MARKET MAPPING

Flat Products in Construction-J&K, Himachal

INSPIRE 2023

Project Guide: Vishal Soni,

Senior Sales Manager, IPP North

Intern: Tarun Kumar Singh

XLRI 8th June, 2023

Slide 1
PROJECT DETAILS & ACTIVITY

Week 1 Week 2 Week 3 Week 4

Held interviews with Established connect with Held interviews with

Developed Insights into
Distributors and clients in the managers in Delhi Distributors in Delhi-NCR
TSL’s product offerings and
Ludhiana Market to gain Office to identify the to gain FP Market info for
value chain
market understanding required distributors construction

Week 5 Week 6 Week 7

Established Contacts with Continued with discussion
Analysed the data points
Construction Companies with Construction
from 20+ interviews and
and Independent companies on their FP
developed
Contractors and held demand and ongoing
recommendations
interviews projects

Slide 2
PROJECT AGENDA

Project Details & Engagement Customer Visit

Activity Report Report

Customer Projects & FP

Key Challenges
Demand

Product Analysis Steel Requirements Recommendations

Slide 33
CUSTOMER ENGAGEMENT REPORT

8 5 6
Channel Independent
Sales Officers Contractors
Dealers/Distributors
In Ludhiana, Includes TSL Mostly involved
Chandigarh, and Distributors whose in Housing in
Delhi Office to customers are Delhi-NCR
help establish
contacts 8 engaged in
construction
17
Construction
Business Dealers
Companies
Involved in further
processing of Mostly Involved in
HRCs with good Infrastructure
knowledge of TSL Construction in
products J&K, Himachal

Slide 44
LIST OF CUSTOMERS AND DISTRIBUTORS

Name Location SPOC Type

Vikrant Iron Pvt. Ltd Delhi-NCR Shivansh Bansal Distributor

Daga Distributors Delhi-NCR Nanda Kumar Distributor

Bhagwati Steel Chandigarh Pawan Mangla Customer

Hansa Tubes Chandigarh Arjit Gupta Customer

Truess Iron Chandigarh Vikas Mangla Customer

TSDPL Ludhiana Vishal Jain Distributor

Dharamvir and Bros Ludhiana Arjun Aggarwal DIstributor

Hero Steels Ludhiana Trilok Singh Customer

Jai Bhole Steel Ludhiana Vibhor Maini Customer

Avon Ispat Ludhiana Atul Gautam Customer

Slide 55
CONSTRUCTION COMPANIES AND ITS ANNUAL FP DEMAND

Company SPOC Contact Segment Annual Demand-FP

Aalaya Engineering Projects Pvt. Ltd. Mr. N P Gupta 9871292199 Infra and Commercial -----------
Ahluwalia Contracts Barun Kumar 9625175732 Infra and Commercial 6000 KT
BrijGopal Construction Mr. Raman Goyal 9310354550 Infra ---------
Gawar Constructions Mr. Abhishek Jain 9582807003 Infra 8000 KT
Ghana Ram Infra Engineers Mr. P K Pandey 9451935922 Infra and Industrial 3000 KT
Giridhari Lal Construction Mr. Amit Gupta 9717398943 Housing and Commercial Variable
GLOBE Civil Projects Mr. Ved Praksh Khurrana 9899222233 Housing and Commercial 1500-2000 KT
Poornanand and Sons Mr. Poornanand 8860455555 Infra and Commercial ----------
ISC Projects Mr. Vishal Dubey 9730700251 Infra 2000-2500 KT
VRC Constructions Mr. Umesh Kumar 9650668669 Infra 3000-4000 KT
HG Infra Engineering Projects Mr. Satish Sharma 9772204181 Infra ---------
NB Constructions Mr. Garvit Dahiya 9999045625 Housing, Infra Variable
NS Associates Pvt. Ltd. Nishat Beig 9810809478 Commercial --------
Parnika Commercials and States Mr. Piyush Gupta 9818680706 Commercial --------
Ram Kumar Contractors Mr. Kishan Goyal 9466555566 Infra 4500 KT
Rama Civil Construction Mr. Praveen Gupta 9810061914 Infra and Commercial -------
RS Infra Projects Mr. Nischal Srivastav 9971993431 Infra 3000-4000 KT

