WRITTEN ANALYSIS AND COMMUNICATION II

The Dairy Industry: AMUL Assignment 2

Submitted to Dr. Gita Chaudhuri

Submitted by GROUP 1A Aashima Priye Pankaj Kumar Singh Ritu Singh Sushil Ramteke Vidushi Yadav

On October 28, 2012

EXECUTIVE SUMMARY Amul, being a giant in dairy industry and a veteran too gives one a huge opportunity to learn the business and analyze its operations The report has been prepared such that it gives insight on the history, mode of operation, current position and future prospects for Amul. India today is the largest producer of milk in the world owing to the White Revolution program of Amul. The dairy and food industry in India is huge and continues to thrive with increasing purchasing power of Indians. Not only has it served c ommon mans rightful need of nourished life, but also has been a huge source of employment in rural India. Amul has unarguably been the leader in the dairy sector of India since its inception. With turnover as high as Rs 11,000 crore and volume of milk production being 115 million tons, Amul looks poised to take the future challenges head on and continue to pave its way towards achieving greater heights. Despite its strong presence and even stronger future planning the threats to Amul cannot be negated. Due to low entry barrier many domestic as well as international players have spawned and have acquired a strong position in the market. As they continue to rise, Amul has to come up with new policies and strong planning to sustain in the market as the bellwether of the dairy industry. There are many glaring challenges faced by industry as a whole and Amul in particular. Be it animal health care, dearth of financial assistance, challenges in penetrating rural market or adulteration, this sector has its share of unsolved riddles. The marketing and advertising strategy is what gives Amul a boost and continues to be the might of the company. Amul has strong plans for the future which includes continue milking its strength and work upon its weaknesses.

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Table of Contents
DAIRY INDUSTRY OVERVIEW .............................................................................................................. 4 Industry Definition................................................................................................................................... 4 Dairy Industry in India ............................................................................................................................ 4 Industry Size ........................................................................................................................................... 4 Industry Structure ................................................................................................................................... 4 Production ............................................................................................................................................... 5 Consumption ........................................................................................................................................... 5 Regulatory changes in the Industry ..................................................................................................... 5 Competitive Analysis of Indian Dairy Industry ................................................................................... 6 Key Challenges Faced by the Indian Dairy Industry ......................................................................... 6 ABOUT THE COMPANY .......................................................................................................................... 7 MARKETING ............................................................................................................................................... 8 Advertising ............................................................................................................................................... 9 Technology .............................................................................................................................................. 9 FINANCIAL ANALYSIS ........................................................................................................................... 10 RESEARCH AND DEVELOPMENT ANALYSIS ................................................................................. 11 CURRENT MARKET POSITION AND FUTURE GOALS ................................................................. 12 Expansion .............................................................................................................................................. 12 Review of Operations .......................................................................................................................... 13 SWOT Analysis of AMUL .................................................................................................................... 13 CONCLUSION .......................................................................................................................................... 15 EXHIBITS .................................................................................................................................................. 17 BIBLIOGRAPHY ....................................................................................................................................... 20

DAIRY INDUSTRY OVERVIEW Industry Definition Dairy industry involves processing raw milk into products such as consumer milk, butter, cheese, yogurt, condensed milk, dried milk, (milk powder), and ice cream , using processes such as chilling, homogenization. (World Bank Group, 1998) Dairy Industry in India From the British era till date, the Indian Dairy Industry has been evolving. It has come a long way from a milk production of 17 million tons in 1951 to 110 million tons in 2009. Now it is considered to become the numero uno in the list of milk producing countries with the total volume of 115 million tons and contributes 15% to the total world milk production. This industry is a source of income for around 75 million rural families. (Technopak Advisiors Pvt. Ltd., 2010) Industry Size The Indian Dairy Industry stands at a size of US $45 billion and is currently growing at an annual rate of 7 percent in volume terms. (India Biz News, 2011) Industry Structure
Indian Dairy Industry

Organized Sector(20%)

Unorganized Sector(80%)

