PUNE INSTITUTE OF BUSINESS MANAGEMENT

PROJECT SUBMITTED BY-

SHRADDHA NIKAM

PGDM5

DM21E40
 TABLE OF CONTENT

1 EXECUTIVE
SUMMARY…………………………………………………………...4

2 FMCG
SECTOR……………………………………………………………………...5

2.1.GLOBAL FMCG MARKET

OVERVIEW……………………………………..5

2.2.INDIAN FMCG MARKET

OVERVIEW………………………………………6

3 INTRODUCTION OF
AMUL……………………………………………………….7

3.1.PORTER'S 5
FORCES…………………………………………………………...8

3.2.PRODUCTS & SERVICES OFFER BY

AMUL……………………………….9

4 ABOUT PRODUCT AMUL ICE-

CREAM………………………………………..10

5 MARKETING
OBJECTIVE……………………………………………………….11

5.1.SWOT
ANALYSIS………………………………………………………………12

5.2.STP
ANALYSIS…………………………………………………………………13

5.3.AMUL MARKETING
STRATEGY…………………………………………...15

5.4.STRATEGY OF
COMPETITOR………………………………………………17

2
 5.5.MARKETING MIX (4Ps)
………………………………………………………18

5.6.BCG MATRIX OF BRANDS UNDER

AMUL………………………………..23

6 BUSINESS
FINANCE………………………………………………………………25

6.1.INCOME STATEMENT OF
AMUL…………………………………………..25

6.2.BALANCE SHEET OF AMUL

………………………………………………...26

6.3.CASH FLOW
STATEMENT…………………………………………………..27

6.4.DIRECT AND INDIRECT COST OF

AMUL……………………………… ...28

6.5.FIXED
ASSETS………………………………………………………………….29

6.6.WORKING CAPITAL
REQUIREMENT……………………………………..30

7 HUMAN RESOURCE
MANAGEMENT………………………………………….31

7.1.ORGANISATIONAL
STRUCTURE…………………………………………..31

7.2.ANALYSIS OF JDS & JOB

SPECIFICATIONS……………………………..33

7.3.TRAINING NEEDS OF THE

COMPANY……………………………………34

7.4.ORGANIZATION
CULTURE…………………………………………………36
3
 8 SUGGESTION AND
RECOMMENDATION…………………………………….37

9
BIBLIOGRAPHY…………………………………………………………………...38

4
1.EXECUTIVE SUMMARY

The project is assigned us to apply knowledge in practical approach with in depth

analysis of Market, Sectors, Marketing strategies, Business Finance, Human resource
Management. As worlds 18 percent population, India’s demands for dairy based deserts is
increased to 2.36% CAGR (compound annual growth rate) during year 2014-2019 and forecast
to grow up to 5-7% in next five years. The value share of India in the APAC (Asia Pacific
Accreditation Cooperation) ice cream sector is forecast to grow from 8.4% in 2018 to 11.2% in
2023. The global FMCG market is projected to reach $15,361.8 billion by 2025, registering a
CAGR of 5.4% from 2018 to 2025.

I have selected Amul ice-cream product for my project which belong to the frozen
dairy Based desserts/confections category. Amul one of every household brand in India is
achieving CAGR of more than 20% from last seven years. Amul milk and dairy product
reported a 17% increase in turnover to Rs 38,550 crore in the year ended 31st march 2020 also
Amul groups turnover exceeded Rs 50,000 crore, which is also 17% higher than last year.

In a world of Amul ice-cream, happiness and excitement goes hand in hand with good
health and delicious flavour. Crafted with the finest natural ingredients, Amul ice-cream will
simply melt in your mouth leaving a smooth after taste. It’s perfect for everyone’s taste.

5
 2.FMCG SECTOR

The FMCG (Fast Moving Consumer

Goods) industry, also known as CPG (Consumer
Packaged Goods), is a tremendously competitive
and fast-paced industry. It is the fastest-growing
sector in the world and is a multi-million-pound industry. Almost every individual in
developed and developing world countries purchase some type of FMCG products each day.
Let’s review contribution of this sector in worlds as well as in Indian economy

2.1. GLOBAL FMCG MARKET OVERVIEW

Fast moving consumer goods (FMCG) also known as consumer packaged goods are
products that can be bought at a low cost. The global FMCG market is projected to reach
$15,361.8 billion by 2025, registering a CAGR of 5.4% from 2018 to 2025. These products
are consumed on a small scale and are generally available in a variety of outlets including
grocery store, supermarket, and warehouses. The FMCG market has experienced healthy
growth over the last decade because of adoption of experience retailing along with reflecting
consumers desire to enhance their physical shopping experience with a social or leisure
experience.