Slide 66
CONSTRUCTION COMPANIES AND ITS ANNUAL FP DEMAND
Company SPOC Contact Segment Annual Demand-FP
Sam India Builder Pvt. Ltd. Mr. Ashish 8010187488 Commercial Variable
Swadeshi Civil Infra Pvt. Ltd Ram Avtar Goyal 9810149582 Infra 3500 KT
Roshan Real Estate Rashid Ali 9810115205 Housing Nil
Nanu Ram Goyal and Co. Mr. Ashish Goyal 9810103210 Infra -------
Winner Construction Mr. Amit Pasrecha 8860380380 Infra, housing ----------
Shyama Power India Pvt. Ltd. Mr. Santosh Thakur 9313909987 Infra Variable
Quality Buildcon Pvt. Ltd Mr. Ravindra Singh 9810036227 Housing Variable
Arvind Technoengineers Pvt. Ltd. Mr. Rishabh Agrawal 9560190905 INFRA ----------
Varindra Constructions Mr. Virendra Garg 9312090434 Infra 3000 KT
NKG Infrastructure Mr. Ravinder 9999652640 INFRA ---------
BL Kashyap And Sons Mr. Tyagi 9871101188 Infra, Commercial Variable
Inderjeet Mehta and Sons Amarjeet Mehta 9810048041 Housing and Commercial ----------
SP Singhla Constructions Pvt. Ltd Vipin Singhla 9256382317 Commercial, Infra ----------
Bhartiya Realities Mr. Rajeev Madhwan 9633758803 Commercial Nil
MG Contractors Rikhi Jha 9815045897 Infra 5000 KT
M/S MOGLIX Smartworks Mr. VAIBHAV SETH 9685772580 Commercial 1000 KT
FLOWMORE LTD MR. VIKRAM BHASKAR Commercial 500-800 KT
SuperTech Mr. SONU JHA 9999060731 Housing and Commercial 1000-1500 KT
M/S ISGEC HEAVY ENGINEERING LTD Ms. PANKHUDI PALLAWI 9311445023 Industrial 10000 KT
Hansa Tubes Arjit Gupta 9592500077 -------------- Nil

Slide 77
KEY REASONS FOR TSL’S ABSENCE IN J&K, HP
Understanding Why the Hilly Terrain has been a ‘Black Box’ for TSL

CUSTOMER RELATIONSHIPS
Market Understanding Distributors for longs are interested in selling the target
sales with little focus on creating new relationships for
TSL may lack exact understanding of requirements,
TSLs market in the FP domain. A customer flagged lack
preferences, and dynamics in a vast construction
of engagement one of the reasons for not buying Flats
sector, where each sub – segment may have its own
specific demand. The majority of players buy through
distributors and are not directly engaged by TSL
SERVICE SUPPORT
The customer portal of TSL has been flagged as
inadequate and useless. Also, customers in lower strata
SPECIFICATIONS/Product Differentiation also face delays in supplies
TSL lacks the stock of FP as and when required by the
Construction Companies. A lack of Market
Understanding also leads to a lack of specific grades or COST COMPETITIVENESS
processed steel which might have more demand in the
TSL charges a premium for its quality products. This
market
discourages the price sensitive customers from buying
its products

Slide 88

ANALYZING INADEQUACY IN OFFERINGS
Maximum Thickness
Offered by TSL is 25mm
Even though maximum thickness
produced by TSL is 25mm, it is hardly
available for distributors. Moreover,
most heavy construction requires plates
of more than 25mm thickness
Companies involved in Industrial
Segment require plates in thickness
above 50 mm for their special
requirements in Industrial and Heavy
Engineering Products
Maximum Width
offered by TSL is
2000m
Width is found to be a less
constraining factor than thickness.
However a maximum of 2000m limits
the applications in certain Infra
projects
In projects involving Road Highway,
Hydro, Solar and Tunnels, plates of
width 2500m and 3000m are required
9
Grade Mix offered by
TSL are E250, E350,
E450
The grade mix by TSL was found to
be appropriate. The above
mentioned 3 grades almost covered
all the segments and sub-segments
The quality of TSL offerings have
historically been a notch above
JSW and SAIL. However, the
difference seems to be
diminishing rapidly
Slide 9
FP REQUIREMENTS IN CONSTRUCTION- ALL SEGMENT

