CHAPTER 1

CHAPTER 1

OVERVIEW OF
INDUSTRIES AND
SAMPLE PROFILE

1
 INDEX

CH. PAGE
PARTICULAR
NO. NO
1 OVERVIEW OF INDUSTRIES AND SAMPLE PROFILE 1

I OVERVIEW OF PHARMACEUTICAL INDUSTRY: 4

1.1 INTRODUCTION 4

1.2 SIGNIFICANCE OF PHARMACEUTICAL INDUSTRY 6

1.3 EVOLUTION OF THE INDUSTRY 7

1.4 SCENARIO OF PHARMACEUTICAL INDUSTRY 11

PHARMACEUTICAL INNOVATION AND PUBLIC
1.5 12
HEALTH
LOOK INTO THE PHARMACEUTICAL INDUSTRY
1.6 13
R&D PIPELINE
PHARMACEUTICAL INDUSTRY R&D
1.7 13
INVESTMENTS
THE ROLE OF PHARMACEUTICAL PRODUCTS IN
1.8 14
HEALTHCARE
PHARMACEUTICAL INDUSTRY’S CONTRIBUTION
1.9 15
TO IMPROVING GLOBAL HEALTH
1.10 PATENTS 16
KEY ISSUES FACING THE PHARMACEUTICAL
1.11 17
INDUSTRY:
1.12 GROWTH OF THE INDUSTRY 18

1.13 PERFORMANCE INDICATORS OF THE INDUSTRY 19

INDIAN PHARMACEUTICAL INDUSTRY IN
1.14 20
GLOBAL MARKET
1.15 FOREIGN INVESTMENT 21
INTERNATIONAL PHARMACEUTICAL INDUSTRY,
1.16 21
CHINA AND INDIA
1.17 CONCLUSIONS 22

II OVERVIEW OF CEMENT INDUSTRY 22

2
1.18 INTRODUCTION 22
HISTORY AND GROWTH OF CEMENT INDUSTYRY
1.19 24
IN INDIA
1.20 TYPES OF CEMENT 27
PROFILE OF THE CEMENT INDUSTRY IN THE
1.21 32
WORLD
1.22 PROFILE OF THE CEMENT INDUSTRY IN INDIA 33

1.23 CONCLUSIONS 33

III OVERVIEW OF SAMPLE PROFILE 34

1.24 INTRODUCTION 34

1.25 PIRAMAL ENTERPRISES LTD. 34

1.26 SUN PHARMA 39

1.27 TORRENT PHARMA 43

1.28 AUROBINDO PHARMA 48

1.29 DR. REDDY'S LABORATORIES LTD. 53

1.30 ULTRATECH CEMENT 56

1.31 INDIA CEMENTS LIMITED 59

1.32 J. K. CEMENT 64

1.33 JK LAKSHMI CEMENT 68

1.34 AMBUJA CEMENT 71

3
 I. OVERVIEW OF PHARMACEUTICAL INDUSTRY:
1.1 INTRODUCTION

India is a fast moving market in almost all sectors these years. As the
multinational pharmaceutical industry is largely managed and handled by private
companies, so it creates a good amount of profit for their stakeholders. The
pharmaceutical industry can be defined as a combination of processes, organizations
and operations involved in the development, design and manufacturing of useful
pharmaceutical drugs. The enterprise offers in lifestyles-and-dying problems, and its
products now not most effective relieve illness, but can often improve the first-class
of life. Similarly to the existence- giving factor, the composition of products typically
consists of fairly poisonous chemicals, which, whilst blended disc riminately, can
purpose severe health troubles and even dying. Due to the fact that public health is of
challenge to all governments, the pharmaceutical industry is closely regulated at the
country wide stage worldwide. This regulation takes the form of prior approval in
order to market a new product and in some countries the establishment of a price for
the product.

Health is defined both as cause and effect of economic development, and the
pharmaceutical industry is especially recognized in the, UN Millennium Development
Goals as an actor that can contribute to economic development. This industry is
classified as one of the most high-tech and capital-intensive industries. It is considered
as the―life line‖ industry because its products play a crucial role in remedifying the
suffering of diseased persons. It is also significant contributor to the strength of any
economy by creating jobs for millions and contributing to the export earnings. The
distinctive feature of this industry is such that the goods produced by this sector can
neither be substituted norreplaced1.

At the worldwide stage, the pharmaceutical industry is divided into two types of
firms, the progressive company and the standard firm (manufacturer of prevalent
capsules). The first, the innovative or patent-protected corporations, depend heavily on
patent safety. These firms agree with that as a way to perform the extensive studies
required to supply new merchandise, patent safety is crucial. As a result of the large
studies and price to provide a patent-covered drug, patent covered firms have a tendency to

4
be located in notably developed and industrialized nations? No longer all studies efforts
are a success. It is most effective a small fraction that reaches the market. It is through the
period of exclusivity provided under the patent, generally twenty years from the date
of filing, that the firm can recoup its R&D costs to continue new and innovative
research. Truly, the powerful term of the patents is more like 14-15 years due to
delays inside the patent approval system and in obtaining rights to marketplace the
brand new drug. Those companies are dependent on patent protection and are
reluctant to introduce new products in international locations that deny such
protection. Because the patent grant provides a period of exclusivity, the patent
owning firm can establish a higher price for the product since no competition is
allowed. This is true when patent protection exists, even in countries where the
government regulates the price of the product. The second, the generic pharmaceutical
firm, manufactures and markets pharmaceutical products that are not subject to patent
protection. In countries with patent protection, ordinary companies come in to their
personal on the expiration of the patent. At such time, the technology is in the
public area and everybody is unfastened to manufacture the product. Typical
products are issue to a few authorities regulation before any sales can be made,
(within the use the producer need to demonstrate to the satisfaction of the FDA
that the popular model is the bio-chemical equal of the patented product).

Typically talking, once the time-honored drug appears in the marketplace, it'll be
available at a decrease fee than the authentic patented model. Often, numerous common
products will appear in the marketplace inside the equal time-frame, accordingly causing
even large rate reductions2.

Today pharmaceuticals have become an indispensable part of health care

system around the globe. Historically pharmaceuticals have played a vital role in the
human development by improving the quality of life and reducing the time spent in
the hospitals. Thanks to innovative pharmaceutical industry that almost all epidemics
and chronic diseases are curable today. Due to its direct link with the welfare and
wellbeing of human beings pharmaceutical industry is of strategic importance for the
development of a healthy and productive nation. Today, pharmaceutical industry is
considered to be one of the largest and rapidly growing global industries. It is a major

5
source of employment generation and foreign exchange earnings for many countries
around the globe.

Yet the biopharmaceutical sector(Pharma) will find it hard to capitalize on

these opportunities unless it can change the way in which it functions. Its core
problem is lack of productivity in the lab. Several external factors have arguably
exacerbated the industry’s difficulties, but the inescapable truth is that it now spends
far more on research and development (R&D) and produces far fewer new molecules
than it did 20 years ago. The shortage of good medicines in the pipeline underlies
many of the other challenges Pharma faces, including its increasing expenditure on
sales and marketing, deteriorating financial performance and damaged reputation. At
the start of the decade, many people thought that science would come to the industry’s
rescue and that molecular genetics would reveal numerous new biological targets, but
the human genome has proved even more complex than anyone first envisaged. It is
no longer the speed at which scientific knowledge is advancing so much as it is the
healthcare agenda that is dictating how Pharma evolves. The first part of our report
highlights a number of issues that will have a major bearing on the industry over the
next 13 years3.

1.2 SIGNIFICANCE OF PHARMACEUTICAL INDUSTRY:

India‘s pharmaceutical zone is receiving a primary improve from populace

boom. Consistent with UN estimates, the population general looks set to upward push
from 1.1 bn at present to at least one.4 bn in 2020. Up till 2020 India will see as many
kids being born as there are people residing in Germany, France, the United Kingdom
and Italy together. By way of 2025, India will possibly have overtaken China as the
world's most populous United States of America. Its populace growth effects not least
from higher existence expectancy. This is attributable, among different matters, to
improved preventive healthcare. Of path, although, common existence expectancy in
India continues to be markedly lower than in western nations. Even as the discern is
sixty four years for men and 66 years for ladies in India, life expectancy in Germany
is seventy six years for men and eighty two years for women4.

The growing older of the populace in India gives massive marketplace

possibilities. According to a UN estimate, the percentage of people over the age of 65

6
inside the general populace will upward thrust from 5% presently to 8% in 2025. This
will mean more or less fifty five million greater humans aged 65 and over than
nowadays. As a result, normal age-associated illnesses consisting of cancer and
cardio-vascular diseases might be huger-unfold. The pharmaceutical region will even
receive a boost from the sluggish spreading of civilization illnesses inclusive of
weight problems and diabetes. According to charge water house Coopers (%), the
range of Indians with diabetes will reach approximately 74 mn in 2025 (presently 34
mn); this is more or less the population of Turkey today. In growing nations as an
entire, there can be simply fewer than 230 mn diabetes patients. This improvement
ought to gain India‘s generics manufacturers3.

At this juncture, simplest four% of all Indians have medical insurance,

however this percentage should rise strongly over the medium time period. This may
have a tremendous impact at the call for tablets as human beings with medical
insurance are typically more likely to attain prescriptions than the ones without
cover4.

Firms primarily based in India and China could be some of the first to deliver
biogenetics (regularly occurring versions of organic merchandise) to the regulated
markets and quicker than anticipated. The primary biogenetic product was authorized
by the European medicines enterprise (EMEA) which refers to those merchandise as
―biosimilars, in April 20064.

1.3 EVOLUTION OF THE INDUSTRY:

The Indian pharmaceutical enterprise has come an extended manner because

the time of independence while multinational corporations dominated the enterprise.
Through the years, underneath a favorable policy regime, the industry has grown
phenomenally and has established itself as a chief provider of now not only everyday
merchandise but also new formulations. The enterprise, in addition to meeting home
demand, is in a position to export sizeable extent of pharmaceutical products to
various locations, including the developed markets of America, ecru and Japan.
Evolution of Indian pharmaceutical enterprise may be classified into the following 4
periods:

Pre-1970s: The first Indian pharmaceutical company, Bengal chemical

7
compounds and Pharmaceutical Works, which nevertheless exists today as one of 5
government-owned drug producers, seemed in Calcutta in 1930. For the next 60
years, most of the medicine in India had been imported by means of multinationals
both in completely-formulated or bulk shape. The authorities began to inspire the
growth of drug production by Indian companies inside the early 1960s, and with the
Patents Act in 1970, enabled the industry5 to end up what it is nowadays. This patent
act eliminated composition patents from food and pills, and though it kept process
patents, those were shortened to a period of five to seven years. The dearth of patent
protection made the Indian market unwanted to the multinational organizations that
had ruled the marketplace, and whilst they streamed out, Indian agencies commenced
to take their locations. They carved a gap in both the Indian and world markets with
their knowledge in reverse-engineering new strategies for manufacturing tablets at
low expenses. Despite the fact that a number of the bigger businesses have taken
infant steps toward drug innovation, the enterprise as an entire has been following this
business version till the prevailing (EXIM bank record 2007)5.

At some point of this era, the dimensions of Indian pharmaceutical enterprise

turned into small, both in terms of number of companies and quantity of production.
MNCs ruled the marketplace, each in terms of volume of production and patent
holdings, in India. The patent regime, based totally on Indian Patents and Designs
Act, 1911, identified both product and manner patents. Because of monopoly fame
loved by means of the MNCs, drug charges remained high for the duration of this
period4.

1970 – 1995: Up till the 1970s, India‘s prescription drugs marketplace became
especially supplied with the aid of large international groups. Best cheap bulk
capsules have been produced regionally by nation-owned businesses based within the
Nineteen Fifties and 60s with the help of the sector health corporation (WHO). Those
nation-run firms provided the muse for the sector‘s increase for the reason that 1970s.
Again then, India‘s government aimed to reduce the U.S.A. sturdy dependence on
pharmaceutical imports by way of flexible patent law and to create a self-reliant zone.
Similarly, it brought excessive price lists and limits on imported drug treatments and
demanded that foreign pharmaceutical companies lessen their stocks of their Indian
subsidiaries to two fifths. This made India a much less appealing location for global

8
organizations, lots of which left the use of a that reason. Mainly India drugs and
Pharmaceutical Ltd. (IDPL) are credited with dashing up the improvement of a
country wide pharmaceutical enterprise. Authorities of India added a new Patent Act,
which got here into effect in 1972, spotting handiest process patent and not product
patent. The Act enabled Indian companies to use ‗opposite engineering manner‘, to
fabricate drugs, without paying royalty to the original patent holder. The Act, along
with Drug rate control Order, provided little incentive for MNCs to introduce new
pharmaceutical merchandise in India. At some point of this period, the range of home
pharmaceutical corporations extended substantially, from around 2000 gadgets in
1970 to 24,000 units in 19955.

1995-2005: As there was no green patent safety between 1970 and 2005,
many Indian drug producers copied highly-priced unique arrangements by using
foreign firms and produced those generics with the aid of alternative production
tactics. This proved extra fee-green than the high-priced development of authentic
preparations as no funds had been required for research, which contained the
economic dangers. This spending block may come to as tons as EUR six hundred mn
for most effective one drug. This kind of money ought to formerly handiest be raised
by big organizations in the industrial countries. The competitiveness of generics
producers is based totally on price-efficient manufacturing. On this discipline, Indian
businesses are currently in top function. At one-fifth, India‘s proportion inside the
international marketplace for frequent capsules is notably higher than its percentage in
the usual prescription drugs market (approximately 2%). On the same time, India‘s
pharmaceutical agencies won understanding in the manufacture of regularly occurring
drugs. As a result, the call ―pharmacy of the bad‖ is frequently carried out to India.
That is of importance not least for the domestic marketplace as disposable profits is as
low as EUR 1,900 according to year for more or less one hundred forty million of the
entire of 192 million Indian families (simply et al 2006) which means that the general
public of Indians can't afford luxurious western preparations5.

India‘s pharmaceutical industry has been in transition for numerous years

now. This is the end result especially of the modifications to drug patent regulation in
2005. Previous to the Patent amendment bill, no longer the substance itself but simply
the producing process becomes protected for a length of seven years. India‘s patent

9
legislation had often been the purpose for felony disputes with large western drug
firms, specially from the us. In keeping with worldwide requirements, the arena is
now challenge to product and process patents legitimate for duration of 20 years.
Indian companies in search of to duplicate tablets earlier than the patent expires are
forced to pay high licence charges. This became necessary following the signing by
India's government of the journeys settlement of the TRIPS Agreement. So Indian
drug corporations could not truly replica drugs with overseas patents through using
alternative manufacturing techniques and provide them on the home marketplace. As
a result of these major adjustments to India‘s drug patent legislation, the country‘s
pharmaceutical industry is undergoing a procedure of re-orientation. Its new
recognition is increasingly on self-evolved drugs and contract research and/or
production for western drug businesses.

Between 1996 and 2006,nominal income of prescribed drugs on the Indian

subcontinent have been up nine% in step with annum and therefore increased a whole
lot faster than the global pharmaceutical marketplace as a whole (+7% p.a.). Indian
groups strongly increased their capacities, making the United States of America
through and large self-enough. Nevertheless, with total sector sales of approximately
EUR 10 bn, India instructions a much less than 2% proportion in the globe’s
pharmaceutical marketplace (1966: [Link]%). This puts the USA in 12th location the
world over, even in the back of Korea, Spain and Ireland and earlier than Brazil,
Belgium and Mexico. Many of the Asian international locations, India‘s prescription
drugs enterprise ranks fourth at 8%, but has lost market share to China, as income
boom there has been nearly twice as high and sales volumes nearly 4 times better than
in India 6.

POST-2005: India’s new product patent regime is the end result of the WTO's
Doha round of negotiations in 2001. Very last agreement changed into reached on
journeys ground policies for patent safety among WTO member countries, declaring
that both processes and products ought to be covered. Sooner or later, on March 22,
2005, India's parliament permitted the Patents (modification) Act 2005, bringing in a
gadget of product patents backdated to January 1, 2005. The new regime protects only
products arriving on the market after January 1, 1995, abolishing the previous process
patent system established by the 1970 Patent Act. Since the introduction of product

10
patents the MNCs have largely returned, the most recent being Merck & Co, which
inaugurated its wholly owned subsidiary MSD India Pvt Ltd in July 2005 after being
absent for approximately 20 years.

1.4SCENARIO OF PHARMACEUTICAL INDUSTRY:

The annual turnover of the Indian pharmaceutical industry is over 11 billion

USD. Globally it ranks 4th in terms of volume with a share of 8% in the world
pharmaceutical market. In terms of value, it ranks 14th. Key therapeutic segments of
Indian pharmaceutical industry include anti-infective, gastrointestinal and cardio-
vascular. Acute therapies make up about 60% of the market. However, it is expected
that with the changing lifestyle and aging population, sales of chronic therapies (i.e.
diabetes, cardiovascular) are growing rapidly. The pharmaceutical industry is also
showing good performance in terms of exports. It is one of the top export items from
India accounting for more than 4% of India‘s total exports in 2006-07. Exports, which
constitute around 50% of the industry‘s total production, have grown at a CAGR of
14% in the last decade. Major export markets include highly regulated markets such
as USA, Germany, UK and Canada. Europe is the biggest export destination for
Indian pharmaceuticals accounting for more than 30% of the total exports, followed
by the Americas region (25%). Government policies, viz., Drugs and Cosmetics Act
(1940), Drugs Policy (1986), Indian Patents Act (1970), Drug Price Control Order
(1995), Pharmaceutical Policy (2002), Indian Patents (Amendment) Act (2005), have
played a major role in the growth of Indian pharmaceutical Industry. The Government
has also formulated a Draft National Pharmaceutical Policy (2006), which will be
finalised after consultation with the stakeholders. Besides, the Government has also
facilitated the growth of the Indian pharmaceutical industry through institutional
framework and encouraging investments in R&D (EXIM Bank Report 2007)6.

