along with its subsidiaries, associates or joint ventures or entities directly or indirectly controlled by the bank; and mutual funds
managed by asset management companies controlled by the bank, more than 20% of the investee company’s paid up share
capital engaged in non-financial services. However, this cap doesn’t apply to the cases mentioned in (i) and (ii) above.
Bids by SCSBs
SCSBs participating in the Issue are required to comply with applicable law, including the terms of the SEBI circulars (Nos.
CIR/CFD/DIL/12/2012 and CIR/CFD/DIL/1/2013) dated September 13, 2012 and January 2, 2013. Such SCSBs are required
to ensure that for making applications on their own account using ASBA, they should have a separate account in their own
name with any other SEBI registered SCSBs. Further, such account shall be used solely for the purpose of making application
in public issues and clear demarcated funds should be available in such account for such applications.
Bids by insurance companies
In case of Bids made by insurance companies registered with the IRDAI, a certified copy of certificate of registration issued by
IRDAI must be attached to the Bid cum Application Form. Failing this, our Company in consultation with the Managers reserve
the right to reject any Bid without assigning any reason thereof.
The exposure norms for insurers are prescribed under the Insurance Regulatory and Development Authority (Investment)
Regulations, 2016, as amended (“IRDAI Investment Regulations”), based on investments in the equity shares of a company,
the entire group of the investee company and the industry sector in which the investee company operates. Bidders are advised
to refer to the IRDA Investment Regulations for specific investment limits applicable to them.
Bids by provident funds/pension funds
In case of Bids made by provident funds/pension funds, subject to applicable laws, with minimum corpus of ₹250 million, a
certified copy of a certificate from a chartered accountant certifying the corpus of the provident fund/pension fund must be
attached to the Bid cum Application Form. Failing this, our Company in consultation with the Managers reserves the right to
reject any Bid, without assigning any reason thereof.
Bids under Power of Attorney
In case of Bids made pursuant to a power of attorney or by limited companies, corporate bodies, registered societies, Eligible
FPIs, Mutual Funds, insurance companies, insurance funds set up by the army, navy or air force of the India, insurance funds
set up by the Department of Posts, India or the National Investment Fund and provident funds with a minimum corpus of ₹250
million (subject to applicable law) and pension funds with a minimum corpus of ₹250 million, a certified copy of the power of
attorney or the relevant resolution or authority, as the case may be, along with a certified copy of the memorandum of association
368
and articles of association and/or bye laws must be lodged along with the Bid cum Application Form. Failing this, our Company
in consultation with the Managers reserves the right to accept or reject any Bid in whole or in part, in either case, without
Our Company in consultation with the Managers in their absolute discretion, reserve the right to relax the above condition of
simultaneous lodging of the power of attorney along with the Bid cum Application Form subject to the terms and conditions
that our Company in consultation with the Managers may deem fit.
Bids by Systemically Important Non-Banking Financial Companies
In case of Bids made by Systemically Important NBFCs registered with RBI, certified copies of: (i) the certificate of registration
issued by RBI, (ii) certified copy of its last audited financial statements on a standalone basis and a net worth certificate from
its statutory auditor, and (iii) such other approval as may be required by the Systemically Important NBFCs, are required to be
attached to the Bid cum Application Form. Failing this, our Company in consultation with the Managers, reserves the right to
reject any Bid without assigning any reason thereof. Systemically Important NBFCs participating in the Issue shall comply with
all applicable regulations, guidelines and circulars issued by RBI from time to time.
The investment limit for Systemically Important NBFCs shall be as prescribed by RBI from time to time.
Bids by Anchor Investors
(a) In accordance with the SEBI ICDR Regulations, in addition to details and conditions mentioned in this section the
key terms for participation by Anchor Investors are provided below. Anchor Investor Application Forms will be
made available for the Anchor Investor Portion at the offices of the BRLMs.
(b) The Bid was required to be for a minimum of such number of Equity Shares so that the Bid Amount exceeds ₹ 100
million. A Bid could not be submitted for over 60% of the QIB Portion. In case of a Mutual Fund, separate bids by
individual schemes of a Mutual Fund were aggregated to determine the minimum application size of ₹ 100 million.
(c) One-third of the Anchor Investor Portion will be reserved for allocation to domestic Mutual Funds.
(d) Bidding for Anchor Investors may open one Working Day before the Bid/Issue Opening Date, in consultation with
the Managers.
(e) Our Company, in consultation with the BRLMs will finalise allocation to the Anchor Investors on a discretionary
basis, provided that the minimum number of Allottees in the Anchor Investor Portion is not less than:
• maximum of two Anchor Investors, where allocation under the Anchor Investor Portion is up to ₹ 100
million;
• minimum of two and maximum of 15 Anchor Investors, where the allocation under the Anchor Investor
Portion is more than ₹ 100 million but up to ₹ 2,500 million, subject to a minimum Allotment of ₹ 50 million
per Anchor Investor; and
• in case of allocation above ₹ 2,500 million under the Anchor Investor Portion, a minimum of five such
investors and a maximum of 15 Anchor Investors for allocation up to ₹ 2,500 million, and an additional 10
Anchor Investors for every additional ₹ 2,500 million, subject to minimum Allotment of ₹ 50 million per
Anchor Investor.
(f) Allocation to Anchor Investors will be completed on the Anchor Investor Bid/Issue Period. The number of Equity
Shares to be allocated to Anchor Investors and the price at which the allocation is made, will be made available in
the public domain by the BRLMs before the Bid/Issue Opening Date, through intimation to the Stock Exchanges.
(g) Anchor Investors can not withdraw or lower the size of their Bids at any stage after submission of the Bid.
(h) Equity Shares Allotted in the Anchor Investor Portion will be locked in for a period of 30 days from the date of
Allotment.
(i) Neither the BRLMs nor any associate of the BRLMs (except Mutual Funds sponsored by entities which are
associates of the BRLMs or insurance companies promoted by entities which are associate of BRLMs or AIFs
sponsored by the entities which are associate of the BRLMs or FPIs, other than individuals, corporate bodies and
family offices sponsored by the entities which are associate of the and BRLMs) can apply in the Issue under the
Anchor Investor Portion.
(j) Bids made by QIBs under both the Anchor Investor Portion and the QIB Portion will not be considered as multiple
Bids.
369
(k) If the Issue Price is greater than the Anchor Investor Allocation Price, the additional amount being the difference
between the Issue Price and the Anchor Investor Allocation Price will be payable by the Anchor Investors on the
Anchor Investor Pay-in Date specified in the CAN. If the Issue Price is lower than the Anchor Investor Allocation
Price, Allotment to successful Anchor Investors will be at the higher price, i.e., the Anchor Investor Issue Price.
Bids by Eligible Employees
The Bid must be for a minimum of [●] Equity Shares and in multiples of [●] Equity Shares thereafter so as to ensure that the
Bid Amount payable by the Eligible Employee does not exceed ₹ 500,000. However, the initial allocation to an Eligible
Employee in the Employee Reservation Portion shall not exceed ₹ 200,000. Allotment in the Employee Reservation Portion
will be as detailed in the section “Issue Structure” beginning on page 359.
However, Allotments to Eligible Employees in excess of ₹ 200,000 shall be considered on a proportionate basis, in the event
of undersubscription in the Employee Reservation Portion, subject to the total Allotment to an Eligible Employee not exceeding
₹ 500,000. Subsequent undersubscription, if any, in the Employee Reservation Portion shall be added back to the Net Issue.
Eligible Employees Bidding in the Employee Reservation Portion may Bid at the Cut-off Price. Eligible Employees cannot
apply under Employee Reservation portion using UPI mechanism.
Bids under the Employee Reservation Portion by Eligible Employees shall be:
• Made only in the prescribed Bid cum Application Form or Revision Form.
• Only Eligible Employees (excluding such other persons not eligible under applicable laws, rules, regulations and
guidelines) would be eligible to apply in this Issue under the Employee Reservation Portion.
• In case of joint bids, the Sole/ First Bidder shall be the Eligible Employee.
• Bids by Eligible Employees in the Employee Reservation Portion, in the Shareholder Reservation Portion (up to ₹
200,000) and in the Retail Portion or Non-Institutional Portion shall not be treated as multiple Bids. Persons
who are Eligible Employees may Bid in the Employee Reservation and/or the Shareholder Reservation Portion
and such Bids shall not be treated as multiple Bids. To clarify, Eligible Employees Bidding in the Employee
Reservation Portion and Bidding in the Shareholder Reservation Portion for above ₹ 200,000 can bid in the Net Issue
for up to ₹ 200,000. Our Company reserves the right to reject, in its absolute discretion, all or any multiple Bids in
any or all portions. For further details, see “Issue Procedure” on page 362.
• Bids by Eligible Employees may be made at Cut-off Price.
• Only those Bids, which are received at or above the Issue Price, if any would be considered for allocation under this
portion.
• The Bids must be for a minimum of [●] Equity Shares and in multiples of [●] Equity Shares thereafter so as to ensure
that the Bid Amount payable by the Eligible Employees is subject to a maximum Bid Amount of ₹ 500,000 on a net
basis.
• Eligible Employees bidding in the Employee Reservation Portion shall not Bid through the UPI mechanism.
• If the aggregate demand in this portion is less than or equal to [●] Equity Shares at or above the Issue Price, full
allocation shall be made to the Eligible Employees to the extent of their demand.
• Bids by Eligible Employees in the Employee Reservation Portion and in the Net Issue portion shall not be treated as
multiple Bids. Our Company reserves the right to reject, in its absolute discretion, all or any multiple Bids in any or
all categories.
In the event of under-subscription in the Employee Reservation Portion, the unsubscribed portion will be available for allocation
and Allotment, proportionately to all Eligible Employees who have Bid in excess of ₹ 200,000, subject to the maximum value
of Allotment made to such Eligible Employee not exceeding ₹ 500,000.
If the aggregate demand in this portion is greater than [●] Equity Shares at or above the Issue Price, the allocation shall be made
on a proportionate basis. For the method of proportionate basis of Allotment, see “Issue Procedure” beginning on page 362.
Bids by Eligible AEL Shareholders
Bids under the Shareholder Reservation Portion shall be subject to the following:
• Only Eligible AEL Shareholders (i.e. Individuals and HUFs who are equity shareholders of our Promoter, AEL
(excluding such other persons not eligible under applicable laws, rules, regulations and guidelines) as at the date of
this Red Herring Prospectus) would be eligible to apply in this Issue under the Shareholder Reservation Portion.
370
• The sole/first Bidder shall be an Eligible AEL Shareholder.
• Only those Bids, which are received at or above the Issue Price, would be considered for allocation under this category.
• The Bids must be for a minimum of [●] Equity Shares and in multiples of [●] Equity Shares thereafter.
