Radhe Shyam Goenka

Radhe Shyam Goenka (also known as R S Goenka) is an Indian entrepreneur, co-founder and whole
time Director of Emami , a global group of company engaged in the business of FMCG, paper, real
estate, edible oils, health care and cement.[1] Radhe is among the top 100 richest Indians and listed
on Forbes worlds billionaire.

Contents
Early life
Radhe was born on 6 January 1947 in Kolkata India. Radhe completed his college education from
St. Xaviers College Kolkata. He got his LLB from Calcutta University; M.Com from Calcutta
University. In 1970 Radhe joined K K Birla Group as head of income tax department.

Emami
In 1974 Radhe along with his school friend Radhe Shyam Agarwal started a cosmetics company
Emami. The company was started with a capital of $2600 borrowed from his father.Emami is now a
multiple business global group of companies with a revenue of above $1.3 billions.

Awards & Recognitions

1. Awarded the Cavalier Cross Order of Merit, the Republic of Poland in 2007 (fifth Indian to
receive this award

Associations
Radhe serves as the President of Chemical Division at Gmmco Limited, Advisor of Kemco
Chemicals, Executive Chairman at Emami Paper Mills Limited, Joint Chairman of Emami group of
companies, Zandu Pharmaceutical Works Limited, Executive Director at Emami Paper Mills,
Chairman of South City Project (Kolkata) Limited, Advance Medicare & Research Institute

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Limited, Suntrack Commerce Private. Limited, Merchant Chamber of Commerce, South City
Parivaar Private Limited, Susruta Clinic & Research Institute for Advance Medicines Private
Limited, Bhanu Vyapaar Private Limited, Pro-sports Management Limited, Suraj Viniyog Private
Limited and Emami Realty Private Limited. Radhe had served as an Independent & Non Executive
Director of Khaitan (India) Limited, Director of Zandu Realty Limited . He served as the Honorary
Consul of Republic of Poland in Kolkata and was the Co-Chairman of Indian Cancer Society,
Kolkata. Radhe is a Director-Member of the Managing Committee of Merchant Chamber of
Commerce & Industry (MCCI).
Establishment Year :

A humble beginning:

The inception of Emami Group took place way back in mid seventies, in West Bengal, when two
childhood friends, Mr. R.S. Agarwal and Mr. R.S. Goenka left their high profile jobs as Chartered
Accountants, with the Birla Group to set up Kemco Chemicals, an Ayurvedic medicine and
cosmetic manufacturing unit in Kolkata, in 1974.
It was an extremely bold step in the early seventies when the Indian FMCG market was still
dominated by multinationals. Several such companies headquartered in Kolkata were considering
shifting out of West Bengal due to labor unrest and political problems.
But against all odds with a vision of combining the age old wisdom of Ayurveda with modern
manufacturing techniques for creating winning brands the company started with a merger amount of
Rs. 20,000. A dream of reaching out to the Indian middle class; a target audience whom they
thought will have increasing potential for consumption, the company started manufacturing
cosmetic products as well as Ayurvedic medicines under the brand name of Emami from a small
office (still retained) in Kolkatas business district of Bada Bazar. Their consumer insight is
reflected today in the mission statement of Emami Limited: "Making people healthy and beautiful
naturally".

Differentiate or die. Innovate or perish

This is what set the ball rolling when the partners launched Emami Talcum, Emami Vanishing
Cream and Emami Cold Cream and glycerine soap , which were great favourite brands with the
quality conscious consumers in the mid-seventies. The company soon became adept in selling
beautiful dreams to Indian women interested in finding their own identity. The signature tune of

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Emami played over radio and TV became a household favourite.
In the early days the two friends used to go around places and sell their cosmetics from shop to
shop. They piled their goods on hand pulled rickshaws and went on distribution drives making their
brand extremely popular, available and acceptable among consumers.
The first-rate quality of the products soon created a consumer pull and gradually some people were
hired to work for them. A chain of distributors was established and the sale of Emami products
spread from West Bengal to rest of Eastern India and gradually to other states.

Acquiring Himani Ltd

In 1978, Himani Ltd (incorporated as a Private Limited Company in 1949) had become sick unit
and was up for sale. Himani, almost a 100 year old company with good brand equity in Eastern
India and a well laid out factory in Kolkata, was producing a number of cosmetics. Mr. Agarwal and
Mr Goenka realized the opportunity and acquired Himani though for their young organization it was
a tough task to mobilize resources for buying a sick unit and even tougher to turn it around to a
profitable venture. The degree of financial risk involved was enormous considering the small capital
base of the company in those days. However they decided to go ahead with the deal which later on
proved to be the turning point for the organization.

Introducing power brands - Boroplus and Navratna

Production of various health care items and toiletries based on Ayurvedic preparation had begun in
the Himani factory. Ten years after commencement of the company, it launched their first flagship
brand Boroplus Antiseptic Cream under the Himani umbrella in 1984. Many additional brands
followed Boroplus including Boroplus Prickly Heat Powder which came as a brand extension of the
mother brand. Emami brands started selling in all states of North, East and West India. Today
Boroplus is not only the largest selling Antiseptic Cream in India but also in Russia, Ukraine, and
Nepal.
Nineties was very eventful for Emami. The next flagship brand of the company Navratna Cool Oil
came in the nineties under the Himani Umbrella and the second factory was opened at Pondicherry
to expand production. Navratna over the years has become market leader in the cool oil category.
The introduction of new brands continued and the distribution network of the company was
extended to South India with Navratna spear heading the process.

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Public issue

In 1995, Kemco Chemicals, the partnership firm was converted into a Public Limited Company
under the name and style of Emami Ltd. In 1998, Emami Ltd was merged with Himani Ltd and its
name was changed to Emami Ltd as per fresh certificate of incorporation dated September1, 1998.
In 2000, with a view to concentrate on its core FMCG business, Emami's investment undertaking
was demerged and Pan Emami Cosme Ltd. issued its fully paid up shares to shareholders of Emami
in the ratio of 1:1. In 2003 a new factory unit was set up at Amingaon, Guwahati.
A Public Issue of 50 lacs Equity Shares of Rs2/- each at a price of Rs. 70 followed in 2005. The
issue was oversubscribed within few seconds of its opening with an overall over subscription of 36
times of the issue size. The share price sold at Rs. 70 today is quoted in the stock market as over
Rs.1250.considering all the aspects.