India‘s pharmaceutical industry currently comprises about 20,000 licensed

companies employing approximately 5, 00,000 staff. Besides many very small firms
these also include internationally well-known companies such as Ranbaxy, Cipla or
Dr. Reddy‘s. With sales of roughly EUR 1 bn, Ranbaxy is currently the world‘s
seventh largest generics manufacturer. Currently the most important segment on the
domestic market is anti-infective; they account for one-quarter of total turnover. Next
in line, and accounting for one-tenth each, are cardio-vascular preparations, cold

11
remedies and pain-killers. By contrast, medicines against civilization diseases (such as
diabetes, asthma and obesity) or so-called lifestyle drugs (anti-depressants, drugs to
help smokers to quit and anti-wrinkle formulations) are of little significance at
present. All in all, the Indian pharmaceutical industry produces about 70,000 different
drugs, which is higher than the number produced in Germany (60,000) (Uwe Perlitz
2008). India received its foothold on the worldwide scene with its innovatively-
engineered regularly occurring capsules and lively pharmaceutical ingredients (API),
and it is now searching for to grow to be a prime participant in outsourced clinical
research in addition to agreement production and research6.

1.5PHARMACEUTICAL INNOVATION AND PUBLIC HEALTH:

The research-based pharmaceutical industry plays a unique role in developing

new medicines and vaccines to prevent and treat diseases, and improve the lives of
patients worldwide. Its key contribution to global health is turning fundamental
research into innovative treatments. Industry’s success rests on continuous innovation
– for the prevention and treatment of common, complex, and neglected diseases, and
for improvements in existing treatments. Despite often challenging business and
regulatory conditions, the industry undertakes investments that are considerably more
risky than those in most high-technology sectors. By investing billions of dollars and
thousands of scientist-hours, it pushes the limits of science, fosters medical progress,
and contributes to the prosperity of society.

The private sector produces nearly all the medicines and vaccines on the
market. When a pharmaceutical company invests in research and development (R&D)
of new medicines and vaccines, it first screens for chemical and biological
compounds that exhibit the potential for treating new or existing conditions. R&D
begins once researchers identify promising compound among, on average, 5,000–
10,000 screened. Researchers then extensively test the compound to ensure its
efficacy and safety, a process that can take 10 to 15 years1. To illustrate, in 2015 56
new medicines were launched2, while currently more than 7,000 compounds are at
different stages of development globally3. The difference in these numbers highlights
the many research hurdles to be overcome before compounds can be developed into
safe and effective medicines7.

12
1.6 A LOOK INTO THE PHARMACEUTICAL INDUSTRY R&D
PIPELINE:

Today, the cost of developing a successful medicine can exceed, according to

some studies, USD 2.6 billion5 compared to USD 179 million in 1970s6. This
increase reflects the various technical, regulatory and economic challenges facing
R&D pipelines. Companies often experience lost R&D investments (that is, R&D
expenditures that do not materialize in a market-approved medicine) because
pharmaceutical R&D is marked by high failure rates. An early-phase compound may
have a promising outlook, but only preclinical and clinical trials will demonstrate its
efficacy, quality, and safety. In addition, lost investments may increase when a failure
occurs in later R&D phases. A phase III failure is significantly more costly than a
preclinical failure because each phase is associated with a certain amount of required
investment.

Rising R&D costs have been accompanied by more stringent testing

requirements. The number of new chemical or biological entities (NCEs and NBEs)
launched on the world market increased to 226 in the 2011-2015 period compared
with 146 a decade earlier. In addition, once a medicine receives regulatory approval,
national health authorities require companies to track and report patients’ experiences
(referred to as “pharmacovigilance”). These reporting requirements are becoming
stricter, raising the investment cost in a given medicine as long as it is being
marketed7.

These challenges have not diminished the industry’s innovative drive but have
rather encouraged it to adopt new models of innovation. Open collaboration and new
business models such as joint ventures between pharmaceutical companies and other
external entities are ways to increase the productivity of pharmaceutical research by
facilitating partnerships involving academia and the public and private sectors. These
collaborations facilitate the sharing of expertise, know how, and technologies such as
compound databases.

1.7 PHARMACEUTICAL INDUSTRY R&D INVESTMENTS:

The research-based pharmaceutical industry is estimated to have spent nearly

USD 149.8 billion globally on pharmaceutical R&D in [Link] all industrial sectors,

13
the research-based pharmaceutical industry has consistently invested the most in
R&D, even in times of economic turmoil and financial crisis. Compared with other
high-technology industries, the annual spending by the pharmaceutical industry is 5.5
times greater than that of the aerospace and defense industries, 5 times more than that
of the chemicals industry, and 1.8 times more than that of the software and computer
services industry. Innovation cannot happen without a number of enabling
conditions, such as access to world-class researchers, political and financial stability,
and a regulatory framework that protects and rewards innovation. All countries have
the potential to foster innovation and improve the functioning of the innovation
process8.

According to European Commission statistics, 5 of the 11 leading global R&D

firms in 2019 were pharmaceutical companies25. In 2019, R&D spending by the
pharmaceuticals and biotechnology sector grew by 8.7% from the previous year,
strengthening its position as the top R&D investing sector. These facts are a clear
demonstration of the significant contribution the pharmaceutical sector makes to the
world economy8.

1.8 THE ROLE OF PHARMACEUTICAL PRODUCTS IN

HEALTHCARE:

The MDGs highlighted the imperative to adopt collaborative approaches. In

particular, Goal 8 promotes global partnership for development, and Target 8e
specifically aims to, “in co-operation with pharmaceutical companies, provide
access to affordable, essential drugs in developing countries”. The post-2015
Sustainable Development Goals have been adopted, and health has been shown to
play a critically important role9.

Collaboration remains integral to the research-based pharmaceutical industry

in their approach to improving the effectiveness of healthcare systems. The
pharmaceutical industry constitutes one of the building blocks of an effective and
well-functioning healthcare system. As demonstrated below, pharmaceutical products,
such as medicines and vaccines, are fundamental and require appropriate financing.
However, pharmaceutical expenditure is only a small percentage of total health
expenditure.

14
1.9 PHARMACEUTICAL INDUSTRY’S CONTRIBUTION TO
IMPROVING GLOBAL HEALTH:

Research-based pharmaceutical companies make a unique contribution to

improving global health through the innovative medicines they develop. In addition,
they have a strong track record of sustaining programs to improve the health of
patients in low – and middle-income countries. These initiatives strengthen local
healthcare capacity, educate patients and populations at risk, and conduct research and
development (R&D) in diseases of the developing world. Companies work alone or in
partnerships with different stakeholders to make their products more accessible to
poor communities, via donations of high-quality medicines or through differential
pricing schemes. Furthermore, several companies are committed to licensing their
technologies to quality generic producers, while many others commit to expanding
their own production and distribution capacities to meet the needs of patients.

The contribution of the research-based pharmaceutical industry is vital in the

fight against neglected tropical diseases (NTDs). At least 1 billion people – one
person in seven – suffer from tropical diseases such as Buruli ulcer, cholera, dengue,
lymphatic filariasis, onchocerciasis, schistosomiasis, trachoma, and African
trypanosomiasis (sleeping sickness). These diseases, many of which are vector-borne,
primarily affect poor people in tropical and subtropical areas. Some affect individuals
for life, causing disability and disfigurement that often leads to stigmatization; this
can itself lead to social exclusion and jeopardize mental health. Other diseases are
acute infections, with transient, severe, and sometimes fatal outcomes9.

Research-based pharmaceutical companies are selling many medicines at cost

and/or donating unlimited supplies of drugs for many neglected tropical diseases. In
January 2012, 13 pharmaceutical companies, the governments of the US, the UK and
the United Arab Emirates, the Bill and Melinda Gates Foundation, the World Bank,
and other global health organizations launched a new collaboration to accelerate
progress toward eliminating or controlling 10 NTDs by the end of the decade. The
group announced that they would sustain or expand existing drug donation programs
to meet demand through 2020; share expertise and compounds to accelerate R&D for
new drugs; and provide more than USD 785 million to support R&D efforts and
strengthen drug distribution and implementation programs. Research-based

15
pharmaceutical companies have pledged to donate 14 billion treatments over the 10
years from 2011 to 2020. This commitment builds on already existing initiatives on
NTDs that have been drastically changing the lives of those affected9.

1.10 PATENTS

As it expands its core business, the industry is being forced to adapt its
business model to recent changes in the operating environment. The first and most
significant change was the January 1, 2005 enactment of an amendment to India‘s
patent law that reinstated product patents for the first time since 1972. The legislation
took effect on the deadline set by the WTO‘s Trade-Related Aspects of Intellectual
Property Rights (TRIPS) agreement, which mandated patent protection on both
products and processes for a period of 20 years. Under this new law, India will be
forced to recognize not only new patents but also any patents filed after January 1,
1995 (The Economic Times 2017). Indian companies achieved their status in the
domestic market by breaking these product patents, and it is estimated that within the
next few years, they will lose 650 million USD of the local generics market to rightful
patent-holders (Singh et al 2018)10.

In the domestic market, this new patent legislation has resulted in fairly clear
segmentation. The multinationals narrowed their focus onto high-end patients who
make up only 12% of the market, taking advantage of their newly-bestowed patent
protection. Meanwhile, Indian firms have chosen to take their existing product
portfolios and target semi-urban and rural populations (Unnikrishnan 2015). The new
patent regime to have taken effect at a time when Indian companies had recently
started to aggressively pursue global opportunities, so it is not clear whether the flurry
of international activity surrounding the enactment date is a result of the change in
legislation. Mergers, acquisitions and alliances have been taking place on an
unprecedented scale, most notably with companies in the U.S. and Europe. As stated
in The Hindu Business Line,―Inthelast10-oddmonths,theIndianpharmaceutical industry
has possibly seen the single largest number of global transactions in its 50- year
history‖. These transactions provide Indian companies with access to foreign markets
and facilitate the process of seeking regulatory approval for new products, which can
be quite daunting for a company that only has operations on Indian soil (Data et al
201810).

16
1.11 KEY ISSUES FACING THE PHARMACEUTICALINDUSTRY:
Some of the issues the domestic industry is facing are as under:

1.11.1 INCREASING SPAN OF PRICECONTROL:

The draft National Pharmaceuticals Policy, 2006, currently underway and
awaiting approval from the Parliament, intends to bring 354 drugs under price control,
which is in addition to the 74 bulk drugs already notified under price control. The price
control as proposed in the Policy is likely to cover at least 50-60% of the domestic
market under price control. The proposed control on prices is set to impact the industry
margin significantly, especially those players having only local operations. However,
to secure the profitability, firms will have to increase their scale ofproduction10.

The number of drugs under price control had come down from nearly 400 in
the1970s to 72 in 1995, and further reduced to 29 in 2002. This decision was however
stalled by the Supreme Court, asking the Department of Fertilizers and Chemicals to
identify the essential and life saving drugs that need to continue remaining under price
control. The Department listed 354 items that it purchases for its hospitals called the
National List of Essential Medicines (NLEM). The new draft policy consists of these
354 drugs that are likely to be under the cost based pricecontrol10.

1.11.2 PRICE EROSION IN GENERICS:

Indian generics market is witnessing a margin pressure in most of the product

categories due to two main reasons: the proposed price control likely to be imposed by
the Government and the stiff competition among domestic players. In fact, India has
witnessed a fast rise in the number of players over a period of time. Moreover, the
expansion of capacities by certain leading players has also fuelled competition in
certain product categories, which restricts margins of the smaller players.

The fall in prices of generic drugs are not limited to India only. The US, which
is the world‘s largest pharmaceutical market, is also experiencing a sharp reduction in
prices of generic drugs due to stiff competition. Some other developed countries like
the UK and Germany have also witnessed the same scenario. The erosion in prices is to
the extent of 90% in some cases. Indian players, which have been operating in these
markets, have also witnessed erosion in margins in certain therapeuticsegments11.

17
1.11.3 LOW R&D PRODUCTIVITY:

Despite the increasing expenditure on R&D, the introduction of new molecules

by Indian players has been limited. It is, in fact, a hit-and- miss situation in the field of
discovery and developments of new chemical entity (NCEs), where misses are more
than hits. Very few discoveries reach the final stages of approvals, and in most of the
cases, the claim for patent gets stuck in legal battles.

The changing global pharmaceutical industry has transformed prospects of

Indian pharmaceutical companies. The leading pharma companies in India have been
actively extending the frontiers of scientific knowledge and going global through
mergers and acquisitions. In 2005, acquisitions by the Indian pharmaceutical
companies were the highest, with 20 buyouts abroad. A similar trend was observed
during 2006, which include Dr Reddy‘s Labs Ltd. buy out of Germany‘s Beta harm
and Ranbaxy‘s purchase of Romania‘s Terapia. Europe has emerged as the most
preferred destination for acquisitions by Indian companies. Consolidation is inevitable
and is expected to bring in economies of scale and provide access to newer
geographies to regional players. The Government has estimated that by year 2010, the
industry has the potential to achieve a size of US$ 28 bn11.

1.12 GROWTHOF THEINDUSTRY:

The Indian pharmaceutical enterprise ranks 14th inside the world via price of
pharmaceutical products. With a properly-established home manufacturing base and
coffee- price skilled manpower, India is rising as a global hub for pharma merchandise and
the enterprise continues to be on an increase trajectory. Moreover, India is notably
beforehand in supplying chemistry offerings together with analogue guidance,
analytical chemistry and structural drug layout, that allows you to offer it sufficient
scope in contract research and other rising segments inside the pharmaceutical
enterprise.

1.12.1 FACTORS INFLUENCING GROWTH OF THE INDUSTRY:

Increase in domestic demand: Greater than 1/2 of Indians population does now not
have get admission to advanced scientific services and depend upon traditional remedy
practices. But, with boom in attention ranges, rising in keeping with capita income,
change in life-style because of urbanization, and growth in literacy tiers, demand for

18
advanced medical treatment is predicted to upward thrust. Furthermore, increase within
the middle- class populace could in addition have an impact on demand for
pharmaceutical products.

Rise in outsourcing activities: increase in the outsourcing enterprise to India might

also drive increase of the Indian pharmaceutical enterprise. A number of the factors
which might be likely to influence scientific records management and bio-facts markets
in India within the close to future encompass: (1) its value green studies vis-à-vis
different nations (2) surprisingly- professional labour base (three) less expensive cost of
skilled labour (4) presence in end-to-cease answers throughout the drug-improvement
spectrum and (five) robust increase within the IT industry12.

Growth in healthcare financing products: development inside the Indian monetary

industry has eased healthcare financing with merchandise including medical health
insurance coverage turning into popular. This has led to growth in healthcare
spending, which in turn, has benefitted the pharmaceutical industry. Demand from
emerging segments: some of the rising segments consisting of settlement research and
improvement, bio-pharma, clinical trials, bio- generics, medical tourism, and pharma
packaging are also anticipated to pressure increase of the Indian pharmaceutical
enterprise.
Demand from emerging segments: Some of the emerging segments such as contract
research and development, bio-pharma, clinical trials, bio- generics, medical tourism,
and pharma packaging are also expected to drive growth of the Indian pharmaceutical
industry.

Demand in the generics market: Call for within the generics market: for the
duration of 2008-2015, pharmaceuticals worth about US$ 300 bn are predicted to
move off patent, in general from the USA. Earlier experience of Indian
pharmaceutical organizations in standard pills could offer a part to them.

1.13 PERFORMANCE INDICATORS OF THEINDUSTRY:

The pharmaceutical industry is characterized by low fixed asset intensity and
high working capital intensity (ICRA, 2002). The Material cost, Marketing and
selling cost and Manpower Cost constitute the three major cost elements for the
Indian pharmaceutical industry, accounting for close to 70% of the operating income.
In the past 6-7 years, material costs, which account for almost 50% of the operating

19
cost have declined owing to the decrease in prices of bulk drugs and intermediates,
increase in exports which enabled procurement of raw materials in large quantities
and hence at low prices and finally due to increase in production efficiencies. On the
other hand, the marketing and selling expenses, comprising of promotional expenses,
trade discounts, advertising and distributing costs; and freight and forwarding costs
have increased in the past few years owing to the increase in emphasis on sales of
formulations. This increased focus on marketing partly lead to the increase in the
manpower costs of pharmaceutical companies during the last decade. The other factor
for the increase in the manpower costs, at least in case of a few companies might be
due to an increase in R&D efforts, which requires quality researchpersonnel13.

1.14 INDIAN PHARMACEUTICAL INDUSTRY IN GLOBALMARKET:

The global market for pharmaceutical industry has shown tremendous growth
over the past decade. But the geographic spread of this growth has been very uneven.
Large markets in the world are USA (45%), Europe (24%) and Japan (11%). China
contributed 2% and India‘s contribution was a meager 1.8% (Premolar, 2009). The
Indian industry is highly fragmented with no firm controlling more than 7% of the
market (ICRA, 2004). The top ten companies in India hold approximately 37% of the
market, which is lower than the global structure of 44%. IPI has been consistent
growing at a 12-15% (CAGR) as against global average of 4-7% during 2008-13. One
of the unique features of Indian pharmaceutical market is that it has dominated
branded generic (86%) and rest (14%) generic-generic drugs market (Yes Bank Report,
2009). India accounts for 22% of global generic market. Top global generic players in
2007 were Teva ($9.1 billion), Sandoz ($5.8 billion), Mylan ($4.6 billion) and Watson
($2.7 billion). Together they accounted for 47% of the US market in 2009. As
compared to these foreign companies Ranbaxy share was $1.7 billion, Dr. Reddy‘s
$1.7 billion and Wockhardt 0.4 billion India has 793 WHO CGMP (Current Good
Manufacturing Practices) approved Pharmaceutical Plants (DOP, 2009-10). Further
India has the highest number of USFDA approved plant (119 plants) outside the US.
India accounts for over 1/3rd of Drug master files and 30% of all approved ANDAs in
the US placing it at the second position next only to USA. Even in patent challenges
India ranks next to USA with a share of 21% of patent challenges. The country also
stands at 3rd position in terms of volume of production (10% of global share) and
14thin terms of value (1.5%). Besides this India has 2% of the world pharmaceutical

20
market (DOP, 2009).However, there is a vast gap in the amount of pharmaceutical
R&D expenses undertaken by foreign companies (15-20%) and the Indian companies
(5-8%) 13.