• Eligible AEL Shareholders bidding in the AEL Shareholders Reservation Portion up to ₹ 200,000 can bid through the
UPI mechanism, and Eligible AEL Shareholders bidding in the AEL Shareholders Reservation Portion for an amount
exceeding ₹ 200,000 cannot bid through the UPI mechanism.
• Bids by Eligible AEL Shareholders in Shareholders Reservation Portion, the Net Issue portion and the Employee
Reservation Portion (if eligible) shall not be treated as multiple Bids subject to applicable limits. To clarify, an Eligible
AEL Shareholder bidding in the Shareholders Reservation Portion above ₹ 200,000 can Bid in the Net Issue for up to
₹ 200,000 and the Employee Reservation Portion (if eligible and subject to applicable limits), otherwise such Bids will
be treated as multiple Bids. If an Eligible AEL Shareholder is bidding in the Shareholders Reservation Portion up to ₹
200,000, application by such Eligible AEL Shareholder in Retail Portion or Non-Institutional Portion or Employee
Reservation Portion (if eligible and subject to applicable limits) shall not be treated as multiple Bids. Therefore, AEL
Shareholders bidding in the Shareholders Reservation Portion (subject to the Bid Amount being up to ₹ 200,000) and
bidding in the Employee Reservation Portion (as Eligible Employees and subject to applicable limits) can also Bid
under the Net Issue and such Bids will not be treated as multiple Bids. For details, please see “Issue Procedure” on
page 362.
• If the aggregate demand in this category is less than or equal to [●] Equity Shares at or above the Issue Price, full
allocation shall be made to the Eligible AEL Shareholders to the extent of their demand.
• Under-subscription, if any, in any category including the Shareholder Reservation Portion and Employee Reservation
Portion, except in the QIB Portion, would be allowed to be met with spill-over from any other category or a
combination of categories at the discretion of our Company in consultation with the Managers and the Designated
Stock Exchange.
Eligible AEL Shareholders would need to have a valid PAN and their PAN should be updated with the register of shareholders
maintained with Adani Enterprises Limited. Further, Eligible AEL Shareholders would need to have a valid demat account and
details, as Equity Shares can only be Allotted to Eligible AEL Shareholders having a valid demat account.
If the aggregate demand in this category is greater than [●] Equity Shares, at or above the Issue Price, then the allocation with
respect to the Shareholders Reservation Portion shall be made on a proportionate basis.
Grounds for Technical Rejection for Eligible AEL Shareholders
Multiple Bid cum Application Forms are liable to be rejected in the event (i) an Eligible AEL Shareholder holding multiple
demat accounts makes such multiple applications and (ii) an Eligible AEL Shareholder, being first holder of a joint demat
account makes such multiple applications individually and jointly. In the event applications are made in the Shareholder
Reservation Portion, Bidders should ensure that they have a valid PAN and the PAN is updated with the register of shareholders
maintained with AEL. For example, in case there is no PAN updated in the register of shareholders maintained with AEL or
the PAN mentioned in the application form does not match with the PAN in the register of shareholders maintained with AEL,
the applications will be liable to be rejected.
In accordance with existing regulations issued by the RBI, OCBs cannot participate in the Issue.
The above information is given for the benefit of the Bidders. Our Company and the Managers are not liable for any
amendments or modification or changes in applicable laws or regulations, which may occur after the date of this Red
Herring Prospectus. Bidders are advised to make their independent investigations and ensure that any single Bid from
them does not exceed the applicable investment limits or maximum number of the Equity Shares that can be held by
them under applicable law or regulation or as specified in this Red Herring Prospectus and the Prospectus.
Information for Bidders
The relevant Designated Intermediary will enter a maximum of three Bids at different price levels opted in the Bid cum
Application Form and such options are not considered as multiple Bids. It is the Bidder’s responsibility to obtain the
acknowledgment slip from the relevant Designated Intermediary. The registration of the Bid by the Designated Intermediary
does not guarantee that the Equity Shares shall be allocated/Allotted. Such Acknowledgement Slip will be non-negotiable and
by itself will not create any obligation of any kind. When a Bidder revises his or her Bid, he/she shall surrender the earlier
Acknowledgement Slip and may request for a revised acknowledgment slip from the relevant Designated Intermediary as proof
of his or her having revised the previous Bid.
In relation to electronic registration of Bids, the permission given by the Stock Exchanges to use their network and software of
the electronic bidding system should not in any way be deemed or construed to mean that the compliance with various statutory
371
and other requirements by our Company and/or the Managers are cleared or approved by the Stock Exchanges; nor does it in
any manner warrant, certify or endorse the correctness or completeness of compliance with the statutory and other requirements,
nor does it take any responsibility for the financial or other soundness of our Company, the management or any scheme or
project of our Company; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the
contents of the Draft Red Herring Prospectus or this Red Herring Prospectus; nor does it warrant that the Equity Shares will be
listed or will continue to be listed on the Stock Exchanges.
General Instructions
Please note that QIBs and Non-Institutional Investors are not permitted to withdraw their Bid(s) or lower the size of their Bid(s)
(in terms of quantity of Equity Shares or the Bid Amount) at any stage. RIBs can revise their Bid(s) during the Bid/Issue Period
and withdraw their Bid(s) until Bid/Issue Closing Date. Anchor Investors are not allowed to withdraw or lower the size of their
Bids after the Anchor Investor Bid/Issue Period.
Do’s:
1. Check if you are eligible to apply as per the terms of this Red Herring Prospectus and under applicable law, rules,
regulations, guidelines and approvals. All Bidders (other than Anchor Investors) should submit their Bids through the
ASBA process only;
2. Ensure that you have Bid within the Price Band;
3. Read all the instructions carefully and complete the Bid cum Application Form in the prescribed form;
4. Ensure that you (other than in the case of Anchor Investors) have mentioned the correct details of ASBA Account (i.e.
bank account number or UPI ID, as applicable) in the Bid cum Application Form if you are not an RIB bidding using
the UPI Mechanism and if you are an RIB using the UPI Mechanism, ensure that you have mentioned the correct UPI
ID (with maximum length of 45 characters including the handle), in the Bid cum Application Form;
5. RIBs using UPI Mechanism through the SCSBs and mobile applications shall ensure that the name of the bank appears
in the list of SCSBs which are live on UPI, as displayed on the SEBI website. RIBs shall ensure that the name of the
app and the UPI handle which is used for making the application appears in Annexure ‘A’ to the SEBI circular no.
SEBI/HO/CFD/DIL2/COR/P/2019/85 dated July 26, 2019;
6. Ensure that your Bid cum Application Form bearing the stamp of a Designated Intermediary is submitted to the
Designated Intermediary at the Bidding Centre within the prescribed time. RIBs using UPI Mechanism, may submit
their ASBA Forms with Syndicate, sub-Syndicate Members, Registered Brokers, RTA or CDP;
7. Ensure that you have funds equal to the Bid Amount in the ASBA Account maintained with the SCSB, before
submitting the ASBA Form to any of the Designated Intermediaries. Ensure that you use only your own bank account
linked UPI ID (only for RIBs using the UPI Mechanism) to make an application in the Issue;
8. If the first Bidder is not the bank account holder, ensure that the Bid cum Application Form is signed by the account
holder. Ensure that you have an account with an SCSB and have mentioned the correct bank account number in the
Bid cum Application Form (for all Bidders other than RIBs bidding using the UPI Mechanism);
9. Ensure that the signature of the First Bidder in case of joint Bids, is included in the Bid cum Application Forms;
10. Ensure that you request for and receive a stamped acknowledgement counterfoil or acknowledgment specifying the
application number as a proof of having accepted Bid cum Application Form for all your Bid options from the
concerned Designated Intermediary;
11. Ensure that the name(s) given in the Bid cum Application Form is/are exactly the same as the name(s) in which the
beneficiary account is held with the Depository Participant. In case of joint Bids, the Bid cum Application Form should
contain only the name of the First Bidder whose name should also appear as the first holder of the beneficiary account
held in joint names. Ensure that the signature of the First Bidder is included in the Bid cum Application Forms;
12. RIBs Bidding in the Issue to ensure that they shall use only their own ASBA Account or only their own bank account
linked UPI ID (only for RIBs using the UPI Mechanism) to make an application in the Issue and not ASBA Account
or bank account linked UPI ID of any third party;
13. Ensure that you submit the revised Bids to the same Designated Intermediary, through whom the original Bid was
placed and obtain a revised acknowledgment;
14. Ensure that you have correctly signed the authorisation/undertaking box in the Bid cum Application Form, or have
otherwise provided an authorisation to the SCSB or Sponsor Banks, as applicable, via the electronic mode, for blocking
funds in the ASBA Account equivalent to the Bid Amount mentioned in the Bid cum Application Form, as the case
may be, at the time of submission of the Bid. In case of RIBs submitting their Bids and participating in the Issue
372
through the UPI Mechanism, ensure that you authorise the UPI Mandate Request, including in case of any revision of
Bids, raised by the Sponsor Banks for blocking of funds equivalent to Bid Amount and subsequent debit of funds in
case of Allotment;
15. Except for Bids (i) on behalf of the Central or State Governments and the officials appointed by the courts, who, in
terms of the SEBI circular no. MRD/DoP/Cir-20/2008 dated June 30, 2008, may be exempt from specifying their PAN
for transacting in the securities market, (ii) submitted by investors who are exempt from the requirement of
obtaining/specifying their PAN for transacting in the securities market, and (iii) Bids by persons resident in the state
of Sikkim, who, in terms of a SEBI circular no. MRD/DoP/SE/Cir-8/2006 dated July 20, 2006, may be exempted from
specifying their PAN for transacting in the securities market, all Bidders should mention their PAN allotted under the
IT Act. The exemption for the Central or the State Government and officials appointed by the courts and for investors
residing in the State of Sikkim is subject to (a) the Demographic Details received from the respective depositories
confirming the exemption granted to the beneficiary owner by a suitable description in the PAN field and the
beneficiary account remaining in “active status”; and (b) in the case of residents of Sikkim, the address as per the
Demographic Details evidencing the same. All other applications in which PAN is not mentioned will be liable to be
rejected;
16. Ensure that the Demographic Details are updated, true and correct in all respects;
17. Ensure that thumb impressions and signatures other than in the languages specified in the Eighth Schedule to the
Constitution of India are attested by a Magistrate or a Notary Public or a Special Executive Magistrate under official
seal;
18. Ensure that the category and the investor status is indicated in the Bid cum Application Form to ensure proper upload
of your Bid in the electronic Bidding system of the Stock Exchanges;