Global footprint

Taking one step at a time Emami went overseas and international business contributes around 12%
of the total revenue, growing at a CAGR of 19% over last five years.
Emami has five international subsidiaries and its global reach extends to more than 63 countries
including India, SAARC,GCC, UK, Sri Lanka, Bangladesh, Nepal, African and the CIS countries.
Beauty secrets and amazing array of ambassadors

In 2002 Emami roped in film actor Madhuri Dixit as brand endorser of a full range of its cosmetics
including hair oil, sunscreen lotion, shampoo, fairness cream and talcum powder. The products were
formulated after intensive research and inputs from both Madhuri Dixit. The actor had been
collecting beauty secrets from across the globe, and the company decided to brand the cosmetics the
Beauty secrets by Madhuri range. While it is yet another first in Emamis first list it is also the
first time in brand history that an endorser co-owns a brand.
Emami has successfully established its brands through strong celebrity endorsements. In a market
where competition is intensifying, product lifecycle is shrinking and strategic management of a
company is gaining pivotal position Emamis inclusion of celebrities as brand ambassadors
established that it strictly relies on its own unique method of retailing.
It is the only brand in the country to have both Amitabh Bachchan and Shah Rukh Khan as
endorsers for the same brand, Navratna. The concept of brand endorsement by celebrities was

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successfully experimented in case of most of the brand launches. To name a few celebrated and
acclaimed entertainment and sports personalities who have endorsed Emami products over the
years-

Entertainment industry - Amitabh Bacchan, Rakhi Juhi Chawla, Dharmendra, Divya Bharati,
Kareena Kapoor, Shah Rukh Khan, Preity Zinta, Malaika Arora Khan, Madhuri Dixit, Bipasha
Basu, Suriya, Mahesh Babu, Govinda, Chiranjeevi, Surya and Upendra among others.
Sports fraternity - Sourav Ganguly , MS Dhoni, Dinesh Karthik, Amit Mishra, Virender Sehwag,
Sachin Tendulkar, Gautam Gambhir, Milkha Singh, Vijendra Singh, Harbhajan Singh, Zaheer Khan
among others.

A pioneering story- launch of Fair and Handsome

In 2005 Emami created a marketing history in India by launching Fair and Handsome, the first
fairness cream for men. In a tropically harsh country like India, a fairness cream for men
represented an unexplored opportunity. Emami created a completely new market segment by
introducing Indias first fairness cream customised for men.
Travelling the region and by interacting with a host of retailers and intermediaries Emami
discovered that 30 to 35 per cent of users of fairness creams are men, with a growing interest in
personal grooming. The sales of Fair and Handsome in its first year had touched around Rs 50
crore. Another feather on the cap was when Emami roped in Bollywood superstar Shah Rukh Khan
to endorse the brand, targeting the male fairness cream market in India which immediately made the
brand even more popular and trusted by the consumers.

Consumer healthcare division

In 2006 the company decided to introduce a Health Care Division and a number of new brands of
Ayurvedic OTC medicines. The company has taken up the challenge of growing this new division
with a dedicated and enthusiastic team working on this project.
Acquiring a heritage brand - Zandu

Emami Limited with an investment of Rs 730 crore acquired Zandu Pharmaceuticals Works Ltd on
the basis of huge business synergy between Zandu and Emami. Post the acquisition of Zandu
Pharmaceuticals, a century old household name in India, some of its prominent brands like Zandu

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Balm, Zandu Chyawanprash, Zandu Kesri Jeevan, Zandu Pancharishta, Sudarshan and Nityam
Churna came under Emamis basket of brands.
Sustainable growth and excellence

In 2006, J B Marketing & Finance Ltd., the erstwhile marketing company of the Emami Group
merged with Emami Ltd. and the total turnover of Emami including sales in domestic and export
market stood at Rs 518 crores at the end of the fiscal year 2006-07.
Within four decades, the company Emami Ltd has a turnover of Rs. 2217, the flagship company of
the Rs.10,000 crore Emami Group.
Recently Emami Ltd acquired the 'Kesh King' brand of hair and scalp care products from SBS
Biotech , one of the largest deals in the segment in recent times. It will include the Kesh King
portfolio of hair oil, shampoo and ayurvedic capsules .
We employ 2600 people , reach out to 34 lakh retails outlets through a network of 2800 distributors
and have invested in seven plants , four regional offices, 1 overseas unit, Nine overseas subsidiaries
and 32 distribution centers across India.
Today, Emami Limited is led by Mr. R S Agarwal and Mr. R S Goenka with the help of the second
generation Promoter Directors from the two families.

Information About Company :

Emami
From Wikipedia, the free encyclopedia
For other uses, see Emami (disambiguation).
Emami Limited
Type
Public Ltd Company
Industry FMCG
Founded 1974
Founder R S Agarwal
R S Goenka , Amit FMS and 50 others.
Headquarters Kolkata, West Bengal, India
Key people
R S Agarwal

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R S Goenka (sales incharge) and 70 others.
Products: Hair care, skin creams, soaps and lotions, talcum powder, Ayurvedic health care products
Website: emamiltd.in
Emami Limited is an Indian producer of fast moving consumer goods (FMCG), engaged in
personalcare and healthcare businesses. The company is headquartered in Kolkata.

Emami Limited is one of the leading and fastest growing personal and healthcare businesses in
India, with an enviable portfolio of household brand names such as BoroPlus, Navratna, Fair and
Handsome, Zandu Balm, Kesh King , She Comfort , Mentho Plus Balm and Fast Relief.

Established in 1974, we have a portfolio of over 250 products based on ayurvedic formulations. Our
current operations comprise more than 60 countries including GCC, Europe, Africa, CIS countries
and the SAARC. Over 112 Emami products are sold every second somewhere around the world.
Emami Limited, the flagship company of the Group, recorded a turnover of Rs 2217 crore, 2014-15.
Emami acquired the heritage brand Zandu on the basis of huge business synergy between the two
brand portfolios.
Recently Emami Ltd acquired the 'Kesh King' brand of hair and scalp care products from SBS
Biotech , one of the largest deals in the segment in recent times. It will include the Kesh King
portfolio of hair oil, shampoo and ayurvedic capsules .

We employ 2660 people , reach out to 40 lakh retails outlets through a network of 2800 distributors
and have invested in seven plants , four regional offices, 1 overseas unit, Nine overseas subsidiaries
and 32 distribution centres across India.