It is heartening to observe that India has increased its pharmaceutical exports

at a rapid pace since the 1990s. Our trade balance increased to $200 million in 1990 to
$4.3 billion in 2008. India is top 17th net exporter in the world. However, irrespective
of its impressive export growth rates, India‘s share in the global pharmaceutical
exports has not shown much improvement. It is hovering around 1%. Further, as per
WHO study India accounts nearly 1/3rd of world‘s spurious drugs market. Similarly if
we compare our per capita drug expenditure to other developed countries it is quite
low i.e. $3 while in USA it is $22213.

1.15 FOREIGN INVESTMENT:

The government has also taken steps to encourage foreign investment in its
biotech sector. An initiative passed earlier this year allowed 100% foreign direct
investment without compulsory licensing from the government. In April, a delegation
headed by the Kapil Sibal, the minister of science and technology and ocean
development, visited five cities in the US to encourage investment in India, with
special emphasis on biotech. Just two months later, Sibal returned to the US to unveil
India‘s biotech growth strategy at the BIO2017 conference in Philadelphia14.

1.16 INTERNATIONAL PHARMACEUTICAL INDUSTRY,

CHINA ANDINDIA:

China has got the largest population in the world, ranking second among the
producers of pharmaceutical ingredients and first in the production of Penicillin,
Cephalosporin, Doxycycline HC1, Terramycin, and Vitamin C in the world. The
Chinese pharmaceutical market is currently the 7th largest in the world (worth $14 bn),
and by the year 2010, it is estimated to be the 5th largest. Considering the Chinese
economic boom and the pace with which the country is growing, it is surely a market
which cannot be ignored. The high incidence of diseases in china on account of the
consistently changing lifestyles and consumption patterns, and ultimately, the
demands for drugs are also rising consistently. The economical manufacturing and
operational costs add to the attractiveness of the Chinese market. Globalization being

21
the primary motive of Indian firms, china offers huge opportunities to tap other
markets world over. The increasingly congenial trade ties between India and china
have also fueled investments by Indian companies in china. The pharmaceutical
Industries play an essential position inside the monetary development of both the
countries. Thus the Indian pharmaceutical players are making the most of these
opportunities and are entering china. However, the Chinese pharmaceutical market is
unique in many ways and the Indian players have to play their cards with utmost care
to sustain their business in the longterm15.

1.17 CONCLUSIONS:

India’s pharmaceuticals market has grown in confidence and firmly moved on

to an accelerated growth path. The central question now rests around the true nature
and the full extent of this market’s potential. Backed by solid fundamentals, the
market is giving rise to a variety of business opportunities. We feel confident that
strong player intent, investments and actions will underpin future growth and enable
the Indian pharmaceuticals market to break into the global top tier.

II. OVERVIEW OF CEMENT INDUSTRY:

1.18 INTRODUCTION:

India is the second largest producer of cement in the international. No marvel,

India's cement enterprise is a important a part of its financial system, offering
employment to greater than one million human beings, without delay or indirectly.
Ever because it was deregulated in 1982, the Indian cement enterprise has attracted
large investments, both from Indian in addition to foreign investors46.

India has a whole lot of capacity for development within the infrastructure and
creation sector and the cement area is anticipated to largely benefit from it. Some of
the recent fundamental tasks such as development of 98 clever cities are predicted to
offer a primary boost to the arena.

Expecting such developments in the country and Aided via appropriate

government overseas guidelines, numerous foreign gamers together with Lafarge-
Holcim, Heidelberg Cement, and Vicat have invested in the use of a in the recent past.

22
A giant issue which aids the increase of this quarter is the equipped availability of the
uncooked substances for making cement, such as limestone and coal.

Telecommunication, petroleum, coal, fertilizer, iron, steel and cement etc. are
the key infrastructure sectors of India. Cement industry is likewise plays a sizeable
function, within the rapid boom and improvement of a country because cement is a
fundamental requirement of all structures sports. Cement is used in housing, dams,
bridges, industrial construction, roads etc., so cement is basic material which is used
in all types of constructions.

In the growth of Indian manufacturing industries, egalitarian considerations of

a nation, building objectives have had limited attraction as objectives for
industrialization. It was mainly the profit-centre that have determine their
proliferation and continues to do so even after intendance, expect for what the public
sector has been doing but not with much consideration for productivity or
profitability.

These observations apply not only in jute and textiles or iron and steel, but
also in cement, automobiles, sugar and even perhaps the paper industries, particularly
in the respect of the private sector leviathan. The impact of economic factors like the
supply of raw materials, cost of labour, cost of infrastructure and economic of
location have all determine the growth and development of Indian industries but one
major factor has always been the profit incentive.

In olden days, different types of building materials were used for construction
of public historical and religious buildings sand, stone and in the special case; marbles
were used for this purpose. The house of ordinary citizens was usually made of mud
and thin bricks. In few cases lime and pazzolona were used for getting beautiful
finishing for the interior surface. There were very good builders and mesons that have
created beautiful & excellent temples, buildings and bathing ghats thousand of years
ago, still they are famous for their work and shape.

However, gradually cement and new types of material had developed in

Europe. In 1824 an English man Joseph Aspadin, patented on artificial made by
calcinations of an argillaceous limestone known as Portland cement. Because concrete
made from it resembled a famous building stone obtained from the ISLE of Portland

23
near England. This was the beginning of Portland cement industry as it is known
today46.

Cement is a powdered cloth with water forms a paste that hardens slowly. It is
made by sintering a mixture of various raw materials. The main raw material
composed in the mixture is calcium carbonates as limestone and other alumina,
silicates as clay or shale. During the sintering process chemical reaction takes place,
produces nodules, called a clinkers which consists of calcium silicates and aluminates
when the clinker is pulverized with a small amount of gypsum as a reader the
resulting powder is called Portland cement.

Cement is basic material for all types of construction works and it is widely
used in construction from smallest building to largest structures like dams, irrigation
works, bridge, industrial complex etc. In short, it can be said that cement as well as
steel are sinequa-non for that development of construction activities in the country.

1.19 HISTORY AND GROWTH OF CEMENT INDUSTYRY IN

INDIA:

1.19.1 WHERE IT IS HEADING?

The boom-and-bust syndrome normally characterizes a typical cyclical

industry. A huge potential market and rapid growth in the early stages lead to a surge
in interest and a flurry of research. The projected growth rates point to a lucrative
market. The buoyant markets and huge profits raked in by players tempt more players
into the market. Capacities increase in excess of demand and a glut in capacity is
created. Competition increases, prices fall and margins come under pressure. Capacity
addition comes to a halt; weaker players shut shot or sell off to larger ones. Demand
catches up and the cycle is repeated all over again. Perhaps, of all the cyclical
industries, the Indian cement industry exhibits this boom-and-bust cycle most visibly.
Consider the following:

Temptation: A huge potential market, easy availability of raw material and cheap
labour leads to a flurry of activity and a surge in interest. The easiest way to estimate
the potential that exists is the per capita consumption of cement, which is abnormally
low in India at 85 kegs. as against a world average of 256 kegs and the Asian average

24
of 200 kegs. Although the growth of the industry depends more on the level of
consumer spending rather than on the per capita consumption, nevertheless, it serves
as an easy benchmark to estimate the potential that exists47.

Fuel to Fire: The projected growth rates in demand (based on the potential per capital
consumption growth or other demand drivers like the expected GDP growth rate)
fuels stock market rallies. Consider the boom in cement stocks in 1994. Every cement
company was attracting valuations it never dreamt about. Scarcity induced by lower
capacities and to a large extent on non-availability of power, drove cement prices to
the hilt. The kind of money minted by most cement companies as well as investors in
that period drove strategists to plan enormous increase in capacity. This explains why
capacity creation starting 1994, was so enormous47.

1.19.2 HOW CEMENT IS MADE?

Two main methods of cement manufacturing were prominent, the dry process
and the wet process. Dry process now has almost replaced the wet process since wet
process consumes high thermal energy for drying the moisture. When rock is the
principal raw material, the first step after quarrying in both processes is the primary
crushing. Mountains of rock are fed through crushers capable of handling pieces as
large as an oil drum. The first crushing reduces the rock to a maximum size of about 6
inches. The rock then goes to secondary crushers or hammer mills for reduction to
about 3 inches or smaller. It is then ground in ball mill to fine powder with other
ingredients like clay/iron ore/bauxite to create a combination of values for
silica/alumina/lime etc. in the mixture. If the process is wet, the grinding goes on in
with water so that slurry is resulted after grinding. This slurry is further mixed in
mixers and pumped to the kiln. For a dry process kiln, the ground powder is sent to
blending silos for uniform mixing of components added during the grinding stage.
This blended material is fed to the preheated/claimer. The preheated is a group of
cyclones placed over one another wherein material comes down and hot gases goes up
heating the material and claiming it in the process. Calcinations mean liberating
carbon dioxide and converting calcium carbonate to calcium oxide. Claimer is nothing
but a duct added to give more reaction time to material for calcinations. This partially
claimed material then comes to the kiln, which is refractory lined rotating tube having
burner fitted in the other end. This burner fires coal/oil/natural gas to create a

25
temperature of 1600°C. At the discharge ends. As the material in the kiln rolls down
towards the discharge end, various reactions take place amongst the components
resulting in a mass known as clinker. This clinker is then cooled in coolers. The
coolers are either planetary type or grate type. Grate coolers of modern times are
much efficient resulting in better heat recuperation and allows reusing this heat in the
kiln. The cooled clinker then either goes to storage silo or clinker yard. From the
clinker yard it is taken for grinding. In case Ordinary Portland cement is made only
gypsum (4-6%) is added before grinding. In case of Portland Pozzolona cement
additives like fly ash/brick etc. are added. Grinding again is same like for raw material
grinding with ball mill or with latest technologies like vertical mill/Roller press etc.
The cement powder then taken to packing plant or discharged from silo to a bulk
loader directly47.

1.19.3 HOW CONCRETE IS MADE?

The combination of cement, water, sand, and coarse aggregates (particles of

gravel or rushed stone) as normally occurs in the process of concrete mixing is
perhaps best described in terms of a simple three-part system :

 Portland cement + water = cement paste,

 Cement paste + sand = mortar,

 Coarse aggregates + mortar = concrete.

The cement paste component functions in the first instance to coat and
"lubricate" the individual grains of sand, thereby imparting "workability" to the
mortar phase. In turn, the mortar serves to lubricate the coarse aggregate particles and
so give workability to the fresh concrete. The quantities of cement paste and mortar
necessary to achieve adequate levels of workability will depend on the amounts of
sand and coarse aggregate present in the concrete, on the associated "grading" of
constituent particle sizes, and on the actual level of workability required for the job. If
there is insufficient mortar or cement paste the mix will tend to be "harsh" and
unworkable. Conversely, too much mortar or cement paste will promote the
likelihood of "segregation" effects whereby the coarser aggregate fractions tend to
separate out from the remainder of the mix. Contrary to popular belief, concrete does
not set and harden through a physical drying-out process. Setting and hardening is due

26
instead to a series of chemical reactions between the Portland cement and water
present in the mix; as a result of this so-called hydration process the original cement
paste phase is transformed into a sort of "mineral glue" which acts to bind the sand
and coarse aggregate fractions together. Most natural aggregates are a good deal
stronger than the sort of cement pastes found in typical concretes; i.e. the "mineral
glue" tends to function as the weakest link. Accordingly, the strength of a hardened
concrete is normally controlled by the strength of its cement paste phase. In turn, for
any given quantity of cement, the associated paste strength is governed first and
foremost by the water content of the original mix; thus, the lower is the total amount
of mix water employed, the greater is the ultimate strength potential of motar (and
vice versa). Conversely, if the total mix water is held constant, the higher (or lower) is
the level of cement usage, the higher (or lower) becomes the potential strength
capacity of the cement paste phase. The actual quantity of cement paste has no real
influence here; rather, it is the amount of cement as compared to the amount of water,
which is the main factor. Concrete aggregates should be relatively clean. (The
squeezing of "dirty" sand will generally produce a noticeable stain on the palm). Dirty
or dusty aggregates tend to require far more mixing water; unless correspondingly
higher levels of cement usage match this additional "water demand," strength losses
are likely. The presence of dusts, silts, or clays can also inhibit the degree of bond
between individual coarse aggregate particles and the surrounding mortar, again to the
ultimate detriment of strength; in certain circumstances the adverse effects of using
dirty aggregates any even extend to interference with the normal processes of cement
hydration. While this rarely applies in practice, neither is it the case that the aggregate
fractions merely function in the role of cheap fillers. If or when a concrete dries out,
the associated cement paste phase will shrink to some extent; the greater is the
original water content of the cement paste, the higher is its shrinkage potential.
Normal aggregates, on the other hand, show little or no shrinkage on drying.
Accordingly, the greater are the amounts of sand and coarse aggregate materials
present in a concrete mix, the lesser will be the net influence of paste shrinkage47.

1.20 TYPES OF CEMENT:

1.20.1 ORDINARY PORTLAND CEMENT:

27
 This form of cement offers enough complete electricity after soaking in water
for 3 days, 7days and 28 days. That is suitable for all sorts of current civil engineering
constructions. The Ordinary Portland Cement is popularly known as grey cement,
which is produced by grinding clinker with 5 per cent gypsum. It is used in all general
concrete construction, mass and reinforced concrete. It accounts for about 70.60 per
cent of the total production. Indian Standard has classified OPC in three grades based
on the strength of cement. These grades are:

 Grade - 33-IS-269-1989

 Grade - 43-IS-6112-1989

 Grade - 53-IS-12269-1987

These types of cement are suited for all modern types of constructions
including all kinds of masonry and concrete works such as pre-cast and pre-stressed
concrete. They are also suitable for all kinds of repair works in masonry and
concreting. The higher the grade of cement used, the greater would be the economy,
durability and technical advantages. Moreover construction time is also reduced48.

Table: 1.1 chemical composition of ordinary Portland cement

Sr. Avg.
Particular Chemical Formula Range
No. %
1 Lime -Cao 63 62 to 67
2 silica Sio2 22 17 to 25
3 alumina Al2o3 05 03 to 08
4 Calcium Sulphate CaSO4 03 03 to 04
5 Iron Oxide Fe2O3 03 03 to 04
6 Magnesia Mgo 02 0.1 to 03
7 Salphur So3 01 01 to 03
8 Alkalies 01 0.2 to 01
(Source: [Link]

1.20.2 PORTLAND POZZOLONA CEMENT:

It is grayish in color and made by grinding of limestone and clay. Burning of

Limestone and clay at very high temperature and cooling the consequent product is

28
referred to as clinker, grinding the clinker with of gypsum in ball mill to a eventually
ground powder. That is referred to as Portland cement. This cement is produced by
way of adding 10 to 25 % pozzolanic substances to the open clinker then grinding
together. It is cheaply manufactured because it uses fly ash/burnt clay/coal waste as
the main ingredient. PPC has a lower heat of hydration, which is of advantage in
preventing cracks where large volumes are being cast. PPC accounts for 18.3 per cent
of the production49.

1.20.3 SPECIAL CEMENT:

There are six Types of special cement the types are:

Hydrophobic Cement: It is acquired by including water replant firm forming

substance such as satiric acid and oleic acid by way of grinding Portland cement
clinker. This type of cement is reduces wetting ability of cement grains. Therefore it
imparts extra time for blending, transporting, compacting & finishing etc50.

Low heat Cement: This kind of cement is used for large mass concrete works in
dams, Piers etc. It's miles vital to have a far decrease heat of hydration, so that
possibilities of growing creation cracks are minimized. This could be finished both by
including a few pozzolanic fabric and granulated blast furnace slag to the cement at
the same time as grinding via changing the chemical composition of the cement50.

Rapid Hardwearing Cement: This sort of Portland cement offers the desired energy
in three.7 and 28 days if soaked in water. However from time to time cement is
required high electricity in 24 hours as is given by way of regular Portland cement at
three days. This sort of cement is referred to as rapid hardening cement or excessive
early strengthening cement. This units and hardens much quick than ordinary Portland
cement50.

Quick Setting Cement: The % of gypsum added reduced, which accelerate the
setting action. The setting action of this cement is very fast. This type of cement is
used for the underwater constructions50.

Sulphate Resistance Cement: This cement is prone is liable for deterioration under
sulphate environments. Thus a Portland cement, which less than 5% of C3A is highly

29
resistant to sulphatic action. This cement is known as sulphate resistant cement. This
cement used for sea shore structure canal lining, culverts etc50.

White Cement: Portland cement is grayish in color. The shade is due to complicated
shaped with iron oxide present in the cement. The proportion of Iron oxide within the
cement is reduced to much less than zero. Four% the shade of the cement turns into
white. Iron oxide found in cement uncooked blend facilitates in enhancing the burning
conditions of cement clinker. White cement is normally used for ornamental works
simplest in view of its high cost50.

Portland Blast Furnace Slag Cement (PBFSC):It is made by grinding granulated

blast furnace slag/steel industry by product (up to 65%), gypsum (5%) and clinker
(balance). PBFSC has a heat of hydration even lower than PPC and is generally used
in construction of dams and similar massive construction. It contributes nearly 10 per
cent to the total50.

1.20.4 SPECIALIZED CEMENT:

Oil Well Cement: is made from clinker with special additives to prevent any porosity.