Width Thickness

35%
25%
20% 20%
15%
10%

1250MM 1500MM 2000MM 2500MM >2500MM

15% 15%

10% 10% 10% 10%

Grade 5%

E550 5%
E450 15%
E350 40%
E250 40% • The data for the above charts are sourced from primary interviews
with the construction companies involved in all segments
0% 10% 20% 30% 40% 50%
• Since the research might not be exhaustive, actual figures may vary

Slide 10
10
 FP REQUIREMENTS IN CONSTRUCTION – (BY SEGMENT)
Roads and Bridges
• Customer- Gawar Construction
• Products:-
1) Plates - 25mm – 50mm
2) Width - 1500mm -2500mm
3) Grade – IS 2062 E350BR
Commercial Projects
• Customer- Ahluwalia Contracts
• Products:-
1) 30 mm HR PLATE 30 X 2500 X 12000
2) 32 mm HR PLATE 32 X 2500 12000
3) 36 mm HR PLATE 36 X 2500 X 6000
4) Grades- IS 2062 E250 BR
Special structural steel
• Customer- SuperTech Pvt. Ltd
• Products:-
1) Plate 30 mm X 1500 mm X 6300 mm
2) Plate 36 mm X 1500 mm X 6300 mm
3) Plate 40 mm X 1500 mm X 6300 mm
4) Grades –IS 2062 E350BR
Industrial Appliances
• Customer- Flowmore Ltd.
• Products:-
1) Plate 45mm X 2125mm X 8500mm
2) Plate 36mm X 2000mm X 6300mm
3) Plate 32mm X 2000mm X 6300mm
4) Plate 50mm X 1960mm X 8000mm
5) Grades- IS 2062 E450
Heavy Engineering Products,
Boilers, Material Handling
• Customer- ISGEC Heavy Engineering
• Products:-
1) 63THK PLATE (1550*6000)
2) PLT. 60THK (0.4 x 1.0 Meters)
3) 50, 45, 40, 36, 32 THK PLATE
4) Grades –IS 2062 E250BR
Tunnels, Hydro Projects
• Customer- Shyama Power India
• Products:-
1) Plates- 35mm – 70mm
2) Width – 2150mm-3500mm
3) Grade – IS2062 E350BR
Slide1111
ANALYZING LP AND FP SHARE IN 10 SUB-SEGMENTS

LP VS FP IN CONSTRUCTION
Infrastructure Housing & Commercial Industrial

10% 20% 20% Industries use the maximum share of

25% flat products due to nature of their
40% 50%
60% 65% design
80% 90%
90% 80% 80%
75% Among Infra, Railways, Tunnels, Ports
60% 50%
40% 35% have the most significant share
20% 10%

Housing has the least share of FPs in

Construction

Share of LP Share of FP

Slide 12
12
 STEEL CONSUPMTION IN VARIOUS PROJECTS
• Since, the total steel consumption by all active projects in JK and Himachal, were difficult to map, I have used examples
from other state projects as a relative comparison.

Project Location Total Steel Requirement FP LP

Chenab Bridge Reasi, J&K 18000MT 5500MT 13500MT
Delhi Amritsar Katra Expressway Punjab 30000MT 7500MT 22500MT
Jammu -Srinagar Ring Road J&K 15000MT 3750MT 11250MT
Zoji - La Tunnel Kargil, J&K 20000MT 8000MT 12000MT
Yamuna Expressway Delhi-Agra 130000MT 32500MT 97500MT
Chennai Metro Chennai 50000MT 20000MT 30000MT
Mumbai International Airport Mumbai 18000MT 12000MT 6000MT
Kochi Refinery Kochi 10000MT 7500MT 2500MT
ITC Grand Guntur 3000MT 500MT 2500MT
Solar Plant Bhadla 3000MT 2500MT 500MT

Slide 13
13
RECOMMENDATIONS FOR TSL
A Top-Down approach to capture the FP Market in Construction
Market Understanding
❑ Conduct market research and analysis to gain better
insights through surveys, interviews, and
collaboration with industry experts
❑ Increase in Engagement and fostering strategic
partnerships with end-customers
Supply CHAIN
❑ Streamline internal processes to minimize delays in
supplies and ensure timely delivery to all customer
segments, including those in lower strata
❑ Enhance supply chain management system to ensure
an adequate stock of high-demand steel grades
DISTRIBUTION
Encourage collaboration with distributors to identify
new market opportunities and expand the customer
base for flat products (FP)
INDUSTRY ANALYSIS
Improve market intelligence by closely monitoring
industry trends, competitor activities, and customer
feedback
PRICING
❑ Bundling products or services to provide more
value to customers at a competitive price point
❑ Communicate the value proposition and quality
benefits to justify the premium pricing for
customers who prioritize quality over price
Slide 14
14
ANNEXURES