19. Ensure that in case of Bids under power of attorney or by limited companies, corporates, trust, etc., relevant documents
are submitted;
20. Ensure that Bids submitted by any person resident outside India is in compliance with applicable foreign and Indian
laws;
21. Since the Allotment will be in demat form only, ensure that the Bidder’s depository account is active, the correct DP
ID, Client ID, the PAN, UPI ID, if applicable, are mentioned in their Bid cum Application Form and that the name of
the Bidder, the DP ID, Client ID, the PAN and UPI ID, if applicable, entered into the online IPO system of the Stock
Exchanges by the relevant Designated Intermediary, as applicable, matches with the name, DP ID, Client ID, PAN
and UPI ID, if applicable, available in the Depository database;
22. Bidders bidding under the Shareholders Reservation Portion should ensure that they have a valid PAN and their PAN
is updated with the register of shareholders maintained with AEL
23. Ensure that when applying in the Issue using UPI, the name of your SCSB appears in the list of SCSBs displayed on
the SEBI website which are live on UPI. Further, also ensure that the name of the app and the UPI handle being used
for making the application is also appearing in Annexure ‘A’ to the SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019;
24. RIBs who wish to revise their Bids using the UPI Mechanism, should submit the revised Bid with the Designated
Intermediaries, pursuant to which RIBs should ensure acceptance of the UPI Mandate Request received from the
Sponsor Banks to authorise blocking of funds equivalent to the revised Bid Amount in the RIB’s ASBA Account;
25. Ensure that you have accepted the UPI Mandate Request received from the Sponsor Banks prior to 12:00 p.m. of the
Working Day immediately after the Bid/Issue Closing Date;
26. FPIs making MIM Bids using the same PAN, and different beneficiary account numbers, Client IDs and DP IDs, are
required to submit a confirmation that their Bids are under the MIM structure and indicate the name of their investment
managers in such confirmation which shall be submitted along with each of their Bid cum Application Forms. In the
absence of such confirmation from the relevant FPIs, such MIM Bids shall be liable to be rejected;
27. RIBs shall ensure that details of the Bid are reviewed and verified by opening the attachment in the UPI Mandate
Request and then proceed to authorise the UPI Mandate Request using his/her UPI PIN. Upon the authorisation of the
mandate using his/her UPI PIN, an RIB may be deemed to have verified the attachment containing the application
details of the RIB in the UPI Mandate Request and have agreed to block the entire Bid Amount and authorised the
Sponsor Banks to block the Bid Amount mentioned in the Bid Cum Application Form; and
28. RIBs and AEL Shareholders bidding under the Shareholders Reservation Portion (subject to the Bid Amount being up
to ₹200,000) using the UPI Mechanism who have revised their Bids subsequent to making the initial Bid should also
approve the revised UPI Mandate Request generated by the Sponsor Banks to authorize blocking of funds equivalent
to the revised Bid Amount and subsequent debit of funds in case of Allotment in a timely manner;
373
29. Ensure that while Bidding through a Designated Intermediary, the Bid cum Application Form (other than for Anchor
Investors and RIBs bidding using the UPI Mechanism) is submitted to a Designated Intermediary in a Bidding Centre
and that the SCSB where the ASBA Account, as specified in the ASBA Form, is maintained has named at least one
branch at that location for the Designated Intermediary to deposit ASBA Forms (a list of such branches is available on
the website of SEBI at www.sebi.gov.in).
The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not complied with. Application
made using incorrect UPI handle or using a bank account of an SCSB or SCSBs which is not mentioned in the Annexure ‘A’
to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 is liable to be rejected.
Don’ts:
1. Do not Bid for lower than the minimum Bid size;
2. Do not Bid for a Bid Amount exceeding ₹ 200,000 (for Bids by RIBs) and ₹ 500,000 for Bids by Eligible Employees
Bidding in the Employee Reservation Portion;
3. Do not submit a Bid using UPI ID, if you are not a RIB or if you are an AEL Shareholder applying for Bid amount
above ₹200,000;
4. Do not pay the Bid Amount in cheques, demand drafts or by cash, money order, postal order or by stock invest;
5. Do not send Bid cum Application Forms by post; instead submit the same to the Designated Intermediary only;
6. Do not Bid at Cut-off Price (for Bids by QIBs and Non-Institutional Bidders);
7. Do not instruct your respective banks to release the funds blocked in the ASBA Account under the ASBA process;
8. Do not submit the Bid for an amount more than funds available in your ASBA account.
9. Do not submit Bids on plain paper or on incomplete or illegible Bid cum Application Forms or on Bid cum Application
Forms in a colour prescribed for another category of a Bidder;
10. Do not instruct your respective banks to release the funds blocked in the ASBA Account under the ASBA process;
11. If you are a RIB and are using UPI mechanism, do not submit more than one Bid cum Application Form for each UPI
ID;
12. Anchor Investors should not Bid through the ASBA process;
13. Do not submit the ASBA Forms to any Designated Intermediary that is not authorised to collect the relevant ASBA
Forms or to our Company;
14. Do not Bid on a Bid cum Application Form that does not have the stamp of the relevant Designated Intermediary;
15. Do not submit the General Index Register (GIR) number instead of the PAN;
16. Do not submit incorrect details of the DP ID, Client ID, PAN and UPI ID, if applicable, or provide details for a
beneficiary account which is suspended or for which details cannot be verified by the Registrar to the Issue;
17. Do not submit a Bid in case you are not eligible to acquire Equity Shares under applicable law or your relevant
constitutional documents or otherwise;
18. Do not Bid if you are not competent to contract under the Indian Contract Act, 1872 (other than minors having valid
depository accounts as per Demographic Details provided by the depository);
19. Do not submit a Bid/revise a Bid Amount, with a price less than the Floor Price or higher than the Cap Price;
20. Do not submit a Bid using UPI ID, if you are not a RIB;
21. Do not Bid on another Bid cum Application Form or the Anchor Investor Application Form, as the case may be, after
you have submitted a Bid to any of the Designated Intermediaries;
22. Do not Bid for Equity Shares in excess of what is specified by the respective Stock Exchange for each category;
23. If you are a QIB, do not submit your Bid after 3:00 p.m. on the QIB Bid/Issue Closing Date;
374
24. Do not fill up the Bid cum Application Form such that the Equity Shares Bid for, exceeds the Issue size and/or
investment limit or maximum number of the Equity Shares that can be held under applicable laws or regulations or
maximum amount permissible under applicable laws or regulations, or under the terms of this Red Herring Prospectus;
25. Do not withdraw your Bid or lower the size of your Bid (in terms of quantity of the Equity Shares or the Bid Amount)
at any stage, if you are a QIB or a Non-Institutional Bidder. RIBs can revise or withdraw their Bids on or before the
Bid/Issue Closing Date;
26. Do not submit Bids to a Designated Intermediary at a location other than the Specified Locations. If you are an RIB
and are using the UPI Mechanism, do not submit the ASBA Form directly with SCSBs;
27. If you are an RIB which is submitting the ASBA Form with any of the Designated Intermediaries and using your UPI
ID for the purpose of blocking of funds, do not use any third party bank account or third party linked bank account
UPI ID;
28. Do not submit the Bid cum Application Forms to any non-SCSB bank;
29. Do not submit a Bid cum Application Form with third party ASBA bank account or UPI ID (in case of Bids submitted
by RIBs using the UPI Mechanism);
30. RIBs Bidding through the UPI Mechanism using the incorrect UPI handle or using a bank account of an SCSB and/or
mobile applications which is not mentioned in the list provided on the SEBI website is liable to be rejected; and
31. Do not Bid if you are an OCB.
The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not complied with.
Further, in case of any pre-Issue or post Issue related issues regarding share certificates/demat credit/refund orders/unblocking
etc., investors can reach out to our Company Secretary and Compliance Officer. For details of our Company Secretary and
Compliance Officer, see “General Information” on page 56.
For helpline details of the Managers pursuant to the SEBI/HO.CFD.DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, see
“General Information – Managers” on page 56.
Names of entities responsible for finalising the basis of allotment in a fair and proper manner
The authorised employees of the Designated Stock Exchange, along with the Managers and the Registrar, shall ensure that the
Basis of Allotment is finalised in a fair and proper manner in accordance with the procedure specified in SEBI ICDR
Regulations.
Method of allotment as may be prescribed by SEBI from time to time
Our Company will not make any allotment in excess of the Equity Shares through this Red Herring Prospectus and the
Prospectus except in case of oversubscription for the purpose of rounding off to make Allotment, in consultation with the
Designated Stock Exchange. Further, upon oversubscription, an Allotment of not more than 1% of the Net Issue to public may
be made for the purpose of making Allotment in minimum lots.
The allotment of Equity Shares to applicants other than to the RIBs and Anchor Investors shall be on a proportionate basis
within the respective investor categories and the number of securities allotted shall be rounded off to the nearest integer, subject
to minimum allotment being equal to the minimum application size as determined and disclosed.
The allotment of Equity Shares to each RIB shall not be less than the minimum bid lot, subject to the availability of shares in
RIB Portion, and the remaining available Equity Shares, if any, shall be allotted on a proportionate basis.
Payment into Escrow Account(s) for Anchor Investors
Our Company in consultation with the Managers, in their absolute discretion, will decide the list of Anchor Investors to whom
the CAN will be sent, pursuant to which the details of the Equity Shares allocated to them in their respective names will be
notified to such Anchor Investors. For Anchor Investors, the payment instruments for payment into the Escrow Account(s)
should be drawn in favour of:
(a) In case of resident Anchor Investors: “ADANI WILMAR LIMITED – IPO – ANCHOR INVESTOR – R”
(b) In case of Non-Resident Anchor Investors: “ADANI WILMAR LIMITED – IPO – ANCHOR INVESTOR – NR”
Anchor Investors should note that the escrow mechanism is not prescribed by SEBI and has been established as an arrangement
between our Company and the Syndicate, the Escrow Collection Bank and the Registrar to the Issue to facilitate collections of
Bid amounts from Anchor Investors.
375
Pre-Issue Advertisement
Subject to Section 30 of the Companies Act, 2013, our Company shall, after filing this Red Herring Prospectus with the RoC,
publish a pre-Issue advertisement, in the form prescribed by the SEBI ICDR Regulations, in: (i) all editions of Financial Express,
an English national daily newspaper, all editions of Jansatta, a Hindi national daily newspaper and regional edition of Jai Hind,
a Gujarati newspaper, Gujarati being the regional language of Gujarat, where our Registered and Corporate Office is located,
each with wide circulation.
In the pre-Issue advertisement, we shall state the Bid/Issue Opening Date and the Bid/Issue Closing Date. This advertisement,
subject to the provisions of Section 30 of the Companies Act, 2013, shall be in the format prescribed in Part A of Schedule X
of the SEBI ICDR Regulations.
The above information is given for the benefit of the Bidders/applicants. Our Company and members of the Syndicate
are not liable for any amendments or modification or changes in applicable laws or regulations, which may occur after
