Retail - August 2013

7/29/2019 Retail - August 2013

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Source: indiaretailing.com, Aranca ResearchNote: CAGR - Compound Annual Growth Rate

Policy support

Rising income and demand for qualityproducts to boost consumer expenditure

Indian retail one of the fastest growingmarkets in the world due to economic

growth

Favourable government policies to boostinvestor confidence and thereby

investments across modern retail formats

Consumer expenditure estimated to beUSD3.6 trillion by 2025 vis--vis USD1.0

trillion in 2010

Retail market in India to reach USD866billion by 2015 from the current USD516

billion

Modern retail market to expand toUSD88.3 billion by 2015 from USD40.5

billion in 2012

40.5

88.3

2012 2015E

Indian modern retail market size (USD billion)

516

866

2012 2015E

Indian retail market size (USD billion)

1

3.6

2010 2020E

India consumption expenditure (USD trillion)

CAGR: 13.6%

CAGR: 18.8%

CAGR: 29.6%


4/46

Source: indiaretailing.com, Aranca ResearchNote: CAGR - Compound Annual Growth Rate

Policy support

Robust consumption, rural markets toaugment FMCG market

Increasing participation from foreign andprivate players to boost retail infrastructure

Rising number of tier-2 and tier-3 cities toenhance supermarket space in the country

FMCG market expected to increase toUSD100 billion by 2025 from USD12

billion in 2006

Modern retail stores projected to reach67,100 by 2016 from 11,192 in 2006

Supermarkets to total 8,500 by 2016 from500 in 2006

500

8,500

2006 2016E

Supermarkets in India

11,192

67,100

2006 2016E

Modern retail formats (store counts)

12

100

2006 2025E

FMCG market in India (USD billions)

CAGR: 7.6%

CAGR: 19.6%

CAGR: 32.8%


5/46

The engineering sector is delicensed;100 per cent FDI is allowed in thesector

Due to policy support, there wascumulative FDI of USD14.0 billion intothe sector over April 2000 February2012, making up 8.6 per cent of totalFDI into the country in that period

Growing demand

Source: Technopak; Aranca ResearchNotes: SITP - Scheme for Integrated Textile Park; FDI - Foreign Direct Investment,

2021 E - Estimated figure for 2020; ASEAN - Association of Southeast Asian Nations

Demand potential

Rapid urbanisation with increasingpurchasing power has led togrowing demand; consumers havealso become more brandconscious

The untapped rural market hashigh growth potential

Innovation in Financing

Collective effort of financialhouses and banks withretailers are providing strengthto consumers to go for durableproducts with easy credit

Policy support

51 per cent FDI in multi brand retail

FDI up to 100 per cent in singlebrand retail and for cash and carry(wholesale) trading and exports

Introduction of Goods and ServiceTax (GST) as a single unified taxsystem from next fiscal year

Increasing investments

Foreign retailers are continuouslyentering the Indian market

Cumulative FDI inflow in retail forthe period April 2000 January2013 was USD42.7 million; this isexpected to increase further as 51per cent FDI in multi brand retail isapproved and limit is raised to 100per cent in single brand retail

2012

MarketValue:

USD518billion

2015E

MarketValue:

USD869billion

AdvantageIndia


6/46

Source: Technopak Advisors Pvt Ltd, Aranca Research

Manufacturersopened theirown outlets

Pure play retailersrealised the potentialof the market

Most of them in

apparel segment

Substantialinvestmentcommitments bylarge Indiancorporate

Entry in food andgeneralmerchandise

category Pan-India

expansion to top100 cities

Repositioning byexisting players

Initiation

Conceptualisation

Expansion

Consolidation

Large scale consolidation

Movement to smallercities and rural areas

More than 56 playerswith revenues more thanUSD700 million

Large scale entry ofinternational brands

FDI in single-brand retail

up to 100 per cent from51 per cent

Approval of FDI limit inmulti-brand retail up to51 per cent

Rise in private labelbrands by retail players

Increasing investmentsin retail infrastructure

Pre 1990s

199005

200510

2010 onward


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Source:Aranca Research

Notes: IT- Information Technology

Mono/exclusivebranded retail shops

Multi-branded retailshops

Convergence retailoutlets

Exclusive showrooms either owned orfranchised out by a manufacturer

Complete range available for agiven brand, certified product

quality

Focus on particular product categoriesand carry most of the brands available

Customers have more choices asmany brands are on display

Display most of convergence as well asconsumer/electronic products, including

communication and IT group

One-stop shop for customers;many product lines of different

brands on display

e-Trailers

It is an online shopping facility forbuying and selling products and

services; the facility is widely used forelectronics, health and wellness

Highly convenient as it provides24X7 access, saves time, and

ensures secure transaction


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Grocery Food and beverage Department stores Pharmacy Books, music andgifts