Rapid Hardening Portland cement: It is similar to OPC, except that it is ground

much finer, so that on casting the compressible strength increases rapidly.

Water proof Cement: OPC with small portion of calcium stearate or non-
saponifibale oil to impart waterproofing properties.

Blended Cement: Mixing Portland clinker, gypsum and other insert materials in
suitable proportions and grinding the mixture to get a thorough and intimate mix
obtain it.

 Portland Pozzolona Cement (PPC) - Clinker + Gypsum + Pozzolona (Flyash,

burnt clay etc)

 Portland blast furnace slag - Cement Clinker + Gypsum + granulated‘slag

 Masonry Cement- Cement Clinker + Gypsum +Pozzolona (Limestone Powder

admixtures etc.

PPC: Suitable for most of the applications as stated in OPC ideally suited for
domestic consumption like plastering, brickwork, mass concerting works like dams,

30
large foundation. This cement enhances the impermeability and cohesiveness of
concrete. As a result durability is enhanced. It also generates low heat of [Link]
is cheaply manufactured because it uses flash/burnt clay/coal waste as the main
ingredient. PPC has a lower heat of advantage in preventing cracks where large
volumes are being cast. PPC Account for 18.3% of the production51.

Slag Cement: Common application is similar to those of OPC. However besides that
it has more sulphate resistance properties than OPC and is suitable for coastal
construction. It is made by grinding granulated blast furnace slag, still industry by
product (up to 65%), gypsum (5%) and clinker (balance). PBFSC has a heat of
hydration even lower than PPC and is generally used in construction of dams and
similar massive construction. It contributes nearly 10 per cent to the total51.

Masonry Cement: Exclusively mines for masonry works and plaster only.

Low heat Portland cements: Grinding and chemical composition are similar to those
of OPC. All applications requiring very early strength, very high early removal of
from works, very high handling of pre-cast element, high grade precast and
pressurised concrete product, slip form, cooling tower and pill tower51.

Sulphate Resistant Cement: The chemical composition is designed in such a manner

that C3A content in cement restricted to 5 per cent and other chemical constituents are
similar to OPC. Used in structures in contact with soil or water having enough
Sulphate concentration51.

Oil Well Cement: This is a special kind of cement for use in the drilling of wells to
fill the space between the steel lining tubes and the well wall. It sets slowly in order to
give the slurry made with it sufficient time to reach the large depths of the oil wells.
However once set it develops strength rapidly and remains stable at high
temperature51.

Super Sulphate cement: Intergrading makes super Sulphate cement, a mixture of 80-
85 per cent selected granulated slag with 10-15 per cent calcium Sulphate and about 5
per cent of Portland clinker. It may be applied where high Sulphate, acid and organic
oil attacks on structure is expected51.

31
High alumina cement: The chemical composition is designed in such a manner that
the total alumina content is at least 32 per cent. This cement is ideally suited for high
temperature cast ablerefractory51.

Grey Portland cement: Chemical composition is similar to OPC expect the

following limitations, which ensures very strength, increased cohesiveness and
increased durability factor towards chemical attack. All applications where high-
strength concrete is required ideally suited for railway pressurised concrete sleepers,
bridges and slip form construction. Description Limits as per IRST -40 OPC as per
IS-Spec LSF 0.8-1.02 0.66-1.02C3S45%Min – C3A 10% Max – Fineness 3700
Min51.

1.21 PROFILE OF THE CEMENT INDUSTRY IN THE WORLD:

The record of changes in man and nations is called history. The past few
decades were just one of these momentous times which have changed the world. In
this fast development of the world, the revolutions within the geographical, political
and financial vicinity had been accomplished and new improvements, and alignments
had been brings made and remade day-via-day and yr-by way of-year. Many years in
the past, numerous types of building materials had been used for creation of public
and religious building are send, mortar, brick, lime, gypsum, and in a special case
marbles. The house of ordinary citizens was usually made of mud and that same times
of special type of thin bricks backed by means of wood fire. In few cases lime and
pazzolona were used for getting beautiful finishing for the interior surface. There
were very skilled builders and mason who have created temples, building and bathing
Ghats, thousands of years ago still, testifying to the high standards of architectural
design and construction in ancient India52.

The story of the invention of Portland cement is not easy to dissent angle.
However slowly and gradually, cement and new types of material developed in
Europe. James frost patented cement in 1811 and established works at swanscomde,
the first in the London district. However the usual contribution to aspirin’s first patent
is dated 21st Oct. 1924. He patented artificial cement made by calcinations of an
argillaceous limestone which is known as Portland cement because concrete made

32
from it resembled a famous building stone obtained from the island at Portland near
England. This was the beginning of Portland cement industry52.

Cement is a powered fabric with water paperwork a paste that hardens slowly.
Sintering a mixture of various raw materials makes it. The main raw material
composed in the mixture is Calcium carbonate as limestone and different removes as
clay or shale. During the sintering process reaction takes place, produce, noodles,
called clinkers which consist of calcium silicates and aluminates, when the clinker is
pulverized with a small amount of gypsum as reader the resulting powder is called
Portland cement.

Cement is a basic material, which is used in all types of construction activities,

industrial construction, housing, dams, bridges etc. The cement enterprise,
consequently, plays a large function inside the economic improvement and it is
considered as one of the core sectors of the financial system.

1.22 PROFILE OF THE CEMENT INDUSTRY IN INDIA:

Cement enterprise is one of the key industries in India. It plays a dominant

position in the countrywide financial system. Shape the point of view of monetary
improvement of the country, Cement enterprise ranks 2nd very next to the Iron and
steel industry. Cement is crucial in constructing and construction works. The
production and intake of cement to a large quantity, shows a country's development.
In a developing country like India the need for a well established cement industry is
of paramount importance.

The Indian cement industry continues to suffer from excessive production

capacity a time when demand growth continues to be sluggish. The industry remains
highly fragmented and profit have been impaired by a series of debilitating price wars
as well as from steadily rising costs. The recent arrival of Lafarge may herald some
much needed industry consolidation. Meanwhile cement capacity levels continue to
be swollen by a sizeable new building programmed53.

1.23 CONCLUSIONS:

India’s cement market has grown in confidence and firmly moved on to an

accelerated growth path. The central question now rests around the true nature and the

33
full extent of this market’s potential. Backed by solid fundamentals, the market is
giving rise to a variety of business opportunities. We feel confident that strong player
intent, investments and actions will underpin future growth and enable the Indian
cement market to break into the global top tier.

III. OVERVIEW OF SAMPLE PROFILE:

1.24 INTRODUCTION:

The total number of companies in corporate sector in India is the universe of

the study. At this stage researcher has decide to take sample 10 companies from two
different group of Industries based on debt for the study using random sampling
techniques. The following manufacturing industries will be taken for study:

Table No. 1.2 List of selected sample

INDUSTRY COMPANY
Piramal Enter

Sun Pharma.

PHARMACEUTICAL Torrent Pharma

Aurobindo Pharma

Dr. Reddy

UltraTech Cement

India Cements
CEMENT (Major)
J. K. Cement

JK Lakshmi Cement

Ambuja Cement
(Sources: Prepare by researcher)

1.25PIRAMAL ENTERPRISES LTD:

INTRODUCTION: Piramal Enterprises Ltd is one of the largest pharmaceutical

companies in India. The company operates two division’s namely healthcare solutions

34
and pharma solutions. The products and services offered by the company include
Pharma Solutions- This division is engaged in manufacturing of API and formulations
in nine therapeutic areas. The company operates one of the leading custom
manufacturing businesses in the world, due to this PHL offers a full lifecycle
partnership to small/virtual and big pharma. They provide services such as clinical
phase APIs, clinical phase formulations and commercial APIs. They also offer
packaging solutions. Healthcare solutions- Under this, PHL has developed multi-
ingredient formulations and single-ingredients products16.

PURPOSE: The values that guide our culture are embodied in our purpose - ‘Doing
Well and Doing Good’. We believe that individual success and organizational growth
cannot be mutually exclusive from responsible and ethical business practices. Our
purpose provides clear guidance to our people and ensures that we identify the right
partners to create mutual, enduring value.

Rooted in values, driven by passion: The philosophy of ‘Doing Well and Doing
Good’, along with our core values of Knowledge, Action, Care & Impact have been
constant in our journey and serve as guideposts to help us become the company we
would like to be. We stay true to our purpose of ‘Doing Well and Doing Good’ by
following three basic tenets17:

Serving People: We aim to serve our customers, community, employees, partners and
all other stakeholders by putting their needs and well-being first.

Making a Positive Difference: We intention to make a tremendous difference thru

our products, offerings, customer-centric method and innovation-led research.

Living our Values: We live by our values in our everyday actions, decisions and
conduct, at a personal as well as a professional level.

Knowledge: Expertise - We strive for a deeper understanding of our domain.

Innovation - We aspire to do things creatively.

Action: Entrepreneurship - We are empowered to act decisively and create value.

Integrity - We are consistent in our thought, speech and action17.

35
Care: Trusteeship - We protect and enhance the interests of our customers,
community, employees, partners and shareholders. Humility - We aspire to be the
best, yet strive to be humble17.

Impact: Performance - We strive to achieve market leadership in scale and

profitability, wherever we compete. Resilience - We aspire to build businesses that
anticipate, adapt and endure for generations17.

HISTORY OF PIRAMAL ENTERPRISES LTD:

1980: In the early 1980s a young Ajay Piramal takes the reins of the Piramal Group.

1984: Acquired Gujarat Glass.

1988: Acquired Nicholas Laboratories.

1990: Gujarat Glass is merged with the group company, Nicholas Piramal India Ltd.

1992: Set up a second formulation plant at Pithampur in Madhya Pradesh with state-
of-the-art manufacturing facilities.

1998: Acquired the research unit of Hoechst Marion Roussel (India) in Mumbai.

2001: Started collaborative research with Centre for Biochemical Technology in the
field of gene technology.

2005: Avecia Pharmaceutical is acquired and Piramal Glass acquires a part of The
Glass Group (erstwhile Wheaton Glass) in USA.

2010: Biosyntech, Inc., Canada is acquired by Piramal Enterprises Ltd., part of the
Life Sciences vertical, Bio-Orthopedics division; Piramal sells the diagnostics
division to Super Religare Laboratories Ltd. And Acquisition of iPill, an oral
contraceptive brand, from Cipla.

2013: Piramal enterprises restricted acquires Molecular Imaging improvement

portfolio of Bayer Pharma. Imaging division's lead radiopharmaceutical, Florbetaben,
accepted for review by the US FDA and EMA for the visual detection of Beta-
Amyloidal in Alzheimer's disease. Piramal Water (Sarvajal) honored with 'enabling
generation Award of the year 2013' by Frost& Sullivan.

36
2014: APG Asset Management, the Dutch pension fund asset manager and Piramal
Enterprises Limited announce a strategic alliance for investing in rupee denominated
mezzanine instruments issued by infrastructure companies in India with a target
investment of US$1 billion, over the next 3 years. Piramal Enterprises Limited
acquires 9.99% equity stake in Shriram City Union Finance Limited. Piramal
Enterprises Limited agrees to acquire an effective 20% equity stake in Shriram
Capital Limited, a financial services company, for an aggregate consideration of INR
20.14 Billion.

2018: Piramal Finance Limited Forays into the Hospitality Sector. Piramal Realty
launches Piramal Mahalaxmi, its Flagship Project in South Mumbai.

2019: Piramal Enterprises Limited signed a Memorandum of Understanding with

CPPIB17.

Piramal Enterprises Limited is the flagship company of the Piramal Group:

Piramal Enterprises Limited (PEL) is one of India's large diversified companies with
presence in Pharma, Financial Services and Healthcare Information Management. The
company generates ~46% of its revenues from international markets. Driven by both
organic as well as inorganic strategy, PEL has steered dynamic business growth over
the three decades of its existence17.

Anticipating the potential of financial services in India, PEL built a platform

with innovative financial solutions that cater to the needs of varied industry
verticals: It made its foray into the financial services sector with Piramal Capital &
Housing Finance Limited (PCHFL), a housing finance company registered with the
National Housing Bank (NHB) that is engaged in various financial services
businesses. It provides end-to-end financing solutions in both wholesale and retail
funding opportunities across sectors such as real estate and infrastructure, renewable
energy, hospitality, logistics, industrials, auto components etc. Through its group
companies, the platform has strategic partnerships with leading global pension funds
such as Canadian Pension Plan Investment Board (CPPIB), APG and Ivanhoe
Cambridge. India Resurgence Fund (IRF), an equal joint venture by Piramal
Enterprises Limited and Bain Capital Credit, invests capital in the form of both debt
and equity in India's distressed asset space18.

37
When the Indian pharmaceutical industry was focused on international generics,
PEL saw an opportunity to expand its pharma business and invested in the
domestic formulation business: Today, its Pharma division has end-to-end
manufacturing capabilities across 13 global facilities and a large global distribution
network in over 100 countries. PEL has a portfolio of niche differentiated pharma
products and provides an entire pool of pharma services (including the areas of
injectables, Highly Potent Active Pharmaceutical Ingredients (HPAPI) etc.).

The largest specialty glass player in Asia, Piramal Glass is also the fastest
growing glass manufacturing company with19:

 One-stop-shop glass packaging solutions across businesses such as:

Pharmaceutical, Cosmetics & Perfumery and Specialty Food & Beverage.
 Pioneering digitalization in manufacturing in India - The first manufacturing
facility to combine digital technologies with precision high-quality glass
manufacturing to fortify its accelerated growth path.
 State-of-the-art manufacturing facilities in India, Sri Lanka and the US.
 Offices and warehousing facilities in India, Sri Lanka, the US, France, Germany,
Brazil, UAE, UK and China.
Driven by the Group's core values, Piramal Glass aims to become the world's most
preferred supplier of glass flacon age through continuous value addition, superior
quality and unmatched customer service.

QUICK FACTS:

Cosmetics & Perfumery: Manufacturers of every third nail polish bottle in the
world.

Specialty Food & Beverage: Leaders in key markets in the USA.

Pharmaceutical: One of the top three companies in the world with a comprehensive

Piramal Enterprises Limited (PEL) is engaged in the business of

pharmaceuticals, including research and development, financial services and
information management through its subsidiaries. The Company's pharmaceutical
business consists of manufacturing and sale of own and traded bulk drugs and
formulations. It operates through three segments: Healthcare, Financial Services and
Information Management. Its Healthcare segment includes pharma solutions, critical
care, consumer products and imaging. Its Financial Services segment includes

38
wholesale lending, alternative asset management and investments in Shriram Group.
Its Information Management segment is engaged in Decision Resources Group
(DRG). DRG's product and services portfolio consists of data and analytics, research
products and global consulting services. The Company offers its products under
brands, including Sadiron, Lacto Calamine, i-pill/i-know, Polypro, Tetmosol, Untox,
Stop AllerG and Throatsil66.

1.26SUN PHARMA:

INTRODUCTION: Sun Pharma is the world's fourth largest specialty generic

pharmaceutical company and No. 1 in India. We provide high-quality, affordable
medicines trusted by customers and patients in over 100 countries. Sun Parma’s
global presence is supported by more than 40 manufacturing facilities spread across 5
continents, R&D centers across the globe and a multi-cultural workforce comprising
over 50 nationalities. Sun Pharma fosters excellence through innovation supported by
strong R&D capabilities comprising around 2,000 scientists and R&D investments of
over 7-8% of annual revenues20.

Sun Pharmaceutical Indus. Ltd is an international strong point pharma

enterprise. The organisation additionally makes energetic pharmaceutical elements. In
branded markets, their merchandise are prescribed in continual therapy regions like
cardiology, psychiatry, neurology, gastroenterology, and dialectology and respiratory.
The company is engaged in production of product within the following remedy areas:
CNS problems, Cardiology, Diabetes and Metabolic disorders, Gastroenterology,
Ophthalmology, Oncology, ache, hypersensitive reaction, bronchial asthma and
infection and Gynecological21.

HISTORY OF SUN PHARMA: Sun Pharmaceutical Industries Ltd was

incorporated in the year 1983. The company began operations in Kolkata with just 5
products to treat psychiatry ailments. They set up a compact manufacturing facility
for tablets/capsules at Vapi. Sales were initially limited to two states in Eastern India.
In the year 1986, the company set up an administrative office in Mumbai. They
extended the customer coverage to select cities in Western India. In the year 1987,
they rolled out their marketing operations nation-wide.

39
In the year 1994, the company was listed on the main stock exchanges in India. They
started production in a dosage form plant at Silvassa. Also, they completed the major
expansion at Vapi plant. In the year 1995, the company's first API plant at Panoli
started production. Also, a new division, Azura, was begun for cardiology products.
Inca, a new division to market critical care medication to intensive care units began
operations. The strengthened the international marketing with offices in Ukraine and
Belarus.

In the year 1996, the company acquired an API plant at Ahmednagar from the
multinational Knoll Pharmaceutical, and expanded and substantially upgraded for
regulated markets, with capacity addition over the years across differentiated API
lines such as anticancer and peptides. Also, the company acquired equity stake in
Gujarat Lyka Organics Ltd., a manufacturer of Cephalexin Active with a USFDA
approval for the intermediate, 7ADCA.

In the year 1998, the company acquired a basket of products, including several
respiratory/asthma brands acquired from Natco Pharma. Their new formulation plant
at Silvassa commenced operations. In the year 2001, the company built a new
formulation plant in Dadra. Also, the erstwhile TDPL division was renamed Spectra.
A new division, Arian, targeting cardiologists/physicians and dialectologists, was
launched.

In the year 2004, the company acquired common stock and options from 2 large
shareholders of Caraco, increasing stake to over 60% from 44% at a total outlay of
about $42 million. The upgraded and expanded formulation site in Halol, India (the
erstwhile MJ Pharma site) received approval from USFDA, UK MHRA, South
African MCC, Brazilian ANVISA and Columbian INVIMA.

