Edible oil maker, Ruchi Soya Industries has acquired the entire food business of Patanjali Ayurved under business transfer agreement in a bid to make Patanjali the world’s largest FMCG group. According to a news release by Ruchi Soya Industries, the amount of consideration for the acquisition is Rs 690 crore on a slump sale basis, […]
Prices of food items like cereals, pulses, and edible oils rose or remained steady in May, a Reserve Bank of India (RBI) report said, indicating there could be another higher inflation print. However, it observed that the Monetary Policy Committee’s (MPC’s) surprise move to increase interest rates bodes well for its credibility. The RBI’s monthly State of […]
The Food and Agriculture Organization of the United Nations (FAO) is calling for a global Food Import Financing Facility (FIFF) to help poorer countries deal with surging prices as a result of the war in Ukraine. The FIFF, which is also aimed at increasing global agricultural production and productivity in a sustainable way, is one of six policy […]
With its departmental stores running out of groceries, sanctions-hit Russia has reached out to Indian retailers and agri-exporters for urgent supplies, more so as the EU has stopped supplies for the second month in a row. The list includes orange marmalade, mango jam, pasta, oats flakes, pancake mix, spaghetti, basmati rice, coffee, tea, cornflakes, rum, […]
The Heads of the World Bank Group (WBG), International Monetary Fund (IMF), United Nations World Food Program (WFP), and World Trade Organization (WTO) have called for urgent action on food security. “The world is shaken by compounding crises. The fallout of the war in Ukraine is adding to the ongoing COVID-19 pandemic that now enters […]
As the devastating war in Ukraine rages on causing untold suffering, its impact is being felt far beyond its borders, battering a world emerging from a pandemic that has hit developing countries hardest. Among the most critical is the food price crisis, calling into question the affordability and availability of wheat and other essential staples. There […]
The outlook for global GDP growth has deteriorated significantly as inflation challenges intensify and Russia’s invasion of Ukraine threatens global energy supplies. Fitch Ratings’ March 2022 Global Economic Outlook sees world GDP growth reduced by 0.7pp in 2022 and sharp upward revisions to inflation forecasts. “Global inflation is back with a vengeance after an absence […]
India has provided a list of Afghan contractors and truck drivers to the Pakistan government who would transport the Indian consignment of 50,000 metric tonnes of wheat to Afghanistan as humanitarian assistance, as the two neighbours inch closer towards finalising the agreement, a media report said. Both countries have agreed to the modalities, and the […]
India’s food regulator Food Safety and Standards Authority of India (FSSAI) is planning to develop a risk management system for the domestic sector similar to the system already in place for imported products for sampling and inspection. This will include the product details, manufacturer profile, compliance reports to reduce the incidence of unnecessary inspection by […]
One of South Korea’s leading food companies, Orion, has entered the $ 44.6 billion Direct-to-Consumer space in India. With the launch of its website ShopOrionIndia.com the company has announced its readiness to ride on its digital success with eCommerce which so far contributes about 25 per cent of its annual sales. This move comes within a year […]