RETAIL


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Source: Company websites, KPMG, Aranca Research

Departmental stores HypermarketsSupermarkets/

Convenience storesSpecialty stores Cash & Carry stores

Pantaloon has 65stores

Trent operates 59stores

Shoppers Stophas 51 stores

Reliance Retailhas launched

Trends in thisformat

Pantaloon Retailis the leader inthis format with160 Big Bazaarstores

HyperCITY (4stores), Trent,Spencers

(Spencer Hyper),Aditya Birla Retail(additional 14stores) andReliance are otherplayers

Aditya Birla Retail(additional 509stores)

Spencers (Daily,220 stores)

Reliance Fresh(458 stores)

REI 6Ten (350

stores) are themajor players inthis format

Titan Industries isa large player,with 320 World ofTitan, 130Tanishq and 177Titan Eye+ shops

Vijay Sales,Croma and E-

Zone are intoconsumerelectronics

Landmark, andCrossword focuson books and gifts

Metro started thecash-and-carrymodel in India; thecompanyoperates fivestores acrossMumbai, Kolkata,Hyderabad and

Bangalore Bharti Walmart

started its cash-and-carry outletsin 2011

Retail


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Source: KPMG International 2011, Aranca Research

Multiple franchisee model Rural retailing

Collaborative model forinternational products

Vertical integration

Collaboration for back-endresource sharing

Increasing market reach

Innovation in new retail formats Direct sourcing arrangements Focus on private labels
http://www.raymondindia.com/index.asphttp://www.nokia.co.in/http://www.pepsico.com/


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Source: KPMG International, Aranca Research

Offering discounts Most retailers have advanced off-season sales from 15 days to a month with discounts

ranging from 20-70 per cent on certain products Higher discounts and other value added services for members

Lowering prices Certain retailers adopt First Price Right approach. Retailers do not offer discounts underthis strategy they directly compete on the selling price by offering a best price without

any markdowns

Offering value-addedservices

Companies offer innovative value added services such as customer loyalty programmes,happy hours on shopping deals

Offers for senior citizens, contests for students, and lottery gains are now very common

Leveraging partnerships In order to keep customers on shop floors for a longer time and increase conversions,

retailers are now pitching to partner with manufacturers, service providers, financialcompanies, etc. to create a buzz around certain product categories


12/46

Source: Deloitte, indiaretailing.com, EconomistIntelligence Unit, Euro monitor, Aranca Research

Market size over the past few years (USD billion)The retail sector in India is emerging as one of the largestsectors in the economy

By 2012, the total market size reached USD518 billion,thereby registering a CAGR of 7.0 per cent since 1998

201 204238

278321 368

424

518

1998 2000 2002 2004 2006 2008 2010 2012

CAGR: 7.0%


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Source:

Indian Retail Market September 2011,Deliotte, Aranca Research

Market break-up by revenues (2012)In 2012, Food and Grocery accounted for nearly 60.0 percent of total revenues in the retail sector followed byApparel (8.0 per cent)

In 2011, 48 per cent of total household income in India wasspent on food and groceries

Demand for Western outfits and readymade garments hasbeen growing at 40-45 per cent annually; apparelpenetration is expected to increase to 30-35 per cent by2015

60%

8%

6%

5%

4%

3%3%

11%Food & Grocery

Appareal

Mobile and telecom

Food service

Jewellery

Consumer Electronics

Pharmacy

Others


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Source: indiaretailing.com, E&Y Report, Aranca Research

Orgainsed retail penetration (2012)

Organised Retail Penetration (ORP) in India is low (8 per cent) compared to other countries such as the US (85 per cent)

This indicates strong growth potential for organised retail in India

Contribution to organised retail (2012)

92%

8%

Unorganised retailpenetration

Organised retail

penetration

11%

33%

11%7%

6%

8%

4%

20%

Food & Grocery

Appareal

Mobile and telecom

Food service

Jewellery

Consumer Electronics

Footwear

Others


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Source: indiaretailing.com, Deloitte report,Winning in Indias Retail Sector,Aranca Research

Notes: Mom-and-pop stores are small stores that aretypically owned and run by members of a family