In the year 2005, the company bought a plant in Bryan, Ohio, US and the business of
ICN, Hungary from Valeant Pharma. In December 2005, they acquired the intellectual
property and assets of Able Labs from the US District Bankruptcy court in New
Jersey. In the year 2007, the company de-merged the innovative research and business
into a new company, SPARC Ltd. SPARC Ltd was listed on the stock exchanges in
India, the first pure research company to be so listed.

40
In May 2007, the company along with their subsidiaries, signed definitive agreements
to acquire Taro Pharmaceutical Industries Ltd., a multinational generic manufacturer
with established subsidiaries, manufacturing and products across the US, Israel,
Canada for $454 million.

In September 2010, the company acquired Taro Pharmaceuticals. This acquisition

doubled the size of their US business and brought them a range of generics including
a strong line of dermatological.

In 2015, the company receives US FTC clearance for Ranbaxy acquisition. The
company and AstraZeneca enter into distribution agreement for ticagrelor in India
during the year. SPARC Licenses Xelpros (Latanoprost BAK-free) to Sun Pharma.
During the year, Hon'ble High Court of Gujarat, at Ahmadabad has approved the
Scheme of Amalgamation of Sun Pharma Global Inc. (SPGI), wholly-owned
subsidiary of the Company. The company also announces US FDA Approval for
Ximino TM.

On 23 March 2016, Sun Pharma and AstraZeneca Pharma India Limited announced a
partnership for the distribution of dapagliflozin, an innovative Type 2 diabetes
medicine, in India. Dapagliflozin is AstraZeneca India's leading diabetes medicine.
Under the agreement, Sun Pharma will promote and distribute dapagliflozin under the
brand name Oxra. AstraZeneca India markets dapagliflozin under the brand name
Forxiga and under the terms of the agreement, both companies will promote, market
and distribute dapagliflozin in India under different brand names. AstraZeneca will
retain the intellectual property rights to dapagliflozin. Sun Pharma will also gain the
rights to promote and distribute the combination of dapagliflozin with metformin
under the brand name Oxramet after requisite regulatory approval.

The Board of Directors of Sun Pharma at its meeting held on 23 June 2016 approved
buyback of fully paid up equity shares of the company through the tender offer route
at Rs 900 per share. The purpose of the buyback is to return surplus funds to the
equity shareholders and thereby, enhancing the overall returns to shareholders.

On 16 January 2018, Sun Pharmaceutical Industries announced that its wholly owned
subsidiaries have reached an agreement with Ironwood Pharmaceuticals, Inc. and
Allergan plc to resolve the patent litigation regarding submission of an Abbreviated

41
New Drug Application (ANDA) for a generic version of Linzess (Linaclotide
capsules) in the US. Pursuant to the terms of the settlement, Ironwood
Pharmaceuticals and Allergan will grant, the wholly owned subsidiaries of Sun
Pharma, a license to market a generic version of Linzess in the United States
beginning 1 February 2031 (subject to USFDA approval) or earlier under certain
circumstances67.

VISION: “Reaching People and Touching Lives Globally as a Leading Provider of

Valued Medicines”67.

MISSION: “Sunology - a combination of two words, Sun & Ideology is at the core of
Sun. Humility, Integrity, Passion & Innovation together form Sunology. It is a way of
life of Sun” 67.

Humility: Under promise and over deliver, Let your work speak for you, Always put
‘we’ before ‘me’, Learn from mistakes67.

Integrity: Do the right thing with conviction & without fear, Practice honesty,
impartiality & fairness at all times, Adhere to strong ethical and moral standards,
Courage to call-out what is not right67.

Passion: Infuse energy in everything that you do, Walk that extra mile, Inspire others,
Do your best in every situation67.

Innovation: Strive to implement new ideas & technologies to meet unmet needs,
Encourage others to think out-of-the-box, Do not limit yourself, Believe in raising the
bar every time67.

OUR VALUES:

Quality: Get it right the first time67.

Reliability: Maintain efficiency & discipline in all processes & systems and fulfil the
promises made to stakeholders67.

Consistency: Endeavour to bring new products to the market & consistently deliver
value to stakeholders67.

Trust: Be transparent in dealings67.

42
Innovation: Implement new ideas & technologies to meet unmet needs and think
ahead of times67.

Sun Pharmaceuticals Ltd. is India's largest (by market capitalization) and the
world's 5th largest specialty generic pharmaceutical company. The company
manufactures and sells high-quality, affordable medicines in over 150 countries
across 6 continents21.

The company markets its pharmaceutical formulations as generics and

branded generics in India and all major international markets. The therapeutic
segments covered by the company's portfolio of 2000+ molecules include psychiatry,
anti-infectives, neurology, cardiology, orthopedics, dialectology, gastroenterology,
ophthalmology, nephrology, urology, dermatology, gynecology, respiratory,
oncology, dental and nutritionals22.

1.27TORRENT PHARMA:

INTRODUCTION: Torrent Pharma, with a marketplace cap of over Rs. 20,000 Cr,
is a flagship company of the Torrent institution. Its miles ranked some of the pinnacle
pharma companies of India. It is a dominant player in the healing regions of
cardiovascular (CV) and critical fearful device (CNS) and has executed enormous
presence in gastro-intestinal, dialectology, anti-infective and ache management
segments. It has also forayed into the oncology and nephrology segments while also
strengthening its cognizance on gynecology and nutraceuticals segments. Torrent
Pharma’s aggressive advantage stems from its world-class manufacturing facilities
positioned at Indrad and Dahej in Gujarat, Baddi in Himachal Pradesh and Sikkim in
North East, superior R&D skills, large home community and a substantial
international presence throughout forty countries23.

Right from pioneering area of interest advertising in India to earning the

sobriquet of ‘the employer with the most first launches’, Torrent Pharma has always
remained beforehand of its opposition. Torrent prescription drugs is one of the leading
pharmaceutical organizations having presence in Indian and worldwide markets. The
organisation is a dominant player in the healing regions of cardiovascular (CV) and
primary fearful device (CNS). The corporation also has vast presence in Gastro-
Intestinal, Dialectology, Anti-Infective and pain management segments. The company

43
has a modern and well-equipped state-of-the-art R&D Centre at Bhat near
Ahmadabad, built with an investment of US $ 40 million. Torrent Pharma has a
strong international presence spread across 40 countries with operations in regulated
and emerging markets like US, Europe, Brazil and Rest of the World. The company
operates through its wholly owned subsidiaries spread across 12 nations with major
setups in Brazil, Germany and US24.

Torrent Pharmaceuticals Limited is an Indian pharmaceutical company based

in Ahmadabad, Gujarat, India. It was initially promoted by Mr. UN Mehta as Trinity
Laboratories in 1959 and later renamed Torrent Pharmaceuticals Limited in 1971. The
company manufactures and sells branded generics, generic drugs and active
pharmaceutical ingredient (APIs) both in India and internationally in 40+ countries
like the US, Latin America, Russia & CIS, Europe, South East Asia, Asia Pacific,
Africa & Middle East25.

HISTORY OF TORRENT PHARMA: Torrent pharmaceuticals Ltd, the flagship

company of the Torrent group, changed into integrated in 1972. In the year 1980, their
started their first manufacturing facility at Vatva and they received their first export
order in the year 1983. In the year 1986, they started their second manufacturing plant
at Chhatral. In the year 1995, Torrent Gujarat Biotech Ltd plant was commissioned26.

In the year 1996, the company acquired the Pharma related investments and business
of Torrent Exports Ltd and also commissioned the state-of-the-art R&D centre. In the
year 1997, India Infusions Ltd was merged with the company. As a part of
restructuring, the company formed three new divisions namely, Prima, Vista and
Psycan in the year 1999.

During the year 2001-02, the company launched 31 new products, out of which 8
were first time launches in India. The company completed the up gradation and
modernization programme for the formulations plant at the total cost of Rs 48 crore.
Also, they acquired a small pharmaceutical company, namely Fornex Industrial
Pharmaceutical Ltda, later renamed as Torrent Do Brasil Ltda, in Brazil for Rs 128
lakh. During the year, the company divested their entire 50% equity stake in Sanofi
Torrent (India) Ltd to their joint venture partner Sanofi Synthelabo, France. Also, they
transferred their entire equity holding of 1,95,04,691 shares in the sick industrial

44
undertaking Torrent Gujarat Biotech Ltd to Torrent Pvt Ltd, a company belonging to
the promoter group.

During the year 2003-04, the company set up a wholly owned subsidiary company,
namely Torrent Pharma Inc in USA with the objective of business development in the
large, growing and highly profitable North America generic market. Also, they
introduced 25 new products during the year.

During the year 2004-05, the company entered into a License Agreement with
Novartis granting global rights for further development and commercialization of its
patented AGE Breaker Compound to Novartis. Also, they signed research
collaboration agreement with AstraZeneca, another leading global pharmaceuticals
company with the aim of discovering a novel drug candidate for the treatment of
hypertension. The company incorporated Torrent Pharma Philippines Inc as a wholly
owned subsidiary in the Philippines, with a view to tap the huge potential in
Philippines.

During the year 2005-06, the company successfully completed capacity expansion
and consolidation of bulk drug plant at manufacturing unit in Indrad. The company
entered into an agreement with Novo Nordisk India Pvt Ltd, a wholly owned
subsidiary of Novo Nordisk A/S, Denmark to extend existing contract manufacturing
arrangement for manufacture of Human Insulin formulations.

During the year 2008-09, the company made an investment of Rs 2.05 crore in the
equity shares of their wholly owned subsidiary Laboratories Torrent, SA De CV, in
Mexico. In September 2008, the company received the US Food and Drug
Administration approval for anti-hypertension drug amlodipine besylate tablets in
multiple strengths and in November 2008, their generic, risperidone, in tablet forms of

In 2013, Torrent Pharmaceuticals entered into a licensing agreement with Reliance

Life Sciences for three biosimilars - Rituximab, Adalimumab, and Cetuximab.

In 2014, Torrent Pharmaceuticals acquired Elder Pharma's identified Indian branded

formulation business in India and Nepal. During the year under review, the company
launched Nephro, a dedicated division to cater to the Nephrology segment. During the
year under review, Torrent Pharmaceuticals' Dahej plant commenced operations.

45
In 2017, Torrent Pharmaceuticals acquired Unichem's domestic and Nepal business
and also its Sikkim manufacturing facility. During the year under review, the
company acquired women healthcare brands from Novartis

In 2018, Torrent Pharmaceuticals acquired US based Bio-Pharma, Inc. (BPI) which

includes US FDA registered manufacturing facility. This is Torrent's first overseas
manufacturing unit26.

CORE VALUES: These strong pillars, the Core Values, which Torrent believes in
and constantly strives to build, are: Integrity, Passion for Excellence, Participative
Decision Making, Concern for Society & Environment, Fairness with Care and
Transparency. Each of these Timeless Values, a Pillar of strength, ensures our
longevity68.

Integrity: Thoughts and actions entail doing the right thing at all times and in all
circumstances; whether or not anyone is watching. This requires inner courage and
conviction, no matter what the consequences are. It is honouring one’s commitments
and being accountable for one’s actions, end-to-end68.

Passion for excellence: Passion for excellence means not doing extra-ordinary things,
but doing ordinary things in all pursuits exceedingly well. Passion and excellence are
forces that fuel each other on the exclusive path to leadership. As we are what we
repeatedly do, excellence then is not an act, but a habit27.

Participative decision making: An ideal organisation facilitates participation and

involvement of each of its members in various decisions making processes, thus
ensuring their commitment to such decisions as well as its outcome. It provides a
platform for seeking and nurturing constructive ideas from individuals, teams and
units which eventually yields exceptional results27.

Concern for society & environment: Concern for Society & Environment is a sense
of responsibility and contribution to society that defines our existence. It entails
making a difference in the quality of lives and environment surrounding us. It is
important to encourage fellow-members on collective as well as individual basis to
fulfil the responsibility of leaving behind a world rich in flora and fauna and rich in
time tested values and ideals and above all rich in social fervor for our future
generations27.

46
Airiness with care: Fairness and Care towards all fellow members are inextricably
linked. Weaving the threads of equality, irrespective of caste, creed, religion and
gender, into the day to day fabric, ensures fairness for each and every individual.
Empathic care recognizes needs and aspirations of all. Only such fairness and care
eventually lead fellow members to the dawn of eternal success28.

Transparency: Transparency implies openness. It is the opposite of secrecy. It

encourages more informed decision making and aids in creating enduring trust among
all stakeholders28.

INHERITANCE: As a responsible organization, Torrent Pharmaceuticals consists of

people with diverse backgrounds and cultures. Our Human Resources are our pride
and strength as each member comes from a different upbringing that influences his or
her opinions / views, preferences, prejudices, beliefs forming diversity at Torrent
Pharma. This diversity is the main reason of our success. We believe in maintaining
synergies between the wisdom and knowledge of experienced professionals and the
enthusiasm and fresh ideas of young talent. Torrentians are a group of happy people,
family oriented, thought leaders, researchers and socially responsible thorough
professionals29.

Inspiring work culture, competitive rewards, loyalty, values ingrained by our

Founders and a people first approach enables Torrentians to realize and implement
their true potential. As a part of Employee recognition, 'The Torrentian Award'
felicitates our best employees across the group and recognizes them for their
contribution towards the Group. Torrent Pharma strongly believes in the contribution
culture and celebrates all employees and their contributions with special events such
as Founder's Day, Khel, Mahotsav, Republic Day, Independence Day, Ramzzat where
employees across the Group interact, bond and get to know each other better29.

Torrent Pharma is one of the first companies in India to create programs for
employees covering wellness, health & safety, governance, education and
professional advancement. Our employee appreciation initiatives form The Torrent
Way which help maintain a work-life balance and enable Torrentians to live a healthy,
holistic and a successful life. To enable employers to sufficiently provide for their
employees, Torrent Pharma introduced an employee-friendly loan policy with lower
rates of interest as compared to the market and Relocation benefits. Medical Insurance

47
Policy covering parents, Personal Accident Insurance Policy covering family
members and financial support in the event of a demise helps our Torrentians during
difficult times30.

MISSION: “We commit ourselves to total customer care by delivering world-class

products and services”68.

VISION: “To become the Most Respected Pharma Company”68.

Torrent Private Limited is the apex company of the Rs. 21000 Crore Torrent
Group. Synergizing the group activities, it spearheads the group’s investments in
different investee companies, which are managed by their respective Board of
Directors and professional CEOs. Besides monitoring and managing the group’s
investments, Torrent Private Limited is also involved in promoting the corporate
image of Torrent and provides specialized services to the group. The company acts as
a catalyst and developer of new ventures by providing strategic, financial, corporate
and managerial inputs to enhance the group’s predominant position in healthcare and
power31.

1.28AUROBINDO PHARMA:

INTRODUCTION: Founded in 1986 with the aid of Mr. P. V. Ramprasad Reddy,

Mr. K. Nityananda Reddy and a small group of noticeably committed experts,
Aurobindo Pharma turned into born of a vision. The corporation started operations in
1988-89 with a unmarried unit manufacturing Semi-artificial Penicillin (SSP) at
Pondicherry. Aurobindo Pharma became a public enterprise in 1992 and indexed its
shares at the Indian inventory exchanges in 1995. Similarly to being the market chief
in Semi-synthetic Penicillins, it has a presence in key therapeutic segments consisting
of neurosciences, cardiovascular, anti-retrovirals, anti-diabetics, gastroenterology and
anti-biotics, amongst others32.

Aurobindo Pharma changed into founded in 1986. The company started its
operations in 1988–89 with a single unit that manufactured semi-artificial penicillin
(SSP) at Pondicherry. The employer became a public enterprise in 1992 and indexed
its stocks within the Indian stock exchanges in 1995. In addition to being the
marketplace leader in SSPs, Aurobindo Pharma has presence in key therapeutic

48
segments which include neurosciences, cardiovascular, anti-retrovirals, anti-diabetics,
gastroenterology and cephalosporins, amongst others33.

The organization has 9 units for APIs/intermediates and seven devices for
formulations, which are designed to fulfill the requirements of each superior as well
as rising market possibilities. Aurobindo Pharma exports to over one hundred twenty
five nations throughout the globe with extra than 70 according to cent of its sales
derived out of global operations. The company makes use of in-house research and
development (R&D) for rapid filing of patents, drug master files (DMFs), abbreviated
new drug applications (ANDAs) and formulation dossiers across the world. It is
among the largest filers of DMFs and ANDAs from India34.

HISTORY OF AUROBINDO PHARMA:

Aurobindo Pharma Limited (APL), one of the world's top 5 manufacturers of

semi synthetic penicillins was incorporated in 26th December 1986 as a private
limited company. Mr. [Link] Reddy, Mr. [Link] Reddy and a small,
highly committed group of professionals founded it. APL is developing,
manufacturing and marketing active pharmaceutical ingredients (APIs also referred as
bulk actives), intermediates and generic formulations. The company's robust product
portfolio is spread over 6 major product areas encompassing (Antibiotics, Anti-Retro
Virals, CVS, CNS, Gastroenterological, and Anti-Allergics) with around 65 APIs in
the non-antibiotics and over 55 APIs in the antibiotic segment and the World Health
Organization (WHO), Geneva, has also approved Aurobindo's products. APL is
running with 14 manufacturing plants across the world conforming to GMP/ISO
regulations and an extremely well equipped R&D facility. Aurobindo Pharma has
identified international operations also catering to over 100 countries69.