6
 The segmentation of FMCG market is based on product type, distribution channel and
region. The product type is again classified into food and beverages, personal care, healthcare
and home care. Distribution channel can be differentiating into supermarkets and
hypermarket, grocery stores, specialty stores, e-commerce and others. Region consist of all

Global GDP contribution of different sectors

0.014 0.0355
3%
7% FMCG

Agriculture

Automobile

Real Estate

others
0.8505

different countries or continents like North/south America, Asia, Europe etc.

2.2.INDIAN FMCG MARKET OVERVIEW

FMCG sector is the 4th largest sector in Indian economy contribute about 10%. The
FMCG market in india is expected to increase at a CAGR of 14.9% to reach US$220 billion
by 2025, from US$ 110 billion in 2020. As FMCG product always has demand throughout the
year so its attracts the investor .this sector witnessed healthy FDI inflow of US$ 18.59 billion
from april 2000 to june 2021. This sector further divided into 3 categories Personal care,
housing, and food.

Growth Rate
8.4%
7.9%
7.1%
6.5%
5.9%

2018 2019 2020 2021 2022

Growth Rate 7
sector wise GDP contribution of
Indian economy
0.1
20%
agriculture

25% industry

service

FMCG

0.51

8
 3.INTRODUCTION OF AMUL

Amul (The Kaira District Co-operative Milk Producers’

Union) is an Indian dairy cooperative society, based at Anand in the
Indian state of Gujrat formed in 1946which comes under the food
processing industry (FMCG). The founder of Amul is Tribhuyandas Patel and current MD is
Rupinder singh sodhi. . It is a cooperative brand managed by a cooperative body, the Gujrat
Co-operative Milk Marketing Federation Ltd (GCMMF), which today is jointly owned by 3.6
million milk producers in Gujarat. By June 1948, the KDCMPUL had started pasteurising
milk for the Bombay milk scheme. In 1970, it spearheaded the “white revolution” which made
the country world’s largest producer of milk and milk products. The Kaira Union, which had
the brand name Amul with it since 1955, transferred it to GCMMF. In 1999, it was awarded
the “best of all” Rajiv Gandhi National Quality Award. In 2007 Gujarat Cooperative milk
marketing federation Ltd, crossed US$ one billion in its sales turnover and entered the elite
club of food companies having this distinction from India. One more achievement, the dairy
cooperative of Gujarat under the GCMMF fold crossed milk procurement of 10 million Kgs
per day on 27 Dec 2007, which is the highest ever milk procurement achieved by any dairy
network in India. On 30 Sep 2018, Amul launched a new chocolate plant in Mogar, Anand
near their headquarters with capacity of 1000 tonnes per month against the earlier 250 tonnes
a month capacity and has invested around Rs 3 billion for this project.

Turnover of GCMMF(IN CRORES) 38550 39248

32960
29225
27043
22972
20733
18143
13735
11668
9774
8005

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21

Turnover of GCMMF(IN CRORES)

9
 3.1.PORTER'S 5 FORCES
● Competitiveness
Amul is one of the top leading dairy brands in India with numbers of strong rivals like
Unilever, Kraft foods and group Danone ; still the company is managing their position
in industry from the past 74 year.
● Threats of New Entrants
Every year new brands make their entry but very few get succeed , so there is low risk
for Amul dairy
● Bargaining power of suppliers
Amul dairy owns the largest market share so they need a great supply chain.
● Bargaining power of Buyers
Amul always makes consumers satisfied, this makes them one of the most devoted
companies in the eyes of purchasers.
● Threat of Substitute
Health consciousness of Amul made them hard for finding substitute

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 3.2.PRODUCTS AND SERVICES OFFER BY AMUL
● Liquid milk
● Skimmed milk powder
● Butte
● Ghee
● Cheese
● Flavoured milk
● Chocolate
● Ice-cream
● Paneer
● Cheese sauce
● Beverages ranges
● Fresh cream
● Bakery product