the date of this Red Herring Prospectus. Bidders/applicants are advised to make their independent investigations and
ensure that the number of Equity Shares Bid for do not exceed the prescribed limits under applicable laws or
regulations.
Signing of the Underwriting Agreement and the RoC Filing
(a) Our Company and the Underwriters intend to enter into an Underwriting Agreement on or immediately after the
finalisation of the Issue Price but prior to the filing of Prospectus.
(b) After signing the Underwriting Agreement, an updated Red Herring Prospectus will be filed with the RoC in
accordance with applicable law, which then would be termed as the ‘Prospectus’. The Prospectus will contain details
of the Issue Price, the Anchor Investor Issue Price, Issue size, and underwriting arrangements and will be complete in
all material respects.
Undertakings by our Company
Our Company undertakes the following:
• adequate arrangements shall be made to collect all Bid cum Application Forms submitted by Bidders (including
Anchor Investor Application Form from Anchor Investors);
• the complaints received in respect of the Issue shall be attended to by our Company expeditiously and satisfactorily;
• all steps for completion of the necessary formalities for listing and commencement of trading at all the Stock
Exchanges where the Equity Shares are proposed to be listed shall be taken within six Working Days of the Bid/Issue
Closing Date or such other period as may be prescribed by the SEBI;
• if Allotment is not made within the prescribed time period under applicable law, the entire subscription amount
received will be refunded/unblocked within the time prescribed under applicable law. If there is delay beyond the
prescribed time, our Company shall pay interest prescribed under the Companies Act, 2013, the SEBI ICDR
Regulations and applicable law for the delayed period;
• the funds required for making refunds (to the extent applicable) as per the mode(s) disclosed shall be made available
to the Registrar to the Issue by our Company;
• where refunds (to the extent applicable) are made through electronic transfer of funds, a suitable communication shall
be sent to the applicant within the time prescribed under applicable law, giving details of the bank where refunds shall
be credited along with amount and expected date of electronic credit of refund;
• no further issue of the Equity Shares shall be made till the Equity Shares offered through this Red Herring Prospectus
are listed or until the Bid monies are unblocked in ASBA Account/refunded on account of non-listing, under-
subscription, etc.;
• If our Company in consultation with the Managers withdraws the Issue after the Bid/Issue Closing Date and thereafter
determines that it will proceed with an issue of the Equity Shares, our Company shall file a fresh draft red herring
prospectus with SEBI.
Utilisation of Issue Proceeds
Our Board certifies that:
• all monies received out of the Issue shall be credited/transferred to a separate bank account other than the bank account
referred to in sub-section (3) of Section 40 of the Companies Act, 2013;
376
• details of all monies utilised out of the Issue shall be disclosed, and continue to be disclosed till the time any part of
the Issue proceeds remains unutilised, under an appropriate head in the balance sheet of our Company indicating the
purpose for which such monies have been utilised; and
• details of all unutilized monies out of the Issue, if any shall be disclosed under an appropriate separate head in the
balance sheet indicating the form in which such unutilized monies have been invested.
Impersonation
Attention of the Bidders is specifically drawn to the provisions of sub-section (1) of Section 38 of the Companies Act, 2013
which is reproduced below:
“Any person who—
(a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing for, its
securities; or
(b) makes or abets making of multiple applications to a company in different names or in different combinations of his
name or surname for acquiring or subscribing for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or to any
other person in a fictitious name,
shall be liable for action under Section 447.”
The liability prescribed under Section 447 of the Companies Act, 2013 for fraud involving an amount of at least ₹ 1 million or
1% of the turnover of the company, whichever is lower, includes imprisonment for a term which shall not be less than six
months extending up to 10 years and fine of an amount not less than the amount involved in the fraud, extending up to three
times such amount (provided that where the fraud involves public interest, such term shall not be less than three years.) Further,
where the fraud involves an amount less than ₹ 1 million or one per cent of the turnover of the company, whichever is lower,
and does not involve public interest, any person guilty of such fraud shall be punishable with imprisonment for a term which
may extend to five years or with fine which may extend to ₹ 5 million or with both.
377
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES
Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of India and FEMA.
While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which foreign investment can be made in
different sectors of the Indian economy, FEMA regulates the precise manner in which such investment may be made. Under
the Industrial Policy, unless specifically restricted, foreign investment is freely permitted in all sectors of the Indian economy
up to any extent and without any prior approvals, but the foreign investor is required to follow certain prescribed procedures
for making such investment. The RBI and the concerned ministries/departments are responsible for granting approval for
foreign investment. The Government has from time to time made policy pronouncements on foreign direct investment (“FDI”)
through press notes and press releases. The DPIIT issued the Consolidated FDI Policy Circular of 2020 (“Consolidated FDI
Policy”), which, with effect from October 15, 2020 consolidated and superseded all previous press notes, press releases,
circulars and clarifications on FDI issued by DPIIT that were in force and effect as on October 15, 2020. The Consolidated FDI
Policy will be valid until the DPIIT issues an updated circular.
The transfer of shares between an Indian resident and a non-resident does not require the prior approval of the RBI, provided
that (i) the activities of the investee company are under the automatic route under the FDI Policy and transfer does not attract
the provisions of the Takeover Regulations; (ii) the non-resident shareholding is within the sectoral limits under the FDI policy;
and (iii) the pricing is in accordance with the guidelines prescribed by the SEBI/RBI.
As per the existing policy of the Government of India, OCBs cannot participate in the Issue.
Foreign Exchange Laws
The foreign investment in our Company is governed by inter alia the FEMA, as amended, the FEMA Non-debt Instruments
Rules, the FDI Policy issued and amended by way of press notes.
Our Company is engaged in the manufacturing of food consumer products and edible oil. Currently, foreign direct investment
in the manufacturing sector is up to 100% under the automatic route. In terms of the FEMA Non-debt Instruments Rules, a
person resident outside India may make investments into India, subject to certain terms and conditions, and provided that an
entity of a country, which shares land border with India or the beneficial owner of an investment into India who is situated in
or is a citizen of any such country, shall invest only with government approval.
Further, in accordance with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT and the Foreign Exchange
Management (Non-debt Instruments) Amendment Rules, 2020 which came into effect from April 22, 2020, any investment,
subscription, purchase or sale of equity instruments by entities of a country which shares land border with India or where the
beneficial owner of an investment into India is situated in or is a citizen of any such country (“Restricted Investors”), will
require prior approval of the Government, as prescribed in the Consolidated FDI Policy and the FEMA Rules. Further, in the
event of transfer of ownership of any existing or future foreign direct investment in an entity in India, directly or indirectly,
resulting in the beneficial ownership falling within the aforesaid restriction/ purview, such subsequent change in the beneficial
ownership will also require approval of the Government. Furthermore, on April 22, 2020, the Ministry of Finance, Government
of India has also made a similar amendment to the FEMA Rules. Pursuant to the Foreign Exchange Management (Non-debt
Instruments) (Fourth Amendment) Rules, 2020, a multilateral bank or fund, of which India is a member, shall not be treated as
an entity of a particular country nor shall any country be treated as the beneficial owner of the investments of such bank of fund
in India. Each Bidder should seek independent legal advice about its ability to participate in the Issue. In the event such prior
approval of the Government of India is required, and such approval has been obtained, the Bidder shall intimate our Company
and the Registrar to the Issue in writing about such approval along with a copy thereof within the Issue Period.
Investment by FPIs
In terms of the SEBI FPI Regulations, the investment in Equity Shares by a single FPI or an investor group (which means
multiple entities registered as FPIs and directly or indirectly having common ownership of more than 50% or common control)
must be below 10% of our post-Issue equity share capital. Further, in terms of the FEMA Non-debt Instruments Rules, the total
holding by each FPI or an investor group shall be below 10% of the total paid-up equity share capital of our Company and the
total holdings of all FPIs put together can be up to the sectoral cap applicable to the sector in which our Company operates (i.e.,
up to 100%), as prescribed under the FEMA Non-debt Instruments Rules.
In case the total holding of an FPI increases beyond 10% of the total paid-up equity share capital, on a fully diluted basis or
10% or more of the paid-up value of any series of debentures or preference shares or share warrants issued that may be issued
by our Company, the total investment made by the FPI will be re-classified as FDI subject to the conditions as specified by
SEBI and the RBI in this regard and our Company and the investor will be required to comply with applicable reporting
requirements.
The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act or any
other applicable law of the United States and, unless so registered, may not be offered or sold within the United States,
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S.
Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i)
within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule
378
144A under the Securities Act and referred to in this Red Herring Prospectus as “U.S. QIBs”) in transactions exempt
from, or not subject to, the registration requirements of the U.S. Securities Act, and (ii) outside the United States in
offshore transactions in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the
jurisdiction where those offers and sales occur. For the avoidance of doubt, the term “U.S. QIBs” does not refer to a
category of institutional investors defined under applicable Indian regulations and referred to in this Red Herring
Prospectus as “QIBs”.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside
India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance
with the applicable laws of such jurisdiction.
The above information is given for the benefit of the Bidders. Our Company and the Managers are not liable for any
amendments or modification or changes in applicable laws or regulations, which may occur after the date of this Red
Herring Prospectus. Bidders are advised to make their independent investigations and ensure that the number of Equity
Shares Bid for do not exceed the applicable limits under laws or regulations.
379
SECTION VIII: DESCRIPTION OF EQUITY SHARES AND TERMS OF ARTICLES OF ASSOCIATION
