indian retail report opening more doors

8/12/2019 Indian Retail Report Opening More Doors

1/20

January 2013www.deloitte.com/in

Indian Retail MarketOpening more doors


2/20

2


3/20

Indian Retail Market Opening more doors 3

Contents

The Indian scenario 4

Evolution of the FDI policy in multi-brand retail 6

Policy implications 7

Political landscape with respect to the new FDI policy 14

Tax and Regulatory implications 15Road ahead 16

Finally 18


4/20

4

The Indian scenario

The recent wave of reforms by the Government toincentivize Foreign Direct Investment (FDI) in varioussectors is bringing a new zeal to the investment climatein India. One of the most debated reforms is the policyfor allowing 51 per cent FDI in multi-brand retail.

Deloitte, in the past, has expressed its views on FDIin multi-brand retail, while the policy was still at theproposal stage. In August 2010, it published a paperChanging with the changing times in which theIndian retail landscape was analyzed along with thepotential impact of FDI in the retail industry. The paperalso predicted that given the then prevalent politicallandscape, there was a high likelihood of allowing FDI inmulti-brand retail.

Deloittes paper published in September 2011,Embracing a new trajectory analyzed various retailsub-segments in terms of their growth potential andpenetration of organized retail. Food and Groceryretail and Apparel retail emerged as the most lucrativesegments because of their large market size and highgrowth. The paper further cautioned that there will beno one-shot or big-bang kind of approach towardsintroducing FDI in retail. Instead, foreign retailers shouldexpect a policy with number of conditions laid down, atleast init ially.

As predicted, the Government has now notied 51 percent FDI in multi-brand retail. The current paper shallclosely examine the implications of the policy acrossretail segments, business stakeholders, as well as,foreign retailers.

Organized retail, which constitutes 8 per cent ofthe total retail market, will grow much fasterthan traditional retail. It is expected to gain ahigher share in the growing pie of the retailmarket in India. Various estimates put the shareof organized retail as 20 per cent by 2020.


5/20


Retail market in IndiaThe Indian retail industry has experienced growth of 10.6% between 2010 and 2012 and is expected to increase toUSD 750-850 billion by 2015. Food and Grocery is the largest category within the retail sector with 60 per cent sharefollowed by Apparel and Mobile segment.

60%

8%

6%

5%4%

3%3% 11%

Food and Grocery Appareal

Mobile and telecom Food service

Jewellery Consumer ElectronicsPharmacy Others

424518

869

0

200

400

600

800

1000

2010 2012 2015E

I n b i l l i o n

U S D s

Source: India Retail Report 2013, Images Group Source: India Retail Report 2013, Images Group

Note: For the purpose of above graph currency value for $1 is

taken as INR 50 in 2010 and INR 55 in 2012 and 2015

Within the organized retail sector, Apparel is the largest segment. Food and Grocery and Mobile and telecom arethe other major contributors to this segment.

38%

11%10%9%

6%

26% Appareal Food service

Food and Grocery Jewellery

Mobile and telecom Footwear

Consumer Electronics Others

33%

8%

6%

7%

4%

20%

11%

11%

92% 8%

Unorganized Retail

Organized Retail

Source: & Bradstreet retail sector overview, India Retail Report 2013, Images Group


6/20

6

Evolution of the FDI policy inMulti-Brand Retail Trade (MBRT)

The Government of India had been considering openingup the MBRT sector to FDI for some time. They hadreleased a discussion paper in 2010 on the topic andhad extensively gathered public, academic and industryviews on the issue. In November 2011, the Governmentcame out with its proposal for the new FDI policy.However, unable to achieve political consensus on theissue, they had to shelve their plans for the enactmentof the policy. Finally the Government decided to passthe new FDI policy on MBRT in September 2012.

The FEMA notication issued by the Reserve Bank ofIndia permitting FDI in the retail sector was laid beforethe Houses of Parliament and the same have beencleared without any modication.

The changes in some of thepolicy conditions indicatesgovernment intention toprovide a window to foreignretailers to cultivate/grow theSME segment

Timeline for evolution of Indian FDI policy inMulti-brand retail

The new policy contained a few key changes tothe November 2011 policy draft released by theGovernment.

May 2010

June 2011

Aug 2011

Nov 2011

Sep 2012

DIPP* releases a discussion papersoliciting public views on allowing FDI inretail sector.

