The Telangana government announced on Tuesday that Godrej Agrovet Company Ltd has expressed interest in establishing an integrated palm oil processing unit in partnership with Malaysia’s Sime Darby in the Khammam district.
The Managing Director, Balram Singh Yadav, along with a delegation from Godrej Agrovet Company Ltd, met with Chief Minister Revanth Reddy at the state secretariat. An official release reported that during the meeting, discussions were held, and Chief Minister Reddy pledged to provide comprehensive support for the expansion of the company’s current palm oil and dairy ventures in the state.
The chief minister further recommended that the company incorporate skill development initiatives into its corporate social responsibility. The release mentioned that the chief minister proposed the delegation to investigate the significant opportunities in the state’s real estate, furniture, and consumer goods sectors. The meeting also saw the presence of State IT and Industries Minister D Sridhar Babu, Chief Secretary A Santhi Kumari, and other officials, as per the release.
The Indian Institute of Technology (IIT) Delhi has introduced the ‘Work4Food’ initiative, designed to ensure government-mandated minimum wages for food delivery workers. This innovative solution aims to reduce costs for delivery platforms while prioritizing customer satisfaction.
A team of researchers from the institute, including Abhijnan Chakraborty, Sayan Ranu, Amitabha Bagchi, and PhD scholar Anjali, developed the solution. Additionally, the proposal was showcased at the International Joint Conference on Artificial Intelligence in Vienna, Austria, in July 2022.
According to a statement released by IIT Delhi, notable aspects of the solution encompass income assurances, platform management, and personalized guarantees extended to individual delivery workers.
Chakraborty, a professor at the Computer Science and Engineering Department, IIT Delhi said, “This is an order assignment algorithm (which determines which delivery person gets which order) to ensure that each delivery person earns more than the minimum wage.”
“To achieve this without increasing the cost for the platform or the consumer, we recommend utilising the delivery workers more efficiently and reducing the habit of over-provisioning,” he said.
Reducing Travel and Emissions with ‘Work4Food’ Solutions
Given the substantial data amassed by these platforms, they can analyze historical patterns to anticipate the supply-demand dynamics in specific locations and times. Consequently, they can enlist delivery workers as per the identified requirements, he explained.
According to IIT Delhi, the minimum income guarantee provided by ‘Work4Food,’ along with the flexibility it grants to platforms for onboarding delivery agents based on demand-supply dynamics, reduces the need for unnecessary travel. This addresses a common practice among delivery agents who strategically position themselves for the next order.
“This can have a long-term effect on reducing air pollution caused by vehicular emissions, at least until the entire delivery fleet transitions to battery-operated vehicles,” Chakraborty said.
While online food delivery companies often cite the gig nature of the work and operational constraints as barriers to implementing local minimum wage guarantees, the novel solution introduced by the IIT Delhi researchers promises to address the issues, according to the release.
“We believe that our proposed solution has the potential to revolutionise the way food delivery platforms operate in India, creating a win-win situation for all parties involved — delivery workers, platforms, and customers — representing a significant step toward achieving fairness and equity within the food delivery industry,” said Bagchi.
On Tuesday, the National Company Law Appellate Tribunal (NCLAT) dismissed a plea from an operational creditor seeking to initiate insolvency proceedings against Aditya Birla Fashion and Retail Ltd (ABFRL). The appellate tribunal upheld the Mumbai bench’s order from October 11, 2023, which had dismissed In Style Fashion’s plea based on the existence of a pre-existing dispute.
“Considering the overall facts and circumstance of the present case and in view of the foregoing discussion, we are satisfied that the Adjudicating Authority (NCLT) did not commit any error in rejecting the Section 9 Application filed by the Appellant on the ground of pre-existing dispute,” said the NCLAT.
In Style Fashion served as a franchisee and commission agent responsible for operating ABFRL’s showroom.
NCLAT Disagrees on Time-Barring in Aditya Birla Fashion Case
However, the NCLAT also said, “We do not agree with the finding of the Adjudicating Authority that the Section 9 application was time-barred and hit by limitation”.
Meanwhile, the appellate tribunal said the operational creditor has the liberty to seek remedy of its contractual disputes before any other appropriate forum.