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Vision, mission & purpose

Our Vision

Making people healthy and beautiful, naturally

Our mission

To contribute whole heartedly towards the environment and society integrating all our stakeholders
into the Emami family
To make Emami synonymous with natural beauty and health in the consumers mind
To drive growth through quality and innovation in products and services.
To strengthen and foster in the employees, strong emotive feelings of oneness with the company
through commitment to their future
To uphold the principles of corporate governance
To encourage decision making ability at all levels of the organization
We would strive

To be part of every household in the country

To be a major player in every product category we venture into

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To be one of the most respected marketer in the country
To be recognized as a global brand

Strategy

The group strategy is for growth through both Organic and Inorganic expansion.
This will be driven by power brands, upcoming brand extensions and new launches, coupled with a
wider international presence through acquisitions.
Drive our top line
Enhance product recall through aggressive promotion via celebrities
Expand distribution to reach rural pockets
Differentiated Value For Money products
Innovate and enter new product categories
Undertake brand extensions
Wider international footprint ,entry in new geographies drive exports
Leverage existing distribution network
Grow bottom line

Engage in effective and continuous cost control initiatives

Reduce proportion of ad- spend with increase in volumes
Stabilization of new launches and brands
Enjoy benefits of economies of scale
Leverage on low cost manufacturing taking full benefit of location advantage

About group companies

Established in early 70s, Emami group has grown in India with presence in major sectors of
FMCG, real estate, hospitals, retail, newsprint manufacturing, pharmacy chain, contemporary art
,edible oil and biodiesel . Founded by two friends Mr RS Agarwal and Mr RS Goenka, Emami
today ,is a trusted and loved brand of the nation with over 20,000 employees and a group turnover
of about Rs 8000 cr.
Key businesses

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FMCG - Emami Limited is one of the leading and fastest growing personal and healthcare
businesses in India, with an enviable portfolio of household brand names such as Boroplus,
Navratna, Fair and Handsome, Zandu balm, Mentho Plus balm and Fast Relief.
W - www.emamiltd.in
Newsprint- Emami Paper enjoys the position of being the largest manufacturer of newsprint in
India, and the only manufacturer in eastern India with units in Kolkata and Balasore.
W - www.emamipaper.in
Ball pen tips manufacturing - CRI is a specialized company that creates and designs pen tips for the
leading writing instrument brands of the world. CRI today stands as the first and only pen tip
manufacturing company in India to be awarded the highly prized ISO 9001-2000 Certification. It
operates from two state-of-the-art production facilities, one at Ahmedabad: a purpose-built facility,
and the other at Kolkata
W - www.critips.com
Retail- Starmark, retailing books, stationeries and gift items, it is one of the biggest retail stores in
Kolkata with 5 stores and plans for further expansion.
W - www.starmark.in

Pharmacy Emami Frank Ross Ltd, is the oldest and largest pharmacy chain in Eastern India. The
first Frank Ross store was set up in 1906. An ambitious plan of having a network of the pharmacy
chain with over 150 outlets all over India has been taken up by the Group.
W - www.frankrosspharmacy.com
Infrastructure and development - Emami also has large presence in real estate in West Bengal. It has
successfully executed more than 24 prestigious residential and commercial construction projects,
mainly in Kolkata. The existing projects span across the states of West Bengal, Uttar Pradesh, Tamil
Nadu, Andhra Pradesh and Maharashtra.
W - www.emamirealty.com W - www.southcityprojects.com W - www.urbana.co.in
Art - Emami Chisel Art Gallery since inception has promoted Indian art and young artists through
numerous exhibitions, retrospectives, art catalogues and publications. It has established itself as one
of the finest venues in East India, dealing in works of both modern and contemporary art . Spread
across 15000 sq ft. the gallery collection includes paintings, sculptures, prints and drawings sourced
from the artists themselves, or from reputed art galleries and private collectors. ECA is embellished
with a characteristic mix of genuine masterpieces and rare collections from India's eminent artists
and contribution from the new generation contemporary artist. W - www.emamichisel.com

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Edible oil The brand Healthy and Tasty is one of the most admired edible oil brand in the country
manufactured and marketed by Emami . Now known as Emami Agrotech Ltd
W - www.emamibiotech.com
Healthcare- AMRI, is the first super-speciality hospital in Eastern India to provide comprehensive
cancer treatment. It is also the largest hospital in the private sector.
W - www.amrihospitals.in
Cement - The Group is setting up a Cement Plant in Chhattisgarh and units for grinding will be set
up in West Bengal and Orissa.
Bio diesel Emami has also forayed into the production of biodiesel , a substitute of diesel made
from 100% renewable biological sources. Now known as Emami Agrotech Ltd
W - www.emamibiotech.com

Founders message:

There are a number of answers to why Emami has consistently outperformed sectoral growth. In
this overview we examine some of them .

One, we created a business model around our sensitive understanding of what the Indian consumer
would need. The result is that we were continuously future-facing, focusing not as much on what
had succeeded in the past but what was likely to plug emerging consumer needs.
Two, we leveraged Indias rich ayurvedic tradition to create niche products that eventually proved
groundbreaking. The ayurveda advantage was built around the therapeutic attributes of this ancient
wisdom effective, benign and without any side- effects.
Three, we did not just focus on brand extensions, but on the creation of entirely new categories
based on extensive market research. We consciously selected relatively under-penetrated and
nascent segments, which translated into the successful creation of brands like Navratna, BoroPlus,
Fair and Handsome and Sona Chandi Chyawanprash, among others.
This has now extended our presence to emerging categories like deodorants (urban-driven),

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facewashes (urban-centric), hair oils (large unmet needs) and feminine hygiene (under-penetrated).
We expect to launch a slew of products in the coming years. The Company is also increasing its
presence in the international market, earmarking nearly 17% of our total A&P spends towards
international markets.
Four, we widened and deepened our distribution reach to cover retailers, distributors and modern
trade better, making it possible to put our products within arms reach of consumers whenever they
intended to buy.

