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Featured

> Retail inflation jumps to 17-month high of 6.95% in March

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    * After Zomato, Ola pilots 10-min food delivery; Swiggy may explore faster
      deliveries too
    * Retail inflation jumps to 17-month high of 6.95% in March
    * Zilingo is said to suspend CEO Ankiti Bose amid investigation
    * Future Enterprises defaults on Rs 9.10 cr interest payment for NCDs
    * Rising prices of essentials, fuel spare no one, strain household budgets
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EXCLUSIVE


BRACE TO PAY HIGHER PRICES THIS YEAR FOR OIL, CHICKEN, MILK, FUEL: KEY TAKEAWAYS
FROM RBI POLICY MEET

Inflation is now projected to be higher at 5.7% for the year 2022-2023 against a
projection of 4.5 percent earlier, while growth for the year will be lower than
February's expectations at 7.2 percent.

 * Sunainaa Chadha
 * TIMESOFINDIA.COM
 * April 08, 2022, 13:20 IST

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RBI governor Shaktikanta Das (ANI photo)NEW DELHI: The Reserve Bank of India on
Friday left key rates unchanged at 4 percent and maintained an accommodative
stance as the ongoing Russia-Ukraine conflict has pushed up the cost of
commodities internationally, resulting in a higher inflationary trend globally.

" Since the last meeting in Feb 2022, expected positive benefits from the ebbing
of Omicron wave has been offset by geopolitical tensions, which has changed the
international and domestic landscape.. Concerns over protracted supply
disruptions have rattled global commodity and financial markets, given the
significant share of the two economies engaged in war in global production and
exports of key commodities like oil and natural gas; wheat and corn; palladium,
aluminum and nickel; edible oils; and fertilisers. Global crude oil prices
briefly crossed US$ 130 per barrel, touching their highest level since 2008 and
remain volatile at elevated levels, despite some correction. " said RBI governor
Shantikanta Das.

The central bank has decided to maintain the repo-rate, which is the key rate at
which the RBI lends money to commercial banks, at a 19-year low of 4 per cent.



Inflation is now projected to be higher at 5.7% for the year 2022-2023 against a
projection of 4.5 percent earlier, while growth for the year will be lower than
February's expectations at 7.2 percent. However, RBI will continue to ensure
adequate liquidity. But the central bank said it would restore the width of the
liquidity adjustment facility to 50 basis points, which was seen as a first step
to move away from the ultra loose monetary policy embraced during the Covid-19
pandemic.

Das said RBI's extraordinary liquidity measures have left Rs 8.5 trillion
overhang in the system and that it will now engage in a gradual, calibrated,
non-disruptive withdrawal of this excess liquidity over a multi-year period.

Das said economic activity is barely above pre-pandemic levels but continues to
steadily recover.

The key takeaways from his speech include:

Due to geopolitical tensions between Ukraine and Russia, the price of several
commodities such as oil and natural gas, wheat and corn, edible oil, fertiliser,
will remain elevated through the year. Given the significant share of the two
economies in the global production of key commodities, there will be protracted
supply disruptions through the year, which means global food prices will harden
significantly.



Risk aversion towards assets of emerging market economies (EMEs) has increased,
leading to large capital outflows and a depreciating bias in their currencies.

Since Ukraine is a key supplier of edible oil, prices will remain elevated due
to loss of supply from the Black Sea region.

Even the price of livestock feed has gone up, which means your chicken, poultry
and milk prices will remain elevated through the year

Higher international prices of key commodities implies aggravated prices across
manufacturing, agriculture and services.

Sharp increase in domestic pump prices could trigger broad-based second round
price pressures.

Financial markets are likely to remain volatile on rising risk premia,
dislocations in trade and capital flows and divergent monetary policy responses
across central banks.

RBI has increased its annual inflation forecast to 5.7% from 4.5% earlier,
taking into account a normal monsoon and the average crude oil price (Indian
basket) of US $ 100 per barrel.

The RBI also reduced interest rate corridor to 50 basis points. It lowered
growth projection to 7.2% from 7.8% earlier.

On record borrowing plans this fiscal year, RBI said it will use various
instruments to complete government borrowings.

