D.A.

V COLLEGE FOR GIRLS

(DEPARTMENT OF COMMERCE)
YAMUNA NAGAR- 135001
SESSION (2020-21)

CASE STUDY

ON

“ PARAG INDUSTRY”
(PARAG MILK FOODS LIMITED)

Submitted To: Submitted by:

Miss. Sarika Ms. Shivani Devi
(Assistant Professor) M.com 2nd Sem. (Previous)
(Dept. of Commerce) Roll No- 20201530065
DHE : 220253168067
University Roll ………

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 CONTENT

 ABSTRACT

 KEY WORDS

 INTRODUCTION

 ABOUT THE COMPANY

 ABOUT THE CASE

 EVALUATION CRITERIA

 CONCLUSION

 REFERENCES

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 ABSTRACT

We are one of the leading manufacturers and marketers of dairy-based branded foods in India. We

commenced our business in 1992 with collection and distribution of milk and have now developed into a

dairy-based branded consumer products company with an integrated business model, manufacturing a

diverse range of products including cheese, ghee (clarified butter), fresh milk, whey proteins, paneer, curd,

yoghurt, milk powders and dairy based beverages targeting a wide range of consumer groups through

several brands. A significant portion of our product range includes long shelf-life food and beverage

products that enable us to sell our products to retail and institutional customers across India. We derive all

of our products only from cows’ milk. Our aggregate milk processing capacity is 2 million litres per day

and our cheese plant has the largest production capacity in India, with a raw cheese production capacity of

40 MT per day. (Source: IMARC Report). ‘Gowardhan’ and ‘Go’, our flagship brands, are among the

leading ghee, cheese and other value added product brands in India.

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 KEYWORDS

 Milk

 Milk product

 Production

 Livestock

 Dahi

 Khoya and cheese

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 OBJECTIVES OF THE STUDY

• To know the consumer perception about the Parag products and know the positive and
negative aspects of organization

• To determine the appropriate delivery time of the Parag milk product

• To find satisfaction level of consumer with Parag products

• To know the factors which influence a customer to go for particular brand

• To know the comparative analysis of Parag with the other brands

• To know the strength, weakness, opportunities, and threats of Parag products

• To know the market of Parag product

• To study the response and behavior of the customer

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 INTRODUCTION TO THE COMPANY

Dr. Kurien ushered in ‘White Revolution’ in India with ‘Operation Flood’, the largest project for
dairy development in the world. As a direct result, India became self-sufficient and global leader
in milk production and dairy farmers the architects in their own development.
This revolution led to an increase in milk production many fold which led to the co-operatives
declaring milk holidays around Pune. This adversity was circumvented by Mr. Devendra Shah
(They Founder & Chairman) by helping farmers by collecting their milk on such milk holidays.
And thus was born Parag Milk Foods Ltd.

Gowardhan, founded by Parag Milk and Milk Products Pvt. Ltd in 1992, is one of India's largest
private dairies, with an output capacity of 12,00,000 liters per day.

Located in a lush green village called Manchar in Maharashtra (60 km from Pune), and also owns
the largest cow farm in India as they will as Asia's largest cheese plant.

They are an ISO 9000 and AGMARK certified company, committed to international standards
of product quality. Their product portfolio includes Skim Milk Powder, Whole Milk Powder,
Ghee, Processed Cheese, Butter, Dahi, Dairy Whitener and Gulab0020Jamun, Gowardhan Mix
powder under the brand names of Gowardhan ,pride of cows ,top up & Go and all made from
100% fresh cow milk.

 Per day approx. 40 tons cheese produced by company.

 They have their own 35 acres farm and around 3000 Cows.

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• Infrastructure

Company’s peerless success is greatly dependent upon the high tech manufacturing
plant spread over an area of about 50 acres. Companies make use of the technically
advanced equipment and machinery to carry out the varying process like
manufacturing, packaging, etc. They are also backed up by the separate R&D and
QC labs to deliver the exclusive range Dairy Products to the clients.

• Quality Assurance

Company is a prominent name in the entire industry because of the quality of the
products & offer to the clients. A great care is taken to assure the best quality of
products for which they have established a separate and complete QC Lab. Their
experts carry out the task of quality checking in accordance with the set industrial
standards.

