1. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Project report on
automobile industry
www.alicongroup.co.in

2. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Contents
1) Indian Automobile industry
2) Indian Automobile industry Bifurcation
3) Analysis of Two wheeler industry
4) Objective
5) Analysis of Four Wheelers industry
6) Finding
7) Recomendation
8) References

3. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Atlas Castalloy Limited - Chinchwad, Pune,
India
Alicon Castalloy Limited. , Pune, India Alicon Castalloy Limited. - Binola, India
Alicon group facilities, India & Europe
Illichmann Castalloy,
GmbH & s.r.o
3

4. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
‣India Group Sales USD 137 million .
‣One of the largest aluminum foundry in India & having manufacturing facilities in
Austria and Slovakia also for Global Customers.
‣ Joint Venture with Enkei Corporation (Japan)
‣ Technical Collaboration with Hekikai Koki (Japan)
‣Core Competence:
 Rapid Prototyping
 Designing (CAD/CAM/CAE/Simulation)
 In house Tool Manufacturing
 Die Casting (Sand Casting/GDC/LPDC)
 Machining, Assembly & Painting.
‣Casting for Automotive, Locomotive, Medical, Energy and Agricultural segments.
alicon group is a consortium of companies involved in Design, Engineering and Casting, Machining &
Assembly of Aluminum Components with global foot prints.
alicon group of companies
4

5. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Global Presence
•Atlas Castalloy Ltd (1969)
•Alicon Castalloy Ltd, Pune (1995)
•Silicon Meadows Design Ltd.(1996)
•Alicon Castalloy Ltd, Binola (2006)
•Silicon Meadows Engineering Services Ltd. (2009)
USA
EUROPE
INDIA
•Silicon Meadows Engineering
Services, Nashua, USA
•Illichmann Castalloy GmbH, Austria
•Illichmann Castalloy s.r.o. Slovakia
5

6. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
alicon presence in India
Proposed
Alicon Castalloy Limited Pantnagar -
Uttaranchal.
Atlas Castalloy Limited, Chinchwad, Pune
(1969)
Silicon Meadows Design Limited, Chinchwad,
Pune (1996)
Alicon Castalloy Limited, Shikrapur, Pune.(1995)
Silicon Meadows Engineering Services Limited,
Viman Nagar, Pune. (2009)
Alicon Castalloy Limited Binola,
Haryana. (2006)
6

7. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
FULL SYSTEM SOLUTIONS
System Solution Capabilities : alicon group
7

8. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Company Profile
Date of Establishment: 1990
Revenue: 288.67 Cr.
Market Cap: 67 Cr.
Group CEO: Rajeev Sikand
Nature of Business: Manufacture
Legal status of firm Limited liability/corporation(listed
company)
Background
ALICON GROUP is a union of Alicon Castalloy Ltd (formerly known as Enkei
Castalloy), Atlas Castalloy Ltd., Silicon Meadows Design Ltd, Silicon
Meadows Engineering Services Ltd & Illichmann Castalloy,GmbH & S.R.O
grouped under one umbrella. The name for the group company ‘Alicon’ is
coined from the words ‘Aluminum’ and ‘Consortium’. Alicon is a
conglomerate that reflects a group of companies coming together to form a
large, trusted and respectable entity with the vision and passion to go with it.

9. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
India: A Vibrant Economy Scope
1. Largest Democracy – 1.2 billion people, Growing Middle Class
2. 4th largest GDP (PPP) and 10th largest GDP (Nominal, USD 1.8 trillion)
3. One of the fastest growing economies - Estimates for 2011-12: 7.6%
• India’s average GDP growth rate: 7.3% over past 10 years
• Expected to outpace China in the next decade
4. 3rd Largest Investor base in the World
5. Robust Legal and Banking Infrastructure
6. Demographics Advantage – Youth driven economy
7. Suburbanization & Rural to Urban Migration –
• 140 million by 2020; 700 million by 2050
8. 2nd largest pool of Certified Professionals and highest number of Qualified Engineers
in the world
9

10. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Landmark of Indian automobile industry
1897: First Person to own a car in India - Mr Foster of M/s Crompton Greaves Company, Mumbai
1901: First Indian to own a car in India - JamshedjiTata
—1905: First Woman to drive a car in India - Mrs. Suzanne RD Tata
—1911: First Taxiin India
—1924: Formation of traffic police
—1944: Premier Automobiles Limited
—1945: Tata Motors
—1947: Mahindra & Mahindra Limited
1981: MarutiSuzuki
—1994: Mercedes-Benz launched in India
—1995: REVA Electric Car Company
—2005: BMW launched india
2009: Land Rover and Jaguar

11. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Automotive market scenario in India
1
• The automotive industry in India is one of the largest in the world and one of the fastest growing
globally over 18 millions vehicles (including 2 wheeler and 4 wheeler ) and exports more than 2.3
million every year.
• At present the dominant products of the automobile industry are Two wheeler with market share
of over 76.49 % and passenger cars with market share of about 16%,commerical vehicles and
three wheelers share about 9% of the market between them.

12. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y

13. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
OBJECTIVE OF THE PROJECT
• The objective of this project is analyzing deeply our Indian Automobile Industry for
investment purpose by monitoring the growth rate and performance on the basis of
historical data.
The main objectives of the Project study are:
• Detailed analysis of Automobile industry which is gearing towards International
standards
• Analyze the impact of qualitative factors on industry’s and company’s
• Prospects
• Comparative analysis of 2 Wheelers and 4 Wheelers

14. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Print master

15. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y

16. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Motorcycle Scooters Scooterettes Mopeds
L.C.V M.C.V H.C.V
HatchbackUtilityVehicle

17. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Market Share of OEM

18. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Market Share Vehicle wise
Market Share of Vehicle 2011-12
Motor cycles 12,006,950
Passenger Cars 5,637,518
Scooter/Scooterettee 2,660,916
Commercial Vehicles 911,574
Three Wheelers 877,711
Mopeds 785,753
Utility Vehicles(UVs) 372,648
Motor cycles
52%Passenger
Cars
24%
Scooter/Scoot
erettee
11%
Commercial
Vehicles
4%
Three
Wheelers
4% Mopeds
3%
Utility
Vehicles(UVs)
2%
2011-12

19. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Analysis of Two wheelers

20. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Major Two wheeler OEM

21. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Trends For Last 2 years
OEM's Total 2-Wheeler Volumes in 2010-11 Total 2-Wheeler Volume in 2011-12
Hero MotoCorp Ltd 5405789 6274118
Bajaj Auto Ltd. 3404103 3849163
TVS Motor Co. 1994036 2134565
HMSIL 1651160 2111724
Yamaha Motor India Pvt.Ltd. 362345 498350
Suzuki Motor Corporation 282366 347188
Mahindra 173135 140789
Royal Enfield Motors India Ltd. 57351 83254
Others 54 853
24%
20%
15%
12%
8%
7%
4%
0%
-10%
2010-11, 2011-12
Royal Enfield Motors
India Ltd.
Yamaha Motor India
Pvt.Ltd.
HMSIL
Suzuki Motor
Corporation
Hero MotoCorp Ltd
Bajaj Auto Ltd.
TVS Motor Co.
Others
Mahindra

22. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Research Methodology
Two Wheelers
 Primary Data is collected from Factory.
 Secondary Data collected from factory as wells from Alicon
Castalloy Data with help of ACMA.
 Forecasting done on the Basis of 10% growth estimated in any
segment, at least 5% if decreases
Four Wheelers
 After budget session due to increase in petrol price. Petrol car sales volume
decreases and Shift in Diesel Cars so
 Forecasting 2-3 % growth in Petrol and 7% growth in Overall Estimation of
5.25% in passenger vehicle.

23. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Forecasting of Two wheeler Volume
OEM's Total 2-Wheeler Volumes in 2010-11 Total 2-Wheeler Volume in 2011-12 Total 2-Wheeler Volume in 2012-13 Total 2-Wheeler Volume in 2013-14
Hero MotoCorp Ltd 5405789 6274118 6745767 7280158
Bajaj Auto Ltd. 3404103 3849163 4234079 4657487
TVS Motor Co. 1994036 2134565 2246503 2430830
HMSIL 1651160 2111724 2286997 2483388
Yamaha Motor India Pvt.Ltd. 362345 498350 548185 603004
Suzuki Motor Corporation 282366 347188 381907 420098
Mahindra 173135 140789 154868 170355
Royal Enfield Motors India Ltd. 57351 83254 91579 100737
Others 54 853 938 1032
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
Total 2-Wheeler Volumes in 2010-11
Total 2-Wheeler Volume in 2011-12
Total 2-Wheeler Volume in 2012-13
Total 2-Wheeler Volume in 2013-14

24. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Motorcycle and Scooter / Mopeds sales volume

25. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Sales Trends of Motorcycle for FY 2010-
11, 2011-12
OEM's Total 2-Wheeler Volumes- Motorcycles in 2010-11 Total 2-Wheeler Volumes- Motorcycles in 2011-12
Hero MotoCorp Ltd 5044970 5811162
Bajaj Auto Ltd. 3404103 3849163
HMSIL 744836 864871
TVS Motor Co. 844935 841773
Yamaha Motor India Pvt.Ltd. 362345 498350
Royal Enfield Motors India Ltd. 57351 83254
Suzuki Motor Corporation 51648 57585
Others 54 853
41%
26%
15%
12%
3%
2%
1%
0%
Total Market share of Motorcycle in 2010-11
Hero MotoCorp Ltd
Bajaj Auto Ltd.
TVS Motor Co.
HMSIL
Yamaha Motor India Pvt.Ltd.
Suzuki Motor Corporation
Mahindra
Royal Enfield Motors India Ltd.
41%
25%
14%
14%
3%
2%
1%
0%
Total Market share of Motorcycle in
2011-12
Hero MotoCorp Ltd
Bajaj Auto Ltd.
TVS Motor Co.
HMSIL
Yamaha Motor India
Pvt.Ltd.
Suzuki Motor Corporation
Mahindra
Royal Enfield Motors
India Ltd.

26. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Sales Trend of Scooters/Mopeds for FY
2010-11, 2011-12
OEM's Total 2-Wheelers Volumes- Scooters/Mopeds in 2010-11 Total 2-WheelerVolumes- Scooters/Mopeds in 2011-12
TVS MotorCo. 1149101 1292792
HMSIL 906324 1246853
Hero MotoCorp Ltd 360819 462956
Suzuki MotorCorporation 230718 289603
Mahindra 173135 140789
41%
32%
13%
8%
6%
Total 2-Wheelers Volumes-
Scooters/Mopeds in 2010-11
TVS Motor Co.
HMSIL
Hero MotoCorp Ltd
Suzuki Motor
Corporation
Mahindra
38%
36%
14%
8%
4%
Total 2-Wheeler Volumes-
Scooters/Mopeds in 2011-12
TVS Motor Co.
HMSIL
Hero MotoCorp Ltd
Suzuki Motor
Corporation
Mahindra

27. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Sales Forecast for motorcycles for
the FY of 2012-13, 2013-14
Total 2-Wheeler Volumes- Motorcycles in 2012-13
6236516
4234079
915459
871511
548185
91579
63344
938
OEM's
Hero MotoCorp Ltd
Bajaj Auto Ltd.
HMSIL
TVS Motor Co.
Yamaha Motor India Pvt.Ltd.
Royal Enfield Motors India Ltd.
Suzuki Motor Corporation
Others
Total 2-Wheeler Volumes- Motorcycles in 2013-14
6719981
4657487
974696
918339
603004
100737
69678
1032
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
Total 2-Wheeler Volumes-
Motorcycles in 2010-11
Total 2-Wheeler Volumes-
Motorcycles in 2011-12
Total 2-Wheeler Volumes-
Motorcycles in 2012-13
Total 2-Wheeler Volumes-
Motorcycles in 2013-14

28. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
OEM's
TVS Motor Co.
HMSIL
Hero MotoCorp Ltd
Suzuki Motor Corporation
Mahindra
Sales Forecast for Scooters / Mopeds for
the FY of 2012-13, 2013-14
Total 2-Wheeler Volumes- Scooters/Mopeds in 2013-14
1374992
1371538
509252
318563
154868
Total 2-Wheeler Volumes- Scooters/Mopeds in2013-14
1512491
1508692
560177
350420
170355
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
Total 2-Wheelers Volumes-
Scooters/Mopeds in 2010-11
Total 2-Wheeler Volumes-
Scooters/Mopeds in 2011-12
Total 2-Wheeler Volumes-
Scooters/Mopeds in 2012-13
Total 2-Wheeler Volumes-
Scooters/Mopeds in 2013-14

29. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Trends of FY 2010-11, 2011-12
OEM's Total2-WheelerVolumes-Motorcyclesin2010-11 Total2-WheelerVolumes-Motorcyclesin2011-12
Motorcycles 10510242 12007011
Scooters/Mopeds 2820097 3432993
79%
21%
Market Share of 2- Wheelers 2010-11
Motorcycles Scooters/Mopeds
78%
22%
Market Share of 2-Wheelers 2011-12
Motorcycles Scooters/Mopeds

30. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Forecasting for coming FY 2012-13, 2013-14
OEM 2010-11Volumes 2011-12 Volumes 2012-13volumes 2013-14Volumes
Motorcycles 10510242 12007011 12961611 14044954
Scooters/Mopeds 2810097 3432993 3729213 4102135
0
2000000
4000000
6000000
8000000
10000000
12000000
14000000
16000000
2010-11
Volumes
2011-12
Volumes
2012-13
volumes
2013-14
Volumes
Motorcycles
Scooters/Mopeds

31. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
CapaCity Engines

32. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Growth of Engines capacities
OEM's Domestic Growth of Engines on 2010-11 Domestic Growth of Engines on 2011-12
75-125 CC 19064603 21662093
125-250 CC 57364 100576
250 CC above 3016308.665 3515688
86%
0% 14%
Domestic Growth of Engines on
2011-12
75-125 CC 125-250 CC 250 CC above
86%
0% 14%
Domestic Growth of Engines on
2010-11
75-125 CC 125-250 CC 250 CC above

33. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Forecasting of Engine capacity
Engine Sales Volumes of Engine on 2010-11 Sales Volumes of Engine on 2011-12 Sales Volumes of Engine on 2010-11 Sales Volumes of Engine on 2013-14
75-125CC 19064603 21662093 23146835 25265383
125-250CC 57364 100576 110633 121696
250CC above 3016309 3515688 3834836 4189140
0
5000000
10000000
15000000
20000000
25000000
30000000
Sales
Volumes of
Engine on
2010-11
Sales
Volumes of
Engine on
2011-12
Sales
Volumes of
Engine on
2010-11
Sales
Volumes of
Engine on
2013-14
AxisTitle
Axis Title
75-125 CC
125-250 CC
250 CC above

34. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Four Wheeler Sales Volume

35. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Major Four wheeler OEM

36. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Trends of FY 2010-11, FY 2011-12
OEM's Volumes in 2010-11 Volume in 2011-12
MSI L 1273331 1133935
Hyunda i 595078 630715
Ta ta 321660 322761
M&M 183231 226760
Ford 112615 119440
Che vrol e t 109455 110244
Toyota 83753 161125
Ni s s a n 74512 128926
HSCIL 60484 49459
Vol ks wa ge n 52977 79772
Skoda 23426 36338
Fi a t 21896 16035
Mi ts ubi s hi 3248 2413
Re na ul t 0 4769
Me rce de s Be nz 2502 3468

37. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Trends Shows increasing volume, -ve
indicates decrease in Volume
-33%
18%13%
10%
9%
6%
-3%
3%
1%
2%
0%
0% 0%
0%
0%
Volumes in FY 2010-11- FY2011-12
MSIL
Toyota
Nissan
M&M
Hyundai
Volkswagen
HSCIL
Skoda
Renault
Ford
Fiat
Tata
Mercedes Benz
Mitsubishi
Chevrolet

38. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Forecasting of 4-wheelers Volume
OEM's Volumes in 2010-11 Volume in 2011-12 Volume in 2012-13 Volume in 2013-14 Volume in 2014-15
MSIL 1273331 1133935 1172394 1289640 1418597
Hyundai 595078 630715 653671 719038 790941
Tata 321660 322761 327838 360623 396683
M&M 183231 226760 242309 266540 293196
Ford 112615 119440 125638 138202 152026
Chevrolet 109455 110244 115243 126767 139443
Toyota 83753 161125 169440 186384 205023
Nissan 74512 128926 135330 148863 163749
HSCIL 60484 49459 50967 124945 61670
Volkswagen 52977 79772 83578 91937 101129
Skoda 23426 36338 38194 42012 46213
Fiat 21896 16035 16829 18513 20363
Mitsubishi 3248 2413 2547 2802 3082
Renault 0 4769 5014 5516 6067
Mercedes Benz 2502 3468 3817 4197 4615
OEM's

39. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Green bar line indicates increase in
growth in bar graph
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
Volumes in 2010-11
Volume in 2011-12
Volume in 2012-13
Volume in 2013-14
Volume in 2014-15

40. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Finding
Two Wheelers
• Hero Moto corps is the leader the whole market followed by Bajaj, Honda, TVS then
Yamaha then Royal Enfield
• Royal Enfield is the leader of the emerging market as compared to Honda
(HMSIL), then others (including Harley Davidson) in 250 cc above engines.
• Bajaj is becoming a market leader in this segment, followed by Honda, Yamaha, TVS
then Hero Moto corp. in 125-250 cc Engines
• Customer is shifting from cars to Motorcycle or Scooters.
Four Wheelers
• As Fuel price increases specially in Petrol there is a big changes comes in market i,e
Customers are preparing to buy Diesel Cars as Compare to Petrol cars.

41. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Factors affecting the demand and
growth of the auto sector in India
4

42. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Government Policy for Automobile
Industry in India
4
• The Indian government has introduced several industry. The Indian Auto Policy of
2002, introduced measures like low entry barriers and investment incentives by the local state
governments. To encourage in-house research and development activities, Government has
introduced policies that allow weighted tax deduction up to 150%.
• National Automotive Testing and R&D Infrastructure Project (NATRIP) has been set up n in Rae
Bareilly, Ahmednagar, Pune, Manesa, Silchar, Indore and Chennai for strengthening the R&D
infrastructure.

43. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Global Scenario of Two wheeler Industry
4
• Two wheeler Industry in Europe in first quarter 2012:The European market reported 8,2%
decline confirms the crisis suffered by the European Motorcycle sector, now officially entering its
fifth year.
• Only the United Kingdom and Germany have performed positively, respectively with a growth of
2,7% and 1,5%.
• Every other main European market reports a negative trend: France -8,8%, Italy -14,8%, Spain -
17,9%, The Netherlands -7,9%.

44. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Two wheeler Industry in Asia: FAMI (federation of Asian Motorcycle industries) currently
comprising of seven motorcycle associations in Asia as follows:
1.ASASIASI INDUSTRI SEPEDA MOTOR INDONESIA(Indonesian Motorcycles Industry
Association)
2.JAMA (Japan Automobile Manufacturers Association Inc)
3.MASAAM(Malaysia Motorcycle and Scooter Assemblers and Distributors)
4. Motorcycle Development Program Participants Association, Inc.(Philippine Motor Vehicle
Development Program)
5.SMCTA(Singapore Motor Cycle Trade Association)
6.TAIA(Thai Automobile Industry Association)
7.TTVMA(Taiwan Transportation Vehicle Manufacturers Association)
• FAMI is also member of International Motorcycle Manufacturers Association (IMMA), the
Geneva-based body that represents the motorcycle industry worldwide.
4

45. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Production trend of FAMI (federation of
Asian Motorcycle industries) in 2011-12
4
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Indonesia
Malaysia
Japan
Philippine
Singapore
Thai
Taiwan

46. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Recommendations:
• Due to hike in Petrol Price the Customers are shifting Petrol cars to
Diesel. The growth in diesel car increases.
• In 2-wheelers segment the Customer is getting attracted towards
Scooters more than Motorcycle.
• 4-wheelers demand is decreasing as compare to 2-wheelers
• People is preferring Diesel cars.

47. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Useful links for Global Coverage of
Automobile and Auto component Industry
• International Motorcycle Manufacturers Association(IMMA).
• ACEM (Association for Motorcycle Industry in Europe
(www.acem.eu).
• FAMI (federation of Asian Motorcycle industries) (www.fami-
motorcylce.org).
• Automotive Industry Development Centre(www.aidc.co.za).
• National Association of Automotive Component and allied
manufacturers(www.naacam.co.za).
• National Association of Automobile Manufacturers of
SA(www.naamsa.co.za).
4

48. A N A L Y S I S O F I N D I A N A U T O M O B I L E I N D U S T R Y
Special Thanks to:
1) Inmantec Institutions
2) Alicon Castalloy Ltd