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Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities Useful information
For updated information, please visit www.ibef.org
Market size: USD74 billion
Rising incomes and a growing young population have been the key growth drivers for the sector Brand consciousness have also aided demand Rural demand is set to rise with rising incomes and greater awareness of brands Advantage
Low penetration levels in rural market offers room for growth
There is a growing market for premium products Exports is another growth segment
Industry witnessed healthy FDI inflows as the sector accounted for 1.9 per cent of the country’s total FDI inflows over April 2000 - September 2012 Many players are pursuing inorganic growth by acquiring regional players
Investment approval of up to 100 per cent foreign equity in single brand retail and 51 per cent in multi-brand retail Introduction of Goods and Service Tax (GST) as a single unified tax system likely from April 2013
Market size: USD30 billion
Notes: Emami, Market size estimates from Technopak 2018E - estimated figure for 2018
For updated information, please visit www.ibef.org
please visit www.FMCG 2013 MARCH Contents Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities Useful information For updated information.ibef.org 4 .
and branded flour OTC products and ethicals Source: HUL Notes: OTC is over the counter products. cosmetics/deodorants. feminine hygiene and paper products Health beverages. snacks. processed fruits and vegetables.FMCG 2013 MARCH The FMCG market has four main segment FMCG Household care Personal care Food & Beverages Health care Fabric wash. staples/cereals. bakery products.org MARKET OVERVIEW AND TRENDS 5 . please visit www. tea/coffee/soft drinks. hair care. dairy products.ibef. Household cleaners Oral care. chocolates. ethicals are a range of pharma products For updated information. perfumes. ice cream. skin care.
6 34.0 2010-11 0. Aranca Research Notes: Gross block of FMCG is the total value of all the assets in the sector For updated information. Business Today.ibef.FMCG 2013 MARCH Evolution of FMCG in India → FMCG is the fourth largest sector in the Indian economy Indian FMCG industry (USD billion) Gross block of FMCG industry (USD billion) Market size of chocolates (USD million) Market size of personal care (USD billion) HUL’s share in FMCG market (%) 9.org MARKET OVERVIEW AND TRENDS 6 . please visit www.3 (2010) <100 625 (2011) <3 8.8 (2011) 2.6 (2011) >50% 2000 <30% (2011) Source: IDFC.
ibef.org MARKET OVERVIEW AND TRENDS 7 .2 → 15.3 % 24.3 30.FMCG 2013 MARCH Strong growth in the Indian FMCG sector → The FMCG sector in India generated revenues worth USD34. please visit www. the sector’s revenues posted a CAGR of 17. AC Nielsen.8 → CAGR 17.8 billion in 201 1.8 2006 2007 2008 2009 2010 2011 Source: Dabur.2 per cent rise compared to the previous year The strong growth in 201 1 should come as no surprise given the impressive performance of the sector over the years Over 2006-1 1. Aranca Research For updated information.7 17. a 15.2 21.3 per cent Trends in FMCG revenues over the years (USD billion) 34.
0 per cent) and fabric care (12.org MARKET OVERVIEW AND TRENDS 8 . please visit www.FMCG 2013 MARCH Food products and personal care together make up two-thirds of the sector’s revenues → ‘Food products’ is the leading segment.0 per cent of the overall market Personal care (22.0 per cent) are the other leading segments 8% Market break-up by revenues (2009) 5% → 4% 2% 4% Food products Personal care Fabric care 43% Hair care Households OTC products 12% 22% Baby care Others Source: Dabur. accounting for 43.ibef. Aranca Research For updated information.
5% Urban → Rural 66.ibef.org MARKET OVERVIEW AND TRENDS 9 . AC Nielsen.0 per cent of total rural spending Urban-rural revenue break-up (2011) → 33.5% Source: Dabur.5 per cent of revenues FMCG products account for 53. please visit www. accounting for over two-thirds of total revenue Semi-urban and rural segments are growing at a rapid pace. they currently account for 33.FMCG 2013 MARCH The urban market accounts for a major chunk of revenues → The urban segment is the largest contributor to the sector. Aranca Research For updated information.