Cooperative Societies

Private Dairies

Government

Source: Technopak analysis

Unorganized sector consists of the small milk vendors who procure loose milk from the producers and sell it off directly to the customers living in urban and semi-urban areas. Organized sector of Indian dairy Industry consists of the Private Dairies, cooperative societies, and the government. In the organized sector the cooperatives are the major players. These cooperatives have a 3 level structure: 1. Village Level-Primary Societies 2. District Level-Unions 3. State level-Federations There are 170 Milk Producers Cooperative unions which come under 15 state cooperative milk federations. Private Dairies procure milk directly from the farmers. Some of these private dairies have set up their own societies for milk collection at the village level. Production The Indian Dairy Industry unlike the other milk producing countries concentrates on both cow and buffalo milk. The bovine population comprises of 46% buffaloes, 40% indigenous cows and 14% imported north American/European cattle crossbreeds. Out of the total milk production, 55% comes from buffaloes and rest from dairy cows. (Indian Dairy Industry) Consumption Of the total milk produced in the country, 45% is consumed in its primary form while the rest of 65% is consumed in processed form. (Exhibit1) (Indian Dairy Industry) Rural household accounts for the 50% of the consumption of the total milk production while the rest is sold in the domestic market. Consumer demand is increasing at a much higher rate, than the rate of growth of the Indian Dairy Production. Regulatory changes in the Industry De-licensing of dairy sector in 1991 (India Biz News, 2011)

No industrial license required for dairy industry Import restrictions to protect domestic market (Karmakar & Banerjee, 2006) Excise duty on dairy machinery waived off

Key Legislations (Food and Agriculture organization of the United Nations, 20069) Milk and Milk Products Order (MMPO) 1992 This legislation replaced the IRDA, 1952 regulation in the liberalization wave of 1991.This regulation specified that milk could be procured only from registered milk sheds and there was restriction on the processing capacity. However this opened doors for the private players. Revised MMPO 2002-Controls were withdrawn. These regulations basically set standards for the sanitary and hygienic requirements, and quality control certifications. Competitive Analysis of Indian Dairy Industry Threat of Competitors-High as entry barrier is very low, and many brands and local players make up the competitive rivalry. Threat of substitutes-Low as milk is an essential commodity for beverages such as tea, coffee etc. Domestic consumption habits are influential in making milk a favorite. Bargaining power of suppliers-Low as majority of the suppliers consist of rural households. However regulations have protected the interests of the rural households by imposing a minimum price. Bargaining power of customers-High, because of the presence of many players in the organized sector and a large unorganized sector. Key Challenges Faced by the Indian Dairy Industry Issues at small holder level: Lack of good quality feed and animal health care facilities, High production cost, less financial assistance, lack of chilling storage facilities Issues at collection level: Information gap, lack of infrastructure, no screening system for detection of diseases/adulterants, too many intermediaries,

Issues at processing level: Seasonal production, absence of quality standards, food safety and adulteration, lack of skilled workers Issues at co-operative level: Low prices of milk, poor infrastructure, low percentage of member farmers Issues for marketing: Presence of large unorganized sector, low penetration of organized sector products in rural market, no transparent milk pricing system

ABOUT THE COMPANY Originally, the Kiara District Cooperative Milk Producers Union Limited was founded in 1946 in protest against the exploitation by the middlemen in trading practices. The Gujarat based dairy cooperative, Gujarat Cooperative Milk Marketing Federation Limited (GCMMF) popularly known as (and hereafter referred to as) AMUL, later set up in 1973, is the apex organization of dairy cooperatives of Gujarat. It manages and markets the Amul brand. Apart from aiming to serve the interest of customers, it also strives to provide substantial returns to the farmers. Through the AMUL Model, milk producers are given the power to control the procurement, processing as well as marketing of the products. The model is a three tiered structure as depicted in the flow diagram. The structure not only eliminates internal competition but also aids in achieving economies of scale. This model has bolstered the growth of India to emerge as the largest milk producer in the world. Seventy percent of Amuls producers are landless laborers or marginal farmers (Wikipedia, 2012).

PRODUCER

Village Dairy Cooperative Society

District Milk Unions

State Cooperative Milk Marketing Federation

CONSUMER

The AMUL Model, Source: http://www.amul.com/m/organisation

Consequently, it spurred the White Revolution in India, in the process making Amul the largest food brand in India. The father of White Revolution, Dr. Verghese Kurien is the founder-chairman of GCMMF. Recently, in August 2012, Vipul Chaudhary was elected chairman following a court intervention. The cooperatives maintain democratic structure at the grass-root level with the management at village level elected from among the members in most of the villages. Amul later ventured into overseas markets also. It is the largest exporter of milk products in India. AMULs product range comprises of milk, milk powder, ghee, butter, cheese of various types, ice-cream, cottage cheese, chocolates, and traditional Indian sweets. Currently, the total number of producer members stand at 3.18 million with a milk handling capacity of 13.67 million liters per day. The sales turnover of GCMMF in 201112 was Rs. 11668 Crores (Amul). It functions through 30 dairy plants distributed across the State. The Amul family today has grown to over 190 dairy processing plants spanning across the country (Wikipedia, 2012).