It entered into an agreement to run showrooms for Planet Fashion and Allen Solly in 2011. However, it was closed in February 2016.
Following the closure of the showroom, the stock in trade was sent back to ABFRL by the Operational Creditor. However, it made only part payment of INR 51,283.28 on April 28, 2017.
Aggrieved by this, it sent a demand notice of INR 1.05 crore and moved the NCLT.
However, the NCLT dismissed it, which was later challenged before the appellate tribunal NCLAT.
Walmart has announced plans to expand its involvement in the realms of artificial intelligence and drones, with the goal of enhancing its customers’ shopping experiences.
In a Tuesday keynote at the CES trade show in Las Vegas, the nation’s largest retailer announced its plans to extend drone delivery services to an additional 1.8 million households in the Dallas-Fort Worth metropolitan area later this year. Although Walmart has already completed 20,000 drone deliveries across seven states, company leaders contend that this expansion highlights the growing demand and efficiency of their drone operations. Notably, Walmart executives emphasized that no other rival has come as close to achieving this level of drone concentration in households within a major metropolitan market.
Highlighting advancements in AI, Walmart introduced a generative AI-powered search feature tailored for iOS users. This innovation suggests pertinent products for customer queries spanning from football watch parties to bridal showers.
Walmart’s InHome Replenishment with AI
Additionally, the company offered a preview of InHome Replenishment, a service leveraging AI to understand consumers’ shopping patterns, ensuring a consistent supply of their preferred groceries. Walmart also unveiled a beta platform enabling customers to virtually create outfits and receive feedback from their friends.
Meanwhile, under Walmart’s ownership, Sam’s Club introduces a fresh approach to the checkout process, incorporating scan-and-go technology, self-checkout, or the conventional manned register. Departing from the typical receipt-checking procedure, the stores employ cameras at exits to capture images of items in shoppers’ carts and verify purchases based on the items they have paid for. As stated by Sam’s Club CEO Chris Nicholas, this camera technology is presently operational in ten clubs and is set to expand across the chain later this year.
Carrefour has delisted PepsiCo products in Poland, making it the fifth country where the companies’ pricing dispute has led to such measures.
France kicked off the boycott campaign on January 4, and Carrefour stores in Spain, Italy, and Belgium later joined the initiative. Displaying banners in their outlets, the France-headquartered supermarket giant declared, “We no longer sell this brand due to an unacceptable price increase.”
PepsiCo responded last week via a spokesperson, claiming in a statement, “We’ve been in discussion with Carrefour for many months and we will continue to engage in good faith in order to try to ensure that our products are available.”
A spokesperson for Carrefour Poland said in a statement, “With reference to the emerging information about the failure of price negotiations between Carrefour and PepsiCo, the aim of which was to reduce the prices of this manufacturer’s products for customers, we would like to inform you that Carrefour Polska will also limit cooperation with this supplier on the domestic market.”
According to media reports in Poland, the prohibition on PepsiCo products extends to include items such as Quaker Oats cereal.
In terms of revenues, Europe stands as PepsiCo’s most significant geographical market, encompassing a range of brands from Lay’s and Doritos snacks to 7Up and Pepsi beverages.
In the US food heavyweight’s 2022 fiscal year, the region contributed $12.7 billion in revenue to the group total of $86.3 billion, as indicated in the company’s annual report for those 12 months. In Europe, this contribution was equally split 50-50 between beverages and “convenient foods.”
PepsiCo’s 2023 financial year ended on December 30, so any impact on sales is unlikely to be felt until at least the first quarter of the new year.
Last week, E. Leclerc, another major supermarket in France, escalated its efforts to exert pressure on food and drinks manufacturers as part of the country’s initiative to compel suppliers to reduce prices.
President Michel-Edouard Leclerc took to LinkedIn to voice his opinion in the context of price negotiations taking place.
“Like you, we are fed up with inflation. You feel like you’ve been cheated. And since we’re in a period of negotiations, we’re putting pressure on our supplier,”
“In the coming month, we must therefore convince all those large suppliers who have made the mistake to increase their prices too much, to lower them now, or to moderate them.”