DIPP circulates a draft framework to COSproposing FDI in multi-brand retail up to

50 per cent in phases

Committee of Secretaries (COS) approvesDIPP draft framework for allowing up to50 per cent FDI in multi-brand retail

Ministry of Commerce releases a pressnote specifying the major tenets of

proposed FDI policy in multi-brand retail

Union Cabinet passes and enacts thenew policy allowing up to 51 per centFDI in multi-brand retail sector

*Department Of Industrial Policy & Promotion

Policy notied in September 2012

5 year window was allowed toinvestors to achieve the 30% sourcingfor the rst time

Retail trading through e-commercechannel has been prohibited forcompanies with FDI in MBRT

In States / Union Territories not havingcities with population exceeding 1million, retail stores are allowed inlarge cities of the States choice

Policy draft in November 2011

No mention of any time lines formeeting 30% sourcing from smallsegment

No mention of e-commerce

Only cities with population morethan one million


7/20


Policy implications

Implication of FDI policy on d ifferent sub-sectorsof retailThe FDI policy conditions will have a different impacton the various sub-segments of the retail industry inIndia. A policy condition might have a low impact inone segment but could be a major stumbling block foranother segment. In this section we have delved onthe implications of each FDI policy condition in MassGrocery, Apparel and specialty stores such as Beauty &Wellness and Consumer Electronics.

Minimum FDI of USD 100 millionMinimum FDI of USD 100 million and a constraint ofmaximum 51 per cent stake of the foreign entity implythat the minimum investment required by both, theforeign and the Indian partner together, is more thanINR 1000cr.

Mass Grocery and Apparel are two of the fastest

growing organized retail segments. In both thesesegments there are large domestic retailers who couldbe potential joint venture partners for foreign retailers.

Segment Existing player Revenue(In INR cr)

# stores

Apparel

Pantaloons 4097 1 >65

Shoppers Stop 1927 >50

Westside 8212 >60

Mass Grocery

Big Bazaar 69143 >210

Reliance Fresh 7,5994 >400

More NA >575

Beauty & Wellness

Apollo 8605 >1350

Medplus NA >980

Titan Eye+ 3286 >200

ConsumerElectronics

Croma NA >54

Ezone NA >44

Reliance Digital NA >75

Note: 1Revenue gure is of Pantaloons Retail India Ltd for 2010-11

2Revenue gures of Trent India Ltd for 2010-11 3Revenue gures of Future Value Retail Ltd for 2010-11

4Revenue gures of Reliance Retail (all formats), 2010-11

5Revenue from only pharmacy business in FY12

6Revenue from the eyewear and precision engineering division

Multi-brand specialty retail segment such asBeauty & Wellness and Consumer Electronicsare still in their nascent stage. Their currentmarket size may not hold a big potential forforeign retailers.


8/20

8

50 per cent of FDI in backend infrastructure in three yearsMinimum investment of INR 250-220cr is to be invested in backend infrastructure inthe rst three years. However, different retail segments have dynamic requirements ofbackend infrastructure.

Manufacturing Warehousing IT infra Logistics

Apparel

Do not have theirown manufacturingunits

Own warehouses indifferent regions ofIndia

Possess ITinfrastructurefor inventorymanagement

Outsourced to thirdparties

Mass Grocery

Many existingretail chains; ownprocessing centersfor private labelbrands

Own distributioncenters with crossdock facility & coldchains etc.


Own subsidiariesfor their logistics(For example FutureSupply Chain &Reliance Supply)

Beauty &

Wellness

Do not ownmanufacturingunits, except fewstores such aseyewear


Companies havecentralized databasemanagement

Outsourced to thirdparties by retailers

ConsumerElectronics

Source products ofother manufacturers



Either outsourced orcompany owned

Mass Grocery needs signicant investment in the backend. (For example foodprocessing unit, cold chains, etc.). However, other segments such as Apparel, Beauty &Wellness and Consumer Electronics have limited requirements in the backend. Further,as per the policy, land cost and rentals that might be incurred for warehousing arenot included in the denition of backend infrastructure. Hence, meeting this policyconstraint would be a challenge for any player in the retail segment other than MassGrocery.


9/20


30 per cent of sourcing from small industriesThis policy constraint implies that retailers should have at least 30 per cent sales fromprivate label brands or unbranded products sourced from small industries.