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Introduction to the company (analysis regarding Company, Customers &
Competitors):
 Analysis regarding Company- PARAG MILK FOODS is the company which

produces the dairy products and export in different cities. Its main products are

varieties of cheese and international quality of it.

 They also got chance to visited their plant which is very they will developed and

also all their work are done by machine only there they are no human touch so

that the hygiene will be maintained.

 Customers- Apart from selling its products to customers through retail outlets,

the company also serves hotels, restaurants, institutions, and caterers. The

company exports its products to the Middle East, South East Asian, and African

countries.

 Competitors

Major competitors

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Organization structure:

Mr. Devendra Shah [Owner]

Factory Manager Office

CEO
Plant Operator Quality

Controller Vice President

Dispatch Team

Logistic Department All India Sales Manager Zonal

Sales Manager
Distribution Channel

Regional Sales Manager Area

Company Depot(C&F) Super
Sales Manager Assistance Sales
Stockiest Distributer
Dealer
Manager
Retailer Customer
Sales Office Sales Executive
Sales Representative

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 Product/services range :

There are 4 main Products

PARAG PRODUCTS

GOWARTHAN GO PRIDE OF COWS TOPP UP

Product Portfolio of Parag

Cheese
They are renowned as the prominent Manufacturer, Exporter and Supplier of the best quality

Cheese. Over the years their Cheese is being demanded greatly by the buyers as it is natural and

available at economical prices. They offer a varying range of Cheese to the clients widely spread

across the globe.

 Unique from customer

 Better quality

Features  Superb taste

 Pure Cow milk Products

 India’s largest cheese plant

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  Cheddar Cheese

 Mozzarella Cheese
Varieties
 Pizza Cheese

 Processed Cheese

Available In
• Various packaging

Butter
They are a proud Manufacturer, Exporter and Supplier of the premium quality Butter. The demand

for their Butter has gradually increased over the years, because of its better quality and taste. They

offer a varying range of Butter at really affordable prices to the buyers.

 Pasteurized table butter and unsalted butter

 Made by modern continuous butter making machines

Why choose th eir Butter?
 Mild taste and firm consistency

 Store under refrigeration at 4o C

 Table butter : 100g, 500g & 20kg

 Unsalted butter : 500g & 20kg

Availability

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Ghee
They are a prominent Manufacturer, Exporter and Supplier of the preeminent quality Ghee. Their

top quality Ghee is made from the natural or pure clarified milk fat and it is available at very

economical prices. Their Ghee is highly appreciated amongst their clients, owing to its enormous

features.

Features Availability

 100% pure clarified milk fat  Tin : 1 ltr, 5 ltr and 15 ltr
 Sweet aroma of pure ghee  Poly pack : 200ml and 1 ltr
 No added color  Jar : 200ml, 500ml, 1 ltr and 5ltr
 Store at ambient
temperature.

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 1. Gowardhan

Gowardhan is a brand that caters to the traditional Indian family, residing in both urban and rural
areas. The products under the Gowardhan brand are every- day dairy products, ones that the
consumers are highly familiar with which are Ghee, Milk, Paneer, Dahi, Curd, Butter, Dairy Whitener and
Gulab Jamun Mix. The promise of Cow’s milk, purity and taste are the brand's core rationale. Through
invoking a sense of festivity and association with customs and tradition, the brand adds life to
products.

A) Gowardhan Processed cheese

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Gowardhan processed cheese one of the well-known processors of Gowardhan Processed Cheese.
It is appreciated for its premium quality, excellent flavor and the ingredients used and includes
100% pure cow’s milk. The range is used for the preparation of food items and making salads.

Made from blends of Cheddar cheese of different ages.

High melting properties.
Store under refrigeration at 4 degree
Celsius. Available in: 200gm, 400gm &
1kg blocks

B) Gowardhan Butter

Pasteurized table butter & unsalted butter, made by modern continuous butter making machine.

100% natural, no added colors. Low in salt content, mild taste & firm consistency.

Available in: table butter- 100gm, 500gm & 2kg.

Gowardhan Ghee

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Gowardhan Ghee is the flagship product of Parag Milk Foods Pvt. Ltd. Made from pure cow's

milk, it’s a trusted brand name in the common households. Yellow in colour, rich in aroma

gowardhan ghee signifies purity & goodness of cow's milk.