Amul has launched quick service restaurants at Ahmedabad and Bangalore. Unlike its
existing outlet which retail the entire range of Amul product under one roof, the new

11
café will offer consumers recipes such as pizzas, burgers, sandwiches, dosa, pavbhaji,
sundaes and milk shakers apart from the milk product the Amul manufactures

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 4.ABOUT PRODUCT AMUL ICE-CREAM

Amul Ice Cream was launched on 10th March, 1996 in Gujarat and
have about 42% market share among all Amul other product. The portfolio
consisted of impulse products like sticks, cones, cups as well as take home
packs and institutional/catering packs. Amul ice cream was launched on the
platform of ‘Real Milk. Real Ice Cream’ given that it is a milk company and the
wholesomeness of its products gives it a competitive advantage. In 1997, Amul ice creams
entered Mumbai followed by Chennai in 1998 and Kolkata and Delhi in 2002. Nationally it
was rolled out across the country in 1999. Not only has it grown at a phenomenal rate but has
added a vast variety of flavours to its ever growing range. Currently it offers a selection of
220 products. Amul has always brought newness in its products and the same applies for ice
creams. In January 2007, Amul introduced SUGAR FREE & Prolife Probiotic Wellness Ice
Cream, which was a first in India. This range of SUGAR FREE, LOW FAT Diabetic Delight
& Prolife Probiotic Wellness Ice Cream is created for the health conscious. In a short span
Amul Ice Cream has become the No.1 ice cream brand in the country. It is now the only
national brand and all other ice cream brands are regional.

Butter Cheese Ice-cream

42%
90% 72%

13
 5.MARKETING OBJECTIVE
Amul aims to achieve a business turnover of Rs 50,000 crore by 2021 and doubling
turnover Rs 1 lakh crore by 2024. The GCMMF also has increased its total milk processing
capacity to 360 litres per day and plans to expand it to a capacity of 400 lakh litres per day in
the next 2 years. In 2021 the company will be investing 1000 crore and 5000 crores in next
five years for expanding milk processing infrastructure. Amul also plan to deploy state of the
art ice cream technology (called extruded technology) in the southern part of India, which will
allow its product to be softer and creamier.

Market share

Amul

20% Kwality Walls

38% Vadilal
6%
Mother dairy
8%
Cream bell
12%
16% Regional and niche product

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 5.1.SWOT ANALYSIS

The competition in the ice-cream industry is very high due to the various companies
with their strong brands, are giving neck to neck fight. Amul is playing a tough war with
brands like Kwality wall’s, Vadilal, Mother dairy, Baskin Robbins, Havmor and many more.
As market leader Amul also faced negative growth during COVID-19 but because of their
strong global presence they twisted dice, and still remains as India’s first choice, with loyal
customers and brand positioning strategy, which helps them to generate maximum revenue.
Various other brands are also indulging in a variety of flavours and ingredients with different
market segmentation and market customers, which hits market leaders at a difficult time. But
continuous growth of the ice-cream industry has lots of opportunities in the coming years.

Amul has also launched new flavours with premium range in 2018, and now in this
year ready to launch new flavours like Haldi or Turmeric Ice Cream, Immuno Chakra Ice
Cream (the Health trinity of Haldi-Ginger-Tulsi in tri-colour Ice Cream) and camel milk ice-
cream. While the world is learning to adjust to the challenges the Covid-19 pandemic has
brought, Amul dairy is promoting ancient ways of protecting immune systems, with the help
of Ayurveda by introducing such an immunity busting product. It will bring positive growth
rate with new targeting and untapped segment as well as area

15
.

5.2.STP ANALYSIS

Segmentation

16
 Target market :

The Amul target market is mainly focus on Kids, women, youth, calories conscious
and Health conscious

● Kids- Amul ice-cream, chocolate, Milk, Natural energy drink

● Women – Amul Calci+
● Youth- Utterly delicious pizza, Cheese Spread, Amul butter etc.
● Calories conscious- Amul lite, Amul lite slim & trim milk powder etc.
● Health conscious- Nutramul, Amul Shakti, health food drink.

Positioning

Amul has carefully cultivated its family based image.

● Emotional components: Campaigns like “Taste of India”

● Descriptive Factor: The butter is now a family product and has a homely image.
● Functional Attributes: Unique functional attributes of Amul are :-
Value for money- Best quality of product with reasonable price.
Product Availability- It has a huge supply chain and distribution networks across
India.