Significant scope for expansion in organised retailIndian retail market is in its nascent stage; unorganisedplayers control the market with 92 per cent market shareduring 2012

There are over 12 million mom-and-pop stores

Organised retail is expected to account for 20 per cent ofthe overall retail market by 2020

92% 80%

8%20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2020

Unorganised retail penetration Organised retail penetration


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500

4,000

2006 2011

40

300

2006 2011

10,000

30,000

2006 2011

2

30

2006 2011

Hypermarkets Number of storesSupermarkets Number of stores

Speciality stores Number of stores Cash and carry Number of stores

Source: indiaretailing.com, Aranca Research


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Source: Technopak Advisors Pvt Ltd,Cushman & Wakefield Research

Note: * - NCR, Mumbai, Kolkata and Chennai,** - Bangalore, Pune, Hyderabad and Ahmadabad

Additional mall space requirement by 2013-14(million sq feet)

Grocery sales growth across countries (2010)

18.4%

12.4%11.1%

10%

3%

2%

0%

India China Russia Brazil UK USA Japan

45

21

Top 4 Cities* Next Four Cities**

Source: IGD International: Indian Retail Forum presentation - 2010


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Source: Technopak Advisors Pvt Ltd,Cushman & Wakefield Research

Break-up of all mall space by format (2013-14)Indias Grocery retail segment is the most attractive in theworld

Hypermarkets would be the largest retail segment,accounting for 21 per cent of total retail space by 201314

21%

19%

14%10%

8%

9%

8%

6% 3%

1% Hypermarkets

Apparel stores

Multiplexes, gaming &food courtDepartment stores

Footwear stores

Restaurants& fastfoodoutletsMobile stores

Super markets

Jewellary& time wearoutletsPharmacy outlets


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Source: Indian Retail Market September 2011, Aranca Analysis

India is ranked fifth in the Global Retail Development Index in 2012

Indias strong growth fundamentals along with increased urbanisation and consumerism opened immense scope for retailexpansion for foreign players

Recent government reforms for attracting FDI and boosting investor sentiment

Rapid emergence of organised retail outlets like mega malls and hypermarkets are augmenting the growth of organisedretail in the country

Constant improvements in supply chains and logistics by retailers for competitive advantage and meeting consumerdemands


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Source:A.T.Kearney 2011 Global Retail Development Report,Aranca Analysis

India ranks sixth in the 2011 Global Apparel IndexIndia ranks fifth in the 2012 Global RetailDevelopment Index

61.4%

58.9%

48.6%46.4%

43.9%42.0%

40.1%

37.4% 37.3% 36.9%

China UAE Kuwait Russia SaudiArabia

India Brazil Turkey Vietnam Chile

73.8%

65.3%

63.8% 63.1%

60.8% 60.6%60.6%

58.9%

58.5%58.0%


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Source:A.T.Kearney 2012 FDI Confidence Index, Aranca AnalysisNote: FDI - Foreign Direct Investment;

* - The FDI Confidence Index assesses the impact of political,economic and regulatory changes on FDI preferences

FDI Confidence Index 2012India has occupied a remarkable position in global retailrankings; the country has high market potential, loweconomic risk, and moderate political risk

In market potential, India ranks second after Brazil

Net retail sales in India is also quite significant amongemerging and developed nations; the country is ranked thirdafter China and Brazil

From an overall perspective, given its high growth potential,India scores well among foreign investors compared toglobal economy peers; for example, in the FDI ConfidenceIndex* 2012, India ranks second, up from third position in2010

1.52

1.52

1.52

1.6

1.73

1.87

0 0.5 1 1.5 2

United States

Germany

Australia

Brazil

India

China


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Source: 2012 Global Retail Development Index - AT Kearney, Aranca ResearchNote: GRDI - Global Retail Development Index

2012 GRDI country attractiveness in retail investment


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Source: MasterCard Worldwide Insights 4Q 2010, Aranca ResearchNotes: APMEA - Asia/ Pacific, Middle East and Africa

E-commerce industry in India (USD billion)

E-commerce is expected to be the next major area for retail growth in India. The industry is projected to increase fromUSD70 billion in 2011 to USD200 billion in 2020

With growth in the E-commerce industry, online retail is estimated to reach USD70 billion by 2020 from USD0.6 billion in2011

Online retail in India (USD billion)

0.6

70

2011 2020EOnline retail in India (USD billions)

10

200

2011 2020E

E-commerce industry in India (USD billions)