RBI governor also assured that the central bank is bracing to defend the Indian
economy at all costs.

Good news:

Cardless cash withdrawal will be made available at all bank branches and ATMs
via UPI, to prevent frauds.

To secure payment systems, Das has proposed guidelines for such operators

Bharat Bill Pay System, an interoperable platform for bill payments, has seen an
increase in the volume of bill payments and billers over the years. To further
facilitate greater penetration of bill payments through the BBPS, RBI has
reduced the net worth requirement of such entities from Rs 100 crore to Rs 25
crore.

Money market opening time have been restored to 9:00 am, which is the
pre-pandemic time.

India's foreign exchange reserves stand at US$ 606.5 billion as on April 1,
2022. The Reserve Bank remains committed to maintain orderly conditions in the
domestic financial markets and will take appropriate steps, as needed, on an
ongoing basis to contain the adverse spillovers from the global developments.

Gradual, calibrated withdrawal of liquidity over multi-year time frame, in a
non-disruptive manner beginning this year.

The RBI will deploy various instruments as warranted to help the government
complete its FY23 market borrowing programme.

RBI expects CAD to stay at sustainable levels which can be financed with normal
capital flows.


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 * As global brands take flight, Indian retailers book tickets for Russia
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EXCLUSIVE


BANK OF INDIA MOVES NCLT AGAINST FUTURE RETAIL, FILES INSOLVENCY PLEA

"Bank of India (BoI) has served an advance intimation of filing an application
under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the company
for default on non-payment of monies due in terms of the Framework Agreement
entered into between the company and Bank of India," FRL said in a regulatory
filing.

 * PTI

Click Here to Read This Story
 * 
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Bank of India has moved the National Company Law Tribunal (NCLT), filing a
petition to initiate insolvency proceedings against debt-ridden Future Retail
Ltd.

Earlier this month, Future Retail Ltd (FRL) had reported a default of Rs
5,322.32 crore to its lenders on account of the ongoing litigations with
e-commerce major Amazon and other related issues.

"Bank of India (BoI) has served an advance intimation of filing an application
under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the company
for default on non-payment of monies due in terms of the Framework Agreement
entered into between the company and Bank of India," FRL said in a regulatory
filing.



The Future group firm said it has received a copy of the petition and is in the
"process of taking legal advice".

BoI, the lead banker of the consortium of lenders of FRL, had last month through
a public notice in newspapers claimed its charge over the assets of FRL and
warned the public against dealing with assets of the Kishore Biyani-led Future
group firm.

Several Future Group companies, including FRL, had entered into agreements with
their respective lenders in terms of the RBI circular dated August 6, 2020, in
which a resolution framework for COVID-related stress was announced.

FRL is part of the Rs 24,713 crore deal announced by Future Group in August
2020, under which it is to sell 19 companies operating in retail, wholesale,
logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).

All 19 companies would be consolidated into one entity -- Future Enterprises Ltd
-- and then transferred to RRVL under the proposed deal.

Future Group companies will be conducting meetings of their respective
shareholders and creditors between April 20-23, 2022 to seek their approval for
the Rs 24,713 crore deal.

The deal is contested by Amazon and is under litigation at various forums,
including the Supreme Court, Delhi High Court and Singapore International
Arbitration Center.



Earlier this week, Amazon warned FRL against holding meetings of its
shareholders and creditors to approve the sale of its retail assets to Reliance
Retail.

In a 16-page letter to Kishore Biyani and other promoters on April 12, the US
e-commerce giant said such meetings are illegal and would not only breach 2019
agreements when Amazon made investments into FRL's promoter firm but also
violate a Singapore arbitral tribunal's injunction on the sale of retail assets
to Reliance.


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EXCLUSIVE


AMBANI’S RELIANCE STUDYING POSSIBLE BID FOR WALGREENS’S BOOTS CHAIN

Ambani, one of India’s richest men, is in the midst of pivoting his
traditionally refining-focused conglomerate toward businesses that will better
help him tap India’s billion-plus consumers. He’s also been chasing deals in
Europe, including in the telecoms sector.