MARKETING The strategies and ideology of AMUL behind its business: 1) Long Term and sustainable growth to its farmers who are the core for its business. 2) Value proposition to its customer by providing milk (Main Product) and other Dairy milk at lowest price. Second strategy plays an important role in segmentation, targeting and positioning point of view because AMUL adopted low price strategy to make their product affordable which also guarantee value to the customers. The villages have formed Dairy

Cooperative Society which run small collection shops set up to collect milk from farmers twice a day. The farmers are paid about $1 for a cows output, seeing that Gujarat Cooperative Milk Marketing Federation provides basic nutrition and veterinary facilities to the cows (Aster, 2012).

The success of this strategy is well recognized and remains the main plank of AMULs strategy even today. So, even they introduce their high value product then also their main focus would remain on the low cost product. Apart from this, AMUL majorly focus on their core activities which are to produce milk and produce the different dairy products. So, marketing, distribution and logistics are handled by third party on which AMUL have considerable amount of control for the better functioning of business Advertising The ad campaign of Amul has always been unique with a tagline as Utterly Butterly Delicious Amul. The amul girl is being positioned as the cutest girl and the company makes ads on the current situation to relate more to the public. The ads offered a regional touch to the people, for example the hoardings in Kolkata carried a line bread without Amul, cholbe na, cholbe na (Dacunha, 2012) Technology Amul has used technology and processes to provide benefits to its customers. It makes use of Information and Communication technology (ICT) which makes the system efficient and help in reducing the cost to the company. It implemented the ERP system from SAP Labs India (Aster, 2012). With three million farmers and two transactions per individual makes the whole system quite complex and challenging to manage. It is also using GIS (Geographic information system) (Satpathy, Oct-Dec-2011) for the optimization of the process which tracks the movement of milk at various centres. This system is used to capture business data at farmer level as well as animal level, the findings as a result help in capturing low performance areas. Amul is working towards automating its entire supply chain, thus making the flow of information seamless.

Data of members

Production data

Village Cooperative Society

Milk Union

GCMMF

Milk Supply

Milk Supply data

The superior end of value chain of GCMMF. Source: http://planningcommission.nic.in/ FINANCIAL ANALYSIS Amul is an Indian dairy cooperative. Amul is a brand of Gujarat Co-operative Milk Marketing Federation Ltd and it is not having any market value of share. Whenever Amul requires money for its business then it issues number of shares but it issues shares only to shareholders or member of Gujarat Co-operative Milk Marketing Federation Ltd and not to others. Gujarat Co-operative Milk Marketing Federation Ltd is given AAA rating by credit rating agency for debt program and to offer highest safety of timely payment of interest and principal. (AMUL) Revenue of Amul dairy is US$2.15 billion in 2010-11. (Wikipedia Amul)The capital structure gives detailed information about how capital is raised for the company. The capital structure of Amul Dairy taken from Exhibit 3 is as follows: Capital structure Shares Capital Reserves Secured Loans Unsecured Loans Operating profit March, 2011(Rs in Crs) 100 93.03 4.56 2.60 63.43 March, 2010(Rs in Crs) 50 100.01 7.02 1.38 63.95

Source of working capital of Amul: Gujarat Co-operative Milk Marketing Federation Ltd gives dairy amount which is decided by union Deposits of shareholder of Gujarat Co-operative Milk Marketing Federation Ltd are major source of finance Interest of fixed deposit of various banks of India

Liquidity Factor GCMMF is having ample liquidity. As on March 31, 2011 federation is having cash surpluses of Rs.960 million against debt of Rs.72 million. The bank limit of Rs.230 million also remains unused. GCMMFs cash accumulations of more than Rs.400 million per annum are sufficient to meet its enough capital expenditure plans and working capital requirements. (AMUL) Refer to Exhibit 2 for the detailed analysis of key financial ratios of Amul Dairy. 1) Debt- Equity Ratio: It is a measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets. As we can see that Debt- Equity Ratio is decreasing from 0.06 to 0.05 so it is a good sign for Amul dairy. 2) Current Ratio: A liquidity ratio that measures a company's capability to pay shortterm requirements. Current ratio is increased from 1.00 in March, 2010 to 1.04 in March, 2011 so it is a positive sign that capability of Amul dairy is increasing to pay short term working capital. 3) Return on capital Expenditure (ROCE): It tells us that how much one can earn after investing capital in the company. As we can see that it is decreasing so it is a negative point from company point of view. (Financial Ratios)