Capitalized terms used in this section have the meanings that have been given to such terms in the Articles of Association of
our Company. The Articles of Association of our Company consist of two Parts, Part A and Part B. In case of any conflict or
inconsistency between Part A and Part B, Part B shall at all times prevail prior to listing of the Equity Shares pursuant to the
Issue. Part B of the Articles shall automatically terminate, without any further action by the Company or its shareholders and
cease to have any force and effect and shall be deemed to fall away on and from the date on which the Equity Shares commence
listing and trading on the Stock Exchanges, pursuant to the Issue.
Pursuant to Schedule I of the Companies Act and the SEBI ICDR Regulations, the main provisions of the Articles of Association
of our Company are detailed below.
PART A
Share Capital and Variation of Rights
The Authorized Share Capital of the Company is as mentioned in Clause V of the Memorandum of Association of the Company.
Subject to the provisions of the Act and these Articles, the shares in the capital of the company shall be under the control of the
directors who may issue, allot or otherwise dispose of the same or any of them to such persons, in such proportion and on such
terms and conditions and either at a premium or at par or at a discount (subject to compliance with the provisions of the Act)
and at such time as they may from time to time think fit, and with the approval of the Company in a General Meeting.
Further issue of share capital
Where at any time, it is proposed to increase the subscribed capital of the Company by allotment of further shares, whether out
of unissued share capital or out of increased share capital, then:
a) such further shares shall be offered to the persons who, at the date of the offer, are holders of the equity shares of the
Company, in proportion, as nearly as circumstances admit, to the capital paid up on these shares at that date;
b) employees under a scheme of employees’ stock option, subject to special resolution passed by the Company and
subject to such conditions as may be prescribed under the Act and other applicable Laws; or
c) any persons, whether or not those persons include the persons referred to above, either for cash or for a consideration
other than cash, if the price of such Shares is determined by the valuation report of a registered valuer, subject to
compliance with the applicable provisions of Chapter III of the Act and any other conditions as may be prescribed, if
a special resolution to this effect is passed by the Company in a General Meeting.
Term of Issue of Debentures
Any debentures, debenture stock or other securities may be issued at a discount, premium or otherwise and may be issued on
condition that they shall be convertible into shares of any denomination, and with any privileges and conditions as to
redemption, surrender, drawing, allotment of shares and attending (but not voting) at general meetings, appointment of directors
and otherwise, debentures with the right to conversion into or allotment of shares shall be issued only with the consent of the
company in general meeting accorded by a special resolution.
Lien
The company shall have a first and paramount lien:
a) on every share (not being a fully paid share), for all monies (whether presently payable or not) called, or payable at a
fixed time, in respect of that share; and
b) on all shares (not being fully paid shares) standing registered in the name of a single person, for all monies presently
payable by him or his estate to the company:
Provided that in respect of any partly paid equity shares of our Company, the lien, if any, shall be restricted to moneys called
or payable at a fixed time in respect of such equity shares.
Provided that the Board of directors may at any time declare any share to be wholly or in part exempt from the provisions of
this clause. Unless otherwise agreed, the registration of a transfer of Shares shall operate as a waiver of the Company’s lien if
any, on such Shares
The company’s lien, if any, on a share shall extend to all dividends payable and bonuses declared from time to time in respect
of such shares.
380
Calls on shares
The Board may, from time to time, make calls upon the members in respect of any monies unpaid on their shares (whether on
account of the nominal value of the shares or by way of premium) and not by the conditions of allotment thereof made payable
at fixed times. Each member shall, subject to receiving at least fourteen days’ notice specifying the time or times and place of
payment, pay to the company, at the time or times and place so specified, the amount called on his shares. Further, a call may
be revoked or postponed at the discretion of the Board.
A call shall be deemed to have been made at the time when the resolution of the Board authorising the call was passed and may
be required to be paid by instalments. The joint holders of a share shall be jointly and severally liable to pay all calls in respect
thereof. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from
whom the sum is due shall pay interest thereon from the day appointed for payment thereof to the time of actual payment at ten
per cent. per annum or at such lower rate, if any, as the Board may determine. The Board shall be at liberty to waive payment
of any such interest wholly or in part. Any sum which by the terms of issue of a share becomes payable on allotment or at any
fixed date, whether on account of the nominal value of the share or by way of premium, shall, for the purposes of these
regulations, be deemed to be a call duly made and payable on the date on which by the terms of issue such sum becomes
payable. In case of non-payment of such sum, all the relevant provisions of these regulations as to payment of interest and
expenses, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified.
Further, the members shall not be entitled to any voting rights in respect of the moneys so paid by him until the same would
but for such payment, become presently payable. The Member shall not be entitled to any voting rights in respect of the moneys
so paid by him until the same would, but for such payment, become presently payable. The provisions of these Articles shall
mutatis mutandis apply to any calls on debentures.
Forfeiture
If a member fails to pay any call, or instalment of a call, on the day appointed for payment thereof, the Board may, at any time
thereafter during such time as any part of the call or instalment remains unpaid, serve a notice on him requiring payment of so
much of the call or instalment as is unpaid, together with any interest which may have accrued. Subject to the provisions of
section 61, the company may, by ordinary resolution consolidate and divide all or any of its share capital into shares of larger
amount than its existing shares; convert all or any of its fully paid-up shares into stock, and reconvert that stock into fully paid-
up shares of any denomination; sub-divide its existing shares or any of them into shares of smaller amount than is fixed by the
memorandum; cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken
by any person.
General Meetings
An Annual General Meeting shall be held in each calendar year within 6 (six) months following the end of the previous financial
year of the Company. The Board of Directors shall issue the notice of AGM together with the annual financial statement,
auditors report and other annexures as required under the Act to all Shareholders and others entitled to receive such notice at
least 21 (twenty-one) clear days before the AGM is held to approve and adopt the audited financial statements. All general
meetings other than annual general meeting shall be called Extraordinary General Meeting (EGM). The Board may, whenever
it thinks fit, call an extraordinary general meeting. AGM and EGM may be called after giving shorter notice as per the Act. If
at any time directors capable of acting who are sufficient in number to form a quorum are not within India, any director or any
two members of the company may call an extraordinary general meeting in the same manner, as nearly as possible, as that in
which such a meeting may be called by the Board.
Proceedings at General Meetings
No business shall be transacted at any general meeting unless a quorum of members is present at the time when the meeting
proceeds to business. Save as otherwise provided herein, the quorum for the general meetings shall be as provided in Section
103. The chairperson, if any, of the Board shall preside as Chairperson at every general meeting of the company. If there is no
such Chairperson, or if he is not present within fifteen minutes after the time appointed for holding the meeting or is unwilling
to act as chairperson of the meeting, the directors present shall elect one of their members to be Chairperson of the meeting. If
at any meeting no director is willing to act as Chairperson or if no director is present within fifteen minutes after the time
appointed for holding the meeting, the members present shall choose one of their members to be Chairperson of the meeting.
Adjournment of Meeting
The Chairperson may, with the consent of any meeting at which a quorum is present, and shall, if so directed by the meeting,
adjourn the meeting from time to time and from place to place. No business shall be transacted at any adjourned meeting other
than the business left unfinished at the meeting from which the adjournment took place. When a meeting is adjourned for thirty
days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid, and as
provided in Section 103 of the Act, it shall not be necessary to give any notice of an adjournment or of the business to be
transacted at an adjourned meeting.
381
Voting Rights
Subject to any rights or restrictions for the time being attached to any class or classes of shares,
(a) on a show of hands, every member present in person shall have one vote; and
(b) on a poll, the VOTING rights of members shall be in proportion to his share in the paid-up equity share capital of the
company.
A member may exercise his vote at a meeting by electronic means in accordance with Section 108 and shall vote only once. In
the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the
exclusion of the votes of the other joint holders. For this purpose, seniority shall be determined by the order in which the names
stand in the register of members. A member of unsound mind, or in respect of whom an order has been made by any court
having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee or other legal guardian, and
any such committee or guardian may, on a poll, vote by proxy. Any business other than that upon which a poll has been
demanded may be proceeded with, pending the taking of the poll. No member shall be entitled to vote at any general meeting
unless all calls or other sums presently payable by him in respect of shares in the company have been paid. No objection shall
be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or
tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time
shall be referred to the Chairperson of the meeting, whose decision shall be final and conclusive.
Proxy
The instrument appointing a proxy and the power-of-attorney or other authority, if any, under which it is signed or a notarised
copy of that power or authority, shall be deposited at the registered office of the company not less than 48 hours before the time
for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote, or, in the case of
a poll, not less than 24 hours before the time appointed for the taking of the poll; and in default the instrument of proxy shall
not be treated as valid.
Board of Directors
Subject to applicable laws, the Company shall have a Board consisting of a minimum of 8 (eight) Directors and a maximum of
12 (twelve) Directors, excluding the Alternate Directors. The maximum number of Directors may be increased through a special
resolution of the Shareholders. Subject to Indian Law, the number of Directors to be nominated by AEL and ACL (collectively,
the “Adani Shareholders”) and LPL shall be as set out below:
Shareholding of each of the Adani Shareholders or Number of Directors to be Number of Directors to be