Segment Current sourcing practices

Apparel Private label apparels: Retailers source fabric and supply them to contract

manufacturers or purchase nished garments from low cost suppliers Other accessories: Non-apparel accessories like wallets, handbags etc. are becoming a

signicant part of total sales for apparel retailers.

Mass Grocery

Increasingly, companies are stressing on a private label portfolio in both groceryand non-grocery retailing because of the high margins (for example, private labelconstitute approx. 25 per cent of total products for Spencer's)

Companies are sourcing directly from producers to economize on the price andincrease margins (for example, Pantaloons retail subsidiary - Future Fresh FoodsLimited sources directly from producers)

Beauty &

Wellness

Retail chains such as Apollo and Guardian have private label brands (Guardian hasmore than 220 SKUs), which offer higher margins

For most OTC medicines, prescription-based medicines and beauty products, retailerssource from large pharmaceutical companies

ConsumerElectronics

Retailers source electronic products directly from the manufacturers and distributorsappointed by manufacturers or wholesalers

Even in case of private label brands, majority sourcing happens through foreign shores

Existing Mass Grocery retailers in India source many products directly from producersand small food processing units. However, suppliers of Consumer Electronic andother specialty stores such as Beauty & Wellness are large size companies.


10/20

10

Approval from State Government requiredThere are only 18 cities in India with populationmore than one million and the corresponding StateGovernment supporting FDI in multi-brand.

More than 50 per cent of the existing retailer stores(such as Spencer, Shoppers Stop, Lifestyle, Apollo etc.)are in states not supporting FDI in multi-brand. Thispolicy condition impacts the access to a signicantmarket. Further, limited cities means limited stores andreduces economy of scale.

Segment Existing player % stores in cities with pop>1mn & states supporting

Apparel

Shoppers Stop 46.3%

Lifestyle 51.4%

Reliance Trends 26.5%

Mass Grocery

More 27.5%

Spencer 30.5%

Spar 46.2%

Beauty & Wellness

Apollo Pharmacies 25.0%

Titan Eye+ 42.0%

Guardian 40.6%

ConsumerElectronics

Croma 68.5%

Ezone 67.4%

Reliance Digital 40.0%

Segment Existing player Percentage store in citieswith population >1mn

Apparel

Shoppers Stop 81.5%,

Lifestyle 85.7%

Reliance Trends 69.4%

Mass Grocery

More 60.2%

Spencer 87.4%Spar 84.6%

Beauty & Wellness

Apollo Pharmacies 55.0%

Titan Eye+ 89.3%

Guardian 66.5%

Consumer Electronics

Croma 96.0%

Ezone 90.6%

Reliance Digital 80.0%

Only cities with population more than one millionOnly 53 cities in India qualify under this policy condition.This policy constraint restricts the access to retail marketin all sub-one million populated cities and towns.

More than 80 per cent of stores of various multi-brandretail chains (such as Spencer, Spar, Shoppers Stop,Croma, Titan Eye+ etc.) are in cities with more than onemillion population. Hence, the policy condition maynot signicantly affect operations in most of the retailsegments.


11/20


E-commerce not permissibleMulti-brand retailers with FDI will not be able touse e-commerce, whereas, Indian retailers can usee-commerce as another channel for sales.

Most of the existing retailers in Mass Grocery andmulti-brand Apparel do not use e-commerce to sell theirproducts. Even in specialty retailers such as Beauty &Wellness, e-commerce does not form a signicant partof their sales. Hence, this policy constraint should notmaterially impact operations.

SummaryPolicy conditions of 50 per cent investment in backendand 30 per cent sourcing from small industries are thetwo most difcult conditions to be met for FDI in multi-brand specialty retail such as Consumer Electronics,Beauty & Wellness etc.

Segment Existing player Using E- Commerce

Apparel

Shoppers Stop

Lifestyle

Reliance Trends

Mass Grocery

More

Spencer

Spar

Beauty & Wellness

Apollo Pharmacies

Titan Eye+

Guardian

ConsumerElectronics

Croma

Ezone

Reliance Digital


12/20

12

Implication of FDI policy on different stakeholdersFarmersHigher penetration of organized retail would reducethe role of the middleman and enable better realizationof price to farmers. Farmers will gain support from theretailers with whom they will share a common interest.This is expected to enhance productivity of farmingactivity.