Urban Rural For updated information. encouragingly.FMCG 2013 MARCH The rural segment is fast catching up → The urban FMCG market in India has been growing at a fairly steady and healthy rate over the years. iodised salt. etc Growth in urban and rural FMCG markets (FY11) 70% 60% 50% 40% 30% 20% 10% 0% 28% 24% 42% 27% 16% 11% 11% 14% 19% 21% → → 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Urban Rural UR Growth % Source: AC Nielson.org MARKET OVERVIEW AND TRENDS 10 . Aranca Research Notes: UR . refined edible oil.ibef. more than 80 per cent of FMCG products posted faster growth in rural markets as compared to urban ones Notable high growth sectors include salty snacks. please visit www. healthcare products. the growth in rural markets has been more fast-paced During FY1 1.
ibef. please visit www. Aranca Research For updated information.org MARKET OVERVIEW AND TRENDS 11 . grocers remain the main sales channel … (1/2) → Hair oils.FMCG 2013 MARCH Penetration levels vary. AC Nielsen. toothpastes and shampoos have significantly high penetration in both urban and rural markets Instant noodles. floor cleaners and hair dyes are picking up in the rural areas due to increased awareness Penetration levels of few top selling FMCG (2011) Floor cleaner 4% 5% 2% 3% 26% 19% 18% 18% 59% 32% 67% 80% 37% 42% 57% 77% → Hair dye Instant noodles Mosquito repellent Skin cream Hairoil Shampoo Toothpaste 0% 20% 40% Urban Rural 60% 80% Source: Dabur.
accounting for 59.FMCG 2013 MARCH Penetration levels vary. Aranca Research For updated information. please visit www.org MARKET OVERVIEW AND TRENDS 12 .0 per cent Sales channel breakdown (2010) → 3% 6% 6% 8% 5% Grocers General stores 59% Chemists Paan plus Food stores 13% Modern trade Others Source: AC Nielson. grocers remain the main sales channel … (2/2) → A total of 7.8 million retail outlets sell FMCG in India Grocers are the dominant retail format.ibef.
FMCG 2013 MARCH Market share of companies in a few FMCG categories Market Leader Others Hair Oil 42% 15% 8% 5% Shampoo 46% 24% 10% 6% Oral care 50% 23% 13% Skin care 59% 7% 7% 6% Fruit juice 52% 35% Source: Industry estimates For updated information.org MARKET OVERVIEW AND TRENDS 13 .ibef. please visit www.
please visit www.FMCG 2013 MARCH Notable trends in FMCG … (1/2) Consolidation • Indian FMCG companies are consolidating their existing business portfolios Product innovation • Several companies have started innovating or customising their existing product portfolios for new consumer segments • Consumers are becoming more brand conscious and prefer lifestyle and Brand consciousness premium range products given their increasing disposable income • A number of companies are exploring the business potential of overseas Expanding horizons markets and several regional markets • Backward integration is becoming the preferred strategy for increasing profit Backward integration margins • Companies are now focusing on the rural market segment which is growing at Focus on rural market Expanding distribution networks a rapid pace and contributes about 33 per cent to the total FMCG market • Companies are now focused on improving their distribution networks to expand their reach in rural India Source: Aranca Research For updated information.org MARKET OVERVIEW AND TRENDS 14 .ibef.
SSI .FMCG 2013 MARCH Notable trends in FMCG … (2/2) Third-party manufacturing • This approach has helped FMCG companies focus on front-end marketing • Reservation of several items for SSI as well as additional tax incentives have made third party manufacturing a popular route for many big players • Companies are increasingly introducing smaller stock keeping units at reduced Rising importance of smaller-sized packs prices. and Shirdi (Maharashtra) to sell diverse products • FMCG companies entering Africa as it helps to be close to consumption markets Focus on enhancing presence in Africa within Africa • Such foreign investments are encouraged by local governments. FMCG companies are Increased hiring from tier II/III cities hiring field staff from areas such as Kalpa (Himachal Pradesh). This helps them to sustain margins.org MARKET OVERVIEW AND TRENDS 15 . please visit www. Aranca Research Notes: CER . Kota (Rajasthan).Certified Emission Reductions. maintain volumes from priceconscious customers and expand their consumer base • Small towns are emerging as significant hiring zones.Small Scale Industry For updated information. Mangaliya (Madhya Pradesh).ibef. They generate the required energy from renewable sources and earn CER credits for the same Source: AC Nielson. as they offer incentives to enter the markets Reducing carbon footprint and eco-friendly products • FMCG players in India are increasingly focussing on reducing their carbon footprint by creating eco-friendly products.