LPL, as applicable, as a percentage of the Equity nominated by the Adani nominated by LPL
Share capital of the Company (on a fully diluted Shareholders
basis)
(a) It is clarified that, for the purposes of calculating the shareholding percentage in the table above, the shareholding of
the respective Promoters shall be considered on a fully diluted basis.
(b) In accordance with applicable laws, if there is a requirement of an increase or decrease in the number of Directors, or
the number of Independent Directors, the increase or decrease shall be effected in a manner that permits, so far as
possible under the applicable laws, regulations or policies of any other applicable jurisdiction, the rights available to
the Promoters to continue mutatis mutandis.
(c) The right to nominate Directors as set out in this Article shall be subject to and shall become effective only upon
receipt of approval by the shareholders of the Company by way of a special resolution in a general meeting which will
be conducted promptly after the Listing Date in accordance with Indian Law.
Notwithstanding anything contained in these Articles, if the listing of the equity shares on the stock exchanges is not completed,
the Article on the board composition of Part B shall prevail over this Article.
Proceedings of the Board
The Board of Directors may meet for the conduct of business, adjourn and otherwise regulate its meetings, as it thinks fit. A
director may, and the manager or secretary on the requisition of a director shall, at any time, summon a meeting of the Board.
The Board may elect a Chairperson of its meetings and determine the period for which he is to hold office. If no such
Chairperson is elected, or if at any meeting the Chairperson is not present within five minutes after the time appointed for
holding the meeting, the directors present may choose one of their number to be Chairperson of the meeting. The Board may,
subject to the provisions of the Act, delegate any of its powers to committees consisting of such member or members of its
382
body as it thinks fit. Any committee so formed shall, in the exercise of the powers so delegated, conform to any regulations that
may be imposed on it by the Board.
Chief Executive Officer, Manager, Company Secretary or Chief Financial Officer
A provision of the Act or these regulations requiring or authorising a thing to be done by or to a director and chief executive
officer, manager, company secretary or chief financial officer shall not be satisfied by its being done by or to the same person
acting both as director and as, or in place of, chief executive officer, manager, company secretary or chief financial officer.
Dividends and Reserve
The company in general meeting may declare dividends, but no dividend shall exceed the amount recommended by the Board.
Where a dividend has been declared by the company but has not been paid or claimed within thirty days from the date of the
declaration to any shareholder entitled to the payment of the dividend, the company shall, within seven days from the date of
expiry of the said period of thirty days, transfer the total amount of dividend which remains unpaid or unclaimed to a special
account to be opened by the company in that behalf in any scheduled bank to be called the Unpaid Dividend Account. Any
money transferred to the Unpaid Dividend Account of the company which remains unpaid or unclaimed for a period of seven
years from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to the
Investor Education and Protection Fund established under sub-section (1) of section 125 of the Act. No unclaimed or unpaid
dividend shall be forfeited by the Board. No dividend shall bear interest against the company.
Accounts
The Board shall from time to time determine whether and to what extent and at what times and places and under what conditions
or regulations, the accounts and books of the company, or any of them, shall be open to the inspection of members not being
directors. No member (not being a director) shall have any right of inspecting any account or book or document of the company
except as conferred by law or authorised by the Board or by the company in general meeting.
Winding Up
Subject to the provisions of Chapter XX of the Act and rules made thereunder—
If the company shall be wound up, the liquidator may, with the sanction of a special resolution of the company and any other
sanction required by the Act, divide amongst the members, in specie or kind, the whole or any part of the assets of the company,
whether they shall consist of property of the same kind or not.
For the purpose aforesaid, the liquidator may set such value as he deems fair upon any property to be divided as aforesaid and
may determine how such division shall be carried out as between the members or different classes of members.
The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit
of the contributories if he considers necessary, but so that no member shall be compelled to accept any shares or other securities
whereon there is any liability.
Indemnity
Every officer of the company shall be indemnified out of the assets of the company against any liability incurred by him in
defending any proceedings relating to acts or omissions by or on behalf of the Company, whether civil or criminal, in which
judgment is given in his favour or in which he is acquitted or in which relief is granted to him by the court or the Tribunal.
383
PART B
Part B of the Articles of Association of the Company provide for the rights and obligations of the parties to the shareholders’
agreement dated April 12, 1999 (“Existing SHA”) between Adani Exports Limited (now AEL) and Wilmar Investments
(Mauritius) Limited, as amended by the first amendment to the shareholders’ agreement dated March 29, 2014 and deed of
adherence dated March 30, 2017 pursuant to which ACL also became a party to the Existing SHA.
In case of any conflict or inconsistency between Part A on the one hand and Part B on the other hand, Part B shall at all times
prevail prior to listing of the Equity Shares. Part B of the Articles shall automatically terminate and cease to have any force and
effect and shall be deemed to fall away on and from the date of listing and trading of the equity shares of the Company on a
stock exchange in India, subsequent to an initial public offering of its equity shares without any further action by the Company
or its shareholders.
If the Equity Shares do not get listed and commence trading on the Stock Exchanges, the Company shall take all steps to amend
the Articles of Association to reflect the terms of the Existing SHA.
384
SECTION IX: OTHER INFORMATION
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION
The copies of the following contracts which have been entered or are to be entered into by our Company (not being contracts
entered into in the ordinary course of business carried on by our Company or contracts entered into more than two years before
the date of this Red Herring Prospectus) which are or may be deemed material have been attached to the copy of this Red
Herring Prospectus/ Prospectus which will be delivered to the RoC for filing. Copies of the contracts and also the documents
for inspection referred to hereunder, may be inspected at the Registered and Corporate Office between 10 a.m. and 5 p.m. on
all Working Days from date of this Red Herring Prospectus until the Bid/Issue Closing Date and will also be available on the
website of our Company at https://www.adaniwilmar.com/investors.
Any of the contracts or documents mentioned in this Red Herring Prospectus may be amended or modified at any time if so
required in the interest of our Company or if required by the other parties, without reference to the Shareholders, subject to
compliance of the provisions contained in the Companies Act and other applicable law.
a) Material Contracts for the Issue
a) Offer Agreement dated August 2, 2021 between our Company and the Managers, as amended pursuant to the
First Amendment to the Offer Agreement dated January 14, 2022.
b) Registrar Agreement dated July 31, 2021 between our Company and the Registrar to the Issue.
c) Cash Escrow and Sponsor Bank Agreement dated January 19, 2022 between our Company, the Registrar to
the Issue, the Managers, the Syndicate Members and the Bankers to the Issue.
d) Syndicate Agreement dated January 19, 2022 between our Company, the Managers and Syndicate Members.
e) Underwriting Agreement dated [●] between our Company and the Underwriters.
f) Monitoring Agency Agreement dated January 19, 2022 between our Company and the Monitoring Agency.
b) Material Documents
a) Certified copies of the updated Memorandum and Articles of Association of our Company as amended from
time to time.
b) Certificate of incorporation dated January 22, 1999 upon incorporation.
c) Resolution of the Board dated July 30, 2021, authorising the Issue and other related matters.
d) Resolution of the Board dated July 31, 2021, approving the Draft Red Herring Prospectus.
e) Resolution of the Board dated January 19, 2022 approving this Red Herring Prospectus.
f) Shareholders’ resolution dated July 31, 2021, authorising the Issue and other related matters.
g) Shareholders’ agreement dated April 12, 1999 between Adani Exports Limited (now AEL) and Wilmar
Investments (Mauritius) Limited, as amended by the first amendment to shareholders’ agreement dated March
29, 2014, deed of adherence dated March 30, 2017 and second amendment and termination agreement dated
July 30, 2021.
h) Inter-se agreement dated July 30, 2021 between AEL, ACL and LPL.
i) License agreement dated July 28, 2021 between our Company and S.B. Adani Family Trust, as amended by
the first amendment agreement dated August 16, 2021.
j) Trademark license deed dated June 24, 2021 between our Company and Wilmar International Limited.
k) Copies of the annual reports of our Company for the Fiscals 2021, 2020 and 2019.
l) Consent letter dated January 13, 2022 from M/s Shah Dhandharia & Co. LLP, Chartered Accountants, our
Statutory Auditors, to include their name in this Red Herring Prospectus, as an “expert” as defined under
Section 2(38) of the Companies Act, 2013, in respect of the examination report dated November 16, 2021
issued by it on our Restated Financial Statements, and the statement of special tax benefits dated November
29, 2021 included in this Red Herring Prospectus.
m) The examination report of the Statutory Auditor dated November 16, 2021 on the Restated Financial
Statements.
385
n) The statement of special tax benefits dated November 29, 2021 from the Statutory Auditors.
o) Consent letters of the Directors, the Managers, the Syndicate Members, Legal Counsel to our Company as to
Indian Law, Legal Counsel to the Managers as to Indian Law, Legal Counsel to the Managers as to
International Law, Registrar to the Issue, Escrow Collection Banks, Public Issue Banks, Refund Banks,
Sponsor Banks, Company Secretary and Compliance Officer, to act in their respective capacities.
p) Consent letter dated November 29, 2021 from M/s Multi Engineers Private Limited, Chartered Engineer, in
relation to certification of the manufacturing capacity and capacity utilisation of the manufacturing facilities
owned and/or controlled by our Company.
q) Report titled “Techno Commercial Assessment Report” dated January 13, 2022, issued by L&T Technology.
r) Consent letter dated January 13, 2022 of L&T Technology in respect of the L&T Report.
s) Report titled “Report on Indian Packaged Food Industry” dated November 1, 2021, issued by Technopak,
which is available at https://www.adaniwilmar.com/investors.
t) Consent letter dated November 23, 2021 of Technopak in respect of the Technopak Report.
u) Consent letter dated June 28, 2021 and indemnity letter dated June 23, 2021 of Nielsen (India) Private Limited
in respect of information disclosed in this Red Herring Prospectus.
v) Consent letter dated July 2, 2021 of Kantar WorldPanel in respect of information disclosed in this Red Herring
Prospectus.
w) Due diligence certificate dated August 2, 2021 addressed to SEBI from the Managers.
x) In principle listing approvals dated August 27, 2021 and August 20, 2021, issued by BSE and NSE,
respectively.
y) SEBI interim observation letter bearing reference number SEBI/HO/CFD/DIL2/OW/2021/XXXX/1 dated