 * Bloomberg

Click Here to Read This Story
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Billionaire Mukesh Ambani’s Reliance Industries Ltd. is weighing a possible bid
for Walgreens Boots Alliance Inc.’s international drugstore unit, according to
people familiar with the matter.

Reliance is in the early stages of exploring the feasibility of an offer for the
Boots chain, the people said, asking not to be identified discussing
confidential information.

Ambani, one of India’s richest men, is in the midst of pivoting his
traditionally refining-focused conglomerate toward businesses that will better
help him tap India’s billion-plus consumers. He’s also been chasing deals in
Europe, including in the telecoms sector.



Boots could be valued at as much as 7 billion pounds ($9.1 billion) in a sale,
Bloomberg News reported previously.

Deliberations are ongoing and there’s no certainty Reliance will decide to
pursue an approach for Boots, according to the people. A representative for
Walgreens declined to comment, while a spokesperson for Reliance didn’t
immediately provide comment.

Shares of Walgreens, which also owns Duane Reade and Mexico’s Benavides, closed
up 0.8% on Wednesday, valuing the Deerfield, Illinois-based business at almost
$39 billion.

Walgreens kicked off the sale of Boots earlier this year. It’s drawn interest
from private equity firms including Apollo Global Management Inc. and TDR
Capital. It attracted Bain Capital and CVC Capital Partners, who joined forces
and were considered early favorites before abandoning their pursuit. The bidders
that remain keen on Boots could also consider teaming up, one of the people
said.

Walgreens is weighing a potential initial public offering of Boots, which runs a
chain of roughly 2,200 stores in the U.K. that includes brands such as No7
Beauty Company, if buyout interest is muted, Bloomberg News reported previously.

Some of the private equity bids have been well below Walgreens’s desired price,
increasing the chances of a paused sales process or listing, according to the
people. The U.S.-based company is expected to make a decision in the coming
weeks and may opt to keep a minority stake in Boots in any transaction, they
said.



Boots also has smaller operations in Ireland, Norway, the Netherlands and
Thailand, as well as an optician business and a suite of private-label beauty
and personal-care brands that could be included in a sale.

Walgreens has been shifting toward expanding into other health-care businesses
in recent months, as drugstores face increased competitive pressure from
Amazon.com Inc. and other online retailers. In October, it agreed to invest $5.2
billion in primary-care provider VillageMD, doubling its stake in the company.

--With assistance from P R Sanjai


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EXCLUSIVE


EXPORTS UP 20% TO $42 BILLION IN MARCH; REACHES $420 BILLION IN FY22

The country's exports in March 2022 rose 19.76 per cent to $42.22 billion on
account of healthy performance by sectors such as petroleum products,
engineering, and leather, even as trade deficit during the month widened to
$18.51 billion. In March 2021, exports stood at $35.26 billion, according to a
commerce ministry data released on Wednesday.

 * PTI

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NEW DELHI: The country's exports in March 2022 rose 19.76 per cent to $42.22
billion on account of healthy performance by sectors such as petroleum products,
engineering, and leather, even as trade deficit during the month widened to
$18.51 billion.

In March 2021, exports stood at $35.26 billion, according to a commerce ministry
data released on Wednesday.

Last month, imports grew 24.21 per cent to $60.74 billion, it showed.



Trade deficit stood at $13.64 billion in March 2021.

While total exports during 2021-22 increased to a record high of $419.65
billion, imports too soared to $611.89 billion, leaving a trade gap of $192.24
billion.

The trade deficit (difference between imports and exports) stood at $102.63
billion in 2020-21.

For the first time, India's monthly merchandise exports exceeded $40 billion,
reaching $42 billion in March 2022.

According to the data, the estimated value of services export increased 4.64 per
cent to $21.76 billion in March 2022.

The services import last month rose 7.33 per cent to $13.16 billion.

"The estimated value of services export for April-March 2021-22 is $249.24
billion, exhibiting a positive growth of 20.94 per cent vis-a-vis April-March
2020-21 ($206.09 billion)," the ministry said.

Imports during 2021-22 was estimated at $144.79 billion, an increase of 23.20
per cent over 2020-21 when it was $117.52 billion.