The Company has accelerated the DMF/ANDA filings programme in its efforts to
build a broad product portfolio for the regulated markets. Cumulatively, the Company
has filed a total of 337 DMFs (Drug Master Files), of which 110 are with US FDA,
and 133 in Europe including with the EDQM and 102 in other countries. This is one
of the highest filings. The Company commenced its operations during the year 1988-
89 with a single unit manufacturing semi synthetic penicillins (SSPs) at Pondicherry
and it became a public venture in 1992. In the same year 1992, another unit was also
set up for the manufacture of CMIC Chloride, a bulk drug intermediate at

49
Pashamylaram, near Hyderabad through another company, namely Chaitanya
Organics Pvt. Ltd. Later in 1994-95, it was merged with the company. The
commercial production of the pharmaceutical formulation unit was started in April of
the year 1994. Aurobindo Pharma had gone public in 1995 by listing its shares in
various stock exchanges in the country. Glaxo (India), the Indian subsidiary of the
UK-based multinational came to an alliance with the company to meet its global bulk
drug requirements during the year 1997. In the year 1998, the company had launched
new formulations like auronim Suspension in the paediatric segment69.

During 1999-2000, the company diversified its product portfolio further with the
introduction of wide range of Cephalosporins (Oral & Sterile) and anti - virals in
addition to macrolides, anti-ulcerants, quinolones, semi-synthetic penicillins and
formulations for domestic and export market. APL made Joint Ventures for
formulations business in US, with an investment of a million in the year 2000. Sri
Chakra Remedies Ltd was amalgamated with the company in the identical year of
2000. The Company has launched an exclusive anti-viral division Immune during the
year 2001 to educate and to provide preventive drug care for HIV/AIDS patients in
the country69.

During March of the year 2007, the US FDA has granted final approval for the
Company's Didanosine Oral Suspension (Pediatric Powder) 10 mg / ml. As at June
13th of the year 2007 the Company unveiled their new Logo and Corporate Identity at
a ceremony in Hyderabad. The new corporate logo reflects this pace and leadership.
Artistic lines intersect to make up the company's initials 'A' and 'P'. The way the
initials 'A' and 'P' have joined conveys the spirit of 'partnership' with the company's
business. The Hon'ble High Court of Andhra Pradesh has approved the scheme of
arrangement for merger of APL Life Sciences and Senor Organics into the company
and the utilization of share premium account of the company during June of the year
200769.

On 6 September 2010, Aurobindo Pharma announced that it has entered into licensing
and supply agreements with AstraZeneca, one of the world's leading
biopharmaceutical companies, to supply several solid dosage and sterile products for
emerging markets69.

50
On 1 April 2014, Aurobindo Pharma introduced the of completion of the purchase of
sure industrial operations in Western Europe from Actavis plc, a global, integrated
specialty pharmaceutical company focused on developing, manufacturing and
distributing generic, brand and biosimilar products. The agreement to acquire the
Actavis operations changed into announced in January 201469.

On 25 November 2016, Arrow Generiques SAS, a French subsidiary of Aurobindo

Pharma Ltd, announced the signing of an agreement to acquire the right, title and
interest in its products Calcium and Calcium Vitamin D3 in France, including the use
of the OROCAL trademark, from Teva Pharmaceutical Industries69.

On 9 February, 2017, Aurobindo Pharma announced the acquisition of four cell

culture derived biosimilar products from TL Biopharmaceutical AG. As part of this
agreement, TL will supply all the developmental data for four molecules and
Aurobindo and/or its affiliates will develop, commercialize and market these products
globally69.

MISSION AND VISION STATEMENT: “Aurobindo’s mission is to become the

most valued Pharma partner to the World Pharma fraternity by continuously
researching, developing and manufacturing a wide range of pharmaceutical products
that comply with the highest regulatory standards”69.

“To build a leading global generic pharma company and become one of the top 10 by
202069.”

BUSINESS OVERVIEW: Founded in 1986 by Mr. P.V. Ramprasad Reddy, Mr.

Okay. Nityananda Reddy and a small organization of incredibly committed
specialists, Aurobindo Pharma changed into born of a imaginative and prescient. The
employer commenced operations in 1988-89 with a unmarried unit manufacturing
Semi-synthetic Penicillin (SSP) at Pondicherry. Aurobindo Pharma became a public
company in 1992 and indexed its stocks on the Indian stock exchanges in 1995.
Similarly to being the marketplace chief in Semi-artificial Penicillin’s, Aurobindo
Pharma has a presence in key healing segments which include neurosciences (CNS),
cardiovascular (CVS), anti-retroviral, anti-diabetics, gastroenterology and Anti-
biotics. Through cost effective manufacturing capabilities and a few loyal customers,
the company also entered the high margin specialty generic formulations segment.

51
Today Aurobindo Pharma has evolved into a knowledge driven company
manufacturing active pharmaceutical ingredients and formulation products. It is R&D
focused and has a multi-product portfolio with manufacturing facilities in several
countries35.

RESEARCH AND DEVELOPMENT (R&D):

Overview: The Company’s R&D strengths are in developing intellectual property in

non-infringing processes and resolving complex chemistry challenges. Aurobindo
Pharma is in the process of developing new drug delivery systems, new dosage
formulations, and applying new technology for better processes. The R&D Center, in
Hyderabad covers over 13,000 sq. m, and provides a nurturing environment to a
multi-disciplinary team of over 700 scientists striving for excellence. The Centre
meets cGLP requirements, and is focused on the areas of organic synthesis, analytical
research, dosage form development, pharmacology, bio-equivalence studies and drug
delivery systems36.

ACHIEVEMENTS AND CAPABILITIES: The Centre is capable of developing,

scaling up and commercializing various dosage forms spread across tablets, capsules,
soft gels, oral liquids, injectables (solutions, suspensions, lyophilized, etc.), and
ophthalmic (three piece and BFS) and nasal delivery systems. The focus is to develop
products for the US and EU followed by other international markets, including
specialized markets like Japan. We can develop complex in-vitro analytical as well as
bio- analytical methods for various molecules including extremely potent drug
combinations to support the formulation development team. The R&D Centre has
developed products and filed more than 200 ANDA’s, around 124 EU Dossiers for
products and hundreds of Dossiers in other countries including Brazil, South Africa,
Australia and China. The product range covers various pharmacological categories
with special focus on anti-retroviral, anti-biotic, CNS and CVS drugs37.

Aurobindo Pharma is a well-known pharmaceutical company. The Company

is producing oral and injectables generic formulations and active pharmaceutical
ingredients (APIs). Its product portfolio is spread over seven therapeutic/product
areas, including antibiotics, anti-retrovirals, cardiovascular, central nervous system,
gastroenterological, anti-allergies and anti-diabetics. It is engaged in developing a
range of oncology and hormonal products. It is also developing inhalation and

52
dermatology products, such as pressurized metered-dose inhaler (pMDI). It markets
its products through chain stores in the United States. It has developed over three
injectables penem products. The Company, through its subsidiary, manufactures and
sells nutritional supplements. It has over 10 manufacturing units and approximately
two research and development centers. The Company, in addition to marketing its
products domestically, also markets its products globally in over 150 countries38.

1.29DR. REDDY'S LABORATORIES LTD.

INTRODUCTION: Dr. Reddy’s Laboratories Ltd. is an integrated pharmaceutical

company, committed to providing affordable and innovative medicines for healthier
lives. Through its three businesses - Pharmaceutical Services & Active Ingredients,
Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products
and services including APIs, custom pharmaceutical services, generics, biosimilars
and differentiated formulations. Our major therapeutic areas of focus are
gastrointestinal, cardiovascular, dialectology, oncology, pain management and
dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets
include – USA, India, Russia & CIS countries, and Europe39.

Dr. Reddy's Laboratories Ltd. Is a multinational pharmaceutical enterprise

based totally in Hyderabad, Telangana, India? The company manufactures and sells a
wide range of pharmaceutical products in India and over 25 countries through its three
businesses - Pharmaceutical Services & Active Ingredients, Global Generics and
Proprietary Products. Its major markets include India, USA, Russia and CIS,
Germany, UK, Venezuela, S. Africa, Romania and New Zealand39.

Founded by Dr. K Anji Reddy on February 24, 1984, the company's portfolio
of products and services include APIs, custom pharmaceutical services, generics,
biosimilars and differentiated formulations. The company's major therapeutic areas of
focus are gastro-intestinal, cardiovascular, dialectology, oncology, pain management
and anti-infectives39.

BRAND: Ask any of the 20,000 employees at Dr. Reddy’s why they come to work
every day, and you are bound to hear, because ‘Good Health Can’t Wait.’ These
simple words describe the deep-rooted belief that drives us. Sometimes, the simplest
words describe the most profound truths70.

53
 'Good Health’ is always our goal. We see medicines not just as molecules, but
as means to help patients regain their health. As a leader in the pharmaceutical
industry, we realize our unique role; we have the ethical and moral imperative to
ensure good health can be delivered to those who need it, and to promote wellness
among them. 'Can't wait’ reflects our commitment to act with speed to find innovative
solutions that address the unmet needs of patients, and to accelerate access to much-
needed medicines for people around the world. Our belief is guided by our principles
- Empathy and Dynamism - which provide both guidance for our current behavior and
inspiration for our future actions40.

QUALITY: Quality World class medicines for everyonebanner1Our patient-centric

approach extends to our quality policy as well. Our focus on quality helps ensure
product safety and efficacy, regardless of the drug form. This is only possible with an
extremely high degree of teamwork throughout the company—with a common goal of
quality. We establish uniform standards for all products, regardless of geography. At
Dr. Reddy’s, we believe meeting pharmacopeia requirements is minimum standard.
Our policy of continuous process and product improvement drives us to work toward
exceeding these minimum standards. Consistency is rarely an accident. Rather, it is
the result of a well-conceived, rigorously implemented Quality Management System
(QMS). Our QMS focuses on continual improvement aimed at optimizing processes
and eliminating non-value-adding efforts in production41.

MISSION AND VISION: “Since the beginning we have always dreamt big. For
people of my generation, John F Kennedy was a hero! When his seemingly
impossible mission of landing a man on the moon was actually happening, I woke up
from my sleep (July 20, 1969) to hear Neil Armstrong say on radio, “That’s one small
step for man, one giant leap for mankind”70.

“I started dreaming of creating my own pharmaceutical company that would one day
stand proud and tall70”.

HISTORY OF DR. REDDY'S LABORATORIES LTD.: It is one of India's

leading pharmaceutical companies with global ambitions. The company has departed
from the Indian pharmaceutical market mainstream of copying patented drugs to
pursue the development of its own--patentable--molecules. As such, the company has
already achieved success with a number of promising anti-diabetic molecules. At the

54
same time, Dr. Reddy's is pursuing a share of the lucrative, but highly competitive,
U.S. generics market, including the higher-margin "branded generic" market. Dr.
Reddy's operates through several strategic business units, including: Branded Finished
Dosages; Generic Finished Dosages; Bulk Actives; Custom Chemicals;
Biotechnology; Diagnostics; Critical Care; and Discovery Research41.

Bulk Actives to Generics in the 1980s: In 1970, the Indian government, then led by
Indira Ghandi, abrogated laws respecting international pharmaceutical patents. The
move, meant to reduce the cost of providing healthcare to India's large and
exceedingly poor population, had the effect of supercharging the country's
pharmaceutical sector. With a long history in process chemistry, and a large and
highly educated pool of scientists, the sector quickly became experts at reverse-
engineering, and then copying, the drugs developed by the world's large
multinationals41.

The company achieved another crucial milestone in 1987 when it gained U.S.
FDA approval for its ibuprofen formulation. That approval, which was coupled with
the all-important FDA certification of its factory, marked the start of the company's
international formulations exports42.

In the meantime, Reddy's continued to develop its bulk actives business,

becoming one of India's largest exporters of drug ingredients. In order to support that
growth, the company made its first acquisition, of Benzex Laboratories Pvt. Ltd., a
bulk actives specialist42.

Risking on Research in the 1990s: By the early 1990s, Reddy's, like its Indian
counterparts, boasted a wide range of "copied" drugs in its portfolio. International
sales were also becoming an increasingly important part of the company's total
revenues, a trend boosted by the company's entry into the Russian market in 1991.
That country later grew into one of the company's primary export markets43.

Going Global in the 21th Century: The year 1997 marked a new era for Dr.
Reddy's. In that year, the U.S. FDA adopted new rules, designed to encourage the
growth of the generic drugs market in the United States, which provided a six-month
exclusivity period for the first company to gain approval to market newly available
drugs in a generic form. Dr. Reddy's decided to get in on the action--as an estimated

55
$60 billion of drugs was expected to outgrow their patents over the next ten years--
and in 1997 the company filed an abbreviated new drug application (ANDA, used for
registering a drug in its generic formula) for a generic version of the popular anti-
ulcer medication Zantac43.

In 2000, the company made another important acquisition, this time of

Cheminor Drugs Limited, which enabled Dr. Reddy's to claim the number three spot
among Indian pharmaceutical companies. That year, the company launched the
commercial distribution of its first generics in the United States. Back home, the
company's research efforts had paid off with the filing of an Investigational New Drug
Application for an anti-cancer molecule developed in the company's labs44.

The year 2002 also marked the company's first overseas acquisition, when it paid £9
million to acquire the United Kingdom's BMS Laboratories Ltd. and its marketing and
distribution subsidiary Meridian Healthcare Ltd. That purchase enabled the company
to expand into the U.K.--and ultimately European--generics market44.

Principal Competitors: RPG Enterprises; GlaxoSmithKline Consumer Healthcare

Ltd.; East India Pharmaceutical Works Ltd.; Cipla Ltd.; Concept Pharmaceuticals
Ltd.; Khandelwal Laboratories Ltd.; Dabur India Ltd70.

1.30ULTRATECH CEMENT

INTRODUCTION: UltraTech Cement Limited, together with its subsidiaries,

engages in manufacturing and selling of cement in India and internationally. The
enterprise manufactures normal Portland cement, Portland blast furnace slag cement,
and Portland pozzalana cement, in addition to geared up blend concrete. The
enterprise exports cement clinker to international locations around the Indian Ocean,
Africa, Europe, and the Middle East. The organization became formerly referred to as
UltraTech Cement Co restrained and modified its name to UltraTech Cement
restricted in [Link] company is a subsidiary of Grasim Industries Limited.
UltraTech Cement was incorporated in 2000 and is based in Mumbai, India53.

UltraTech Cement limited is the biggest manufacturer of cement in India and

ranks among the international’s main cement makers. UltraTech imaginative and
prescient is to be ‘The leader’ in constructing solutions. The business enterprise has a

56
consolidated ability of 102.75 million lots per annum (MTPA) of gray cement.
UltraTech has a robust presence in global markets such as Bangladesh, UAE, Sri
Lanka and Bahrain. UltraTech is a founding member of the worldwide Cement &
Concrete affiliation. It operates 20 integrated units, 26 grinding units, seven bulk
terminals and one clinkerisation plant for grey cement, one integrated white cement
unit, two wall care putty plants and over 100 RMC plants. UltraTech has a dealer and
retailer network of over 80,000 partners across the country, with a market reach of
more than 80% Indian cities and towns. (Including four MTPA capacity which is
under commissioning53)

VISION: “To be the leader in Building Solutions63”

MISSION: “To deliver superior value to stakeholders on the four pillars of

Sustainability, Innovation, Customer Centricity and Team Empowerment63”

ABOUT COMPANY: UltraTech Cement Ltd is the most important manufacturer of

gray cement, geared up blend concrete (RMC) and white cement in India. It is also
one of the main cement producers globally, and the handiest cement agency globally
(outdoor of China) to have extra than a hundred million tone ability in a single us of a.
Inside the white cement segment, UltraTech is going to marketplace under the brand
call of Birla White. It has a white cement plant with a potential of [Link] six MTPA
and 2 Wall Care putty plant life with a combined capacity of 0.8 MTPA. With 100+
ready blend Concrete (RMC) plants in 35 cities, UltraTech is the largest producer of
concrete in India. It also has a slew of area of expertise concretes that meet particular
wishes of discerning clients. Our building merchandise business is an innovation hub
that offers an array of scientifically engineered merchandise to cater to new-age
constructions63.

UltraTech pioneered the UltraTech constructing solutions (UBS) concept to

offer individual domestic developers with a one-prevent-save solution for
constructing their houses. This is the primary pan-India multi-category retail chain
catering to the needs of character home developers (IHBs). The purpose of this
initiative is to interact with home developers in any respect tiers of the construction
cycle, empower them with fine production products and services, and assist inside the
of completion of their dream homes54.

57
AT A GLANCE:

 Largest Indian producer of grey cement, white cement and ready-mix concrete.
 Highest market capitalization in India’s cement industry.
 Dealer and retail network of 80,000+ partners across the country, with a market
reach extending across more than 80% Indian cities and towns.
 Commissioned more than 100 ready mix concrete plants in India to support the
growing needs of institutional customers.
 Grew from 3000 employees in 2005 to more than 19000 employees currently.
 Partner of choice as cement provider in the construction of structures and
infrastructure projects.
 Successfully completed the largest acquisition in India’s cement industry.
 Commissioned a Greenfield project in 2018 in a record 12 months at the lowest
cost with ‘zero’ safety incidents.
 Addresses 85% power appetite through captive thermal power plants and waste
heat recovery systems.
 UltraTech Customer Loyalty Program running across India is the largest
addressing masons/contractors54.
MILESTONES:

Mid 1980: 1st Cement plant set up for Grasim (Vikram Cement) and Indian Rayon
(Rajashree Cement).

1998: Merger of Indian Rayon and Grasim Cement business Capacity: 8.5 Mlo Ton,
Thermal Power Plant, And Capacity: 38MW.

2014: Capacity: 62 MTPA Commissioned new grinding unit at Jharsuguda (1.6

MTPA) Acquired Seagram and Wanakbori cement plants from Jaypee (4.8 MTPA).

2016: Largest single cement company in India, Capacity: 66.3 MTPA, March:
Grinding plants commissioned in Jhajjar, Dankuni, and Patliputra.

2017: Largest cement company in India, 4th in world (excluding China), Capacity: 93
MTPA, July: Acquires Jaypee Cement business (21.2 MTPA).