No added colour & sweet aroma of pure

ghee. Available in: Poly Pack 200ml, 500ml,

1ltr BB- 100ml, 200ml, 500ml, 1ltr

Tin- 5ltr & 15kg

D) Gowardhan Paneer

Paneer offered by us is produced by curdling the milk with rennet. It is hygienically prepared and

is high in quality & rich in taste. The Paneer offered by us undergoes strict quality tests to ensure

the high nutrition value.

E) Gowardhan Fresh N Thick Dahi

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 Made from pasteurized toned milk

 Contains 3% fat

 Thick and natural taste

 0% cholesterol

 Store under refrigerator at 4oC

 Available in : 80g , 200g & 400g

F) Gowardhan Go Fruit &DhaiFushionDahi

 Made from pasteurized toned milk and active calcium

 Contains 2.7% fat

 Contains 10 % fruit

 Rich and natural taste

 Store under refrigerator at 4oC

 Comes in 6 flavors: strawberry, mango, banana, pineapple, mixed berry and lychee.

 Available in :125

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 2. GO

'Go' is derived from Gowardhan and has a dual meaning- apart from resonating with the Sanskrit

word for “Cow”, the brand embodies an energetic spirit with the act of going synergizing well with

the attitude and beliefs of the young generation of today. It caters to families that are modernized

and westernized and who lead both busy and active lifestyles. Go consumers include young

working couples, well-travelled urban centric families with active children.

A) Go Mozzarella Cheese

Avail form us the Gowardhan Mozzarella Cheese. It is made out of traditionally by

the pasta filata process, which gives its soft and smooth stringy texture after it is

baked, making it ideal for pizza and lasagnas.

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 Available in: Shredded, diced, Block form

Blocks: 200gm, 1kg, 2kg

A) Go Cheddar Cheese

Traditionally aged over 3 months, already shredded for ease of use, Available in: 2kg Shredded

a. Go Slice

They range of Cheese Slices- With UHT is considered to be one of the best ways to

incorporate calcium in our diet. Processed using UTH technology and the rest of the process

takes place in a closed sterile system, so as to avoid any contamination and increasing

shelf- life. All through the process they make sure that the taste is maintained.

Store under refrigeration at 4 degree Celsius.

Available in: 100gm, 200gm, 476gm, 750gm, & 900gm.

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 b. Go spread cheese

Flavors: Plain, Garlic, Jalapeno, Olives & herbs, Smoked

Paprika, Four pepper.

Available in: 200gm Cups & bottle

c. Go pizza cheese

It is appreciated for its fast melting capability and stringy texture. Go clients can use it for

the preparation of delicious pizzas at home in a hassle free manner.

Blend of Mozzarella and Cheddar Cheese, High melting point, Available in: 200gm & 1kg

F) Go cheese nacho

Made from blends of Cheddar.

Ready & easy to use.

Store under refrigeration at 4 degree celsius.

Available in: 180gm & 500gm

Won Asia star packaging award for best packaging.

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 G)Go fresh cream

Go Cream made from cow's milk. Available in 1ltr &

200ml packs

H) Go butter milk

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 3) Topp up

Topp Up is a flavoured milk with extra proteins. The protein gives you extra energy &

strength whenever & wherever you need it. This is made from Fresh cow’s milk. Topp up

is available in six distinct Indian flavours i.e. Elaichi, Mango, Rose, Strawberry, Pista &

Butterscotch. It has long shelf life at room temperature .

4) Pride of cow

Pride of Cows, a brand of Parag Milk Foods, is a first- of- its- kind, superior farm- to- home

milk, from India’s most modern dairy farm, with a production capacity of 25,000 liters a

day The Pride of Cows brand is a reflection of our passion for milk. Milk captures the

imagination, sparks interest and ideas, adds colour and flavour, and makes us feel fulfilled

and happy. We believe in the significant part played by milk, strengthening and protecting

the body and mind to live a fuller, more complete life each day. We know that cow’s milk

at its best represents the pinnacle of nutrition and health!

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 INTRODUCTION TO THE CASE

Past performance of the company

Financials of PMF

Projected EPS for FY16 at Rs 5.04 is up by 44.4% over FY15, thus signaling good growth. Note

FY16P data is a simple extrapolation of data available for the first three quarters of
FY16.

The operating margin has increased from 5.3% (2011) to 10.1 %( 2015) and 11.77% (9m FY16).