"The services trade balance for April-March 2021-22 was estimated at $104.45
billion as against $88.57 billion in April-March 2020-21, which is an increase
of 17.94 per cent," it added.



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EXCLUSIVE


AMAZON WARNS FUTURE RETAIL AGAINST HOLDING MEETING TO APPROVE DEAL WITH RELIANCE

In a letter to Kishore Biyani and family on late Tuesday night, the US
e-commerce giant has warned and said such meetings are illegal and would not
only breach 2019 agreements when Amazon made investments into FRL’s promoter
firm but would also violate a Singapore arbitral tribunal’s injunction on the
sale of FRL’s assets to Reliance Retail.

 * Rasul Bailay
 * ET Bureau

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Amazon has warned Future Retail Ltd (FRL) against holding of next week’s
meetings of its shareholders and creditors to approve the sale of its retail
assets to Reliance Retail.

In a letter to Kishore Biyani and family on late Tuesday night, the US
e-commerce giant has warned and said such meetings are illegal and would not
only breach 2019 agreements when Amazon made investments into FRL’s promoter
firm but would also violate a Singapore arbitral tribunal’s injunction on the
sale of FRL’s assets to Reliance Retail.

“Any person or entity assisting FRL, (promoter firm Future Coupons Pvt Ltd) FCPL
or the promoters in violating these valid and binding injunctions will be liable
for consequences, severally and jointly, under law at their own cost and peril,”
said the letter reviewed by ET. An emergency arbitrator of the Singapore
International Arbitration Centre (SIAC) had in October 2020 restrained FRL from
going ahead with its deal with Reliance Retail until the arbitration centre
finally decides on the outcome of the Amazon’s petition. “Any attempt to act
contrary would be treated as a willful, illegal and fraudulent attempt to avoid
the injunction by those who are expressly named and by those who assist them,
even if they are not expressly named in such an injunction.”



FRL has scheduled the meetings on April 20 and 21after the National Company Law
Tribunal (NCLT) in February had allowed the beleaguered retailer to go ahead and
convene those meetings to consider a scheme of arrangements to sell its assets
to Reliance Retail, a Rs 25,000 crore deal that is stuck for 18 months after
Amazon objected to it and mounted a legal challenge in various courts and
tribunals.

Last month, FRL told the stock exchanges in a filing that it has decided to call
the first meeting of equity shareholders on April 20 and it will be followed by
meetings of secured and unsecured creditors the next day.

“We are distressed to note that the promoters, FCPL and FRL are still intent on
moving forward with the scheme with the (Mukesh Dhirubhai Ambani) MDA Group,
which constitutes a continuing non-compliance of the order of the duly
constituted arbitral tribunal which is enforceable as any court order,” said the
Amazon letter on Tuesday that was also copied to the Securities and Exchange
Board of India and the stock exchanges.


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EXCLUSIVE


INFLATION WAVE REACHES ASIA WITH SIGNS WORST IS YET TO COME

Inflation readings across the region -- China, India, Indonesia, Philippines,
Thailand and South Korea -- recently rose more than forecast, while New Zealand
on Wednesday hiked rates by the most in 22 years over price worries. And
accelerating manufacturing costs suggest the worst is yet to come.

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The world is now facing a synchronized inflation outbreak as food and energy
prices surge in Asia, a shift from just a few months ago when the region
appeared to avoid the price fever gripping the U.S. and parts of Europe.

Inflation readings across the region -- China, India, Indonesia, Philippines,
Thailand and South Korea -- recently rose more than forecast, while New Zealand
on Wednesday hiked rates by the most in 22 years over price worries. And
accelerating manufacturing costs suggest the worst is yet to come.

Markets are starting to price in rising inflation expectations and more
aggressive central bank action across much of Asia. That’s beginning to mirror
trends seen in the U.S., where data Tuesday showed consumer prices last month
rose by the most since late 1981, piling fresh pressure on the Federal Reserve
to respond.



Regional government bond yields have risen through this year, led by South
Korea, with the emerging Asia total return index down 2.6%, its worst
performance since 2013. That signals an expectation that some central banks will
raise interest rates to slow inflation and prop up their currencies as capital
leaves the region.