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Source: MasterCard Worldwide Insights 4Q 2010, Aranca ResearchNotes: APMEA - Asia/ Pacific, Middle East and Africa

APMEA Master card regional online shopping indexThe key drivers for growing importance of online retail are ayoung population aided by easier access to credit andpayment options; increasing internet penetration and speed,24-hour accessibility, convenient and secured transactions

Computer peripherals, camera and mobiles, and lifestylesegments account for a majority of total purchases

6570

25 21 2528

6562

30 31 30 33

6357

38

32 29

36

0

20

40

60

80

SouthKorea

Japan China India HongKong

GlobalIndex

2008 2009 2010


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Favourabledemographics

Rise in income andpurchasing power

Change inconsumer mindset

Easy consumercredit and increasein quality products

Brandconsciousness


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1991

1997

2006

2008

2012

Liberalisation: FDI up to 51 percent allowed under the automatic

route in select priority sectors

FDI up to 100 per cent allowedunder the automatic

route in Cash & Carry(wholesale)

Government proposedintroducing FDI in multi-brand

retail (2008); follows up in 2012by approving plan to raise the FDI

limit to 51 per cent

FDI up to 51 per cent allowedwith prior government

approval in single-brandretail

Government approved 51 per

cent FDI in multi-brand retail andincreased FDI limit to 100 per

cent (from 51 per cent) in singlebrand retail


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Increase in employment Infrastructure Investment Removing middlemenBenefiting Indianmanufacturers

Benefits of FDI in Indian retail

FDI limitSector Entry route

Whole sale cash andcarry trading

Single brand productretailing

Multi brand, front endretail

100%

100%

51%

Automatic

Foreign Investmentand Promotion Board

Foreign Investmentand Promotion Board


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51% FDI in multi -

brand retailStatus: Policy passed

100% FDI in singlebrand retail

Status: Policy passed

Minimum investment cap is USD100 million

30 per cent procurement of manufactured or processed products must be from SMEs

Minimum 50 per cent of total FDI must be invested in back-end infrastructure (logistics, cold

storage, soil testing labs, seed farming and agro-processing units)

Removes the middlemen and provides a better price to farmers

Development in the retail supply chain system

50 per cent of the jobs in the retail outlet could be reserved for rural youth and a certain amountof farm produce could be required to be procured from poor farmers

To ensure the Public Distribution System (PDS) and Food Security System (FSS), government

reserves the right to procure a certain amount of food grains

Multi brand retail would keep food and commodity prices under control

Will cut agricultural waste as mega retailers would develop backend infrastructure

Consumers will receive higher quality products at lower prices and better service

Products to be sold under the same brand internationally

Sale of multi brand goods is not allowed, even if produced by the same manufacturer

For FDI above 51 per cent, 30 per cent sourcing must be from SMEs

Consumerism of the retail market

Any additional product categories to be sold under single brand retail must first receive

additional government approval


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Goods and Service Tax(GST)

System changes and transition management

Changes need to be made to accounting and IT

systems in order to record transactions in line with

GST requirements

Appropriate measures need to be taken to ensure

smooth transition to the GST regime through

employee training, compliance under GST,

customer education and inventory credit tracking

Supply chain structure

Introduction of Goods and Service Tax (GST) as a

unified tax regime will lead to a re-evaluation of

procurement and distribution arrangements

Removal of excise duty on products would result in

cash flow improvements

Cash flow

Tax refunds on goods purchased for resale implies

a significant reduction in the inventory cost of

distribution

Distributors are also expected to experience cash

flow from collection of GST in their sales, before

remitting it to the government at the end of the tax-

filing period

Pricing and profitability

Elimination of tax cascading is expected to lower

input costs and improve profitability

Application of tax at all points of supply chain is

likely to require adjustments to profit margins,

especially for distributors and retailers


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Multiple drivers are leading to strong growth in Indian retail through a consumptionboom

Significant growth in discretionary income and changing lifestyles are counted among the major growth drivers of Indianretail

Easy availability of credit and use ofplasticmoney have contributed to a strong and growing consumer culture in India

Increasing acceptance and usage of e-trailers by consumers due to convenience and secured financial transactions

Expansion in the size of the upper middle class and advertisement has led to greater spending on luxury products andhigh brand consciousness


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Source: IMF, Aranca Research

Rising per capita income in IndiaReal income growth projections

4.6%

6.9% 7.6%

9.0%

9.5%

10.0%

6.2%

6.8%

10.6%

7.2%

7.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

10

20

30

40

50

60

70

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012F

-5%

0%

5%

10%

15%

20%

25%

30%

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012F

2013F

2014F

2015F

2016F

2017F

Per capita income,USD Annual growth rate

Source: IMF, Aranca Research


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Source: Company Annual Report, Aranca Research

Future Retail sales growth (USD billion)Revenues expanded at a robust CAGR of 22.7 per centduring FY08-12

FY12 revenues stood at USD2.7 billion

Hypermarket and supermarket formats have a network ofmore than 315 stores encompassing an area of over 11million square feet.