please visit www.ibef.FMCG 2013 MARCH Contents Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities Useful information For updated information.org 16 .
please visit www.ibef.FMCG 2013 MARCH Growth drivers of the FMCG sector in India Rise of rural consumers Increasing per capita income of urban and rural population Growing popularity of organised retail Government’s pro-industry policies FDI support Source: Aranca Research Notes: FDI .org GROWTH DRIVERS 17 .Foreign Direct Investment For updated information.
CAGR .FMCG 2013 MARCH Higher incomes have aided growth in both urban and rural markets → Per-capita income in the country expanded at a CAGR of 12. Aranca Research Notes: F .428. IMF forecasts point to a CAGR of 8.5 An important consequence of rising incomes is growing appetite for premium products.8 per cent over 2012-17 to USD2.ibef.000 2.000 500 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012F 2013F 2014F 2015F 2016F 2017F 5% 0% -5% Per capita income.000 30% 25% → 20% 15% 10% 1. primarily in the urban segment India’s per capita income at current prices (USD) 3.500 2.Forecasted.USD Annual growth rate Source: IMF.5 per cent over 2001-1 1 Strong income growth is set to continue in future as well.org GROWTH DRIVERS 18 .500 → 1. please visit www.Compound Annual Growth Rate For updated information.
National Rural Employment Guarantee Act Total funds released by government for NREGA (USD billion) 7. loan waivers.FMCG 2013 MARCH Government initiatives for rural development → The Indian government has been supporting the rural population with higher MSPs. Aranca Research For updated information.1 → FY09 FY10 FY11 FY12 Source: NREGA.ibef. and disbursements through the NREGA programme These measures have helped in reducing poverty in rural India and have thus propped up rural purchasing power Notes: MSP .3 6. please visit www. NREGA .0 6.org GROWTH DRIVERS 19 .2 7.Minimum support price.
Aranca Research For updated information. please visit www. and changing lifestyles has meant growing consumer spending in modern retail stores Spending at modern retail stores in India shot up by 31 per cent in 201 1 compared to the previous year Modern retail spending is expected to shoot up to USD5 billion in 2015 from USD1.ibef.org GROWTH DRIVERS 20 . easier access.FMCG 2013 MARCH Increasing awareness and easier access is driving growth of modern retail → Growing awareness.8 billion in 201 1 Contribution of private label in modern trade (2011) Jams and jelly Packaged ghee Toilet cleansers Bread Phenyls Packaged atta Glass cleansers Tissue paper Floor cleanser Packaged rice 13% 13% 15% 17% 17% → → 22% 23% 23% 27% 37% 0% 10% 20% 30% 40% Source: AC Nielson.
org GROWTH DRIVERS 21 . during FY01-13*.ibef. food processing was the largest recipient.7 100.6 509.FMCG 2013 MARCH FDI inflows have also gone up over the years → The sector has been witnessing healthy FDI inflows over the years.Coffee 42. pulp Food processing Source: DIPP.500 2. Aranca Research For updated information.000 1.4 1661. FMCG accounted for 1.9 0 500 1.9 366.9 861. please visit www.Sep 2012 Cumulative FDI inflows * (USD million) Retail trading Tea.8 per cent * April 2000 .9 per cent of total inflows Within FMCG. in fact. it’s share was 46. cosmetics Paper.000 → Vegetable oil Soap.