The profit margin also rose from 0.10 %( 2011) to 2.04 %( 2015) and 2.59% (9m
FY16). The margins are likely to improve due to falling interest rates and debt repayment.

PMF has been able to generate Free Cash Flow in 2015 and 2016. The FY16 projected

cash flows do not seem to be promising.

PMF’s revenue, EBITDA and PAT has grown 21.6%, 20.8% and 24.8 % CAGR over the
last 3- 4 years.or 9 months of FY16 the EPS stands at Rs 3.78, whereas it was Rs 3.49in
FY15. Thus the Past performance of the company and current performance is bullish

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trend

Source: Money control

Benchmarking

• They benchmark the Parag Milk Foods financials against dairy peers, and foods
companies.

• The PE and P/B of PMF appears to be in line with the peers. The firm has not left
enough on the table for investors. See Exhibit 9.

• Growth rates are again average, neither poor nor high. The IPO will lower debt
levels here.

• Margins are low, but in line with dairy sector peers.

• Overall we feel that there is ample room to grow in this sector, and an acceleration
in revenues over the years can allow PMF to ramp up margins and ROE

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Parag milk food makes a range of branded milk and dairy products.

PMF had revenues and profits of Rs 1442 cr. and Rs 29.47 cr. in FY15.PMF’s revenue,
EBITDA and PAT has grown 21.6%, 20.8% and 24.8 % CAGR over the last 3 - 4 years.

Source: India note

Few Key observations are:

 At bottom- line, the company has been has posted growth@ CAGR of around 90 per
cent from FY12 to FY15 and has posted PAT of Rs 26 crore in FY15 and Rs 31.9
crore in the first nine months of FY16.

 Operating margin for the company has remained stagnant at 7.5% for over 5 years

 Total debt (long term and short term) is around Rs 365 crore, however over Rs 100
crore will be paid by the net proceeds after the IPO.

 The valuation of the company is around Rs 1,900 crore, around 1.2 times the
annualized revenue of the company which is fair when compared to peers like
Hatsun Agro whose market cap is over 1.5 times its revenues

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 Cash flow from operation has posted an unmatched growth@ CAGR of around 80
per cent from FY12 to FY15.

 Shareholder’s wealth more than doubled in a period of 4 years.

Few key observations from this table are:

 Operating Profit margin of the company is second highest and PAT margin is highest
among the peers, which means the company can post higher profits if it scales up its
operation, contributing to shareholder’s wealth

 PE ratio is around 44.6 times on post issue as we annualized 9MFY16 earnings

whereas Prabhat Dairy is currently trading at P/E of 46. 6x on TTM basis with EPS
of Rs 2.4.

 M- Cap to sales around ratio is around 1.2 which is second highest among the peers.

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Our Competitive Strengths
We believe that the following are our principal strengths:

Well Established Brands Targeting a Range of Consumer Groups

We believe that a strong and recognizable brand is a key attribute in our industry, which increases
customer confidence and influences a purchase decision. We sell our products under our ‘Gowardhan’,
‘Go’, ‘Pride of Cows’ and ‘Topp Up’ brands, which we believe are well recognized brands and have
been developed to cater to various sections of the market for dairy based food and beverage products.
Our ‘Gowardhan’ brand was ranked among the top 25 most trusted brands in the food products category
by The Economic Times in 2014. We sell fresh milk, ghee, butter, cheese, curd, milk powder, paneer and
gulab jamun mix under our ‘Gowardhan’ brand, which is targeted at consumer consumption at home.

Integrated Business Model

We have an integrated business model that encompasses the entire value chain of the dairy based food
and beverages business and includes a range of activities including manufacturing and processing to
branding and distributing a wide variety of products. We have well established relationships, developed
over several years, with farmers in the proximity of our facilities, and our continuous engagement with
them enables us to consistently procure raw milk and at competitive prices. We procure milk from milk
farmers and through chilling centres and bulk coolers located close to our facilities at Manchar and
Palamaner. We believe that we have a strong procurement base with a presence in 29 districts across the
states of Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu.