RESEARCH AND DEVELOPMENT ANALYSIS Research and Development(R & D) center was established in 1964 under Societies Act of 1860 as Amul Research & Development Association (ARDA). ARDA focuses in the

field of research and development of cattle breeding and animal health care and the Quality Management System of International Standards confirms ARDA activities. ARDA brings out various activities for dairy husbandry. Various programs are: Semen Production, Progeny Testing, Preservation and dispatch for Artificial Insemination, Fertility Improvement, Development of Village Resource Persons for Artificial Insemination and First Aid Dairy Heard Improvement, Mass Vaccination and Deworming, Extension Education for farmers on daily Practices in Dairy Husbandry etc. and the services are provided at the door step of farmers. (Research and Development)

CURRENT MARKET POSITION AND FUTURE GOALS Amul is now targeting its turnover to be Rs. 30,000 crore by 2020 from current figure of approximately Rs. 11,000 crore (Mehta, 2011). Amul is also concentrating on rural market by strengthening its logistics and distribution channel. Current market share of few of its product is as depicted below. Amul Products Butter Infant milk Dairy whitener Packaged milk (Mehta, 2011) Expansion 1. Amul has been expanding domestically with the latest plant being set up in Haryana with an investment of Rs 450 crore (PTI, 2012). 2. With presence in more than 40 countries, Amul already is the largest exporter of dairy products in the country. The major market is U.S., African countries, Gulf region, Thailand, Japan and China. Measures are being taken to further strengthen the global presence (VYAS, 2008). 3. GCMMF plans to invest Rs 3,000 crore, in next 6 years, to double its milk processing capacity (KULKARNI, 2012). Market Share 88% 63% 45% 26%

Review of Operations With its commitment to providing milk in every corner of our country Amul recorded more than 19% growth in the last fiscal year (Bhatol, 2012). It has now included states other than Gujarat too as its procurement source. Number of Amul Parlors has grown with a rate of 20% last year. SWOT Analysis of AMUL Strengths: 1. Having an Indian origin generates a sense of oneness and pride among the consumers. Also Amul now has a brand name that is top on the mind when it comes to the industry of dairy products. 2. It has a very strong network of milk producers with the number shooting above 3 million (www.mbaskool.com; BrandGuide; Food and Beverages, 2012). All its products are available at a very affordable price and are of high quality. 3. Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF), is the largest food brand of India (Wikipedia, 2012). It has a strong presence throughout India which makes it easily reachable to the people anywhere. 4. It has a very strong and effective advertising and marketing network. It has 50 sales offices, 5000 wholesale dealers, and more than 700,000 dealers spread across the whole country (Wikipedia, 2012). Weaknesses: 1. Amul faces strong competition from other players in segments like chocolate and ice-cream. It has relatively lower market share in these segments which overall has a huge market. 2. Difficult for farmers to expand due to low credit access and risk taking ability. 3. Low profit margin.

Opportunities:

Source: (Sharma, 2009) 1. Market share of Amul in segments like chocolates and ice cream is low and it has a huge opportunity of grabbing more shares in these lucrative segments (Sharma, 2009). 2. The rural market is largely untapped and has high potential. Increasing purchasing power makes such markets a viable target for its aspirational products. 3. Huge potential for exports. Threats: 1. Competitors like Cadburys and Nestle and domestic players like Parag, Mother dairy. 2. Majority of the Indian population still dont care about quality of milk, thus are reluctant to pay for value addition in quality. 3. The production is scattered leading to high transportation cost.