Slide 15
15
Projects of Major Customers
J&K, Himachal Pradesh, Punjab

Slide 16
16
 GAWAR CONSTRUCTION
Value of
Anticipated
Contract
Project Name / Description of Work Place & State Date of Segment
(Rs. In
completion
Crore)
Himachal
Mataur-Dharamshala-Macleodganj road NH-503 36.66 31-May-23 Infrastructure
Pradesh
Srinagar - Banihal section of NH 1A (New NH-44)
Jammu and
5.18 30-Apr-23 Infrastructure
FP Consumption Chart
Kashmir
Jammu and
Srinagar-Banihal section of NH-44 (old NH-1A) 155.00 30-Jun-23 Infrastructure
Kashmir
Himachal Thickness Grade Width %share
Kiratpur to Nerchowk section of NH-21 1635.00 11-Feb-24 Infrastructure
Pradesh
Green National Highways Corridor Project (GNHCP)-Mo- Himachal
25mm- 1500-
189.09 12-Apr-25 Infrastructure 30mm E350 BR 2500m 20
Sihuni Pradesh
Green National Highways Corridor Project (GNHCP)-(Sihuni- Himachal 30mm- 1500-
223.27 21-Dec-24 Infrastructure
Rajol) Pradesh 40mm E350 BR 2500m 50
Himachal 40mm- 1500-
Excavated Escape Tunnel - Uni-Directional 2 Lane Tunnel 280.00 14.03.2024 Infrastructure
Pradesh
50mm E350 BR 2500m 30
Completion
Delhi Amritsar Katra Expressway J&K 650.99 Time : 24 Infrastructure
Month

Slide 17
17
 ISGEC HEAVY ENGINEERING
• Manufacturer of Heavy Engineering Products like Boilers; equipments for Power Plants, Refineries &
Material Handling Equipments for Ports, Mines and Stockyards.
• Shop floors in Rattangarh, Bawal and Yamuna Nagar in Punjab And Haryana
• Annual Capacity of Rattangarh plant- 12000MT

Description Qty/Mt Matl Grade

63THK PLATE 1.5 E250 GR BR, IS:2062

PLT. 60THK (0.4 x 1.0 Meters) 0.188 IS2062 E250BR
63THK PLATE (1550*6000) 4.5 E250 GR BR, IS:2062
56THK PLATE 1.6 E250 GR BR, IS:2062
50THK PLATE 5.5 E250 GR BR, IS:2062
45THK PLATE 5 E250 GR BR, IS:2062
40THK PLATE 2.6 E250 GR BR, IS:2062
40THK PLATE (12M LENGTH) 4.63 E250 GR BR, IS:2062
36THK PLATE 9.78 E250 GR BR, IS:2062
32THK PLATE 2.1 E250 GR BR, IS:2062
Description of Flat Products sourced from JSPL through Vikrant Iron for the month of April 2023

Slide 18
18
 AHLUWALIA CONTRACTS

Project Name Location Timeline Segment

Civil & Structural Resort JW Marriott Shimla Jun-24 Commercial

Construction of 200 Bedded New Building of Pt FP Consumption Chart

Chamba Aug-25 Commercial
Jawahar Lal Nehru Medical College & Hospital

Thickness Grade Width %share

Construction of 240 bedded hospital in Dr. Radha
Hamirpur Jan-25 Commercial 15mm-25mm E250 BR 1200-2000m 50
Krishnan Medical College and Hospital
25mm-35mm E250 BR 1200-2000m 35
35mm-40mm E250 BR 1200-2000m 15
Construction of Permanent Campus of Central
Kangra Feb-24 Commercial
University of Himachal Pradesh

Construction of AIIMS Jammu (750 Bed Hospital) Samba, J&K Nov-25 Commercial

Slide 19
19
 SUPERTECH PVT. LTD.
• Supertech (India) Pvt Ltd is a leading manufacturer of Pre-engineered buildings, special structural
steel fabrication, metal roofing and cladding.