Diversified Product Portfolio and Customer Base

Over the years we have diversified our product portfolio, which consists a range of products including
fresh, premium fresh and UHT milk, ghee, cheese, milk powders, whey proteins, dairy based beverages,
curd, paneer, shrikhand, fruit yoghurts and fresh cream. We believe that we have pioneered several new
products and some manufacturing and development processes in the dairy industry in India. Our cheese
plant at Manchar has the largest production capacity for raw cheese in India (Source: IMARC Report),
where we currently manufacture 48 67 stock keeping units of cheese. We have recently introduced dairy

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based products, which focus on consumer health and nutrition.

Growing Pan-India Distribution Network

In order to cater to our retail and institutional customers, we have established a pan-India distribution
network which comprised 14 depots, 103 super stockists and over 3,000 distributors as of June 30, 2015.
Our depots are present in 13 states and union territories in India and assist us in supplying our products to
a wide network of retail stores. To sell products to our end consumers, we use modern trade channels,
which comprise supermarkets and hyper-markets and general trade channels that include smaller retail
stores.

Established Track Record of Growth and Financial Performance

Over the years, we have established a strong track record of growth and financial performance. Our total
revenues grew at a CAGR of 21.6% from ` 6,596.78 million for the financial year 2011 to ` 14,420.47
million for the financial year 2015. Our net profit after tax grew at a CAGR of 161.8% from ` 6.27
million for the financial year 2011 to ` 294.72 million for the financial year 2015. The volume of milk
procured by us increased at a CAGR of 11.47% from 0.68 million litres per day for the financial year
2011 to 1.05 million litres per day for the financial year 2015. Further, we have invested significant
resources over the last few years to install additional plant and machinery and other technological
infrastructure at our facilities, including for our UHT, cheese and whey products and we expect to derive
benefits from these investments in the near future.

Our Strategies
The primary elements of our business strategy are as follows:

Grow Our Product Reach

While we currently have a structured pan-India distribution network to cater to our retail and institutional
customers, we constantly seek to grow our product reach to under-penetrated geographies. We intend to
appoint additional distributors and super stockiest to increase the availability of our products in smaller
towns in India and introduce new low unit price products in Tier 3 cities and rural areas. As part of our
sales strategy, we continue to evaluate potential sales growth drivers for specific products and regularly
identify specific states and regions in India to focus our sales efforts and increase our sales volumes.
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Prior to expanding to new geographies or launching new products, we research and examine the market
and demographic characteristic of the region to determine the suitability of our products in that market.
Further, we seek to increase the penetration of our products in markets in which we are currently present
and widen the portfolio of our products available in those markets. We intend to achieve this by
appointing new distributors targeted at different consumer groups and increase our sales force. We
currently have 14 depots located across the country and we propose to establish seven more depots
during the financial year 2016, of which two depots would be located in northern India, two in southern
India, two in western India and one in eastern India. We believe that increasing the number of our depots
will enable retailers to source a greater number and a wider range of our products more efficiently.

Increase Our Milk Procurement

We require raw milk from cows for all our manufacturing operations, which we procure from milk
farmers and through chilling centres and bulk coolers, in the vicinity of our manufacturing facilities and
the production volumes of our products are dependent upon the amount and quality of raw milk that we
are able to procure. We currently procure milk from 29 districts across the states of Maharashtra, Andhra
Pradesh, Karnataka and Tamil Nadu. We believe that maintaining good relationships with milk farmers
and other milk vendors is essential to increasing our milk procurement. We seek to strengthen our
existing relationships with milk farmers and vendors, and cultivate new relationships through various
methods including milk quality and quantity based incentives, providing farmers with cattle feed and
seeds, assisting with veterinary health-care, vaccinations, artificial insemination and facilitating loans to
purchase cattle. Further, we propose to increase our milk procurement by setting up new collection
centres for both our manufacturing facilities and access new districts to procure cows’ milk. We also
propose to purchase new 75 bulk milk coolers and 100 automated milk collection systems and install
them at villages in the vicinity of our facilities and establish new village level milk collection centres in
under-penetrated areas, thereby further increasing our milk procurement base.