17
 Amul meant different things to different people:

● To milk producer: A life enriching experience

● To consumer: Assurance of having wholesome milk.
● To mother: A reliable source of nourishment for her child.
● To the country: Rural development and self-reliance.

5.3.AMUL MARKETING STRATEGY

Amul girl- a cartoon figure, is used by the company to promote their brand to connect
with the audience well. They do not endorse any public figure so that they can directly
18
connect with customers. Amul ads are captivating, simple, emotional and story centric around
families with funny twists. They have released a line of films that are only advertised on the
digital medium as it’s easy to tell stories in longer duration than with the limited time on
television. Amul is the official sponsor to many reality shows like Master Chef India, Dance
India Dance, Sa-re-ga-ma, Star Voice of India. They have also started reality shows to
promote their brands and products, showing the difference between real milk ice-cream and
frozen dessert in 2017. The famous slogan of Amul till date –

Har Ghar Amul Ghar – Is a drama comic on parenting.

Pehla Pyarr, Amul Pyarr- Is about how 2 teens fall in love.

Har Bachpana, Amul Bachpana- Is on how grandparents are still like kids.

Har Dosti Amul Dosti- is based on the friendship of 3 old people.

Har Umar Amul Umar- Is on neighbours of different age (kid and older uncle)

how they get close

Amul has always been knowing for coming up with new innovative products for
different customer segment

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 AMUL MARKETING
STRATEGIES

Branding
The first aspect of marketing strategy
is branding. The Amul tag lag
line “Taste of India” leads to
advertising merely costing 1%
of its revenue

Product Portfolio
Amul’s variety of product already
captured large audience, their
main target is middle and
economic classes.

Product Pricing
Amul opted for low cost pricing
strategy for the product the
consumes regularly, it made
affordable for its target
audience

25% Advertising
Amul is in Gunnies record for running
longest ever advertising
Campaign of butterly girl
appear with butter and
emotional story.

Digital Marketing
Relax and take the exam

It made a point to connect with

customer and take care of any
and every complain rigorously.

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 5.4. STRATEGY OF COMPETITOR

Brand Product mix Target Positioning

customers

Kwality 1. Choco bar Family An ice cream

Walls 2. Cornetto to celebrate
Youth
3. Family packs happy
4. Feast Children moments in
5. Fruit fun life
6. Kulfi
7. Delights in cup
8. Delights on
stick
9. Novelties
10.Paddle pop
11.Party packs
12.Tubes

Vadilal 1. Ice-cream tubes Family A purely

2. Kulfi tubes and vegetarian
Youth
sticks dessert
3. Sugar free tubes Kids
4. Dollies and bars
5. Cassata
6. Cones
7. Mithai ice-
cream

21
Mother 1. Bricks and Middle As a foods and
dairy super saver and upper dairy brand
packs middle that has
2. Bars class products of
3. Cones families high quality at
4. Ice candies affordable
5. Kulfis price, with fair
6. Cassata returns to the
7. Cups producers
8. Sugar free
9. Fruit Lics
10.Ice-cream cake
11.Novelties
12.Tubes

5.5. MARKETING MIX (4Ps)

PRODUCT

Amul has a very strong product portfolio. It comprises mainly of dairy products. Amul
ice cream chain was started in the year 1996 0n Gujarat and gradually by 1999 it was
available nationally. It comes under the top 5 ice cream brands of India.

VARIETY: Amul ice creams have a lot of variety in their kitty. They have ice candies,
Choco bars, cup ice creams, family pack tubs, cones and kulfi. The ice creams are available in
various sizes and flavours. The brand has approximately 200 variants in their product
portfolio. In 2007, the brand infects came with sugar free and prolife probiotic ice creams for
the health conscious consumers.

22
 QUALITY: Amul is a trusted brand and banks on the fact that the ice creams are made
from real and fresh milk. It has protein and calcium content which makes the ice cream
nutritional too.

PACKAGING: The packaging depends on the quantity of the product. The packaging
for the ice cream tubs is very attractive. For example, the chocolate chips tub has a purple cap
which signifies royal and rich flavour, the container which is made of plastic is transparent to
showcase the chocolate flavour. The brand Ice Lickz’s packaging signifies the flavours like
orange candy has orange colour packing. The packaging of 750 ml ice-cream family packs are
enclosed in small soft board boxes.