Continued Pressure: Negotiations Deadline on January 31 for PepsiCo
In an interview on BFM TV on January 8, Leclerc, as reported by Reuters, stated that price negotiations with all retailers are scheduled to conclude on January 31. Confirming with the French network, E. Leclerc affirmed that they continue to carry Pepsi products.
“I continue to sell Pepsi,” he said coyly when asked if E. Leclerc would follow Carrefour’s example in withdrawing products.
Similar to France, in Poland, food-price inflation had consistently outpaced the overall economy. Nevertheless, preliminary estimates released by the local statistics agency on January 5 indicated a potential shift in this trend.
In December, the annualized growth in food and soft drink prices moderated to 5.9%, compared to 6.9% and 7.6% in the preceding two months, respectively. The overall consumer price index rose by 6.1%, showing a decrease from the 6.6% recorded in November.
Nevertheless, when assessed on a month-on-month basis, prices for food and non-alcoholic beverages experienced a marginal increase of 0.2%.
Earlier this month, France’s national statistics body, Insee, reported that food prices probably increased at an annualized rate of 7.1% in December, showing a slight decrease from 7.7% in November. This is in contrast to the 12.1% recorded in December 2022.
In its preliminary data, Insee reported that the consumer price index likely rose by 3.7% in the 12 months leading up to December, a slight uptick from 3.5% in November. This contrasts with the 5.9% annualized rate observed in December 2022.
On a month-on-month basis, overall inflation is expected to recover to a positive 0.1%, marking a turnaround from the 0.2% decline reported in November, as indicated by the statistics agency.
Fogo de Chão, the renowned American restaurant chain celebrated for its southern Brazilian culinary delights, has announced plans to open 20 new locations as part of its worldwide growth strategy.
The company is set to open new restaurants in the US and various international markets, building upon the momentum of previously announced domestic and international lease agreements.
In its development pipeline for 2024 and 2025, the company has upcoming lease signings and restaurant openings, with expectations to reach the significant milestone of the brand’s 100th restaurant by the end of 2024.
The scheduled launches for 2024 include prominent cities in the United States, such as Brooklyn, Richmond, Miami, Bridgewater, Seattle, and Orlando. Additionally, the company is poised for expansion in Canada, with agreements already secured for locations in Toronto and Vancouver.
Recently unveiled domestic lease agreements and upcoming openings will mark Fogo de Chão’s entry into markets like Santa Monica, Oklahoma City, Washington DC, Nashville, and San Antonio.
Fogo de Chão Goes International: Manila, Brasilia, Istanbul, São Paulo
The brand will also boost its international presence with new locations in Manila, Brasilia, Istanbul, and São Paulo.
The upcoming establishments will reflect Fogo de Chão’s recent rebranding, highlighting improved designs, expanded menu options, and innovative platforms.
The design of the upcoming restaurants will incorporate next-level elements, such as enclosed patios, rooftops, and lounges.
The Next Level Lounge platform will be rolled out, providing an elevated bar experience with craft cocktails, South American wines, and premium spirits.
In 2023, Fogo de Chão extended its presence by inaugurating restaurants in key markets such as Rhode Island, California, Texas, Mexico, and Ecuador, laying the foundation for its ambitious growth in the years ahead.
Fogo de Chão CEO Barry McGowan stated, “As we look ahead to the next 24 months, Fogo de Chão is positioned for yet another transformative chapter of growth as we continue to scale our authentic experiential dining concept globally.
“We are a category-leading, international brand and are actively securing leases and forging development agreements in regions where we already have a presence, while simultaneously breaking ground in new capital cities around the world.”
In December 2023, Fogo de Chão finalized a lease agreement for the establishment of its fourth location in New York City.
The upcoming 5,009 square feet venue will become part of Fogo’s trio of existing NYC locations upon its 2024 debut at the Oculus in Westfield World Trade Center, the largest shopping complex in Manhattan.
Semaai, an agritech firm based in Indonesia, secured $4.7 million in funding through a mix of debt and equity investments.
CyberAgent Capital spearheaded this funding round, joined by new investors such as Heracles Ventures, Ruvento, MyAsiaVC, and Sumitomo Corporation Equity Asia, as announced by Semaai in a statement.