The turning point was Russia’s invasion of Ukraine, which triggered an upheaval
in commodities markets. That pushed energy and fuel prices higher and threatened
grain supplies to the world’s top consuming region. Rising fertilizer and
transport costs are also filtering through to compound record global food
prices.

Elevated commodities prices are seen fanning inflation in developing Asia by 1
full percentage point to 3.7% this year, the Asian Development Bank said earlier
this month. While that’s relatively tame compared to rates in the U.S., it’s
forcing policymakers to shift focus and spooking some investors.

A net $22.3 billion in investments last month flowed out of emerging Asia,
excluding China, according to Australia & New Zealand Banking Group -- marking
the biggest sell-off since March 2020.



India, the world’s second-most populous nation, is feeling the food and energy
pinch. At his vegetable stall in a Mumbai suburb, Dnyaneshwar Uttam Sante’s
problems could be seen in the plastic bag of mixed vegetables he had just packed
for a customer: He was charging 450 rupees, or almost $6, which is about 80%
more than a few weeks ago.



“I’m helpless,” Sante said, just as a customer chimed in about the
“unbelievable” cost of a cooking gas cylinder, which had risen almost 30% to 960
rupees.

The reaction by the Reserve Bank of India is emblematic of Asia’s growing
pressures. Governor Shaktikanta Das last week cited a “tectonic shift” in the
macroeconomic and inflation outlook since the end of February -- basically,
Russia’s invasion of Ukraine -- which “upended the earlier narrative” of calmer
price pressures this year.

“In the sequence of our priorities, we have now put inflation over growth,” Das
said.

In China, producer prices gained 8.3% from a year earlier, down from 8.8% in
February but still above the median estimate of an 8.1%. Consumer prices
excluding fresh food in Japan, the Bank of Japan’s benchmark, rose 0.6% in
February from a year earlier, the fastest pace in two years, driven up by energy
costs.

Central banks in South Korea and Singapore also meet this week, with economists
split on prospects for another rate increase in Seoul while those in the
city-state of Singapore are expected to tighten settings to combat imported
inflation, especially energy.

Food poses the biggest inflation risk to Asian central banks despite the region
being a net exporter, according to HSBC Holdings Plc. Rolling lockdowns in China
to suppress Covid-19 are another potential source of inflation for logistics.

What’s more, further consumer price hikes are likely as manufacturers’ input
costs continue to climb.

While the correlation between factory prices and consumer costs is influenced by
a range of factors, as some companies absorb the charges or as exchange rates
soften the blow, analysts at ANZ and Nomura Holdings Inc. see more inflation
coming.

“The gap between PPI and CPI is currently exceptionally large,” said Krystal
Tan, an economist at ANZ, referring to prices paid by producers and consumers.
“This suggests to me that there are significant price pressures in the pipeline
that will flow into CPI eventually as producers start to pass through more of
the higher input costs.”

“Asia supply chain stress is set to worsen in the months ahead, adding to
concern about global inflation. The war in Ukraine is driving up fuel prices and
Shanghai’s Covid-19 lockdown is gumming up the world’s biggest port. The data
doesn’t all point in one direction, but elevated commodity costs and longer
delivery times signal persistent snarls.”

-- Chang Shu, Chief Asia Economist

One producer feeling the squeeze is Kenneth Wong, who runs one of the world’s
leading manufacturers of bras, with factories in China, Cambodia and Thailand.
He has seen input prices jump for the about 20 components needed for the
clothing staple such as fabric, foam pads, metal wire and plastic adjusters.

And prices are still rising, according to Wong, who heads up Top Form Bras, a
Hong Kong-based company founded by his father.

While in normal circumstances Wong would quote clients a price for a product
that would hold for its life cycle -- as long as three years, for example --
he’s now updating prices on a rolling basis.

“Previously when I was buying things like elastic or thread or buckles, we
didn’t even need to think about it,” Wong said. “But now, you really need to
manage it.”