August 2, 2021 and SEBI final observation letter bearing reference number
SEBI/HO/CFD/DIL2/P/OW/2021/28792/1 and dated October 14, 2021.
z) Exemption letter from SEBI bearing reference number SEBI/HO/CFD/DIL2/P/OW/2021/25405/1 dated

September 23, 2021 based on the exemption application filed by our Company dated September 3, 2021 with
SEBI.
aa) Tripartite agreement between our Company, CDSL and the Registrar to the Issue dated May 5, 2021.
bb) Tripartite agreement between our Company, NSDL and the Registrar to the Issue dated August 4, 2016.
Any of the contracts or documents mentioned in this Red Herring Prospectus may be amended or modified at any time if so
required in the interest of our Company or if required by the other parties, without reference to our Shareholders, subject to
compliance with the provisions contained in the Companies Act and other relevant statutes.
386
DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act and the rules, guidelines/regulations issued by
the Government of India or the guidelines/regulations issued by the SEBI, established under Section 3 of the SEBI Act, as the
case may be, have been complied with and no statement made in this Red Herring Prospectus is contrary to the provisions of
the Companies Act, the SCRA, the SCRR, the SEBI Act or rules made or guidelines or regulations issued thereunder, as the
case may be. I further certify that all statements in this Red Herring Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
______________________________
Kuok Khoon Hong