2018: UltraTech is 3rd largest cement company globally (excluding China) November
Acquired cement business of Binani Cement (6.25 MTPA) Capacity: 102.75 MTPA
Cement unit commissioned in Dhar (3.5 MTPA) – Capacity 96.5 MTPA.

2019: Consolidated capacity of 117.35 MTPA post the merger of cement business of
Century Textiles & Industries Ltd with UltraTech Cement. UltraTech becomes the

58
first cement company globally to have grater than 100 MTPA capacity in a single
country outside of China63.

BUSINESSES: UltraTech is India’s largest manufacturer of grey cement, white

cement and ready mix concrete (RMC). It has a white cement plant with a capacity of
0.56 MTPA and two wall care putty plants with a mixed ability of zero. Eight MTPA.
With 100+ ready blend Concrete (RMC) flora in 35 towns, UltraTech is the biggest
manufacturer of concrete in India. It also has a slew of uniqueness concretes that meet
unique desires of discerning customers54.

UltraTech Building Products business is an innovation hub that offers an array

of scientifically engineered products to cater to new-age constructions. Aerated
autoclaved concrete (AAC) blocks are economical, light-weight blocks ideal for high-
rise buildings, while dry mix products include waterproofing, grouting and plastering
solutions designed for faster completion of projects. The retail format of UltraTech
Building Solutions offers a wide range of construction products to the end customers
under one roof. UltraTech has over 1600 Building Solutions stores across India which
is one-stop shops for all primary construction needs of our individual home builders53.

SUSTAINABILITY: As the largest cement producer in India, UltraTech Cement

continually strives to play a key role in finding effective and responsible ways to
preserve the environment. As a company, UltraTech is committed to its focus areas of
climate change, health and safety, energy conservation, water conservation,
biodiversity and natural resource substitution63.

UltraTech Cement is fully aligned to the United Nations Sustainable

Development Goals (SDGs). It has been certified as two times ‘water positive’ by
global auditing agency DNV. UltraTech Cement has a power generation capacity of
58 MW through waste heat recovery systems which is expected to reach 121 MW by
2020. More than 85% of its power consumption is met through captive thermal power
plants and waste heat recovery systems. Water conserved through rainwater
harvesting and recycling helps meet half of UltraTech’s water requirement in
manufacturing54.

1.31INDIA CEMENTS LIMITED:

59
INTRODUCTION: The year was 1946. The Second World War was over and
political freedom was round the corner. It was then The India Cements Ltd. began its
humble moorings in the form of a cement factory at Talaiyuthu, an almost unmapped
tiny hamlet in Tirunelveli district, Tamil Nadu. As one of the oldest Indian corporate,
established in 1946, the company set up its first plant in 1949 at Sankarnagar
(Talaiyuthu). India cements Ltd turned into founded in the yr 1946 by way of two
men, Shri S N N Sankaralinga Iyer and Sri T S Narayanaswami. They'd the
imaginative and prescient to inspire desires for an business India, the ability to
translate those dreams into reality and the potential to build enduring relationships and
the future55.

Sri T S Narayanaswami, the banker grew to become industrialist, was the

catalyst who noticed the task pass thru numerous hurdles and grow to be a feasible
and marketable proposition. He looked beyond cement and ventured into aluminum,
chemicals, plastics and shipping. A pioneer industrialist and visionary, Sri T S
Narayanaswami played a dynamic role within the resurgence of industrialization in
loose India. India Cements celebrated the start Centenary of Sri T S Narayanaswami
on November eleven, 2011. The Indian Postal branch released a Commemorative
Postage Stamp in Honor of Sri T S Narayanaswami on November eleven, 201255.

India Cements HR philosophy strongly believes in the concept of good people

making a good organisation. It is known for its strong focus on man management,
team building, enhancing leadership qualities and encouraging the workforce to grow
along with the organisation. It has a well-established code of conduct with a special
emphasis on ethics and corporate governance55.

With an annual turnover exceeding Rs. 5300 Crores, our family of 2400
dedicated members consists of executives committed to the growth of the company
and the industry at large. We have a team of highly qualified professional engineers
from premier institutes, cost accountants, chartered accountants, company secretaries,
MBAs, IT specialists and HR/IR professionals. They work in diversified functions
like Production, Quality Assurance, Engineering, Marketing, Materials, Finance,
Secretarial, HRD, Administration, Legal Affairs, Safety, corporate communication,
Projects, R&D, and Information Systems55.

60
VISION: “To create price on a sustained foundation for all stakeholders of India
Cements through lofty requirements of transparency, accountability and obligation,
innovation and leadership in cement manufacture62”.

MISSION: “India Cements will strive to remain a leader in the manufacture of

cement and establish itself as a preferred supplier of products and services to its
clients and enhance the brand value for all stakeholders62.”

“As the organisation grows, as a responsible corporate citizen, India Cements shall be
sensitive to the welfare and development needs of the society around it62.”

HISTORY OF INDIA CEMENTS LIMITED: India Cements Ltd is the largest

manufacturer of cement in South India. The agency has four flowers in Tamil Nadu
and 4 in Andhra Pradesh India which cater to all major markets in South India and
Maharashtra. They are the market leader with a market share of 28% in the South
India. They have a distribution network with over 10000 stockists. Their brands
include Coromandel King-Sankar Sakthi- Raasi Gold Coromandel-Sankar-Raasi
blended cements and Sulphate Resisting Portland Cement. Their product includes
ready mix concrete (RMC). The company subsidiaries include Industrial Chemicals
and Monomers Ltd ICL Financial Services Ltd ICL Securities Ltd ICL International
Ltd and Trinetra Cement [Link] Cements Ltd was incorporated in the year
February 21st 194662.

In the year 1949 the company commissioned their first Cement plant at Sankarnagar
with the installed capacity 1 lakh tonnes per annum. In the year 1963 they
commissioned their second cement plant at Sankaridrug with the installed capacity 2-
lakh tonnes per annum.

In the year 1969 they expanded the installed capacity at Sankarnagar to 9 lakh tonnes
per annum. Also they received Merit Certification for Outstanding Export
Performance (1968-1969).

In the year 1971 the company expanded the installed capacity at Sankari Drug to 6
lakh tonnes per [Link] the year 1990 the company acquired Coromandel Cement
plant at Cuddapah. They transformed the Sankarnagar Plant to Dry technique with the
elevated potential of 1 million tonnes in keeping with annum.

61
In the year 1997 they acquired Aruna Sugars Finance Ltd and renamed it as India
Cements Capital & Finance Ltd. also they acquired Cement Plant of Visaka Cement
enterprise Ltd at Tandur Ranga Reddy district of Andhra Pradesh.

In November 2004 the organization commissioned the particular Waste warmness

recovery gadget for technology of power from waste gasoline at Vishnupuram
Cement Plant with the capacity of 7.7 MW. Also the business enterprise through their
unique motive car Coromandel electric Co Ltd commissioned a (gas based) captive
electricity plant at Ramanathapuram with the ability of [Link] MW. Within the yr
2007 Visaka Cement industry Ltd turned into amalgamated with the organisation. The
corporation transformed the Sankari plant from moist procedure to dry method and
commissioned the plant.

Within the year 2009 the company completed and began commercial production of
1,000,000 tonne grinding plant at Parli (Maharashtra). The organization’s subsidiary
particularly Trishul Concrete products Ltd completed and started out industrial
manufacturing of 1 lakh Cu.M geared up blend concrete Plant at Hyderabad (Andhra
Pradesh).

During the year 2017 the Company had sold 46 million KWH of power to the cement
plants of The India Cements Limited located in Tamil Nadu State while the balance
power of 123 million KWH was sold to other group captive consumers. In March
2017 the Company got additional allocation from Oil and Natural Gas Corporation
Limited through e-tendering basis to meet its shortage of natural gas and this will help
in improving the capacity utilization of the plant further in the coming years. Pursuant
to the Scheme of Amalgamation between Trinetra Cement Limited and Trishul
Concrete Products Limited (Transferor Companies) with The India Cements Limited
(Transferee Company) and its shareholders approved by the Hon'ble National
Company Law Tribunal Division Bench Chennai vide its Order dated 20 April 2017
the Company allotted in June 2017 973544 equity shares of $ 10/- each to the
erstwhile shareholders of Trinetra Cement Limited and Trishul Concrete Products
Limited62.

During the year 2019 Springway Mining Private Limited and NKJA Mining
Private Limited became subsidiaries of the Company. The Company acquired voting
rights of these Companies with an objective of setting up of a Cement Plant in the

62
State of Madhya Pradesh. The land purchase activities for plant and mines have
commenced with around 30% of the land purchased sofar. The power generation from
the Gas power plant at Ramanathapuram further improved during the year 2019 in the
subsidiary Coromandel Electric Co Ltd. due to continuous availability of full quota of
gas from Oil and Natural Gas Corporation Limited62.

While the Company had sold 22 million KWH of power to the cement plants
of The India Cements Limited located in Tamil Nadu the balance power of 187
million KWH was sold to other group captive consumers. During October 2018 the
Company sold the aircraft for a consideration of Rs. 44.16 Crores and is in the process
of purchasing another aircraft. During the year 2019 one of the subsidiaries of the
Company which owned majority shareholding in PT Mitra Setia Tanah Bumbu
Indonesia had to bring down its shareholding to 49% resulting in this step down
subsidiary becoming an associate Company. During the year PT Mitra Setia Tanah
Bumbu which owns the coalmines has mined and sold 222135 Tons of coal including
103398 Tonnes of coal sold to the Company62.

COMPANY HIGHLIGHTS: The India Cements Ltd is the largest producer of

cement in South India and one of the Top 5 cement companies in India. India
Cements has reached the public all over the world with its big bash IPL Team -
Chennai Super Kings55.

The Company's brands include Sankar Super Power, Coromandel King and
Raasi Gold. These brands are also available under sub brands, such as Shankar Shakti
and Coromandel Super Power. The Company's plants are located in various locations
in India, including Malkapur, Vishnupuram, Chilamkur, Yerraguntla, Vallur, Sankari,
Dalavoi, Sankarnagar, Banswara and Parli. The Company, based on customer
requirement, also supplies its brands in High-density polyethylene (HDPE), Paper and
Laminated packing. It produces both the variants via Blended Cement, as well as
Ordinary Portland Cement under different grades. The Company's subsidiaries
include ICL Securities Ltd., ICL Financial Services Ltd., ICL International Ltd.,
Industrial Chemicals & Monomers Ltd., Trishul Concrete Products Ltd., PT.
Coromandel Mineral Resources, Trinetra Cement Ltd., Coromandel Mineral Pte Ltd.,
Coromandel Electric Company Ltd. and India Cements Infrastructures Ltd 55.

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1.32J. K. CEMENT:

INTRODUCTION: A leading cement manufacturer in the country, JK Cement Ltd is

an affiliate of the multi-disciplinary industrial conglomerate JK Organisation, which
was founded by Lala Kamlapat Singhania. For over four decades, JK Cement has
partnered India's multi-sectoral infrastructure needs on the strength of its product
excellence, customer orientation and technology leadership. The Company has over
four decades of experience in cement manufacturing. Our operations commenced with
commercial production at our first grey cement plant at Nimbahera, Rajasthan in May
1975. Subsequently, the company also set up 2 more units in Rajasthan at Mangrol
and Gotan. In the year 2009, the company extended its footprint by setting up a green-
field unit in Muddapur, Karnataka giving it access to the markets of south-west
India56.

JK White Cement, a division of JK Cement Ltd., enjoys a PAN India presence

and the Company is the leading producer of Wall Putty in the Country. The
organisation is the second biggest producer of white cement in India, with an annual
ability of 6,00,000 tonnes. Having established a strong presence in India, the
Company made its first international foray with the setting up of a green-field dual
process White Cement-cum-Grey Cement plant in the free trade zone at Fujairah,
U.A.E to cater to the GCC and African markets. JK White Cement is sold across 43
countries around the globe. With the commissioning of this plant, JK Cement became
one of largest producers of White Cement in the world, with a total white cement
capacity of 1.20 MnTPA and wall putty capacity of 0.9 MnTPA56.

JK Cement was the first company to install a captive power plant in the year
1987 at Bamania, Rajasthan and The first cement enterprise to install a waste warmth
recovery power plant to attend to the need of green energy. Today at its different
locations, the employer has captive energy technology ability of over 125.7 MWs
which incorporates 23.2 MW of waste heat healing electricity vegetation. We are
steadily enhancing our capacity, diversifying our range of products, ushering in
advanced technology and quality assurance, and above all, expanding our presence
nationally and internationally. Our brands continue to enjoy the trust of millions of
consumers for the high quality and innovation benchmarks that we have attained.

64
Superior products and a strong Brand name, an extensive marketing and distribution
network and the technical know-how represent JK Cement’s abiding strengths56.

HISTORY J. K. CEMENT: J.K. Cement Limited (JK Cement) is one of the largest
cement manufacturers in Northern India. J.K. Cement has an installed grey cement
capacity of 10.5 million tons per annum (MnTPA) making it one of the leading
manufacturers in the country. The Company produces 53-grade 43-grade and 33-
grade Ordinary Portland Cement (OPC) grey cement Portland Pozzalana Cement
('PPC') under grey and white cement. JK Water proof is another product from JK
Cements used for flooring wall application and other specialized applications. The
products are marketed under the brand names J.K. Cement and Sarvashaktiman for
OPC products J.K. Super for PPC products and J.K. White and Camel for white
cement products. The company has made its first international foray with the setting
up of a green-field dual process white cement-cum-grey cement plant in the free trade
zone at Fujairah U.A.E to cater to the GCC and African markets. J.K. Cement was the
first Company to install a captive power plant in the year 1987 at Bamania Rajasthan.
J.K Cement is also the first cement Company to install a waste heat recovery power
plant to take care of the need of green power. Today at its different locations the
Company has captive power generation capacity of over 140.7 MWs which include
23.2 MW of waste heat recovery power plants. From the year 1998 to 2004
modifications in kilns and cement mills etc. were implemented which increased the
aggregate installed capacity of the company's Nimbahera facility to 2.8 MTPA.
During the year 2005-06 the company had commissioned 10 MW turbines to meet the
necessity under the grey cement segment. Jaykaycem Limited became a wholly
owned subsidiary of the company in the year 2006 and acquired land to set up a
Greenfield Grey Cement plant at Mudhol Karnataka. In the year of 2006-07 the
company had sanctioned enhancement in working capital Facility (both funded and
non-funded) to Rs. 105 Crores from Rs.65 Crores. Started all the captive power
projects i.e. 10MW turbine 20MW Petcoke based Captive Power Plant & Waste Heat
Recovery power plant. During the year 2007-08 the company formed a wholly owned
subsidiary under the name and style of J. K. Cement (Fujairah) FZ to undertake the
business of cement and investment in the state of UAE. This Company has formed
another subsidiary company under the name and style of J.K. Cement Works
(Fujairah) FZC under which it is proposed to set up a green field cement plant at

65
Fujairah UAE. The 10 MW of the Waste Heat Recovery Power Plant of the company
was commissioned at Nimbahera in March of the year [Link] the year 2009 the
company extended its footprint by setting up a green-field unit in Muddapur
Karnataka giving it access to the markets of south-west India. August 2015
considered and/or taken note that the company acquired 100% paid up equity capital
and thereupon made Jaykaycem (Central) Ltd. (an unlisted public limited and part of
promoter Group Company) its wholly owned subsidiary. This will facilitate to
implement the business plan of Jaykaycem (Central) Ltd. and/or to implement its
future cement project(s).In 2016 J.K Cement set up a 0.2 MnTPA wall putty plant in
Katni Madhya Pradesh. In 2018 the company initiated work on 4.2 MnTPA
Brownfield expansions for grey cement at Mangrol Rajasthan which is about 40% of
existing capacity. The Board of Directors of J.K Cement at its meeting held on 28
June 2018 interlaid decided to offer issue and allot equity shares through domestic
and/or international offerings representing equity shares etc. for an amount not
exceeding Rs 700 crores through public issue and/or private placement and /or rights
issue and/or preferential allotment and/or qualified institutional placement (QIP)
subject to shareholders' approval sought in the ensuing Twenty Fourth Annual
General Meeting of the company. The funds are proposed to be utilized for the
purpose of funding the company's long term growth repayment/prepayment of debt
general corporate purposes including capital expenditure and working capital or any
other purposes as may be permissible under applicable law and approved by the
Board of Directors61.

VISION: “To be the preferred manufacturer of cement and cement-based products

that partners in nation building, engages with its community and cares for all
stakeholders.61”

MISSION: “JK Cement aims to deliver innovative products and solutions that meet
the needs of its customers. Together with our exceptional people and strong
stakeholder relationships, we commit to the highest standards of quality, productivity,
sustainability and performance that drive shareholder value and long-term success61”.

OUR VALUES:

66
Integrity: We are committed to being honest and ethical in all interactions,
maintaining the highest ethical standards in all our market, financial and operational
practices61.

Quality: We are passionate about creating a culture of perfection that encourages and
promotes excellence in products and services through innovation and continuous
improvement61.

Trust: We are serious about accepting the responsibility to win and maintain the trust
of our stakeholders61.

Care: We genuinely care about our relationships and use compassion to observe and
understand stakeholder needs, and are available to assist in improving the lives of
all61.

People: We treat one another with respect and collaborate openly. All ideas are
welcome, and we value diversity and perspective61.

OUR LEGACY:

JK Cement restricted is an affiliate of the commercial conglomerate JK

organization, which turned into based by means of the past due Lala Kamlapat
Singhania, and has been in commercial enterprise since the early 1900s. Today, the
JK enterprise has a leading presence in numerous industries, ranging from cement,
paper, tyres, textiles, and lots of more. The JK organisation represents the highest
beliefs of company governance and a wealthy fee device which resonate throughout
every of its location of enterprise presence. It's also famed for its role as a accountable
corporate citizen through a widespread contribution to society, advent of public
infrastructure, fitness initiatives and founding and helping many instructional
institutions61.