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EXCLUSIVE


US INFLATION JUMPED 8.5 PER CENT IN PAST YEAR, HIGHEST SINCE 1981

Prices have been driven up by bottlenecked supply chains, robust consumer demand
and disruptions to global food and energy markets worsened by Russia's war
against Ukraine.

 * AP

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Washington: Inflation soared over the past year at its fastest pace in more than
40 years, with costs for food, gasoline, housing and other necessities squeezing
American consumers and wiping out the pay raises that many people have received.
The Labour Department said Tuesday that its consumer price index jumped 8.5 per
cent in March from 12 months earlier - the biggest year-over-year increase since
December 1981.

Prices have been driven up by bottlenecked supply chains, robust consumer demand
and disruptions to global food and energy markets worsened by Russia's war
against Ukraine.

The government's report also showed that inflation rose 1.2 per cent from
February to March, up from a 0.8 per cent increase from January to February.



The March inflation numbers were the first to capture the full surge in gasoline
prices that followed Russia's invasion of Ukraine on February 24.

Moscow's brutal attacks have triggered far-reaching Western sanctions against
the Russian economy and have disrupted global food and energy markets. According
to AAA, the average price of a gallon of gasoline - USD 4.10 - is up 43 per cent
from a year ago, though it has fallen back in the past couple of weeks.

The escalation of energy prices has led to higher transportation costs for the
shipment of goods and components across the economy, which, in turn, has
contributed to higher prices for consumers.

The latest evidence of accelerating prices will solidify expectations that the
Federal Reserve will raise interest rates aggressively in the coming months to
try to slow borrowing and spending and tame inflation. The financial markets now
foresee much steeper rate hikes this year than Fed officials had signalled as
recently as last month.

Even before Russia's war further spurred price increases, robust consumer
spending, steady pay raises and chronic supply shortages had sent US consumer
inflation to its highest level in four decades.

In addition, housing costs, which make up about a third of the consumer price
index, have escalated, a trend that seems unlikely to reverse anytime soon.



Economists point out that as the economy has emerged from the depths of the
pandemic, consumers have been gradually broadening their spending beyond goods
to include more services.

A result is that high inflation, which at first had reflected mainly a shortage
of goods - from cars and furniture to electronics and sports equipment - has
been emerging in services, too, like travel, health care and entertainment.

The expected fast pace of the Fed's rate increases will make loans sharply more
expensive for consumers and businesses.

Mortgage rates, in particular, though not directly influenced by the Fed, have
rocketed higher in recent weeks, making home buying more expensive.

Many economists say they worry that the Fed has waited too long to begin raising
rates and might end up acting so aggressively as to trigger a recession.

For now, the economy as a whole remains solid, with unemployment near 50-year
lows and job openings near record highs.

Still, rocketing inflation, with its impact on Americans' daily lives, is posing
a political threat to President Joe Biden and his Democratic allies as they seek
to keep control of Congress in November's midterm elections.

Economists generally express doubt that even the sharp rate hikes that are
expected from the Fed will manage to reduce inflation anywhere near the central
bank's 2% annual target by the end of this year.

Tilley, Wilmington Trust economist, said he expects year-over-year consumer
inflation to still be 4.5 per cent by the end of 2020. Before Russia's invasion
of Ukraine, he had forecast a much lower 3 per cent rate.

Inflation, which had been largely under control for four decades, began to
accelerate last spring as the US and global economies rebounded with unexpected
speed and strength from the brief but devastating coronavirus recession that
began in the spring of 2020.

The recovery, fueled by huge infusions of government spending and super-low
interest rates, caught businesses by surprise, forcing them to scramble to meet
surging customer demand. Factories, ports and freight yards struggled to keep
up, leading to chronic shipping delays and price spikes.

Critics also blame, in part, the Biden administration's USD 1.9 trillion March
2021 stimulus program, which included USD 1,400 relief checks for most
households, for helping overheat an already sizzling economy.

Many Americans have been receiving pay increases, but the pace of inflation has
more than wiped out those gains for most people. In February, after accounting
for inflation, average hourly wages fell 2.5per cent from a year earlier. It was
the 11th straight monthly drop in inflation-adjusted wages.