CONCLUSION Being a student of management education, seeking an apt organization for summer internship is pivotal in determining the trajectory one may follow after graduating from the business school. The basis of narrowing down on any particular company may be: 1. The degree to which the vision and purpose of the company aligns with that of selfs 2. Scope of learning and contributing 3. Scope of growth of the company as well as the industry 4. Coverage of domain offering Amul is a highly renowned company and it instills a feeling of nationality due to the nature of its origin and functioning. It was founded to better serve not only the Indian customers, but also the producers, with a view to make the producers self-sufficient by eliminating the middlemen. To be a part of an organization of such stature reaffirms ones sense of nationality. Amul continues to grow in the market and recently showed a sales turnover of Rs. 11668 Crores in 2011-12. Growth at this rate gives great scope of contributing to an intern. The Indian dairy industry itself accounts for 15 percent of the total world milk production. After the de-licensing of the dairy sector in 1991, the industry has experienced a consistent growth trend. The projected turnover of Amul is determined to be Rs 30,000 crore by 2020 (Mehta, 2011) showing a tremendous scope of growth. This can be achieved by catering to both the international market as well as the burgeoning domestic population. Given the efficient integration of Amul with the producer end, it gives great opportunity to get a holistic view in managing a business as opposed to only one particular field. Nevertheless, marketing department of the company stands out in the country through their innovative and captivating advertisements. Supply chain management is another area where one stands to gain a lot owing to integration. There is also scope in fields of pertaining to determination of product mix and brand management.

The expansion plans of the company, latest amounting to an investment of Rs. 450 crore (PTI, 2012), suggests it is still an ambitious company and is not complacent with its position in the market. It also plans to invest over Rs. 3,000 crore in the next year to fund its expansion activities (KULKARNI, 2012). On evaluating against the aforementioned criteria, Amul seems to be a promising place to pursue the summer internship program. One can cite various opportunities, to name a few, the potential for growth of market share of Amul in chocolates and ice creams segment. Amul strategy of cost leadership places it differently and allows it to stand out amongst other competitors. As the purchasing power of the tier- III and IV cities increase, Amul can act on this opportunity and align their marketing campaign to target these segments. Given the facts that are highlighted in the report, one may ascertain that Amul is a respectable organization to intern with and will give ample opportunity to a student of management education to learn and grow.

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EXHIBITS

Exhibit 1: Indias Dairy Product Mix (2009)

Source: IUF Dairy Division, Indian Dairy Industry

Exhibit 2: Amuls Financial Ratio Analysis Ratios Debt-Equity Ratio Current Ratio ROCE (%) March, 2011 0.05 1.04 21.36 March, 2010 0.06 1.00 22.96

Exhibit 3: Balance Sheet, Source: Company Analysis, Capitalline Database

Year (Rs in Crs) SOURCES OF FUNDS : Share Capital Reserves Total Equity Share Warrants Equity Application Money Total Share-holders Funds Secured Loans Unsecured Loans Total Debt Other Liabilities Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Less: Impairment of Assets Net Block Lease Adjustment Capital Work in Progress Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets Deferred Tax Liability Net Deferred Tax Other Assets Total Assets Contingent Liabilities Mar 11 Mar 10 Mar 07 Mar 06 40 51.62 0 0 91.62 5.62 0 5.62 0 97.24 Mar 05 40 46.25 0 0 86.25 7.89 0 7.89 0 94.14

100 50 40.01 93.03 100.01 60.52 0 0 0 0 0 0 193.03 150.01 100.53 4.56 7.02 11.17 2.6 1.38 0 7.16 8.4 11.17 0 0 0 200.19 158.41 111.7

445.25 423.49 356.45 342.68 265.96 300.57 278.23 212.68 194 171.03 0 0 0 0 0 144.68 145.26 143.77 148.68 94.93 0 0 0 0 0 9.89 5.91 0.65 0.72 33.69 0.73 0.73 0.73 0.73 0.73 266.81 371.96 231 177.79 227.01 31.6 28.93 30.67 30.76 26.58 96.35 111.32 70.68 73.38 80.37 7.38 10.35 6.46 9.86 40.15 402.14 522.56 338.81 291.79 374.11 327.21 490.69 349.98 325.39 363.91 32.92 25.69 18.6 15.06 41.27 360.13 516.38 368.58 340.45 405.18 42.01 6.18 -29.77 -48.66 -31.07 0 0 0 0 0 6.01 4.57 3.37 2.51 2.72 3.13 4.24 7.05 6.74 6.86 2.88 0.33 -3.68 -4.23 -4.14 0 0 0 0 0 200.19 158.41 111.7 97.24 94.14 170.02 57.96 21.84 24.88 20.42

Exhibit 4: Financial Ratios, Source: Company Analysis, Capitalline Database

11-Mar 10-Mar Key Ratios Debt-Equity Ratio Long Term Debt-Equity Ratio Current Ratio Turnover Ratios Fixed Assets Inventory Debtors Interest Cover Ratio PBIDTM (%) PBITM (%) PBDTM (%) CPM (%) APATM (%) ROCE (%) RONW (%) 0.05 0.01 1.04 0.06 0.01 1