J K CEMENT PRODUCTS: The major products of J K Cement are grey and white
cement. The grey cement produced by the company Ordinary Portland cement or
OPC and Portland Pozzolana Cement or PCC. The OPC range of products has three
grades which are differentiated by their compressive strength, they consist of 43-
grade, 53-grade and 33-grade OPC. The cement products are marketed and sold under
the brand names of J.K. Cement and Sarvashaktiman for OPC products, J.K. Super for

67
PPC products and J.K. White and Camel for white cement products. Some other
products manufactured by the company consist of: J K Wall Putty, Grey Cement, J
K White Cement and J K Water Proof61.

1.33JK LAKSHMI CEMENT:

INTRODUCTION: JK Lakshmi Cement Limited is engaged in the cement business.

JK Lakshmi Cement comes in three variants: Cement 53 Blended, 53 Grade O.P.C
and 43 Grade O.P.C. A few applications of JK Lakshmi Cement 53 (blended) are:
plastering, underground structures, dams, heavy machinery foundations, marine
structures and hydropower stations. Its 53 Grade O.P.C. is used for: high-rise
buildings, industrial works, pre-stressed concrete work, such as bridges, silos, and
pre-cast elements, such as railway sleepers and concrete poles. The Company`s 43
Grade O.P.C. are: commercial buildings, industrial constructions, multi-storeyed
complexes, cement concrete roads and heavy duty floors. Its product ranges also
include Plaster of Paris (POP) and JK Lakshmi Power Mix. The Company has a
market area with a network of about 1,500 dealers spread in the states of Rajasthan,
Gujarat, Delhi, Haryana, Uttar Pradesh, Uttaranchal, Punjab, Jammu & Kashmir,
Himachal Pradesh and Mumbai57.

A member of the prestigious JK Organisation, a group known worldwide for

its business legacy of more than a century, JK Lakshmi Cement has set new
benchmarks in the cement industry in India. Our relentless focus on product quality,
customer satisfaction and innovation has helped us push our boundaries and tap the
immense potential for development in the infrastructure and construction sectors in
our country. In the journey towards excellence, we have taken a decisive action to
become a high performance organisation. Right from gaining foothold in the new and
emerging markets in the country to investing in the latest R & D, we have continued
to be a resilient performer despite the constantly evolving challenges of the cement
sector57.

A strong network of about 4000+ cement dealers spread in the states of

Madhya Pradesh, Chhattisgarh, Rajasthan, Gujarat, Uttar Pradesh, Uttarakhand,
Punjab, Delhi, Haryana, Jammu & Kashmir, Maharashtra, Odisha and West Bengal
has helped us to serve our customers far and wide, in different regions of India. To

68
continue our growth story, we have established a cement factory in Durg,
Chhattisgarh, in accordance with the government’s ‘Make in India’ campaign, which
aims to boost the economy and growth of the region. Apart from Durg, we have
another cement plant in Sirohi, Rajasthan and two split location grinding units – at
Kalol, Gujarat, and at Jhamri, district Jhajjhar, Haryana. The combined capacity of
these units and factories makes us one of the leading cement producing companies in
India. From government organizations like Airport Authority of India to infrastructure
and real estate giants like Larsen & Toubro, it is our customer's trust in us that makes
a preferred premium cement brand in India57.

A strong network of about 7000+ cement dealers spread in the states of

Madhya Pradesh, Chhattisgarh, Rajasthan, Gujarat, Uttar Pradesh, Uttarakhand,
Punjab, Delhi, Haryana, Jammu & Kashmir, Maharashtra, Odisha and West Bengal
has helped us to serve our customers far and wide, in different regions of India. To
continue our growth story, we have established a cement factory in Durg,
Chhattisgarh, in accordance with the government’s ‘Make in India’ campaign, which
aims to boost the economy and growth of the region. Apart from Durg, we have
another cement plant in Sirohi, Rajasthan and four split location grinding units - at
Kalol, Gujarat; at Surat, Gujarat; at Cuttack, Odisha and at Jhamri, district Jhajjhar,
Haryana. The combined capacity of these units and factories makes us one of the
leading cement producing companies in India. From government organizations like
Airport Authority of India to infrastructure and real estate giants like Larsen &
Toubro, it is our customer's trust in us that makes a preferred premium cement brand
in India57.

HISTORY OF JK LAKSHMI CEMENT: JK Lakshmi Cement (JKLC) Ltd was

incorporated on 6th August 1938 in the State of Rajasthan The company's plant is
located at Jay kaypuram District Of Sirohi Rajasthan having an annual capacity of 12
million tones. The business enterprise manufactures and markets Cement Clinker and
cementations products like RMC and AAC Blocks. The Company has its
manufacturing plants located in two distinctive markets namely east comprising the
states of Chhattisgarh Odisha Eastern & Central MP and Vidarbha region in
Maharashtra; and North West that mainly comprises Rajasthan Gujarat Haryana Delhi
Punjab Western UP Western MP and some parts of Maharashtra bordering Gujarat64.

69
 The Company name was changed to J.K Corp Limited from Straw Products
Ltd in 24th February of the year 1995 and also inside the same year entered into Multi
Product enterprise production Paper Cement and Magnetic Tape. In the year 1998 the
company introduced a new brand Lakshmi Chattan. The Company during the year has
bagged the prestigious Greentech Safety Award 2003-04 for Safety and Environment
from the Greentech foundation and the Golden Peacock national Award for
surroundings management system from the sector surroundings basis.

The Company has already enhanced its Cement Capacity at Durg Plant from
1.80 Million Tones to 2.70 Million Tones and Clinker Capacity from 1.49 Million
Tones to 1.95 Million Tones at a nominal Capital expenditure of Rs 50 Crore only.
Udaipur Cement Works Limited (UCWL) Company's Subsidiary had successfully
started commercial production and with this commissioning the Company's overall
operating capacity including that of UCWL stands increased to 12.5 Million Tones as
on 31st March 2018.

JK Lakshmi cement, an ISO 9002 licensed organisation, started out its

operation in the year 1938 in Sirohi district positioned in Rajasthan. It manufactures
wide range of cement. It's far part of various JK organization having business
ventures in numerous segments inclusive of paper, tyres, sugar, agri genetics and
hospital studies. The organization has a turnover of Rs 1500 crore.

The enterprise has a network of 70 cement dumps and over 2200 sellers spread
across the states of Rajasthan, Gujarat, Delhi, Haryana, U.P, Uttaranchal, Punjab, JK,
Mumbai and Pune. The mixed potential of the employer these days stands at
[Link] five MT in line with annum. It has become first cement producer in north
India to introduce coloration baggage to sell its product. JK Lakshmi Cement's
manufacturing facility has been rated among Greenest Cement Plant of India by way
of CSE GRP 200564.

PRODUCTS: Cement– It has annual production capacity of 3.5 million tons of

cement. It manufactures 53 and 43 grade OPC quality cement. It also 53 grade
blended cement. Plaster– It also manufactures plaster of paris and markets it under the
name JK Lakshmiplast. It also manufactures Ready mix cement (RMC) and markets it
under JK Lakshmi Power Mix64.

70
VISION:

 To be a profitably developing, progressive & being concerned Company6.

 To emerge as a appreciably relevant participant in the mind of consumers64.
MISSION:

 Achieve growth in Sales & Profit, higher than comparable sized players64.
 Achieve Operational Excellence64.
 Be a workplace of choice-Attract, Retain and Grow Talent Pool of change
leaders64
 Create superior value for the customer through Premium Products & Brand
Positioning64.
 Continuously enhance shareholders' wealth and be a preferred portfolio among
investors64.
 Be a Socially Responsible Corporate Citizen64.
In North India, JK Lakshmi Cement was among the first ISO:9002 certified
cement plants. Did you know JK Lakshmi Cement is the first company to utilize 99
per cent of its production capacity? It just shows how well the nation has taken to its
products and remains hungry for [Link] Lakshmi Cement leaves no stone unturned
when it comes to embracing the latest technologies. Each JK Lakshmi Cement plant
uses state-of-the-art world class technology and the best equipment. This quest to
keep up with the best technologies has won JK Lakshmi Cement several awards like:
The Greentech Safety Award, The Excellent Energy Efficiency Unit Award. Its
people come first for JK Lakshmi Cement. The company undertakes several
initiatives in the areas of Training and grooming young talent. No wonder, JK
Lakshmi Cement is one of the ‘Great Places to Work’ in an Economic Times
survey58.

1.34AMBUJA CEMENT:

INTRODUCTION: Ambuja Cements Ltd, a part of the global conglomerate

LafargeHolcim, is one of the leading cement companies in India and is known for its
trouble-unfastened, domestic-constructing answers. Its precise merchandise tailor-
made for Indian climatic conditions, sustainable operations and projects that
strengthen the business enterprise's philosophy of contributing to the larger accurate
of the society have made it the maximum trusted brand in Indian cement industry59.

71
 Ambuja Cement aspires to be the most competitive and sustainable company
in the cement manufacturing industry. Acting in a sustainable manner is not only a
business imperative but also provides the company with a competitive advantage. We
believe that a company is not measured only through its profits; its True Value lies in
what it gives back to the people and the environment. The core of our sustainability
philosophy is based on shareholder benefit, safe operations, environment conservation
and social well-being.

Ambuja Cements Limited is an India-based holding company, which is

engaged in the manufacture of clinkers and cement. The company operates through
cement and cement related products segment. The company has a range of products
for the business to business and retail markets. The company's product, Ambuja Plus
Roof Special, is suited for constructing roofs and slabs. The company also co-owns
two brands in micro materials category. These include Alccofine, which includes a
range of micro slag materials, and Dirk Pozzocrete, which includes superfine fly ash.
Alccofine Micro Materials are used in construction projects, such as metro rail, dams,
roads, flyovers, bridges and tunnels59.

AMBUJA CEMENT AT A GLANCE: Ambuja Cements Ltd is India’s foremost

cement company known for its hassle-free, home-building solutions. Unique products
tailor-made for Indian climatic situations, sustainable operations and tasks that boost
the company’s philosophy of contributing to the larger good of the society, have made
it the maximum trusted cement brand in India59.

The company has many firsts to its credit – a captive port with four terminals
that has facilitated timely, cost-effective, Cleanser shipments of bulk cement to its
clients. The brand new products no longer simplest fulfil crucial purchaser wishes
however additionally assist in considerably reducing carbon footprints59.

Ambuja Cement is the industry chief in responsible use of resources, each

natural and man-made. The employer has been certified over five instances water
positive, a feat carried out through conservation efforts and increasing water
efficiency in its flowers. Five instances of overall plastic used. The enterprise
additionally generated 7.4% of its power desires from renewable resources59.

72
 The business enterprise's most unique characteristic is its approach to
business. Ambuja Cement follows a unique homegrown philosophy that gives
Human beings the authority to set their own goals and the liberty to obtain their
desires. Its focus has been consistent on two major building blocks that has resonated
through its daily operations – Quality (of products) and Safety (of all those involved
in the creation of its products) 59.

HISTORY OF AMBUJA CEMENTS LTD: Ambuja Cements Ltd a part of the

global conglomerate LafargeHolcim is the various main cement agencies in India. The
company sells cement under the Ambuja brand. As of 31st December 2018 the
company has 6 direct subsidiaries 1 joint venture and 1 joint operation. Ambuja
Cements Ltd (ACL) was incorporated on 20th October 1981 as Ambuja Cements Pvt.
Ltd. The company was established as a joint venture between the public sector
Gujarat Industrial Investment Corporation (GIIC) and Narottam Sekhsaria &
Associates65.

In the year 1985 the company set up a cement plant in technical collaboration with
Krupp Polysius Germany Bakau Wolf and Fuller KCP. During the year 1988-89 the
company commissioned the 12.6 MW diesel-generating sets.

In the year 1991 the company got necessary approvals for setting up another cement
plant with 1 million tonne capacity per annum at Himachal Pradesh. The company
undertook bulk cement transportation by sea to the major markets of Mumbai Surat
and other deficit zones on the West Coast.

In 2006 Global Cement Major Holcim acquired management control of the company.
The company commenced commercial production at two new 2.2 million tonne
clinker production lines at Bhatpara (Chattisgarh) and Rauri (HP) in December 2009
and January 2010 respectively.

In the year 2011 the company started commercial production in a new cement mill at
a cost of approx Rs. 185 crore at Bhatpara plant. Also they commissioned a new
cement mill of 0.9 million tonne cement grinding capacity at Maratha Cement Works
plant at a cost of approx Rs 61 crore. The company commissioned a 7.5 MW Wind
Mill project in Kutch Gujarat at a cost of Rs 46 crore. The company increased the

73
installed capacity in Bhatinda grinding unit in Punjab by 0.1 million tonne to reach at
0.6 million tonne.

On 24 July 2013 the Board of Directors of Ambuja Cements approved a proposal to

acquire 50.01% stake in ACC. It was decided that Ambuja would first collect from
Holderind Investments Ltd. Mauritius (Holcim) a 24% stake in Holcim India for a
cash consideration of Rs. 3500 crore followed by using a merger of Holcim India into
Ambuja.

On 10th July 2015 Holcim Ltd. Switzerland and Lafarge SA France announced the
completion of their global merger to create Lafarge Holcim Ltd. (LH) a world leader
in cement and building material industry. LH is present in 90 countries with around
115000 employees. LH is the ultimate holding Company and Ambuja continues to
receive all-round support from them in various facets of the Company's business and
support functions.

On 29 April 2017 Ambuja Cement announced the launch of a superior composite

cement product for better sustainability under the brand Ambuja Compocem. Ambuja
Cement's Board of Directors at its meeting held on 5 May 2017 approved constitution
of a special committee of directors with majority of independent directors to explore
the possibility of a merger of Ambuja Cement and ACC.

During the year 2018 the company allotted 584417928 equity shares of the face value
of Rs.2 each under the Scheme of Amalgamation with Holcim India Pvt. Ltd. (HIPL)
to the shareholders of HIPL. At the same time 150670120 equity shares which were
held by HIPL were cancelled as cross holding in terms of the said Scheme. As a result
of the allotment of new equity shares and cancellation of cross holding the equity
share capital has increased from Rs.3103794842 divided into 1551897421 equity
shares of Rs.2 each to Rs.3971290458 divided into 1985645229 equity shares of Rs.2
each. In FY 2018 Ambuja acquired a new coal block the Gare-Palma sector-IV/8 in
Chhattisgarh - through the e-auction of coal blocks conducted by the Government of
India. This acquisition will secure long-term security and savings in cost of fuel for
the plants. The estimated CAPEX for the development of this coal block would be
approximately 370 crores and mining operations expected to commence in 2018.

74
In the year of 2019 Ambuja Cement proclaimed its association with Jaipur pink
panthers at pro kabaddi league 201965.

VISION: “To be the most sustainable and aggressive organization in our industry65.”

MISSION: To create value for all65

 Thrilled customers.

 Stimulated employees.

 Enlightened companions.

 Energized society.

 Dependable shareholders.

 Wholesome environment.

THE BRAND STORY: Ambuja Cement was founded in 1983 by Narotam Sekhsaria
and Suresh Neotia, two traders with very little knowledge of cement or
manufacturing. What made up for this lack was their farsightedness: Anticipating that
cement would be a critical resource for a developing economy like India, they
invested in a state-of-the-art cement plant in Gujarat and went on to build a trusted
cement brand that has become synonymous with quality and strength60.

The pioneering spirit of the founders manifests today in Ambuja Cement’s

spirit. It is this desire to push boundaries and achieve results that has enabled the
company to become one of India’s foremost cement companies. And this premier
status got a boost in 2005 – Ambuja Cements (as the company was known then) and
another premier Indian cement company, ACC Limited, became a part of the reputed
Holcim group of Switzerland. Later, in 2015, Holcim Limited and Lafarge SA came
together in a merger of equals to form LafargeHolcim – the new world leader in
building materials60.

The spirit of I Can: From a single plant with a capacity of 700,000 tonnes per annum
in 1986 to a cement giant with 5 integrated cement manufacturing plants and 8 cement
grinding units with a total capacity of 29.65 million tonnes in 2016, the company has
come a long way in only 30 years of its existence. The first cement plant was set up in
a record time of two years, an illustration of the I can philosophy which continues to
inspire and motivate the company to become one of the most efficient, sustainable and

75
innovative cement companies in the world. This spirit of I can also finds expression
inside Ambuja Cement in its philosophy of letting its employees set their own goals
and giving them the freedom to achieve them. This autonomous work culture creates
an environment which is conducive to growth and sets no limits to excellence and
efficiency. It is this work culture which has enabled Ambuja Cement to maintain the
highest standards of quality over the past 30 years. In 2010, the company received an
ISO 9001:2008 certification for quality, an ISO 14001:2004 certification for
environmental systems and OHSAS 18001:2007 by BSI (UK) 60.

Cementing the culture of innovation: Ambuja Cement has encouraged its people to
find ingenious solutions to seemingly intractable problems: When the cost of
transporting cement by road seemed expensive, it became the first Indian company to
use the sea to transport cement in bulk. In 1993, a whole system was set up to conquer
the lucrative cement market in Mumbai65.

Embracing sustainability, one step at a time: The Company’s community outreach

programme, measures for sustainability and water conservation, agricultural
interventions project and its environment protection measures conform to the
standards set by the world’s best. Ambuja Cement is the only cement company in
India to be four times water positive. In 2009, Ambujanagar won the 'Best
Environmental Excellence in Plant Operation’ a national award by NCBM. Ambuja
Cement has also been conferred with the country wide Award for notable pollutants
control by way of the top Minister of India. The Confederation of Indian Industries
(CII) recognized Ambuja Cement’s efforts to mould their business to assimilate the
principles of sustainability in 2012. Ambuja Cement was also conferred with a CII
Sustainability Award 2012, presented by the President of India65.

76
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