Five, we accelerated inorganic growth, plugging product and category gaps through successful
acquisitions of Zandu, Fravin and She Comfort. We focused not merely on harvesting the natural
growth of these brands but evolving them to the Emami way of doing things, helping rejuvenate
these brands and accelerating their growth. It would not be out of place to mention that some of
these acquisitions were gutsy given the size of our Company at the time we made them. For
instance, in November 2008, even as we enjoyed a turnover of Rs 600 crore and a market cap of ~
Rs 1,800 crore, we acquired Zandu, a century- old pharmaceutical firm for more than Rs 700 crore.
What we did with Zandu thereafter represents a case study:
we graduated Zandus manufacturing processes from the manual to the automated, strengthened
procurement, rationalised administrative costs, branded and marketed aggressively and generated
distribution synergies. The result is that within the first full year of operation, Zandus operating
profit trebled, vindicating our insight that the brand was under-invested and under- exploited.
Six, most companies in our position would have selected to be urban. At Emami, we are conscious
of our positioning. We are a brand for the middle-class. In a country where the growth of the
middle-class has extended from the urban to the semi-urban to the rural, we have widened our reach
to the countrys rural hinterland. In a country where not being able to service customer needs
immediately and comprehensively can mean the loss of a customer, we widened and deepened our
distribution network, which now comprises more than 2,800 distributors and 6.4 lac retailers. This
has allowed Emami products to be directly available in 12,100 villages with a population of less
than 50,000 with an indirect reach extending across nearly 4 mn retail counters. We increased our
focus on distributing products through all modern trade channels in the country. The combination of
these initiatives rural and urban made it possible for the Company to sell nearly 112 units every
second.

Seven, when most companies of our kind would have been happy focusing on the vast potential
within India, we extended our presence abroad as well. Our international manufacturing plant in

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Bangladesh is fully operational and caters to local demand. Meanwhile, Emami products were
available in more than 60 countries, making it possible to grow our international business to more
than 14% of our turnover during the year under review.
We are happy to state that the robustness of our business model, attractiveness
of our margins and our ability to grow business higher than the countrys FMCG sector growth
translated into an attractive market capitalisation of
around H23,000 crore as on 31st March, 2015 with turnover and profits growing at 5 year CAGR of
16.8% and 23.4% respectively.
The Next Orbit

So where does Emami go from here?

At our Company, we see attractive headroom for various reasons. Indias FMCG industry is large
and growing. As recently as a couple of years ago, some 8.4 million outlets addressed 1.26 billion
people and accounted for US$37 billion in sales (Source: Nielsen). The country has one of the
largest youth
population who are bigger spenders than the previous generation and increasingly conscious of their
grooming. Indias disposable incomes are rising; the countrys middle-class is expected to emerge
as the worlds largest middle- class consumer market with a total consumer spend of nearly US$ 13
trillion by 2030 (Source: Deloitte).

At Emami, we are addressing this emerging reality by extending from niche to mainstream personal
care areas, marked by our entry into the feminine hygiene segment during the year under review.
Even as we are widening our existing product portfolio and venturing into new categories, we
intend to commission a new plant in Assam by 2016 (with attending fiscal benefits). We intend to
widen our direct retail coverage to more than 7 lac outlets in the current financial year and
implement modern trade initiatives.
The overall message that we wish to leave with shareholders is that Emami is optimistic of
generating superior returns on employed capital. Even as we generated a 21,105-fold appreciation
over the last four decades, we are optimistic of enhancing value in an attractive way over the
coming years.

Mr R.S. Agarwal and Mr R.S. Goenka

Founders, Emami Limited

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Where we operate

We are in the field of manufacturing of health, beauty and personal care products for over three
decades.

Through the efforts of a team of committed and competent personnel, we strive for continual
improvement in our quality performances.
Presence

Headquarter: Kolkata
32 Depots
4 regional sales offices
7 manufacturing units
1 overseas unit at Banladesh
Presence in over 60 countries
Nine overseas subsidiaries
2800 distributors
7100 sub- distributors with direct reach across 6,39,000 retail outlets
Initiated Project Swadesh to facilitate distribution strength by covering 12000 villages directly
across the country
Developed a specialised sales force team to service growing modern retail outlet.
Products
The company is well known in India for its fairness cream products for men.

In 2008, Emami acquired Zandu Pharmaceutical Works Ltd for Rs.730 crores.The company
demerged Zandu FMCG into Emami and raised Rs.310 cr through QIP. The company became debt
free within 2 years of the Zandu deal.

The company's health products unit offers tonics for colds and coughs as well as nutraceuticals.

The company forayed into men's deodrant market by launching HE brand of deodorants. Hrithik
Roshan was appointed as brand ambassador for HE brand. .

The company has entered into an agreement with Mr Sanjeev Juneja to acquire his hair & scalp care

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business under the 'KESH KING' and allied brands. The acquisition marks Emami's foray in the
Ayurvedic Hair & Scalp Care segment which is growing at a rapid pace. The transaction envisages
transfer of the business as going concern on a slump sale basis and will include brand portfolio of
ayurvedic medicinal oil, herbal shampoo & conditioner and ayurvedic capsules along with its
respective formulations and all related assets, rights and liabilities including working capital for a
total consideration of Rs.1651 crores. The acquisition process is expected to be completed in a
month's time.

1.Boroplus:

Millions of users believe in BoroPlus, India's No 1. Antiseptic Cream as it stands for an indelible
picture of trust and care in the hearts of the consumers across the country. The product offers unique
blends of herbal actives and natural oil extracts in an advanced formulation providing ones skin the
perfect care it needs. Largely used during winters as an antiseptic cream, for smooth and beautiful
skin, lips, elbows and feet. BoroPlus echoes the celebration of good skin.

2.Fair and Handsome -fairness cream for men

Emami Fair & Handsome has been specially designed for men by skin care experts using
scientifically tested and clinically proven combinations of Natural Vitamins, Anti-Irritants,
Sunscreen filters that protect the skin from harmful UVA and UVB rays of the sun.
It uses one of the most widely tested and demonstrated skin lightening active technology, Vitamin
B3, that works from within to lighten the skin and the dark spots.
The advanced formulation has been designed with a combination of special micro absorbers that
absorb away the excessive oil and sweat, leaving your skin feeling fresh, sweat and oil free, keeping
you looking fair and fresh for long.
The advanced formula of Fair & Handsome now comes with an SPF of 15+, protecting from
harmful UV rays of sun.
The advanced formula has been clinically proven has been dermatologically tested safe to work on
Indian Male skin.
The new advanced cream now gives:
Oil Control
Sweat control

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Sun protection
Dark spot reduction
Long lasting fairness

3.Zandu Sona Chandi Chyawanprash Plus

Immunity PLUS Mind Power - Ordinary Chyawanprash provides you with immunity, but just
immunity is not enough in todays competitive world. To stay ahead in life you need the power of
PLUS.
Only Zandu Sona Chandi Chyawanprash Plus offers you Immunity + 3 Mind Benefits of
Alertness, Better Memory & Concentration owing to the presence of NNA.
Natural Nootropic Agents (NNA). NNA are traditionally known ayurvedic ingredients like Brahmi,
Almond oil, Shankhapushpi, Ashwagandha, & Jyotishmati which has been scientifically proven to
improve memory, learning and concentration.