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EXCLUSIVE


FUTURE ENTERPRISES DEFAULTS ON RS 9.10 CR INTEREST PAYMENT FOR NCDS

FEL has defaulted interest for the period between October 11, 2021, to April 10,
2022, a regulatory filing from the Future group firm said.

 * PTI

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Kishore Biyani, CEO of the Future GroupNew Delhi: Debt-ridden Future Enterprises
Ltd (FEL) on Tuesday said it has defaulted on payment of Rs 9.10 crore interest
on non-convertible debentures. The payment was due on April 11.

FEL has defaulted interest for the period between October 11, 2021, to April 10,
2022, a regulatory filing from the Future group firm said.

The gross principal amount on which the default has occurred is Rs 180 crore.



"The Company is unable to service its obligations in respect of the interest on
Non-Convertible Debentures was due on April 11, 2022," said FEL.

The debentures are secured and have a coupon rate of Rs 10.15 per cent per
annum.

FEL has defaulted several payments in the last two months.

Earlier this month, FEL had informed about a default of Rs 2,835.65 crore to its
consortium of banks. Its due date was March 31, 2022.

In March, it had defaulted twice -- Rs 19.16 crore and Rs 93.99 crore - to
banks.

FEL is part of the Rs 24,713 crore deal announced by Future Group in August
2020, under which it is to sell 19 companies operating in retail, wholesale,
logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).

All 19 companies would be consolidated into one entity -- FEL -- and then
transferred to Reliance Retail Ventures Ltd.

Future Group companies will be conducting meetings with their respective
shareholders and creditors between April 20 to April 23, 2022, to seek their
approval for the Rs 24,713 crore deal.

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EXCLUSIVE


RURAL FOOD PRICE INFLATION NEARLY DOUBLES IN A YEAR

The headline CPI reading has surged to a 17-month high of 6.95% in March 2022,
with a significant increase noticed across most categories. The headline retail
inflation reading has crept up above RBI’s tolerance band’s upper limit for the
third consecutive month.

 * Anand JC
 * ET Online

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Consumer food price inflation in India has nearly doubled in India since March
2021, data released by the National Statistical Office on Tuesday showed.

More specifically, food price inflation in rural areas has more than doubled,
from 3.94% in March 2021 to 8.04% in March 2022. Food price inflation as read
using the Consumer Food Price Index (CFPI) in rural areas in February stood at
5.81% in February 2022.

The headline CPI reading has surged to a 17-month high of 6.95% in March 2022,
with a significant increase noticed across most categories. The headline retail
inflation reading has crept up above RBI’s tolerance band’s upper limit for the
third consecutive month.



The average annual CPI inflation for FY22 came in at 5.51%, higher than RBI’s
projection of 5.30%.


Food & beverages inflation surged 7.47% year-on-year driven by inflation in
edible oils, vegetables, cereals, and livestock products like milk, meat, and
fish. Following a three-month decline until February, food prices rose
sequentially by 1.32%.

Inflation in 'oils and fats' rose to 18.79% amid the Russia-Ukraine conflict
which has pushed edible oil prices higher. Ukraine is a major exporter of
sunflower oil. Vegetable inflation surged to 11.64% in March while in 'meat and
fish' the rate of price rise stood at 9.63 compared to February 2022.

“Fertiliser shortage ahead of the Kharif sowing season beginning in June could
be detrimental to the farm sector and could lead to high food inflation in the
coming months despite a normal monsoon. Additionally, the pass-through of
elevated global oil prices to the transport sector could indirectly affect the
prices of other commodities, adding to the core pressures,” research firm
CareEdge wrote in a note.

The Reserve Bank of India in its latest monetary policy review revised its
inflation projection upwards to 5.7% from 4.5% earlier on the back of the
hardening of oil and commodity prices globally. The RBI, which till now kept its
focus on growth, is now prioritising inflation.



A Reuters poll had projected the inflation rate at 6.35% for the month of March
on the back of hardening of food prices.

"The sharply higher-than-expected March inflation reading further increases the
challenge for the MPC as we now see significant upside risks to the recently
revised trajectory provided by the committee. March reading broadly confirms the
2QFY23 average crossing significantly higher than 6%, thereby registering three
quarters of inflation higher than the upper threshold in a row," Upasna
Bhardwaj, Senior Economist - Kotak Mahindra Bank said.