Under Future Fashion, the company owns a portfolio of 24leading brands and covers more than 121 cities

1.4

1.7

2.1

2.7 2.7

FY08 FY09 FY10 FY11 FY12

CAGR: 22.7%


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Source: Company Annual Report,Aranca Research

Note: msf - Million Square Feet

Has a good understanding of the Indian retail sector and its customers

Future Retail Ltd (FY12)

Revenue: USD2.7 billion

Operational retail

space:16.3 msf

Over 1000 stores in 121

cities

Employees: 36,000

Ground-upDevelopment

The Right JVs at theRight Time

Winning Team Versatile Retailing

Multiple Formats,Multiple Brands-AComprehensive

Retail Experiment

Pantaloon RetailSuccess factors


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Source: Company Annual Report, Aranca ResearchNote: First Citizen Loyalty Programme is a membership scheme

for its members to avail discounts and promotional offers

Shoppers Stop business format (2011)The company owns 172 stores in 25 cities with 4.81 millionsq ft space across eight store formats

Successfully introduced a number of international brands

Improved product mix and brand profiles to attract newcustomers

Over 2.5 million customers are a part of the First CitizenLoyalty Programme

77%

21%

2%

SS DepartmentStores Business

SubsidiaryCompanies

JV Companies


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Non Apparels35%

Apparels65%

Non Apparels

41%

Apparels59%

FY 05 FY 11

Shoppers Stop(apparel, accessories,footwear, jewelry and

dcor)

Homestop

(home furnishing)

Crossword

(Books and otherentertainement)

Mothercare

(infant and toddlercare)

Estee Lauder, Macand Clinique

(Beauty)

Shoppers Stop

(Brands and JVs)

276.5 284.7307.8

491.0

581.7 583.8

FY08 FY09 FY10 FY11 FY12 FY13

Shoppers Stops diversified portfolioShoppers Stops sales growth (USD million)

Source: Company Annual Report, Aranca Research

CAGR: 16.1%


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Average selling price (INR)Footfalls (in million)

Source: Company Annual Report, Business India - March 2013, Aranca Research

Average transaction size (INR)Members ('000)

1,7201,843

2,0292,311 2,321

2,443

FY08 FY09 FY10 FY11 FY12 9MFY13

759821 856

913 9771,081


1,0131,277

1,6112,017

2,5032,799


24.9 22.3 23.3

31.0 36.7

29.7

FY08 FY09 FY10 FY11 FY12 9M13


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DemandFactors

Higher brand consciousness

Growing young populationand working women

Rising incomes and purchasing power

Changing consumer preferences andgrowing urbanisation

Indian Retail Opportunity

Rapid real estate and infrastructuredevelopment

Development of supply chain improvingefficiency

Easy availability of credit

R&D, innovation and new productdevelopmentS

upplyFactors


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Source: Aranca ResearchNotes: FMCG - Fast Moving Consumer Goods

Large number of retailoutlets

India is the fifth largest preferred retail destination globally The sector is experiencing exponential growth, with retail development taking place not

just in major cities and metros, but also in Tier-II and Tier-III cities

Rural markets offersignificant growth

potential

FMCG players are focusing on rural market as it constitutes over 33 per cent of FMCG

consumer base in India With increasing investment in infrastructure, retailers will be able to increase their access

to high-growth potential rural market

Private labelopportunities

The organised Indian retail industry has begun experiencing an increased level of activityin the private label space

Private label strategy is likely to play a dominant role as its share in the US and the UKmarkets is 19 per cent and 39 per cent, respectively while its share in India is just 6 percent

Sourcing base

Indias price competitiveness attracts large retail players to use it as a sourcing base Global retailers such as Walmart, GAP, Tesco and JC Penney are increasing their

sourcing from India and are moving from third-party buying offices to establishing theirown wholly-owned/wholly-managed sourcing and buying offices


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Source: Indian Retail Market September 2011, Deliotte, Winning

in Indias Retail Sector, PwC,Aranca Research

Investment options in organised retail IndiaRetail component of real estate is an attractive opportunitywhich is currently attracting 29 per cent of total investmentin real estate

