FUTURE GROUP EYES VISHAL RETAIL

Reports are afloat that Kishore Biyani is in the race to take over the troubled Vishal Retail Ltd.

TGP Capital has already bid to acquire Vishal Retail. TPG has already obtained the approval of a consortium of lenders to purchase Vishal in March. The Indian retailer’s board had last month approved a non-binding, non-exclusive memorandum of understanding for talks with TPG.

Biyani on being asked declined to confirm or deny the report. . “I am not saying anything on that (topic). I am not commenting,” he said.
 Amol Jain, director of TPG, declined to comment while Vishal’s managing director Ram Chandra Agarwal denied that there was any proposal from the Future Group.
 Vishal’s bankers, including State Bank of India, HDFC Bank Ltd and ING Vysya Bank Ltd among others, are currently engaged in the restructuring of debt amounting to Rs730 crore.

Mint220710

INDIAN RUPEE GETS A SYMBOL

The Indian rupee has is now in elite company. It is one of the 5 currencies of the world that have a unique symbol.

The Indian Rupee Symbol

Other currencies with a symbol of thier own are the US Dollar, Euro, Japanese Yen and the British Pound.

“The symbol will standardize the expression for Indian rupee in different languages, both within and outside the country,” a government statement said about the symbol, which was conceived by D. Udaya Kumar, a research scholar at the Indian Institute of Technology in Mumbai.

According to a government statement, the symbol will also be included in Indian standards, or Indian Script Code for Information Interchange (ISCII).The ISCII specifies various codes for Indian languages processing on computers along with keyboard layouts.

The government statement added that the industry lobbies for Indian software and hardware companies, Nasscom and Manufacturers Association for Information Technology, or Mait, would ask their members to make changes needed to allow the rupee’s symbol to be used in texts.

LG BETS BIG ON RURAL AND SEMI-URBAN INDIA

LG Electronics India, the South Korean consumer durables giant is heading towards rural India to ramp up it’s sales. It plans to increase deliverly centres and after sales service points. It also plans to introduce customized products in rural and semi urban markets to attract customers.

The company expects LCD (liquid-crystal display) televisions and mobile handsets to be its major sales drivers. At present, both products contribute close to 25 per cent to the company's sales. The figure is expected to double by 2015. On the company's strategy on mobile handsets, sources said that though handsets are available, lack of after-sale-service is driving away rural consumers from cheaper brands. LG India expects to earn a total revenue of Rs 19,000 crore during calendar year 2010 and has set a target to of $9 billion (Rs 41,400 crore) by 2015.
HT270610

RELIANCE RETAIL PLANS BIG

The retail business of Reliance Industries is looking at big growth in the coming years. From the existing Rs 4500 crores ($957 Million) to Rs 45,000 crores ( $9570 Million) in the next 5 years.
The multi-format Reliance Retail currently operates over 1000 outlets under 14 formats , some of which are
Reliance Fresh ( Neighbourhood stores)
Reliance Super ( Supermarkets)
Reliance Delight (Meats etc)
Reliance Mart ( Hypermarkets)
Reliance Ranger Farms ( Cash & Carry)
Reliance Digital ( Consumer Durables & IT)
Reliance Trends ( Apparel)
Reliance Footprint (Footwear)
Reliance Timeout
Reliance Wellness
Reliance Living Homeware
The company has currently nearly 1150 stores in 86 cities across 14 states.

Wholesale Markets of Yiwu

Yiwu is probably one sourcing hub that no retailer from India can avoid. With over 75,000 booths offering a wide range of products ranging from household goods to imitation jewellery, this wide range of  merchandise on offer at one place is a buyers paradise. The advantage of buying from Yiwu is that you can buy in small lots and fill up a container with as many as a 100 or more SKUs.

Inside view of the Futian Market

The main market in Yiwu called the Futian market is a series of buildings, 4 floors of air conditioned shopping area and over 4 kms in length from end to end. Each block or building is interconnected enabling one to move from point to point with ease.

Entrance to the new Block of Plastics & Hosiery 

The system of booking goods is simple. To begin with, the services of an exporter/consolidator/agent is needed who will act as your interpreter as well as handle the consolidation and forwarding of your goods. Keep in mind that prices need to be negotiated and your best negotiating skills will be put to test. A good consolidator is essential to ensure that you get the goods that you ordered. Ensure that the consolidator has the necessary resources for inspection of goods . Normal payment terms are either 30% advance and balance TT on dispatch or through irrevocable LC at sight.

Some of the merchandise categories available in Yiwu are

1. Kitchen Products
2. Appliances
3. Hardware
4. Toys, Gifts and Artificial Flowers
5. Imitation jewellery
6. Luggage and Casual bags
7. Cosmetics
8. Hosiery
9. Footwear
10. Plastics

Restaurant in the market

You need to start your day early - the market starts functioning at 8.30 in the morning and shuts at 4.30 . If you do not have conveyance, leave by 4.15 - getting a cab after that is not easy. The market has an interesting restaurant named Picassa serving Western Cuisine (quite good by Chinese standards) that you would need to visit to rest your tired legs after a few hours of walking around and a hot cup of coffee or some chilled beer. 

Getting There :

There is no direct international flight to Yiwu. The options are

• Fly to Hong Kong . Take a connecting flight to Hangzhou ( 2 Hrs) and by road to Yiwu (2 hrs and 400 RMB by taxi)
• Fly directly to Guangzhou or through Hong Kong and take a connecting flight to Yiwu.
• Fly to Shanghai and take a train ( 3 Hrs) or taxi (4.5hrs)

Places to Stay

Yiwu has a plethora of places to stay starting from 150 RMB ( $25). However if your work is mainly in the Futian Market, the Best Western Hotel is the place to stay. Just next to the market, it is very conveniently located and offers all that a good 4 star hotel should have.

The Best Western Hotel in Yiwu

The markets of Yiwu