Farmers could access large markets through the

organized retail chains. With improved supply chain,retailers will pick up the produce right from the elds.This will save transport costs incurred to take theproduce to the local mandis .

SME segmentThe policy condition of 30 per cent sourcing from thesmall enterprises will enable the SME segment to workwith the large retailers and have access to a much largerregion in India and potential access to world markets.

Traditional retailIn the last three years, both, modern retail andunorganized retail, have continued to grow. Due to realestate space constraint in prime locations within cities,traditional trade will continue to be a convenience storenext door, whereas, organized retail is more likely togrow in the suburbs and outskirts of large cities.

Both organized and unorganized retailers will coexistas both offer different value propositions to customers.

Organized retailers provide discount on bulk purchaseand on ambience, whereas, traditional retailers provideconvenience and top-up shopping.

ConsumersFood and Grocery, followed by Apparels, accounts fora signicant proportion of the expenditure of Indianconsumers. The consumer is more brand conscious inConsumer Electronics, Footwear and to some extentin Apparels. For Food and Grocery, the expenditure is

predominantly on non-branded products.

With the entry of foreign retailers in multi-brand retail,the consumer will have a wider choice and a bettershopping experience. There might be a gradual shift inconsumption patterns such as non-food items gaining alarger share of the pocket and consumption of brandedproducts in grocery items.

Existing multi-brand retailersFDI in multi-brand retail would benet capitalconstrained retailers and could reduce the piling debt ofmany Indian retailers. FDI would accelerate the pace ofinvestment in the supply chain to meet the demands ofincreasing scale which would in turn benet the existingplayers. Indian players have no restriction on sourcing,e-commerce, location of retail stores - investmentsin backend infrastructure etc. hence would hold acompetitive advantage over any retail chain with FDI.

Various policy conditions for FDI in Multi-Brand Retail makes Mass Grocery andApparel the two most favorable segments


13/20


Macroeconomic ImpactFDI in multi-brand retail is likely to bolster retailcapabilities by attracting foreign investments.Appropriate implementation of the policy is expectedto address a number of supply side constraintsplaguing the Indian agricultural sector and help reduceinationary pressures.

Indian agriculture has been traditionally plagued withlow food-grains productivity and inefcient distribution.Increased scale of investments and better supply chainprocesses will help increase productivity and distributionefciency. The agricultural sector can see higher use oftechnology in farming, packaging and storing leadingto reduction in supply chain impediments, thereby,reducing supply side inationary pressures.

Better retail access is also likely to provide consumerswith wider product choice and rationalized prices.

Expected future trends in the retail segment in IndiaA. FDI in specialty stores: Multi-brand organized retail in specialty stores such as Consumer Electronics,Footwear, Furniture and Furnishing

etc. are expected to expand and mature in the next few years. However the policy condition on sourcing will continue to be a majorbottleneck for FDI in many of these segments

B. Dominance of unorganized retail: Flexible credit options and convenient shopping locations will help traditional retail to continue itsdominance in retail sector.

C. Growth in small cities and towns: Stiff competition and saturation of urban markets is expected to drive domestic retail players to tap thepotential in small cities.


14/20

14

Political landscape with respect tonew FDI policy

The main opposition party of India and its allies arecurrently opposing the FDI in multi-brand retail. Some ofthe ruling party allies such as DMK, UDF (Kerala) are alsoagainst the policy.

Elections are due in Karnataka, Madhya Pradesh,and Chhattisgarh in the next two years and hencethese states may change their stance on FDI in MBRTdepending on who comes to power.

The principal opposition party supported the FDI inMulti-Brand Retail when it was in power at the Centerin 2002. Further, many of the current allies who opposethe policy are still supporting the UPA Government.

Supporting States / Union Territories

Opposing States

States not yet decided


15/20


Tax and Regulatory Structure

Capital StructuringIn the post liberalization scenario, India is considered apremium destination for foreign investment. It is, hence,essential to have a thorough understanding of thealternative funding options available in the market.While it is an attractive investment destination, Indiaposes some unique and interesting challenges topotential investors. Thus, navigating such risks not onlyrequires one to be aware of the available options, butalso identify all exogenous factors that can probablyimpact them.