4.Zandu healthcare -OTC, Classical, Ethical

Zandu offers a wide range of products from healthcare to lifestyle. In other words, we cure the
world naturally with our healing touch.
Discover a new, healthy way of life. Join the Zandu Health Revolution and make healthy living
your mantra. Experience the power of Ayurveda to lead a healthier, happier and more fulfilling life.

5.HE Deodorants

He Deodorant has a slew of interesting fragrances bottled in 6 variantsSmart, Confident,

Extrovert, Recharge, Ruler and Magician. The wide range He Deodorant offers fragrances from
the citrus, oriental, marine, fougere, woody & musk families. The fragrances are subtle, yet offer
strong & long lasting effect on users, making them feel macho, energetic, confident and full of
vitality. The anti-bacterial property of the deodorant will also help to keep them refreshed
throughout the day.
Bollywood superstar Hrithik Roshan has been roped in as brand ambassador , which complements
the brands promiseBe Interesting.
Every interesting man has a story. Share yours at [email protected] and win interesting

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prizes.

6.Navratna Cool Oil

'Thanda Thanda Cool Cool' brand Navratna has been the most trusted and preferred brand in the
therapeutic cooling oil segment for a very long time. It is the undisputed leader in its category
providing multi-purpose benefits to its set of satisfied and ever growing consumer base. It has been
meticulously prepared from a combination of nine unique ayurvedic herbs. Its everyday massage
gives enjoyable cooling which provides relief from daily mental and physical stress- and its related
symptoms like headache, fatigue, tension, insomnia etc. It not only solves specific hair and body
related ailments, but delivers superlatively on all desired benefits, like beauty & nourishment,
traditionally sought from hair oils.

7.Mentho plus balm

Emami Mentho Plus Balm is a specialist pain reliever.Consumer studies show, headaches have
various reasons, like exposure to sun, cold, lack of sleep, tension , stress, anxiety etc. Headache
usually strikes quickly, without warning. Emami Mentho Plus Balm is a specialist pain reliever
effective for all kinds of headaches*. It starts immediate action on all types of headaches with the
powerful combination of natural ingredients known for:

Immediate action on pain area

Stimulating blood circulation in the affected area
Relaxing stressed muscles
Aromatherapy effect for headache
Emami Mentho Plus is a complete solution for headache especially formulated for todays young
individuals. Coolants in the balm have a soothing effect. Always keep it at your arms length to
keep nagging headache away.
*Works on all known transient tension type headache conditions.

8.Kesari Jivan Chyawanprash

Zandu Kesari Jivan is a health supplement filled with the goodness of kesar, fresh amla, exotic
herbs, spices & trace minerals.
It not only makes one physically strong but also keeps the youthful vigour intact.

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9.7 Oils in One- Damage Control Hair Oil.

Emami after years of research has brought to you a breakthrough in hair oils a unique
combination of 7 oils- that will repair hair damage.
This extra ordinary oil, co - created by Indian and International Hair Experts, provides incredible
nourishment to hair without weighing it down. This oil with a pleasant fragrance can be used on
hair types.
It has been proven at leading Indian and International Reserach Institute that this oil

Reduces Hair Fall Upto 96% *#

Makes Hair Upto 20x Stronger *~

The product is available in 100 ml, 50 ml and 3 ml packs, priced at Rs 58, Rs 30 and Re 1
respectively.

10. SHE Comfort Sanitary Napkins

Emami Limited has recently acquired She Comfort brand and has made an entry in to the Feminine
Hygiene category. The brand is aimed at every girl wishing for a no-tension, hassle-free period.
She Comfort understands her needs and takes away the discomfort with its superior technology. Its
cottony soft wings give you a rash-free period. Its superior absorption technology keeps you
comfortable and dry for a long time.
She Comfort offers a wide range of options, suitable for every girls needs.

11. Zandu Balm

Zandu Balm is Indias No 1 pain relieving balm. It is an iconic brand of Zandu portfolio and
become a generic name for balms for most of the consumers. It is a trusted balm for over a hundred
years. Zandu Balm is synonymous for headache, body ache and cold remedy and considered as the
best in the category.
Zandu balm is one of the biggest pain management brand and available in more than 5 Cr. Indian
household across geographies. It is also highly distributed pain management brand with coverage of
more than 13 Lakhs retail outlets across India.

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12. Vasocare Herbal Skin Jelly

During winter the harshness of the elements leaves the skin cracked, dry and flaky, robbing it of its
natural moisture and glow. Emami Vasocare Petroleum Jelly now provides the herbal power to heal,
protect and revitalize the skin from within to ensure 24-hour winter skin-care. This light green jelly
restores the skin's natural glow and offers a pleasant usage experience with it's mild fragrance.

13. Kesh King Haircare

Kesh King Ayurvedic Medicinal Oil is an Ayurvedic Patented Hair medicinal preparation without
side effects. Kesh King is a complete Ayurvedic formula, which is prepared in Sesame Oil using 16
selected herbs. "Kesh King Ayurvedic Medicinal Oil", as the name suggests is a medicinal
Ayurvedic Hair Oil which is made from the extracts of the rare herbs found in the nature. Kesh King
Ayurvedic Medicinal Oil not only helps in protecting and nourishing the hair but also helps prevent
premature greying, dandruff, hair fall, split hair and checks loss of hair, sleeplessness and headache.
Subsidiaries
The following companies are part of the Emami Group of Companies.
Emami Paper Mills Limited
Emami Agrotech Limited (Formerly known as Emami Biotech Limited)
Emami Frank Ross Limited (pharma retail)
Starmark (Book & Leisure store chain)
Emami Chisel Art
CRI Limited
Emami Cement Ltd
Emami Realty Limited

History
The inception of Emami Group took place in the mid 1970s when two childhood friends, R S
Agarwal and R S Goenka, left their management jobs with the Birla Group to set up Kemco
Chemicals, an Ayurvedic medicine and cosmetic manufacturing unit in Kolkata in 1974. At that
time the Indian FMCG market was still dominated by multinationals.

