PERSONAL FINANCE & EFE, P7 RETIREMENT PLANNING Judicious mix of investments can ensure corpus’ safety ECONOMY, P3 MARKETS, P9 BOOST TO FARMERS CONTENTIOUS ISSUE POOR DUE DILIGENCE Agritech startup DeHaat serving over 1.2 million farmers across 11 states India rejects text on fisheries subsidy negotiations at WTO RBI flags flouting of norms on lending to govt-owned entities NEW DELHI, WEDNESDAY, JUNE 15, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XLVIII NO. 90, 20 PAGES, `10.00 (PATNA & RAIPUR `10.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 52,693.57▼ 153.13 NIFTY: 15,732.10 ▼ 42.30 NIKKEI 225: 26,629.86 ▼ 357.58 HANG SENG: 21,067.99 ▲ 0.41 `/$: 78.01 ▲ 0.03 `/€: 81.41 ▲ 0.24 BRENT: $123.84 ▲ $1.57 GOLD: `50,410 ▼ `841 GREEN HYDROGEN PUSH Total to acquire 25% in Adani arm IN THE NEWS Jio withdraws 20% discount on annual pack IN A CLEAR indication that tariff wars are a thing of the past, Reliance Jio has recently withdrawn a 20% discount on one of its annual prepaid pack it was offering to JioPhone subscribers, reports fe Bureau in New Delhi. Jio, along with Bharti and Vodafone, had raised tariffs in December 2021. Air India gets CCI nod to buy entire AirAsia stake AIR INDIA, NOW a wholly-owned subsidiary of Tata Sons, has received CCI’s approval to buy entire shareholding in no-frills carrier AirAsia India, reports Rajesh Kurup in Mumbai. Partnership to set up world’s largest green hydrogen and associated infra at an investment of $50 billion over next ten years FE BUREAU Mumbai, June 14 ADANI ENTERPRISES AND TotalEnergies of France on Tuesday entered into a partnership to set up the world's largest green hydrogen and associated infrastructure at an investment of $50 billion over the next ten years. The developmentsharpenscompetition with Mukesh Ambani's RelianceIndustries,whichalso has big plans around green hydrogen. As part of the alliance, TotalEnergies will acquire 25% stake in Adani New Industries (ANIL) from Adani Enterprises, and provide their technological and financial expertise to the partnership. The value of the deal was not disclosed by the two entities. The announcement saw Adani Enterprises shares closing up 5.53% at `2,196.50 on ■ In 2019,Total bought a 37.4% stake inAdani Gas, which is now calledAdaniTotal Gas In 2021, it spent $2.5 billion to acquire 20% stake in Adani Green Energy ■ It has also acquired a 50% stake in Adanis’ portfolio of solar assets ■ The aim of the new alliance is to produce 1 million tonne per annum of green hydrogen before 2030 The partnership with TotalEnergies adds several dimensions that include R&D, market reach and an understanding of the end consumer WPI inflation hits 30-year peak of 15.88% in May Sharp rise in WPI adds to uncertainties around the overall inflation outlook BANIKINKAR PATTANAYAK New Delhi, June 14 WHOLESALE PRICE INFLATION spiked to 15.88% in May,thehighestsinceSeptember 1991 as a surge in price pressurein foodand fueloffset amoderationinmanufactured products. In April, the WPI inflation was recorded at 15.08%. Inflation based on the wholesale price index (WPI)has remainedindoubledigitsfor14 monthsnow,mirroringelevated global commodity prices,especiallyofoil,accordingtotheofficial datareleasedonTuesday. Analysts expect WPI inflation to remain elevated in June as well, as a waning base effect, further rise in Indian crude oil basket (it hit a 10year high on June 9) and a weak rupee will likely offset any direct or indirect impact of the government’s move to cut fuel taxes and ease supplyside bottlenecks (the first monthly impact will be reflected in the June data). Much will also hinge on the progress and distribution of the monsoon. (% change, y-o-y) 15.88 18 15 13.11 WPI 12 9 6 3 0 6.3 CPI May 2021 (% change, y-o-y) 15 12 9 6 3 0 -3 -6 5 WPI food 7.04 May 2022 12.34 7.97 CPI food 4.25 May 2021 May 2022 Source: MoSPI/DPIIT Continued on Page 2 — GAUTAM ADANI, CHAIRMAN, ADANI GROUP the Bombay Stock Exchange. This is the fourth deal struck between the two entities in a span of last three years. In 2019, Total had bought a 37.4% stake in Adani Gas – now Adani Total Gas – and last year, it spent $2.5 billion acquiring 20% of Adani Green Energy, and a 50% stake in a portfolio of solar assets. TotalEnergies understanding of the global and European markets, along with its credit enhancement and financial strengths, will help the Adani firm secure lowcost financing. Adanis, on the other hand will provide their rapid execution, operational and capital managementstrengths to the partnership. Theaimistoproduce1million tonne perannum of green hydrogen before 2030 at lowest cost to the consumers. Adani New Industries, the partnership firm, aims to be the largest fully integrated green hydrogen player in the world. Continued on Page 2 PM pushes for a million `48,391-cr windfall for govt jobs in 18 months BCCI from IPL rights PRIME MINISTER Narendra Modi has issued a directive to central government departments and ministries to recruit one million people in the next year and a half “in mission mode”, reports Surya Sarathi Ray in New Delhi. The direction from the PM came after a review of the status of human resources in all government departments and ministries, the Prime Minister's Office said.The decision comes amid the opposition's frequent criticism of it on the issue of unemployment. THETHREE-DAYe-auctionofmediarightsforthe IPL's 2023-2027 cycle has fetched the BCCI `48,391 crore, with Disney-Star bagging TV rightsfortheIndiansubcontinentandViacom18/ Reliance sweeping the digital segment, reports Shamik Chakrabarty in Kolkata.The bidding was done on a per-game basis,which means the rights holders will collectively pay the cricket board `143.34 crore per match for the next fiveyearcycle.Currently,thereare74matchesinevery IPLseason,and the numberis likelyto go up. PM’s 1m job push may not fructify fully, P2 Full report on Page 20 New Delhi RBI governor Shaktikanta Das and CEAAnantha Nageswaran At a time when the economic and monetary policy is at the centre of all conversations, the event to watch out for is the FE Modern BFSI Summit 2022, to be held in Mumbai on June 17. Listen to the Reserve Bank of India governor Shaktikanta Das and Chief Economic Advisor Anantha Nageswaran, as well as a host of leaders from the BFSI sector on the disruptions and opportunities that will shape the future of the sector. Register at: www.financialexpress. com/events/modernbfsi-summit-2022