26 per cent of the overall investors are interested ininvesting in Tier II and III cities

Training and warehouse spacing are the other viable

options for investments

29%26%

20%

10% 8%

4% 3%

Currentrealestate

values

TierII&IIItowns

Trained

manpower

Customised

warehousing

space

IT

Supplychain

management

Moreretail

research


40/46

Source: Cushman & Wakefield, Aranca Research

Migration trend towards urban areas(Urban population as share of total) (2011)

Employment opportunities, increased urban amenities andbetter lifestyle opportunities are attracting rural populationtowards cities for better life style every year

In 2011, the urban-rural migration was at 33.0 per cent, upfrom 27.8 per cent in 2010

This could be a major driver for the organised retail sector in

future as the working population would consequentlyincrease

17.3% 18.0%19.9%

23.3%

25.7%

27.8% 33.0%

1951 1961 1971 1981 1991 2001 2011


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Reliance IndustriesLimited

Partnership arrangement with Marks & Spencer to open 50 stores Exclusive franchise agreement with Hamleys to open 20 Hamleys toy stores with an

investment of USD26 million in April 2010

Future Group Partnership with Clarks International UK to sell premium footwear label

RPG Group Partnership with Chad Valley, UK (owned by Woolworths plc.) to offer its range of toysthrough standalone exclusive stores and shop-in-shop formats within the same layout

DLF Group Mother care plc partnered with DLF Brands Ltd for maternity clothing, baby clothes andnursery items

Tata Group Tesco signed a deal worth USD115 million with the retail arm of Tata Group, wherein the

former will supply products, services and expertise to the latters hypermarket businessStar Bazaar


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Source: Bloomberg and Thomson ONE Banker, Aranca Research

Acquirer Name Target Name Year Deal Type

Future Venture India Ltd Big Apple (convenience store) Sep 2012 Acquisition

Peter England Ltd Pantaloons Retail India Ltd Sep 2012 Acquisition

Pantaloons Retail India Ltd R&R salons May 2012 Private Equity

Phoenix Mills Ltd Classic Housing Projects Pvt Ltd March 2012 Acquisition

Flipkart online services Pvt Ltd eTree Marketing Pvt Ltd February 2012 Acquisition

Gitanjali Gems Ltd Crown Aim, China December 2011 Acquisition

Shoppers Stop Ltd Gateway Multichannel Retail India Ltd June 2011 Acquisition

TTK Prestige Ltd Triveni Bialetti Pvt Ltd September 2011 Acquisition

TV18 On-graph Technologies Pvt Ltd July 2011 Acquisition

Pantaloons Retail India Ltd Home Solutions Retail(India) Ltd August 2010 Acquisition

Shoppers Stop Ltd HyperCITY Retail India Pvt Ltd (hypermarket) June 2010 Acquisition

TPG Capital, Bain Capital Lilliput Kidswear Ltd (branded kidswear retail) April 2010 Private Equity


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Retailers Association of India111/112, Ascot Centre,Next to Hotel Le Royal Meridien, Sahar Road, Sahar,Andheri (E),Mumbai 400099.Tel: 91- 22 - 28269527 - 28Fax: 91- 22- 28269536E-mail: [email protected]: www.rai.net.in

The Franchising Association of IndiaA-13, Kailash ColonyNew Delhi 110048Tel: 91- 11- 2923 5332Fax: 91- 11- 2923 3145Website: www.fai.co.in


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FDI: Foreign Direct Investment

FMCG: Fast Moving Consumer Goods

FY: Indian Financial Year (April to March)

So FY10 implies April 2009 to March 2010

IT: Information Technology

MoU: Memorandum of Understanding

MT: Million tonnes

MTPA: Million tonnes per annum

SEZ: Special Economic Zone

USD: US Dollar

Wherever applicable, numbers have been rounded off to the nearest whole number


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Year INR equivalent of one US$

2004-05 44.95

2005-06 44.28

2006-07 45.28

2007-08 40.24

2008-09 45.91

2009-10 47.41

2010-11 45.57

2011-12 47.94

2012-13 54.31

Exchange Rates (Fiscal Year)

Year INR equivalent of one US$

2005 45.55

2006 44.34

2007 39.45

2008 49.21

2009 46.76

2010 45.32

2011 45.64

2012 54.69

2013 54.45

Exchange Rates (Calendar Year)

Average for the year


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Retail - August 2013

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