The company was established with modest capital of Rs. 20,000 and started manufacturing
cosmetic products as well as Ayurvedic medicines under the brand name of Emami from a small

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factory in Kolkata, targeting sales at the Indian middle class.

In the early days the founders personally sold their cosmetics from shop to shop, using hand-pulled
rickshaws. They soon established recurring consumer demand, and gradually hired additional staff.
A chain of distributors was established and the sale of Emami products spread from West Bengal to
rest of Eastern India and gradually to other states. Emami Talcum, Emami Vanishing Cream and
Emami Cold Cream sold well. The company's marketing techniques were to sell dreams of beauty
to Indian women using radio and TV advertising.

In 1978, Agarwal acquired Himani Ltd, a privately owned cosmetics company with a factory in
Kolkata. The business of Himani was almost 100 years old, although it had only been incorporated
in 1949 as a Private Ltd. Company; it had a good brand equity in Eastern India, but was in financial
trouble. Agarwal and Goenka managed to restore it to profit, at considerable risk considering the
small capital base of their own company at the time; this later proved to be the turning point for
their business.

Agarwal decided to produce health care items and toiletries based on Ayurvedic preparation in the
Himani factory. Ten years after commencement of the company, it launched Boroplus Antiseptic
Cream under the Himani umbrella in 1984. This became a flagship brand and was extended to other
products such as Boroplus Prickly Heat Powder. Emami brands started selling in all states of North,
East and West India. Today Boroplus is not only the largest selling antiseptic cream in India but also
in Russia, Ukraine, and Nepal.

In the 1983 Bollywood film Agar Tum Na Hote, one of the earliest brand placement campaigns was
achieved with lead actor Rajesh Khanna playing the managing director of Emami.

In the 1990s, Emami launches another flagship brand under the Himani Umbrella, Navratna Cool
Oil, and expanded production by opening its second factory, at Pondicherry.

The introduction of new brands continued and the company extended its distribution network to
South India, with Navratna spearheading the process. In 1995, the partnership firm Kemco
Chemicals was converted into a Public Limited Company under the name Emami Ltd. In 1998,
Himani Ltd was merged into Emami Ltd.
In 2000, with a view to concentrate on its core FMCG business, Emami's investment undertaking

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was demerged by issuing shares in Pan Emami Cosmed Ltd to shareholders of Emami. In 2003 a
new factory unit was set up at Amingaon, Guwahati. A public issue of 5 million equity shares at Rs.
70 followed in 2005. The issue was oversubscribed by 36 times. The share price later rose to Rs.
210.

In 2005 Emami launched Fair and Handsome, the first fairness cream for men.

In 2006 the company decided to introduce a Health Care Division and a number of new brands of
Ayurvedic OTC medicines.

Among the brands created by the company, annual sales of Navratna are at Rs. 3 billion followed by
Boroplus at Rs. 2.50 billion and Fairness at Rs. 1 billion. Sona Chandi Chyawanprash, Menthoplus
and Fast Relief also among the top brands in their respective categories.

In 2006, J B Marketing & Finance Ltd., the erstwhile marketing company of the Emami Group
merged with Emami Ltd. and the total turnover of Emami including sales in domestic and export
market stood at Rs 5.16 billion at the end of the fiscal year 2006-07.

Emami Limited acquired a major stake in Zandu Pharmaceuticals Works Ltd, a century-old
household name in India, for Rs 7 billion. Emami added some of Zandu's prominent brands like
Zandu Balm, Zandu Chyawanprash, Zandu Kesri Jeevan, Zandu Pancharishta, Sudarshan and
Nityam Churna to its own range.Within three decades, the company has grown to Rs. 10 billion
Emami Ltd under the Rs. 30 billion Emami Group.

Emami is still led by Agarwal and Goenka, with the help of second generation directors from their
two families and professional staff. The group recently moved to a new corporate office "Emami
Tower" in Kolkata.

Controversies
Fair and Handsome
In 2007, the company attracted controversy with an advertisement for its skin whitening cream for
men, Fair and Handsome. Emami and the star of the campaign, Shahrukh Khan, were accused of
perpetuating racism.

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In July 2013, WOW a Chennai based NGO launched a campaign against Emami asking them to
remove the Fair and Handsome advertisement starring Khan, saying that it is discriminating against
people on the basis of skin color.The campaign has been supported by celebrities like Nandita
DasTannishta Chatterjee. More than 22,000 people have signed an online petition launched by
them.

Hospital fire
On 9 December 2011, Kolkata police arrested Agarwal and Goenka, founders of Emami and
directors of AMRI Hospitals, for negligently causing death to 91 people as a result of a fire at
AMRI Hospitals on the same day. It is recorded as the largest hospital tragedy in India, caused due
to storing toxic and inflammable materials in the basement of the hospital, which was sanctioned for
car-parking. The fire alarms and sprinklers installed at the hospital did not work during the fire.[8]

Emami International Marketing Division (IMD)

Emami IMD reaches out to nearly 60 countries in the CIS, Middle East, Indian sub-continent,
Europe & North America offerings top line Skincare & Personal products, Hair care products and
Ayurvedic Healthcare products in the international markets.

The International Marketing Division was established in the 90-s to cater mainly to the
demand of Indians settled abroad. The business was then small and it has over the years assumed
increasing proportions with a phenomenal topline growth rate of more than 40%. Initially Emami
IMD exported only the brands & products that Emami marketed in India. Now it caters to varying
needs of customers in different countries.

Global footprint

Taking one step at a time Emami went overseas and international business contributes
around 12% of the total revenue, growing at a CAGR of 19% over last five years.
Emami has five international subsidiaries and its global reach extends to more than 63

22
countries including India, SAARC,GCC, UK, Sri Lanka, Bangladesh, Nepal, African and
the CIS countries.
Beauty secrets and amazing array of ambassadors