Therefore, nancing a business requires rigorousbackground evaluations, such as studying the type ofbusiness entity, nature of business, prevailing economicscenario, duration of nancing requirement, etc. Inaddition, there are various structuring models forinvestments in India. So, to hedge investment risksand comply with various regulatory restrictions, foreigninvestors may invest in the form of a joint venture

company.

Foreign companies could also invest in India througha franchisee model. However, other investmentstructures could also be considered in order to enablecompliance with the regulatory requirements. Typically,prots generated through investment are repatriated inthe form of dividend/ royalty payments to the foreigninvestors. Nonetheless, there are various tax andregulatory implications associated with such investment

/ repatriation models. Thus, investors would typicallystructure their investment in a tax efcient manner as

this will enable easy repatriation of capital and prots.Therefore, capital structuring plays an important rolewhile making any investment decision.

Multi-Brand Retail Trade (MBRT)As FDI in MBRT is restricted to 51 per cent, the foreigninvestor shall require an Indian joint venture partnerto invest the balance 49 per cent. A new joint venturecompany may be set-up in India, which shall have multi-brand retail stores in India.

Alternatively, the foreign investor may also consideracquiring 51 per cent stake in the existing businessset-up of the potential Indian joint venture partner.However, due to the location restrictions and StateGovernment policies, the existing Indian business mayneed to be reorganized before the foreign investor canconsider investing in the existing Indian business.

Repatriation strategyForeign capital invested in India is generally allowed tobe repatriated along with capital appreciation, if any,after payment of tax dues on them, subject to othertax and regulatory conditions. Hence, in formalizinga strategy to achieve a tax efcient repatriation, thefollowing aspects/options could be examined in detail:

Review of FinancialModel

Review of nancial model from atax perspective to eliminate any taxinefciencies

Review of Royaltyagreements

In the case of Joint Venture (JV)arrangements for investing in India, reviewof royalty agreements, if any, from a taxperspective

Suggesting effective tax planningopportunities so as to minimize taxexposures, if any

Analyzing the transactions from taxperspective and complying with theTransfer Pricing (TP) requirements

JurisdictionAnalysis

Jurisdiction Analysis for tax ef cientinvesting

Analyzing/following alternatives forstructuring investments in India: Direct investment in India; or Investment through an IntermediateHolding Company

Analyzing mechanism for up-streamingincome and alternative exit strategiesfor repatriation of capital and prots intax-efcient manner

Transfer PricingPlanning & Analysis

Transfer Pricing planning and analysis forfacilitating arms length transactions andproper documentation

Indirect taxation Indirect taxes play a very important role indeciding the costing and consequently, thepricing model in a supply chain.

Paradigm Shift in tax reformsIndia is currently undergoing a saga of changes in itstax laws. Direct taxes Code, Goods and Services Tax Act,Recommendations made by the Dr. Shome Committeeon General Anti Avoidance Regulations (GAAR) andretrospective amendments on indirect transfers are alldocuments indicating a complete overhaul of the taxlaws in India.


16/20

16

Execution ChallengesThe advent of FDI policy of September 2012 can pavethe way for modernization of the Indian retail sector,however, the journey ahead is challenging. Even well-heeled MNC retailers will have to pay heed to the Indianpolitical, social and competitive landscape, if they wantto succeed in the Indian retail sector.

Availability of Retail Space: Hypermarkets require morethan 60,000 sq. ft. and departmental stores requiremore than 20,000 sq. ft. of retail space. Such retail spacein prime locations in the big cities is scarce and availableonly at high rental costs.

High rental cost: The Indian retail rentals have beenquoted to be around 300-400 basis points higher thaninternational rentals. Rents in prime properties haveincreased by 50 per cent in just three years. Accordingto an industry estimate, rentals comprise approx. 40per cent of total cost of sales in the retail sector. Thus,successful negotiation of rents would constitute a keysuccess factor for MNC retailers.

Clarication on certain policy features: The policynote does not specify whether investment in back endinfrastructure needs to be a fresh investment or if foreigncompanies can buy stakes in already established backendinfrastructure.

Red Tape Getting various government approvals: Entry of a multi-brand MNC retailer in the retail sectorwould fall under the approval route. This implies that theMNC retailer would have to go through different layers

of Government departments before getting thego ahead.