please visit www.ibef. for consumers. Statutory Minimum Price and replaced the Statutory Minimum Price (SMP) of sugarcane with Fair and Remunerative Price (FRP) and the State-Advised Price (SAP) • The government recently approved 51 per cent FDI in multi-brand retail. cane sugar.org GROWTH DRIVERS 22 .FMCG 2013 MARCH Policy and regulatory framework • GST for the purpose of integrating multiple indirect taxes under a unified tax Goods and service tax (GST) system is likely to be implemented in 2013 • The rate of GST on services is likely to be 16 per cent and on goods is proposed to be 20 per cent • The current excise duty is 12 per cent • However. barring certain items such as beer. and hydrogenated animal fats and oils as well as items reserved for exclusive manufacture in the small-scale sector • In October 2009. which FDI in organised retail will boost the nascent organised retail market in the country • It also allowed 100 per cent FDI in the cash and carry segment and in single- brand retail Source: Aranca Research For updated information. the government amended the Sugarcane Control Order. potable alcohol and wines. 1966.000 • Industrial license is not required for almost all food and agro-processing Relaxation of license rules industries. it is expected that there will be more money to spend Excise duty on FMCG products as income tax exemptions limits have been hiked to INR200.
compliance under GST.org GROWTH DRIVERS 23 . before remitting it to the government at the end of the tax-filing period Appropriate measures need to be taken to ensure smooth transition to the GST regime through employee training. please visit www.ibef. customer education and inventory credit tracking Source: Aranca Research For updated information. especially for distributors and retailers Goods and Service Tax (GST) Cash flow • Tax refunds on goods purchased for resale System changes and transition management • Changes need to be made to accounting and IT implies a significant reduction in the inventory cost of distribution • Distributors are also expected to experience systems in order to record transactions in line with GST requirements • cash flow from collection of GST in their sales.FMCG 2013 MARCH New Goods and Service Tax (GST) would simplify tax structure Supply chain structure • Introduction of GST as a unified tax regime will Pricing and profitability • Elimination of tax cascading is expected to lower lead to a re-evaluation of procurement and distribution arrangements • Removal of excise duty on products would result input costs and improve profitability • Application of tax at all points of supply chain is in cash flow improvements likely to require adjustments to profit margins.
ibef. Aranca Research For updated information. Turkey L. please visit www.D.Misc/Diversified) Vietnam Spice Unit (Food and beverages) Noble Hygiene Pvt Ltd (Household and Personal Products) Hobi Kozmetik. Waxson. Singapore Halite Personal Care India Private Limited (Personal Care ) Paras Pharma (Personal Care) Namaste group (Personal Care) Cosmetica Nacional (Cosmetics) CC Health Care Products Pvt Ltd (Cosmetics) Eastern Condiments Pvt Ltd (Food .org GROWTH DRIVERS 24 . Dabur Wipro Consumer Marico Ltd (Food and Personal Care) Marico Ltd (Food and Personal Care) Dabur (Food) Godrej Consumer Products Ltd Colgate-Palmolive India Ltd ( Cosmetics and Toiletries) McCormick & Co Inc (Food-Misc/Diversified) Bafna Enterprises (Food and Beverages) Bennett Coleman & Co Ltd (Publishing) Dabur India (Personal Care) Merger/Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Source: Company websites.FMCG 2013 MARCH Key M&A deals in the industry … (1/2) Target name (segment) United Spirits Hobi Kozmetik. Turkey (Personal Care Products) Acquirer name (segment) Diageo Plc. Bloomberg.
FMCG 2013 MARCH Key M&A deals in the industry … (2/2) Target name (segment) Argencos. Netherlands (beverages) Godrej Consumer Products Ltd (home care) Britannia Industries Ltd (food) Merger/Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Merger Acquisition Source: Bloomberg.org GROWTH DRIVERS 25 . Argentina (Hair products) Tura. Indonesia (Soap and cleaning products ) Issue Group.wine/spirits) Vale Do Ivai SA Acucar E Alcool (sugar and ethanol) Greenol Laboratories Pvt Ltd (tea) Olyana Holding LLC (tea) Garden Namkeens Pvt Ltd (food . South Korea (Food) GCPL (Home and personal care) GCPL (Home and personal care) GCPL (Home and personal care) United Spirits Ltd (beverages) Shree Renuka Sugars Ltd (food) Asian Tea & Exports Ltd (food . Argentina (Hair Care Products) Lotte India Corp Ltd (Food) Megasari. a wholly-owned unit of Mcleod Russel India Ltd Cavinkare Pvt Ltd (food) Bacardi Martini BV.tea) UK-based Borelli Tea Holdings Ltd. please visit www.ibef. Aranca Research For updated information. Nigeria (Soap and cleaning products ) Tern Distilleries Pvt Ltd (beverages .) Bacardi Martini India Ltd’s 26 per cent shares from Gemini Distillery Private Ltd (beverages) Godrej Hygiene Care Pvt Ltd (home care) Britannia New Zealand Foods Pvt Ltd (joint venture partner Fonterra Cooperative Group Ltd) (food) Acquirer name (segment) Godrej Consumer Products Ltd (Home and Personal Care) Lotte Confectionery Co Ltd.misc.