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EXCLUSIVE


RETAIL, ECOMMERCE TO GIVE A BIG BOOST TO WAREHOUSE DEMAND: INDUSTRY EXECUTIVES

The latest spurt in demand for warehousing space started in March as sales
recovered rapidly after the Omicron wave in January, they said. The demand had
already reached pre-Covid levels a few months ago.

 * Sutanuka Ghosal
   &
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 * ET Bureau

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Representational imageRetailers and ecommerce players selling apparel, consumer
durables, and groceries, among others, are expanding their warehousing space by
10-15% year on year amid a surge in demand and expansion of quick ecommerce
services, industry executives said.

The latest spurt in demand for warehousing space started in March as sales
recovered rapidly after the Omicron wave in January, they said. The demand had
already reached pre-Covid levels a few months ago.

Anshuman Singh,MD of logistics company Stellar Value Chain Solutions, estimates
that the demand for warehousing space requirements will go up by 20% by June.



He said there is a pentup consumer demand in several categories, which is
driving expansion plans and requirement for warehouses and logistic manpower.
Electronics retail chain Vijay Sales and the country's largest retailer Reliance
Retail are among those expanding their warehousing space.

Industry body Retailers Association of India (RAI) CEO Kumar Rajagopalan said
that while the pandemic has been tough on most retailers, some have been able to
drive through it and are now expanding stores whereby there is a bigger play on
warehousing space for their omni channel. Quick commerce, too, is driving the
demand, he said.

According to a study by RAI, retail sales across categories in March grew 28%
over a year ago and 12% when compared to the pre-pandemic period of March 2019.
Vijay Sales director Nilesh Gupta said the company is snapping up additional
warehousing space since sales of air-conditioners and refrigerators have grown
by 10-12%.



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EXCLUSIVE


RETAILERS OVERCOME SLOW START, TO GROW IN DOUBLE DIGITS IN Q4

"Target segment's disposable income is higher than what it was two years ago,
which is causing consumption to go up," Shoppers Stop managing director Venu
Nair told analysts recently. "The number of wedding events is starting to go up.
School and offices are opening, which will require a wardrobe reboot.
Consumption of beauty and kids' clothes will be back. So, the next six months
will be rosy for us," he added.

 * Sagar Malviya
   &
 * Writankar Mukherjee
 * ET Bureau

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Listed retailers across apparel, lifestyle products, restaurants, and
supermarkets are reporting double-digit revenue growth year-on-year for the
March quarter despite a slow start due to the Omicron wave, with reopening of
offices and schools, and weddings driving demand.

While their revenues in the quarter could still be lower than the sequential
December quarter when festival demands and discount offers boosted their sales,
most retailers expect their sales to pick up further in the new fiscal.

"Target segment's disposable income is higher than what it was two years ago,
which is causing consumption to go up," Shoppers Stop managing director Venu
Nair told analysts recently. "The number of wedding events is starting to go up.
School and offices are opening, which will require a wardrobe reboot.
Consumption of beauty and kids' clothes will be back. So, the next six months
will be rosy for us," he added.




ICICI Securities expects apparel brands and retail companies such as Trent,
Aditya Birla Fashion and Retail, VMart, Shoppers Stop, and TCNS Clothing Company
to post more than 20% YoY revenue growth in the March quarter, backed by healthy
store additions.

The emergence of the third wave of Covid-19 in December and consequent
restrictions on operations of malls, multiplexes and restaurants had an impact
on their sales in January, restricting revenue recovery at 60% of pre-Covid
levels, according to an ICICI Securities report. February improved with 80-85%
recovery and March saw an even higher surge, it said.

Titan said its watches business grew 12% in the March quarter while jewellery
fell 4% due to a sharp increase and volatility in gold prices and uncertainty
due to a geopolitical situation. The Tata-owned retailer is positive about
demand in the first quarter of 2022-23. "The demand continued to be strong
across all of its businesses with most segments posting year-on-year growth over
a very strong Q4 FY21 base," Titan said.



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