SIZES: Amul ice cream comes in many sizes ranging from 50ml cones and candies to
2litre tubs. Different varieties of ice creams come in various sizes. The family packs are 750
ml then their party packs which are of 1ltr or 2ltr packs.

23
24
 PLACE

Place is concerned with making available the products where the demand lies. Amul
sells its ice creams through many channels. It sells through retail outlets like supermarkets
(Big Bazaar), mom and pop stores. Amul also has its own ice cream parlours where it sells
exclusively to consumers directly. In some cities it sells through Amul ice cream carts which
are very mobile and can sell more due its flexible nature.

Amul ice cream is available in all tier 1 and tier 2 cities. Mumbai, Delhi, Bangalore,
Chennai have an assortment of retail outlets and exclusive parlours. The above mentioned
channel stands true for other cities like Ahmedabad, Pune, Indore, Chandigarh, etc.

PRICING

Amul Ice Cream has a strategy of low cost pricing. It is also similar to penetrative
pricing. But penetrative pricing strategy is used when the market has a high level of
competition and a player wants to establish itself in the market by giving low prices. During
the introduction stage itself, Amul had a vision to provide their products to end customers at
25
the best affordable rates and the same vision is in place even today. But considering their
value for the average Indian consumer, these products are still priced at an affordable rate.

As Amul Launched EPIC Ice-Cream a day before HUL’s Magnum in Delhi, In Both
the key ingredient is Belgian Chocolate and are competing in premium space. While Magnum
is priced at Rs 85 a bar, Amul’s Epic will be being made available at Rs 35 and Rs. 40. It's a
totally market oriented pricing strategy to appeal to masses.

PROMOTION

Amul has adopted several marketing strategies to market its products in the consumer market.
Its above-the-line marketing is less compared to its below-the-line policy for advertising its
products because it does not want to spend excessively on marketing.

It is an established brand with very heavy footfall. The brand advertises via radio, television,
newspapers, magazines, hoardings, billboards through its longest and unique brand
26
ambassador and advertising character The Amul Girl. Amul Ice Cream does not believe in
other celebrity endorsements as its poster girl is the best advertisement tool according to the
brand as well as media reports.

Amul is the official sponsor to many reality shows like Master Chef India, Dance India
Dance, Sa-re-ga-ma, Star Voice of India. They have also started reality shows to promote their
brands and products, showing the difference between real milk ice-cream and frozen dessert in
2017.

27
 5.6.BCG MATRIX OF BRANDS UNDER AMUL

CASH COWS

There are products of Amul that fall under cash cow category, the first being Amul
Milk and the second being Amul Butter and third is Amul Cheese. The products hold high
market share in these not so fast-growing industries. Owing to the limited chances of industry
growth, Amul is introducing a number of new product variations for different customer
segments so as to maintain its market leadership.
STARS
Amul Ice cream and Amul Ghee are two products that can be considered as Stars of
the company. These are the products which have a high market share and holds a good
potential to grow in the future as well.

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 QUESTION MARK
Amul lassi has been marketed with the aim to increase the market share and compete
with the other beverages available to the market. Considering the increasing interest and
demand for healthy products and beverages, the healthy milk from Amul poses a great
potential to grow in the near future with a condition that it is marketed well.

DOGS
Dogs are those products that have low growth or market share and have a very limited
chance of growing into a profitable business unit for the company. Amul Chocolates, Amul
Cookies, and Amul Pizza are few products which can be considered as Dogs for Amul. Due to
the heavy competition and limited innovation that these product categories face, it’s becoming
difficult for Amul to gain market share for these products and make them a viable revenue
generator.

29
6.BUSINESS FINANCE

6.1. INCOME STATEMENT OF AMUL

30
6.2.BALANCE SHEET OF AMUL

31
6.3.CASH FLOW STATEMENT

32
33
 6.4.DIRECT AND INDIRECT COST OF AMUL

● Direct Cost

● Indirect cost

34
6.5.FIXED ASSETS

35
6.6.WORKING CAPITAL REQUIREMENT

WCR= current Asset – Current Liabilities

36
 7.HUMAN RESOURCE MANAGEMENT

7.1.ORGANISATIONAL STRUCTURE

The Amul model of dairy development is a three tiered structure with the dairy
cooperative societies at the village level federated under a milk union at a district level and a
federation of member unions at the state level

● Establishment of direct linkage between milk producers and consumer by eliminating

middlemen
● Milk production (farmers)control procurement, processing and marketing
● Professional management

37
 The Amul model had helped India to emerge as the largest milk producer in the world.
More than 16 million milk producers pour their milk in 185903 dairy cooperative societies
across the country.