FMCG 2013 MARCH Contents Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities Useful information For updated information. please visit www.org 26 .ibef.
ibef.7 284.FMCG 2013 MARCH Emami .one of the fastest growing FMCG companies … (1/2) Salient features • Niche category player and innovator • Key brands are strong market leaders in their respective categories • Portfolio includes Zandu.8 FY09 FY10 FY11 FY12 H1FY13 Source: Company reports.0 302. please visit www. one of the strongest Ayurvedic brands • Over 80 per cent of business comes from wellness categories • The company's revenues has expanded at a CAGR of 21. Aranca Research For updated information.3 145.org SUCCESS STORIES: MAJOR PLAYERS 27 .2 per cent over the last five years FY07 FY08 130.7 115.8 170.9 Net sales (USD million) CAGR 21.2 % 230.
2012 • Ranked 125th among BT (Business Today) Most Valuable Companies of India in private Sector • Ranked 272nd among Fortune 500 India’s largest corporations on profitability Celebrity promotion Rural reach Leveraging existing distribution network Differentiated ‘value for money’ products Strategy to drive revenue New geographies Product innovation Brand extension Source: Company reports. Navratna and Boroplus were ranked among the top 20 brands in the country by Brand Equity Survey of Economic Times. please visit www.one of the fastest growing FMCG companies … (2/2) Awards and recognitions • Among Asia's 'Best Under A Billion' 2010 list of companies compiled by Forbes magazine • Emami’s Zandu Balm.FMCG 2013 MARCH Emami .org SUCCESS STORIES: MAJOR PLAYERS 28 . Aranca Research For updated information.ibef.
2 FY09 FY10 FY11 FY12 H1FY13 Source: Company reports.2 711.FMCG 2013 MARCH Dabur .7 • Wide distribution network covering 2. please visit www.6 CAGR 20.riding on strong brand equity in India … (1/2) Salient features • Among top four FMCG companies in India • 10 brands with sales worth over USD20 million each Sales (USD million) 1. Aranca Research For updated information.org SUCCESS STORIES: MAJOR PLAYERS 29 .100.8 million retailers across the country • 17 world-class manufacturing plants catering to needs of diverse markets • Over 30 per cent of revenues generated from international markets FY07 FY08 433.4 % 856.4 596.7 499.8 624.ibef.
India Study.riding on strong brand equity in India … (2/2) Awards and recognitions in 2011-12 • Ranked 53rd amongst the world’s top 100 beauty companies in ‘WWD Beauty Inc. 2011) • Dabur Uveda range of Ayurvedic skin care products listed amongst the '30 New Beauty Finds' by India Today Woman • During FY12.100 (Business India) • Ranked 45 among Most Trusted Brands in India (Brand Trust Report. please visit www.ibef. 2012 by 4Ps Business and Marketing magazine • Ranked 184 in Fortune India 500 list • Ranked 78 in Super .’s top 100’ 2012 • Ranked 33 in India’s 100 most valuable brands.org SUCCESS STORIES: MAJOR PLAYERS 30 . Dabur ranked as the second-most ‘Social Brand of India’ Source: Company reports.FMCG 2013 MARCH Dabur . Aranca Research Expand Strategy Innovate Acquire For updated information.
ibef. please visit www.FMCG 2013 MARCH Contents Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities Useful information For updated information.org 31 .