In 2002 Emami roped in film actor Madhuri Dixit as brand endorser of a full range of its
cosmetics including hair oil, sunscreen lotion, shampoo, fairness cream and talcum powder.
The products were formulated after intensive research and inputs from both Madhuri Dixit.
The actor had been collecting beauty secrets from across the globe, and the company
decided to brand the cosmetics the Beauty secrets by Madhuri range. While it is yet
another first in Emamis first list it is also the first time in brand history that an endorser
co-owns a brand.
Emami has successfully established its brands through strong celebrity endorsements. In a
market where competition is intensifying, product lifecycle is shrinking and strategic
management of a company is gaining pivotal position Emamis inclusion of celebrities as
brand ambassadors established that it strictly relies on its own unique method of retailing.
It is the only brand in the country to have both Amitabh Bachchan and Shah Rukh Khan as
endorsers for the same brand, Navratna. The concept of brand endorsement by celebrities
was successfully experimented in case of most of the brand launches. To name a few
celebrated and acclaimed entertainment and sports personalities who have endorsed Emami
products over the years-
Entertainment industry - Amitabh Bacchan, Rakhi Juhi Chawla, Dharmendra, Divya
Bharati, Kareena Kapoor, Shah Rukh Khan, Preity Zinta, Malaika Arora Khan, Madhuri
Dixit, Bipasha Basu, Suriya, Mahesh Babu, Govinda, Chiranjeevi, Surya and Upendra
among others.
Sports fraternity - Sourav Ganguly , MS Dhoni, Dinesh Karthik, Amit Mishra, Virender
Sehwag, Sachin Tendulkar, Gautam Gambhir, Milkha Singh, Vijendra Singh, Harbhajan
Singh, Zaheer Khan among others.

Corporate Social Responsibility :

Emamis mission of contributing whole heartedly towards the environment and society attains a
more humane form with its approach of addressing various social issues. As a responsible corporate

23
citizen, Emami continues to invest in socially meaningful projects in West Bengal and adjoining
states. As a part of companys Corporate Social Responsibility Emami has devised various Self
Employment schemes like Emami Mobile Traders and Small Village Shops schemes for the
rural unemployment youth:

Highlights of Self Employment scheme

Emami Mobile Traders
This scheme covers small to large villages with population ranging from 1500 to 5000.
The selected persons are involved in door to door selling of Emami products in interior
villages
Depending on the effort and motivation of the individual, the monthly earning varies between Rs
500 to Rs 2000 per month.
On an average they can earn 18% on the sale value of the products.
Emami does not take any deposit from the selected individuals and takes back unsold stocks
if required
Emami guarantees a minimum income of Rs 1000 per month provided a total sale of Rs
4000 is achieved per month
Proper training of sales and marketing skills
Free product samples were supplied for personal use to give prospective consumers a first-
hand experience.

Uniform, raincoats and pullovers and personal accident insurance cover is provided
Cycles at 50% rates/ on installment payment can be purchased

Emami Small Village Shops

This scheme is being promoted mostly for women in villages where there are no permanent
shops.
The housewives put up the Small Village Shops at their own village residence
They market the Emami products from their home to the other villagers
The housewives are encouraged to take up this challenge with the help of NGOs and
voluntary workers working in villages

Emami does not take any deposit from the women and takes back the unsold products
Emami do not take any deposit from the selected individuals and take back unsold stocks if

24
required.
The marketing training given by Emami helps the person to find selling opportunities for
other items manufactured by micro enterprises as well
The Roll Out
An initial trial in West Bengal showed encouraging results leading to financial independence of
women and unemployed youth. We have rolled out the schemes to Andhra Pradesh, Madhya
Pradesh, Orissa and Chattisgarh over last one year. We also plan to consolidate the activities in
more states like Orissa, Madhya Pradesh, Andhra Pradesh and Chattisgarh.

Community Medical Support

The Company sponsors subsidized treatment of the needy in best-in-class hospitals like AMRI and
Shree Vishudhanand Hospital and Research Institute in Kolkata. Donations are made in the form of
free supplies of medicines, assistance for surgeries and hospital charges for the poor through trust.
Emami established the Emami National Institute for Bone Marrow Transplantation in the
Narayana Hrudayalaya Institute, Bangalore, under the supervision of Dr Devi Shetty, the well-
known cardiac surgeon. This institute provides treatment for bone marrow transplantation at free or
affordable costs to the needy.

Accolades

Corporate
Emami rated as the most trusted brand in the Diversified FMCG category in the Brand Trust India
Report 2015 of TRA (formerly Trust Research Advisory).
Featured among the Top 10 Companies as High Earners and ranked 120th among BT-500 Most
Valuable Companies of India in private Sector by Business Today
Ranked 112th in 2014 (against 155th in 2013) by Business Indias Super 100 Companies ranking
by Business India magazine.
4. Rated by CRISIL & CARE - AA+ for Long Term borrowings and A1+ for Short Term
borrowings signifying highest levels of safety
Dalal Street Investment Journal 2015, in its 29th Anniversary special issue ranks Emami at 22nd
position in the top SUPER 50 list
Ranked 7th among the Most Enduring Stocks which saw their stock prices multiply 100 times or
more during 1994 and 2014 in the 19th Annual Wealth Creation Report of Motilal Oswal Securities

25
Ltd.
Also ranked 31st among the Motilal Oswal 100 Fastest Wealth Creators and 71st among the
Motilal Oswal 100 Biggest Wealth Creators.
Business Today in its 3rd Ranking of Indias best CEOs 2014 has ranked Mr. R.S. Agarwal, in the
37th position among 80 shortlisted names in the mid-sized category.

Brands & Marketing

Brand Equity- Economic Times: Most Trusted Brands 2014
Zandu balm is ranked No. 3 in the OTC personal care category. Ranked 58th across all
categories.
Navratna has been ranked 3rd in the Top 5 under the Hair Oil Category
Boroplus is ranked 18th in the Personal care category. Ranked 83rd all categories.
Fair and Handsome is ranked 22nd in the personal care category.

Quality and Operations Awards

Pantnagar Unit of Emami Limited received the Gold Level of Recognition in the 2014 Healthy
Workplace Award awarded by Arogya World India Trust in partnership with Public Health
Foundation of India. (For delivering qualityproducts at zero discharge and integrating the same with
structured employee growth)
BT Road Unit of Emami Limited received the 13th Annual Greentech Safety Award -2014 - Gold
Category. (For outstanding achievement in fire and safety management)
The company is also a proud recipient of more than 20 awards (Silver, Gold & Par Excellence
categories) received by manufacturing units at various Quality Circle Forums

Individual recognitions
FORBES has ranked Mr. R S Agarwal and Mr. R S Goenka, at 60th position, (up from 82nd
position) in the Top 100 Indian Richest Individuals and the founders have also been featured in
Forbes World Billionaire List 2015.
Mr. R.S. Agarwal has been conferred the prestigious Global Xaverian Award 2014, by the St.
Xaviers College (Calcutta) Alumni Association for outstanding service to society at large.
Mr. R.S. Agarwal and Mr. R.S. Goenka have been ranked by Business Standard in their 100
Billionaire Club list.
Mr. R S Agarwal has been conferred by the title Jewels of the East by MCC Chamber of

26
Commerce & Industry, Kolkata for his outstanding contribution to industry.

Future plans :

The deadly inferno and the smoke has not only claimed 91 lives at Dhakuria AMRI Hospital in the
city, but uncertainty looms over the future of the two promoter groups, Emami and Shrachi, after
seven of its board members were arrested.