7-Mar 0.09 0.09 0.88

6-Mar 0.08 0.03 0.87

5-Mar 0.49 0 0.9

22.52 30.63 323.23 55.49 0.65 0.39 0.64 0.54 0.28 21.36 15.97

18.9 12.13 12.33 11.05 21.52 20.75 18.53 16.6 276.65 138.09 130.83 127.48 23.02 8.76 7.42 8.09 0.8 1.3 1.15 1.14 0.45 0.57 0.55 0.56 0.78 1.23 1.08 1.07 0.64 1.07 0.9 0.84 0.3 0.34 0.29 0.26 22.96 23.31 21.57 12.92 15.93 15.17 12.38 8.95

BIBLIOGRAPHY
(n.d.). Retrieved from Research and Development: http://www.amuldairy.com/index.php?option=com_content&view=article&id=64&Itemid=129 www.mbaskool.com; BrandGuide; Food and Beverages. (2012). Retrieved from http://www.mbaskool.com: http://www.mbaskool.com/brandguide/food-and-beverages/3349amul.html Amul. (n.d.). Retrieved October 27, 2012, from Amul.com: http://www.amul.com/m/organisation AMUL. (n.d.). CRISIL Rating for GCMMF. Retrieved october 28, 2012, from AMUL: http://www.amul.com/m/crisil-rating-for-gcmmf Aster, N. (2012, October 16). How Amul Turned India into the Worlds Largest Milk Producer Sustainably. Retrieved from www.triplepundit.com: http://www.triplepundit.com/2012/10/amul-sustainability-india/ Bhatol, P. G. (2012, May). Retrieved from http://www.amul.com/: http://www.amul.com/m/38thannual-general-body-meeting-held-on-31st-may-2012 Dacunha, S. (2012, September 12). The story behind Amul's 'utterly butterly' ads. Retrieved from rediff.com: http://www.rediff.com/business/slide-show/slide-show-1-special-the-story-behindamuls-utterly-butterly-ads/20120912.htm Financial Ratios. (n.d.). Retrieved from Investopedia: http://www.investopedia.com/terms/r/ronic.asp Food and Agriculture organization of the United Nations. (20069). India: Increasing demand challenges the dairy industry. In M. Punjabi, Smallholder dairy development:Lessons learned in Asia (pp. 4457). Bangkok: RAP Publication. India Biz News. (2011, January 20). Dairy Industry: A profile. Retrieved from India Biznews Website: http://www.indiabiznews.com/?q=node/574 (n.d.). Indian Dairy Industry. IUF dairy division. Karmakar, K. G., & Banerjee, G. D. (2006). Oppurtunities And challenges in the Indian Dairy Industry. NABARD techincal digest, 24-27. KULKARNI, V. (2012, Feb). Retrieved from http://www.thehindubusinessline.com/: http://www.thehindubusinessline.com/industry-and-economy/agri-biz/article2866340.ece Mehta, S. G. (2011, Jan). Retrieved from http://economictimes.indiatimes.com/: http://articles.economictimes.indiatimes.com/2011-01-17/news/28430569_1_lakh-litres-milkmarketing-federation-gujarat-co-operative

PTI. (2012, Oct). Retrieved from http://economictimes.indiatimes.com/: http://articles.economictimes.indiatimes.com/2012-10-24/news/34708007_1_amul-gcmmfmilk-market Satpathy, D. R. (Oct-Dec-2011). Evolution of Technology in Co-Operative . THAVAN IJRMM , 24-25. Sharma, A. (2009, May). Retrieved from http://www.slideshare.net/: http://www.slideshare.net/asimtg/amul-chocolates Technopak Advisiors Pvt. Ltd. (2010). Public Private Partnership in Indian Dairy Industry. VYAS, B. (2008, Jun). Retrieved from http://www.financialexpress.com/: http://www.financialexpress.com/news/amul-is-now-available-in-over-40-countries/320252/0 Wikipedia. (2012, January). Retrieved October 28, 2012, from www.wikipedia.com: http://en.wikipedia.org/wiki/Amul Wikipedia Amul. (n.d.). Retrieved October 28, 2012, from Wikipedia: http://en.wikipedia.org/wiki/Amul World Bank Group. (1998). Dairy Industry. Pollution Prevention aand Abatement Handbook, 295-297.