and cuppa mania noodles • With rise disposable incomes mid. they also stand to gain from the contribution of technological advances such as internet and e-commerce to better logistics • Rural FMCG market size is expected to touch USD100 billion by 2025 • Indian consumers are highly adaptable to new and innovative products.ibef. For Innovative products instance there has been an easy acceptance of men’s fairness creams. firms have started enhancing their premium products portfolio • Indian and multinational FMCG players can leverage India as a strategic sourcing Sourcing base hub for cost-competitive product development and manufacturing to cater to international markets • Low penetration levels offer room for growth across consumption categories Penetration • Majors players are focusing on rural markets to increase their penetration in those areas Source: Assorted articles and reports. please visit www.org OPPORTUNITIES 32 .and high-income consumers in urban areas have Premium products shifted their purchase trend from essential to premium products • In response. AC Nielson. flavoured yoghurt.FMCG 2013 MARCH Growth opportunities in the Indian FMCG industry • Leading players of consumer products have a strong distribution network in rural Rural market India. Aranca Research For updated information.
please visit www.org 33 .FMCG 2013 MARCH Contents Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities Useful information For updated information.ibef.
net For updated information. Fax: 91-1 1-26174719 E-mail: ida@nde.IV.com All India Food Preservers’ Association 206. please visit www. New Delhi . New Delhi .com.aibma. Sector .org All India Bread Manufacturers’ Association PHD House. Siri Institutional Area. August Kranti Marg. mallika@phdcci.FMCG 2013 MARCH Industry Associations … (1/3) Indian Dairy Association Secretary (Establishment) Indian Dairy Association. New Delhi .in Website: www. 4/2.indairyasso.1 10016 Phone: 91-1 1-26515137.1 10022 Phone: 91-1 1-26170781. Fax: 91-1 1-26855450 E-mail: aibma@rediffmail. 26518848.1 10016 Phone: 91-1 1-26510860. 26179780.vsnl.in Website: www.ibef.net. 26165355.aifpa. Aurobindo Place Market Complex Hauz Khas. Fax: 91-1 1-26510860 Website: www.org USEFUL INFORMATION 34 .
16 KG Marg. Fax: 91-1 1-23327747 For updated information.in Website: www.biscuitfederation. Siri Institutional Area.400021 Phone: 91-22-28241 15. Room No 614.ibef.FMCG 2013 MARCH Industry Associations … (2/3) Federation of Biscuit Manufacturers of India PHD House. Mumbai .1 10016 Phone: 91-1 1-26515137. 4/2.net. August Kranti Marg.1 10001 Phone: 91-1 1-46470200.vsnl.com Indian Soap & Toiletries Manufacturers’ Association Raheja Centre. Fax: 91-1 1-26855450 E-mail: fbmi@rediffmail. 6th Floor. email@example.com. New Delhi . New Delhi . Backbay Reclamation.org USEFUL INFORMATION 35 .in Indian Soft Drinks Manufacturers' Association 702. Ansal Bhawan. Fax: 91-22-22853649 E-mail: istma@bom3. please visit www.
No 2. Akashdeep Building. please visit www. 22822979.400021 Tel: 91-22-22021475.com Vanaspati Manufacturers’ Association of India 903. Mumbai . 225. 14th Floor. 26 . Fax: 91-22-22021692 E-mail: solvent@mtnl.A. Jolly Maker Chambers. Fax: 91-1 1-23315698 For updated information. New Delhi -1 10001 Phone: 91-1 1-23312640.FMCG 2013 MARCH Industry Associations … (3/3) The Solvent Extractors' Association of India 142. Nariman Point.org USEFUL INFORMATION 36 .seaofindia.in Website: www.net.ibef. Barakhamba Road.
please visit www.org USEFUL INFORMATION 37 .ibef. numbers have been rounded off to the nearest whole number For updated information.FMCG Glossary → → → → 2013 MARCH FDI: Foreign Direct Investment MSP: Minimum Selling Price NREGA: National Rural Employment Guarantee Act FY: Indian financial year (April to March) → So FY09 implies April 2008 to March 2009 → → → SEZ: Special Economic Zone MoU: Memorandum of Understanding USD: US Dollar → Conversion rate used: USD 1= INR 48 → Wherever applicable.
modified or in any manner communicated to any third party except with the written approval of IBEF.ibef. While due care has been taken during the compilation of this presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation.org DISCLAIMER 38 . wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation). This presentation is for information purposes only. please visit www. All rights reserved. The same may not be reproduced. For updated information. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation. the content is not to be construed in any manner whatsoever as a substitute for professional advice.FMCG Disclaimer 2013 MARCH India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All copyright in this presentation and related works is solely and exclusively owned by IBEF.
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