Political Risk: The largest opposition party in Indiahas opposed FDI in retail and some of its leaders haveindicated that they will scrap the policy if their partycomes to power. A political change in state and centralgovernments puts a lot of political risk on investment inretail.

Skilled Manpower: One of the major challengesfaced by the existing players is the availability of skilledmanpower; any foreign retailer planning to enter Indiawill have to face similar challenges.

Infrastructure Challenge: Roads, ports, electricity aresome of the infrastructure challenges, which increase theoperational cost of the retail chain.

Currency Fluctuation: In the past three months, thedollar/INR exchange rate has uctuated by approx. 8per cent. This may put considerable currency risk on anyforeign investment in India.

Way ahead for international retailerMNC players need to take cognizance of a host ofconsumer behavioral issues and policy implicationsbefore deciding on their foray into the Indian retailmarket.

Right Partner: The success of the business will beheavily inuenced by the choice of partner. Internationalplayers should partner with players who will help themreach the end customers and possess lucrative front-endretail infrastructure. An established player in the retailmarket will help bring in customers while the foreign

player can used its expertise in supply chain and logisticsto further enhance the operational efciency.

Road Ahead

The key challenges for international playerslooking to enter the Indian retail sector arehigh real estate rentals and an uncertainpolitical environment of the country


17/20


India is not one market: States in India differ in termsof culture, language, socio-economic development etc.Further, different spending power r esults in differentcustomer segment even within a state. This makes itimperative on the part of the international retailers tocustomize their offerings to suit regional Indian tastes.

Real Estate Choice: Another critical success parameteris the real estate choice at prime location andreasonable rentals. This is especially true for a multi-brand retailer, which requires a large retail space.

Private Label brand: To meet the policy guidelineson sourcing and to have better margins, foreignretailers would need to cultivate relationships with localmanufacturers to drive strong private label brand.

Way ahead for domestic retailersThe new FDI policy also presents a unique set ofimplications for domestic retailers. On one hand, thepolicy exposes the domestic retailers to competitionfrom foreign retailers; while on the other hand, itseeks to safeguard them through a slew of protective

measures.

FDI in multi-brand retail is a state subject and as perthe policy, e-commerce is not allowed as an alternatechannel as it can serve the customer beyond thephysical location of the store.

Restriction on foreign retailers from conducting multi-brand retail in towns with population less than onemillion can be construed as an enabling policy bydomestic retailers who should now focus their efforts toexpand their retail footprint.

Policy protects the expansion ofdomestic retailers in small townsand cities


18/20

18

Finally

Our opinion is that policies evolve with changes in thebusiness environment and the political landscape. TheFDI policy for single brand retail has evolved as theIndian market becomes more mature and the politicalsituation more stable. Similarly, FDI policy for multi-brand retail or its implication on the business may alsoevolve in future.


19/20


Contacts

Prashant DeshpandeSenior DirectorDeloitte Touche TohmatsuIndia Private Limited

+91 (022) 6185 [email protected]

Gaurav GuptaSenior DirectorDeloitte Touche TohmatsuIndia Private Limited


Deepak NettoSenior DirectorDeloitte Touche TohmatsuIndia Private Limited


Rajat BanerjiSenior DirectorDeloitte Touche TohmatsuIndia Private Limited+91 (0124) 679 [email protected]

Rahul ChakravartiDirectorDeloitte Touche TohmatsuIndia Private Limited+91 (0124) 679 [email protected]


20/20

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited byguarantee, and its network of member rms, each of which is a legally separate and independent entity.Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte ToucheTohmatsu Limited and its member rms.

This material and the information contained herein prepared by Deloitte Touche Tohmatsu India PrivateLimited (DTTIPL) is intended to provide general information on a particular subject or subjects and isnot an exhaustive treatment of such subject(s). None of DTTIPL, Deloitte Touche Tohmatsu Limited, itsmember rms, or their related entities (collectively, the Deloitte Network) is, by means of this material,rendering professional advice or services. The information is not intended to be relied upon as the solebasis for any decision which may affect you or your business. Before making any decision or taking anyaction that might affect your personal nances or business, you should consult a qualied professionaladviser.

No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any personwho relies on this material.

2013 Deloitte Touche Tohmatsu India Private Limited Member of Deloitte Touche Tohmatsu Limited

indian retail report opening more doors

Documents