• Projects in the North Include:

1) TVS Plant, Nalagarh
2) Extension Work for Patanjali, Haridwar
3) BHEL plant in Uttarakhan

Description Qty/Mt Matl Grade

Plate 32 mm X 2500 mm X 12500 mm 10 (Grade-IS2062 E350 BR)

Plate 30 mm X 1500 mm X 6300 mm 59 (Grade-IS2062 E350 BR)

Plate 32 mm X 1500 mm X 6300 mm 1.5 (Grade-IS2062 E350 BR)

Plate 36 mm X 1500 mm X 6300 mm 35 (Grade-IS2062 E350 BR)

Plate 40 mm X 1500 mm X 6300 mm 7 (Grade-IS2062 E350 BR)

Description of Flat Products sourced from JSPL through Vikrant Iron for the month of April 2023

Slide 20
20
 MG CONTRACTORS
• It is focused on high-quality general road and bridge construction.
• In recent headlines due to being awarded a key section of the Mumbai-Ahmedabad High-Speed Rail
• Active Projects in JK, HP given below:

Project Location Timeline Segment Value

JK - Banihal Bypass Jammui and Kashmir Dec-24Infrastructure 224 Cr.
Railway Bridge , Bilaspur Himachal Pradesh Mar-25Infra

Product Grade Quantity

MS PLATE 50 MM (450 MPA) Grade-IS2062 E450 4
MS PLATE 40 MM (450 MPA) Grade-IS2062 E450 5
MS PLATE 30 MM (450 MPA) Grade-IS2062 E450 8
MS PLATE 36 MM (450 MPA) Grade-IS2062 E450 8
MS PLATE 30 MM (450 MPA) Grade-IS2062 E450 12
Total 37
Data provided by the Contractor

Slide 21
21
STEEL REQUIREMENTS
(CONSTRUCTION)

Slide 22
22
 USAGE OF FP IN CONSTRUCTION IN J&K, HIMACHAL

Structural Components for Floor Decking for multi-level

Roofing and Cladding parking structures and
bridge girders, columns, and
piers pedestrian bridges

Ductwork and Ventilation for

Tunnels and Subways
tunnels, subways, and
underground infrastructure
Fencing and Security for residential
properties and housing communities
Slide 23
23
 Market Segmentation
Of Construction Projects
- J&K, Himachal

Slide 24
24
 INFRASTRUCTURAL CONSTRUCTION
• Roads, Tunnels & Bridges
1) Delhi-Amritsar- Katra Expressway
2) Anjil - Khad Bridge
3) Z-Mol Tunnel
4) Zoji - La Tunnel
5) Jammu – Srinagar Ring Road
6) 30+ other tunnel and bridge projects

• Railways
1) Jammu, Srinagar Elevated Light Rail System (ELRS)
2) USBRL Project
3) 5+ railway stations
4) Chenab bridge

• Hydroelectric
1) Kiru- Hydroelectric Project
2) 20+ Dams and other projects
Slide 25
25
 HOUSING & COMMERCIAL

• Urban Housing
1) JK Housing Mission
2) JNNURM
3) 20+ projects in Kashmir
4) 15+ projects in Himachal
5) Smart Cities
• Rural Housing
1) AMRUT
2) Rajiv Awas Yojana
3) PMAY
• Commercial
1) AIIMS Awantipora
2) AIIMS Jammu
3) IIM Jammu
4) Indian Institute of Mass Communication
5) NLU Jammu
6) Emaar Srinagar Mall Projects
7) Jammu Habitat Centre
Slide 26
26
 INDUSTRIAL
• Ferrous Industry
1) Solan Steel Works
2) Kashmir Rolling Mills
• Non-Ferrous Industry
1) Cement
2) Aluminium
• Refineries/ Chemical Industry
1) Pharmaceutical
2) Chemical fertilizers
• MSMEs/Small-Scale
1)Handicrafts (woodwork, metalwork, stone carving, etc.)
2)Handloom and textile weaving
3)Horticulture-based industries
4)Tea and herbal tea processing
5)Honey production and processing
6)Agro-based industries
7)Carpets and rugs manufacturing

Slide 27
27
PRODUCT ANALYSIS

Slide 28
28
 TSL’S AVAILABLE FLAT PRODUCT OFFERINGS - CONSTRUCTION

Product Uses Tata Steel Brand Grade Thickness Width

(IS 2062 E250), (IS 2062 E300), (IS 2062

HRC Lifting and Excavation Tata Astrum 1.6 mm - 25 mm 1250 mm - 2000 mm
E350)