Continue to Focus on Strengthening Our Brands

We believe that our brands are one of our key strengths and that our customers, distributors, stockiest and
members of the financial community associate our brands with trusted and superior quality products. We
undertake extensive consumer and market research to gauge the various aspects of a product and plan our
marketing campaigns. On the basis of our product and market based research studies, which we conduct
on an ongoing basis, we intend to continue to enhance the brand recall of our products through strategic

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branding initiatives, including through the use of social media and consumer engagement programs. We
use various media channels to promote our brands including placing advertisements and commercials on
television, newspapers, hoardings and on digital media. We also extensively promote our brands at stores
and supermarkets through in-shop activities and engage in consumer activities such as cooking
competitions and school contact programs. The aggregate of our advertising and marketing expenses and
sales promotion expenses were ` 247.54 million and ` 128.96 million, or 1.7% and 1.2% of our total
revenues for the financial years 2015 and 2014, respectively, and we intend to increase this proportion in
the future. Our marketing team develops strategies to promote each of our products and we currently
propose to focus on promoting our ghee, paneer and fresh milk under the ‘Gowardhan’ brand and our
UHT milk and cheese products under our ‘Go’ brand. As of August 31, 2015, our marketing team
comprises 520 personnel, or 33.1%, of our total workforce.

Increase Our Value-added Products Portfolio and Focus on Health and Nutrition
We constantly focus on research and development to distinguish ourselves from our competitors to
enable us to introduce new products based on consumer preferences and demand. We propose to set up a
research and development centre at our Manchar facility to develop new products and processes and a
technology centre at 50 our Subsidiary for training and development activities and focus on animal
husbandry. We intend to increase the share of our value-added product portfolio by focusing on health
and nutrition to cater to evolving consumer trends. We recently launched flavored milk with higher
protein content under our ‘Topp Up’ brand and buttermilk under our ‘Go’ brand with a few variants
each. We have also introduced milk variants on the basis of specific end-use and introduced our T-Star
milk to be used to make tea and coffee and introduced Go Kidz milk with high protein content for
growing children. We now intend to increase our dairy based beverages portfolio under our ‘Go’ brand
and introduce milk based high protein drinks.
Increase Operational Efficiencies
We intend to continue to increase our operational efficiencies to strengthen our competitive position. We
believe that we have adopted best practices in line with international standards across our production
facilities, drawing on our management’s expertise and experience in facility management. We will
continue to leverage our in-house technological and research and development capabilities to effectively
manage our operations, maintain strict operational controls and enhance customer service levels. As part
of our environmental, health safety and energy management certifications, we have identified major
focus areas of reducing energy and water consumption per litre of milk processed, reducing milk and

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solid wastage and decreasing emission levels. We have invested significant resources and intend to
further invest in our in-house technology capabilities to develop customized systems and processes such
as express feeder line for electricity at both our facilities, cogeneration turbines for captive power
generation, usage of zero-discharge effluent treatment facility equipment for minimal water usage and
waste management and automation of processes to achieve higher efficiencies.

EVALUATION CRITERIA

Parag Industry, being an integrated dairy player with focus on value-added dairy products (65-70% of
overall portfolio), is in a unique position to reap dual benefits of a dairy company coupled with a FMCG
play in the long run .

The company has moved up the value chain in terms of product portfolio, which is likely to improve
gross margin. Already Parag has one of the highest grosss margins in the industry. Given the strong
structural tailwinds, coupled with explemary focus on branding, communication and reach along with a
bouquet of innovative products, Parag is lilkey to trade at premium valuations akin to FMCG players.
Hence, we assign PER of 31x to FY19E EPS of Rs 9.6 to arrive at our price target of Rs 300.

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 CONCLUSION
I have studied and analyzed the dairy based food product market of Parag dairy Products

on different aspects of the markets, outlets, distribution and consumers. The survey was

conducted in various areas of Surat city with great enthusiasm. This project report

concludes that Amul and Parag Dairy are easily available in various part of Surat. The

Parag distribution channel of the Amul is much strong because they own outlet in Surat

city.

According to the consumer perception and data collection it is found that the Amul is

strongest competitor, and also majority people are satisfied with the quality and taste of

Parag milk products.

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 REFERENCES

BOOKS :

 ResearchMethodology – C.R Kothari, 2nd revisedaddition

 Schiffman Leon and Kanuk, (1994) Consumer Behaviour (Fifth Edition), New
Delhi: Prentice Hall of India.

WEB SITES :

www.ssrn.com
www.paragmilkfood.com

www.amul.com

www.google scholar.com

www.moneycontrol.com

www.the money roller.com

www.gowardhanindia.com

www.india note.com

www.livemint.com

www.gowardhanindia.co.in

www.business-standard.com

www.thehindubusinessline.com

www.reseachgate.net

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