Non-Executive Chairman
Place: Singapore
Date: January 19, 2022

DECLARATION
______________________________
Angshu Mallick
Chief Executive Officer and Managing Director
Place: Ahmedabad

DECLARATION
______________________________
Pranav Vinod Adani

Non-Executive, Non-Independent Director
Place: Ahmedabad

DECLARATION
______________________________
Malay Ramesh Mahadevia

Non-Executive, Non-Independent Director
Place: Ahmedabad

DECLARATION
______________________________
Madhu Ramachandra Rao

Independent Director
Place: Melbourne

DECLARATION
______________________________
Dorab Erach Mistry

Place: London

DECLARATION
______________________________
Dipali H Sheth
Place: Mumbai

DECLARATION
______________________________
Anup Pravin Shah

Place: Mumbai

DECLARATION
SIGNED BY THE CHIEF FINANCIAL OFFICER OF OUR COMPANY
______________________________
Shrikant Kanhere
Chief Financial Officer
Place: Ahmedabad

Adani Wilmar Limited: Please Read Section 32 of The Companies Act, 2013

Uploaded by

Copyright:

Available Formats

Adani Wilmar Limited: Please Read Section 32 of The Companies Act, 2013

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Adani Wilmar Limited: Please Read Section 32 of The Companies Act, 2013

Uploaded by

Copyright:

Available Formats

RED HERRING PROSPECTUS

Dated January 19, 2022

ADANI WILMAR LIMITED

SECTION I: GENERAL ........................................................................................................................................................... 1

DEFINITIONS AND ABBREVIATIONS

Company Related Terms

Issue Related Terms

Technical/Industry Related Terms or Abbreviations

Conventional and General Terms or Abbreviations

Primary business of our Company

Primary Industry in which our Company operates

We operate in the following industries:

• personal care industry. We have introduced soaps, handwash and sanitizers;

• castor oil and derivatives industry; and

Names of our Promoters

Issue of Equity Shares(1) Up to [●] Equity Shares aggregating up to ₹ 36,000 million

Objects of the Issue

Objects Amount* (in ₹ million)

Aggregate pre-Issue shareholding of Promoters and Promoter Group

For further details, see “Capital Structure” beginning on page 64.

Summary of Financial Information

Summary of outstanding litigations and material developments

S. No. Nature of Case Number of Amount involved

Litigation involving our Directors

S. No. Nature of Case Number of Amount involved

Litigation involving our Promoters

S. No. Nature of Case Number of Amount involved

Litigation involving our Subsidiaries

S. No. Nature of Case Number of Amount involved

Summary of related party transactions

Average cost of acquisition of Equity Shares by our Promoters

S. Name Number of Equity Shares acquired Average cost of Acquisition

Details of pre-IPO placement

Split / Consolidation of Equity Shares in the last one year

Non-GAAP Financial Measures

Currency and Units of Presentation

All references to:

• “SGD” is to Singapore Dollar, the official currency of Singapore;

• “NZD” is to New Zealand Dollar, the official currency of New Zealand;

• “CHF” is to Swiss franc, the official currency of Switzerland.

Industry and Market Data

Disclaimer of Nielsen (India) Private Limited

Notice to Prospective Investors in the United States

• unfavourable local and global weather patterns;

• dependency on imports of raw materials;

• reduction in demand or in the production of edible oil products;

• fluctuations in the prices of our products; and

Internal Risk Factors

Litigation involving our Company

S. Nature of Case Number of outstanding Amount involved

Litigation involving our Directors

S. Nature of Case Number of outstanding Amount involved

Litigation involving our Promoters

S. Nature of Case Number of outstanding Amount involved

Litigation involving our Subsidiaries

S. Nature of Case Number of outstanding Amount involved

External Risk Factors

Risks Related to India

Risks Related to the Equity Shares and the Issue