HRC Projects Fabrication( Infra Roads and Bridges) Tata Astrum IS2062 GrA/E350/TISCRAL 1.6 mm - 25 mm 1250 mm - 2000 mm

HRC` Pre-Engineered Building Tata Astrum ASTM A 572 Gr 50/IS2062 E350/E450 1.6 mm - 25 mm 1250 mm - 2000 mm

Corten Steel, IS2062 E250/450( Cu),

HRC Railways - wagons and coaches Tata Astrum 1.6 mm - 25 mm 1250 mm - 2000 mm
S355 J2W+N, IS2062 E250/350 BR/B0

HRC Ship buildings Tata Astrum LRS GradeA/B?D 1.6 mm - 25 mm 1250 mm - 2000 mm
80 GSM, 120 GSM, 275 GSM, 450 GSM,
Coated Steel Solar Structures Galvano 0.9 mm - 2.0 mm 1050 mm - 1300 mm
550 GSM
CQ, DQ Coating Thickness : 80 GSM, 120
Coated Steel Ducting GalvanoRos 0.50 mm - 1.2 mm 900 mm - 1250
GSM, 275 GSM
Coated Steel HVAC GalvanoRos 90 GSM, 120 GSM Grades: DQ 0.40 mm - 1.2 mm 900 mm - 1250
Grades: HSQ, Coating Thickness: 275
Coated Steel Pre-Engineering Buildings GalvanoRos 0.80 mm - 2.00 mm 900 mm - 1220 mm
GSM
Coated Steel Doors and Windows Frames Colornova DQ, CQ, 80 GSM, 120 GSM 0.80 mm - 1.20 mm 900 mm -1540 mm

Slide 29
29
FP REQUIREMENTS

The requirements for steel for the construction sector is very

different from that of automotives, which TSL has traditionally
focused on. This led to unfulfilled demand by our customers of
Long Products who seek TSL’s quality in flats too

• Most construction companies require plates in a thickness range of

25mm-50mm. This coupled with a width of 2500 mm is ideal for
Infrastructural projects like Highways and Hydro.

• Companies involved in Industrial Segment require plates in thickness

above 50 mm for their special requirements in Industrial and Heavy
Engineering Products

• Tensile strength for steel requirements include 200 Mpa for

Infrastructural to 345 Mpa for Industrial

Slide 30
 PRICING RECOMMENDATIONS
Implementing a pricing segmentation strategy to cater to different customer segments

Bundling products or services to provide more value to customers at a competitive

price point.

Communicate the value proposition and quality benefits to justify the premium
pricing for customers who prioritize quality over price.

Explore options for offering different pricing tiers or discounts for price-sensitive
customers without compromising on product quality

Evaluate the pricing strategy by considering market conditions, competitive pricing, and
customer preferences

Slide 31
31
 FLAT PRODUCTS – MARKET SHARE

❑ Tata Steel - 18.2%

❑ JSW Steel - 16.2%
❑ Steel Authority of India Limited (SAIL) - 12.7%
❑ Bhushan Power & Steel(JSW) - 6.4%
❑ Essar Steel(Nippon) - 5.6%
❑ Jindal Steel and Power Limited (JSPL) - 5.2%
❑ Uttam Galva Steels Limited - 2.8%
❑ Welspun Corp Limited - 2.6%
❑ Bhushan Steel(Tata Steel) - 2.3%
❑ AM/NS India - 1.9%

32Slide 32
 Purchase Analysis - TSL vs JSW

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6

Requirement Supplier Purchase Production Inspection Storage and
Identification Selection and Order and and Delivery and Fabrication
Negotiation Confirmation Acceptance

Most buyers
JSW shows Price is not an TSL quality is have their
TSL is Here, both
active issue for way above fabrication
unable to suppliers are
engagement quality- JSW. One units. But those
provide equally
with customers conscious buyer bad- not having
extensive competent
unlike TSL buyers who are mouthed JSW might need a
stock options and no
distributors who willing to buy as a grocery processing
like JSW, serious
concentrate TSL flats if store and yet center from
thus losing issues are
only on their specifications had to buy their supplier
sales recognized
long targets are available from it. near to location

Time

Slide 33