Beenext, Accion Venture Lab, Surge from Peak XV, along with Semaai’s existing investors, also participated in the funding round.
With this recent infusion of funds, Semaai has achieved a total funding of $7.6 million, signaling an extraordinary year of growth for the company.
Semaai’s Expansion Drive: Targets for 2024
With the additional funding, Semaai aims to enhance the reach of its agronomy advisory service to farmers and agri-retailers, form partnerships with fintech establishments to offer cutting-edge fintech solutions, and fortify its position in Central Java.
By the end of 2024, Semaai plans to have extended its coverage to 75% of the over 8,200 villages in the region.
The company’s Toko Tani marketplace user base has reportedly doubled in the last year, accompanied by a net revenue surge of over fifteen times.
Additionally, the majority of Semaai’s active users make use of its advisory feature, which has witnessed an eight-fold increase in adoption over the past six months.
“With the new funding, our company will collaborate with financial institutions and fintech providers to expand our embedded fintech solutions, having already doubled Semaai’s total transaction volume in the last twelve months,
“This is part of our goal to provide an integrated digital ecosystem that addresses disruptions in the supply chain and fills knowledge gaps for Indonesia’s agri-retailers and smallholder farmers,” said Muhammad Yoga Anindito, Co-Founder and Chief Executive Officer of Semaai.
Semaai, as a “farmer-first” company, constructs comprehensive agri-tech solutions to empower farmers and rural micro, small, and medium-sized enterprises (MSMEs) in Indonesia, such as Toko Tanis. The aim is to optimize their earning potential and facilitate access to improved financing, services, and new markets.
Semaai offers a broad spectrum of agricultural services, encompassing customized consulting, productivity tools, and farming inputs like seeds and fertilizer products, all delivered through an expanding network of service delivery centers.
On January 9, a division bench of the Delhi High Court determined that the New York-based PepsiCo has the right to claim a patent for the distinct potato variety cultivated solely for its renowned Lay’s potato chips.
The High Court overturned the ruling of a single judge from July 2023, which had affirmed the revocation of the patent by the Protection of Plant Varieties and Farmers’ Rights (PPVFR) Authority in 2021. The court rejected the arguments put forth by Kavitha Kuruganti, a farmers’ rights activist, who contended that the company should not be able to assert a patent for the potato seed variety.
“The appeal of PepsiCo is allowed. We consequently also set aside the order of the Authority dated December 3, 2021, and the letter issued by the Authority dated February 11, 2022. The renewal application as made by PepsiCo shall stand restored on the file of the Registrar who shall dispose of the same in accordance with law,” the judgment said.
In 1989, PepsiCo established its first potato chip plant in India. The company supplies a specific potato seed variety to a group of farmers, who exclusively sell their produce to the company at a fixed price.
The court has dismissed Kuruganti’s concern that PepsiCo, through initiating multiple lawsuits against farmers, was acting against public interest.
The court said, “Apart from a mere reference to various suits alleging infringement, which are stated to have been filed by PepsiCo, the respondent failed to establish or prove that those suits were vexatious or that they had been instituted as part of predatory tactics of PepsiCo.”
PepsiCo’s Lawsuit Against Indian Farmers
In 2019, PepsiCo filed a lawsuit against certain Indian farmers for cultivating the FC5 potato variety, claiming that the growers had violated its patent. The company also sought over INR 10 crore ($121,050) from each farmer for the alleged patent infringement. However, PepsiCo withdrew the lawsuit within a few months.
In December 2021, the Protection of Plant Varieties & Farmers’ Rights (PPV&FR) revoked the varietal registration certificate previously granted to the food and beverages major for the potato variety ‘FL-2027’ in the country. In response to this decision, PepsiCo stated that it is currently in the process of reviewing the order issued by the PPV&FR Authority.
PPV&FR is a regulatory body established under the Protection of Plant Varieties and Farmers’ Rights Act, 2001. The authority’s decision followed a petition filed by agricultural activist Kavitha Kuruganti, who argued that PepsiCo India’s certificate of registration was issued on the basis of inaccurate information provided by the company.
India’s coffee exports are set to increase by 10% in 2024, driven by a global price rally. According to industry officials, European buyers are willing to pay premiums to boost their purchases from the country, contributing to this anticipated rise.