Their milk is processed in 222 district cooperative milk unions and marketed by 28
state marketing federations, ensuring a better life for millions.

38
7.2.ANALYSIS OF JDS AND JOB SPECIFICATIONS

39
40
 7.3.TRAINING NEEDS OF THE COMPANY

Training and development programme of Amul is an ongoing programme since its

inception as it believes the development of the institution lies in the development of people –
producer members. It organised various training programmes based on the need and a few of
these are as follows:

VMS workshop: This programme aims at to create aa

document on vision, mission and strategy for village dairy co-
operative societies. This process has helped to involve and
develop dairy farmers for their future planning and review of
the growth thereby improve their income and quality of life.

Milk Day celebration: This programme aims at bringing

together all members, including chairman, management
committee members and respective producer members of dairy
co-operative societies to identify and solve their problems.

41
 Amul Darshan: This Programme aims at exposing
producer members to various facets of dairy operations to keep
them informed and aware of the development and adopt to good
management practices in production of milk. The exposure
visits include visit to cattle feed plant, dairy plant, chocolate
plant, dairy demonstration farm and presentation by the co-
operative development group.

Management development programme: this program

aims at capacity building of secretaries of dairy co-operative
societies in better management and maintenance of ISO
standards. For management committee members it imparts
training on management strategies, co-operative laws and their
roles and responsibility.

Zonal meeting: This programme aims at review of

internal audit on quality management system and cleanliness of
dairy co-operative societies for continuous improvement. This
helps in knowing achievements and identifying grey areas for
improvement.

Village group discussion: it aims at encouraging

discussion among dairy farmers on scientific animal husbandry
practices and its application.

Awareness and refreshers Training: It aims at training of

dairy co-operative society personnel on quality management
system in order that the ISO is effectively followed

Dairymen Training: This programme aims at building

managerial skills of progressive farmers who have more than five
milch animals to bring more success in their dairy husbandry.

42
 7.4.ORGANIZATION CULTURE

● Amul’s culture can be defined as producer and

customer oriented as well as holistic
development
● The organisation mainly focuses on achieving
targeted goals as its world’s 13th largest
company.
● Companies follow mission culture with a blend of all.
● Amul is always concerned about customer approach in an external environment
without need for rapid change.
● Corporate social responsibility(CSR) is a part of Amul’s culture.
● Organisation also contributing to sustainable ecological development through
plantation

43
 8.SUGGESTION AND RECOMMENDATION

Amul ice-cream are among the top ice-cream brands but also has some weaknesses.
Few recommendations to rectify or improve on them are as below:

Not as popular among higher segment buyers, Amul is not preferred by customers who
are not price sensitive. So the company should try and reposition itself in market by
introducing separate higher segment products.

Amul has a relatively good distribution network but demand is not meeting the supply.
Lack of consistent supply is leading to customers being pushed away to other brands.
Maximum number of vendors do not get the products that they ask for, for months. Company
should focus on this issue and try and improve the supply chain management.

44
 9.BIBLIOGRAPHY

1.https://statisticstimes.com/economy/country/india-gdp-sectorwise.php

2.https://qrius.com/fmcg-driving-growth-india/#:~:text=The%20FMCG%20sector
%20is%20the,to%20the%20Gross%20Domestic%20Product.&text=FMCG%20sector%20is
%20set%20to

3.https://www.amul.com/

4.https://www.ibef.org/industry/fmcg.aspx

5. https://www.forbesindia.com/article/work-in-progress/amuls-going-utterly-butterly-digital/
55855/1

6. https://www.google.com/amp/s/m.economictimes.com/industry/amul-india/amp

7.https://www.google.com/amp/s/www.businesstoday.in/amp/latest/corporate/story/amul-
worlds-8th-largest-milk-processor-now-moves-10-notches-in-ifcns-latest-ranking-280326-2020-12-02

45