The AMRI Hospitals Ltd, which was planning to invest about Rs 2,000 crore in the healthcare
sector has put on hold all its expansion plans. We have put all our investment plans on hold now,
said an official source close to the developments.

The group had plans to set up seven hospitals across the East and North East with an investment of
about Rs 1,750 crore, while for addition of beds in the existing hospitals it was planning to in Rs
300 crore. In West Bengal itself, the group was planning to set up a 500-bed hospital at Rajarhat,
200-bed hospital at Burdwan and two 300-bed hospitals at Siliguri and North Kolkata.

However, the losses are yet to be quantified. It is in crores and yet to be quantified. Right now we
are in a state of confusion, the source added. Meanwhile, National Insurance officials inspected the
Dhakuria hospital today. AMRI Dhakuria has a Rs 55 crore property insurance cover from National
Insurance including fire and earthquake insurance.

While Emami has a 66 per cent stake in AMRI, Shrachi has 32 per cent and the state government
holds two per cent stake. The firms board has a government nominee too Soumendra Nath
Banerjee, who is currently the chairman.

However, analysts believe that there will not be a long-term impact on Emami Ltd. Since the
directors are held, there might be a sentimental impact in markets as far as Emami is concerned.
Though it will have a huge impact on AMRI expansion plans, Emami expansion is unlikely to face
the heat, said Kaustubh Pawaskar, FMCG analyst at brokerage firm Sharekhan. Emamis stocks
were down 1.89 per cent on the Bombay Stock Exchange to Rs 392.35 on Friday

Meanwhile, for the Rs 800 crore Shrachi group of companies, based out of Kolkata and involved in
agro-machinery, engineering, real estate, information technology and medical services businesses,

27
may find it difficult to get out of the present crisis. The group also has investments in Bengal
Shrachi Housing Development Ltd, in which the West Bengal Housing Board is also a partner.

Plan for Overseas Acquisition

Emami Ltd., which has mainly taken the inorganic route for growth, is keen on making an
overseas acquisition, and is on the look out in regions where it has a presence.

We are bullish on acquisition but targets are seldom available in the domestic market,
Emami CEO, Sales, Supply Chain and Human Capital, N. Krishna Mohan told reporters.

There were indications that the company is looking at an overseas acquisition, in geographies
that include West Asia, where it already has a presence. The company owes its robust growth
to its acquisition of a regional brand, Himani, and its entry into healthcare products through
the buyout of Zandu.

Addressing a press conference, along with N H Bhansali CEO, Finance, Strategy and
Business Development, Mr Mohan said that while the company had already implemented its
project in Bangladesh, its plans of a unit in Egypt was being re-examined in view of the
current instability there.

Mr Bhansali said that the unit was proposed to be set up in Alexandria. We are approaching
Egypt cautiously as we are looking for clarity, he said, adding that the final call may be
taken in a month or so. The project pertains to personal and healthcare.

Led by brands like Boroplus and Navratna hair-oil, the company posted a 21.3 per cent
growth in the quarter ending December, 2013 with a near equivalent growth in its post tax
profit. A good winter helped us make healthy profits, Mr Bhansali said. The company has
a range of wintercare products.
Emami is also planning to have another manufacturing unit in the north-east, apart from the
existing two in Assam.
Agarwal said that countries including Bangladesh where where Emami was having its own

28
unit done exceedingly well.

KOLKATA, NOV 29:

Home-grown FMCG company Emami Ltd will shortly start commercial operations in Bangladesh
for which trial production is already on.

We had got licence from the Bangladesh Government for setting up a factory there. Everything is
now in place and trial production is going on and commercial operations will start soon, Emami
CEO (sales, supply chain and human capital) N. Krishna Mohan told PTI.

Emami would be the second Indian FMCG company to start operations in Bangladesh after Dabur.

Mohan said that the company would also set up a manufacturing unit in Egypt to serve the Middle-
East North African (MENA) region.

He said the plans got slightly delayed owing to the recent political turmoil there. But we hope to
kick-start operations after obtaining land, he said.While Rs. 20 crore is being invested in the
Bangladesh plant, the Egypt facility would cost Rs. 35 crore and the production would start in a
year.

The CEO said the domestic demand in Bangladesh was large enough and the plant would only cater
to that country.International business contributes 13 per cent of the overall turnover of Emamis
revenue, while the MENA region accounts for 20-30 per cent of the global business.Mohan said the
FMCG portfolio was the biggest revenue earner for the group. Turnover from this segment last year
stood at Rs. 1,500 crore.

This fiscal we expect a topline FMCG revenue growth of 20 per cent, Mohan said.Within India,
the company is also looking to set up a third plant at Guwahati. Emami is also evaluating other
categories of skin, personal and healthcare products. Hopefully by next year, we will launch
facewash, he said.

The company is also looking at acquiring brands that would fit into its existing portfolio.
Meanwhile, the Emami Group has shelved its proposed foray into Ethiopia for jatropha
cultivation.

29
Conclusion :

Emami Limited is an Indian producer of fast moving consumer goods (FMCG),

engaged in personal care and healthcare businesses. The company is headquartered in Kolkata.
The inception of Emami Group took place in the mid 1970s when two childhood friends, R S
Agarwal and R S Goenka, left their management jobs with the Birla Group to set up Kemco
Chemicals, an Ayurvedic medicine and cosmetic manufacturing unit in Kolkata in 1974. At that
time the Indian FMCG market was still dominated by multinationals.

The company was established with modest capital of Rs. 20,000 and started manufacturing
cosmetic products as well as Ayurvedic medicines under the brand name of Emami from a small
factory in Kolkata, targeting sales at the Indian middle class.

They are the best Enterneur of Kolkata city ,they had started their businesss even when Indian
market exploited by MNC.

30
Bibliography :
www.emamiltd.in/

https://en.wikipedia.org/wiki/Emami

www.emamigroup.com/About-Emami

economictimes.indiatimes.com

www.emamibiotech.com

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