Renowned for its tea production, the South Asian nation is also the eighth-largest global contributor to coffee cultivation. Primarily specializing in robusta beans, utilized in instant coffee production, the country also produces select batches of the pricier arabica variety.
“The demand for Indian coffee, particularly robusta beans, is strong due to firm global prices resulting from production issues,” said Ramesh Rajah, president of the Coffee Exporters’ Association of India, predicting a rise in exports this year of up to 10%.
The price of robusta coffee is currently hovering close to its highest point in a span of at least 15 years. This surge is attributed to expectations that Vietnam, the world’s largest producer, will yield less in the 2023/24 season compared to the previous one.
India exports the majority of its production, with Italy, Germany, and Belgium being the primary destinations for the three-quarters of its output.
Premiums Soar for Indian Coffee Despite Production Shortfall
Normally, Indian coffee attracts a premium over the global benchmark owing to its cultivation under shade, meticulous hand-picking, and sun-drying process. However, this year, exporters note that premiums are exceptionally elevated, primarily attributed to a shortfall in production.
According to a dealer from a global trade house based in Bengaluru, coffee exports in 2024 are anticipated to increase to 298,000 metric tons, surpassing the previous year’s figure of 271,420 tons.
Due to robust demand, Indian robusta cherry is currently securing a premium of nearly $300 per tonne above London futures, as mentioned by the source.
Although there is a positive trend in export demand, traders are in a holding pattern, awaiting an increase in supplies. The anticipation is that a rise in supplies could potentially lead to a reduction in local prices, as mentioned by the dealer.
M. M. Chengappa, a coffee grower from Kodagu in the leading coffee-producing state of Karnataka, mentioned that the current robusta harvest is nearly 20% complete. However, recent disruptions in growing areas due to rainfall have posed challenges in the ongoing harvesting process.
According to the state-run Coffee Board, India’s production is projected to increase to 374,200 tons in the ongoing 2023/24 season, commencing on Oct. 1, compared to the previous year’s 352,000 tons. Despite this estimate, farmers argue that the impact of rainfall is constraining the potential for higher production.
“Torrential unseasonal rain in the last few days, along with the rains in December, has caused a lot of fruit droppings,” said Chengappa.
Harvesting is experiencing a slowdown due to a shortage of labor, even with offers of higher wages, according to exporter Rajah.
“Global prices are rising, but Indian farmers’ income is not rising in the same proportion due to higher production costs. They need to spend more on inputs and wages,” Rajah said.
Fashion brand The Souled Store has joined forces with fintech startup Simpl to enhance its e-commerce platform, offering customers an improved experience, as announced in a press release on Tuesday.
Through this collaboration, customers can conveniently utilize Simpl’s 1-Tap Checkout to access a vast array of official merchandise on The Souled Store platforms. The fashion brand anticipates that this integration will lead to a reduction in transaction failures, cash-on-delivery transactions, and product returns.
Speaking of the partnership, Vedang Patel, co-founder of The Souled Store, said, “We are delighted to partner with Simpl to offer a 1-Tap Checkout for lakhs of our merchandise to over seven million of our customers across the country. With Simpl, we find synergies in our collective vision of empowering customers through greater convenience online in a quick and seamless manner.”
The Souled Store’s Market Growth and Gen Z Focus
Over 90% of The Souled Store’s sales originate from its proprietary e-commerce platform. With a specific focus on the Gen Z and millennial customer demographic, the company witnessed a remarkable fivefold growth compared to the average business during the Black Friday sale in November of the previous year. The most sought-after items were within the winter wear categories, with oversized t-shirts and denims following closely behind in demand.
Nitya Sharma, founder and chief executive officer, Simpl, said, “Fashion e-commerce marketplaces and Direct-to-Customer platforms are becoming the primary retail channels for new age customers who are looking for a more convenient and hassle-free way of accessing products online. We are delighted to partner with The Souled Store, which is one of the early movers in the D2C space, to enhance the checkout experience of millions of their customers across the country.”
Simpl has witnessed over a 70 times increase in transactions in the last one year, the release added. Over 26,000 merchants and millions of customers across the country opt for Simpl’s Checkout options.
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