The retailerEY’s publication in consumerproducts and retail sector

April – June 2017

2 | The retailer

Dear reader,

We are delighted to present to you the April—June 2017 edition of The retailer, our quarterly publication in the consumer products and retail (CPR) sector.

In this issue, we bring to you the global shift in the luxury sector. Many a businesses have collapsed under market pressures in the advanced economies. However, emerging markets are showing a growth trajectory.

Keeping our subcontinent in focus, we discuss the categorical shift in consumers and their preferences in the luxury market. We also highlight the key challenges and risks faced by Indian luxury businesses.

Tata Global Beverages — someone who has varied knowledge on the subject.

Mr. Rao tells us about his journey in his current role and his key success mantras to risk management.

Finally, we continue our featured section, the “Innovation board,” where we attempt to present to you snapshots of recent innovations that have emerged in the Indian and global consumer goods and retail space.

We hope you enjoy reading this issue of The retailer and look forward to your valuable comments and feedback.

Pinakiranjan Mishra

Partner and National Leader, Consumer Products and Retail, India Market Segment Leader, Consumer Products and Retail, EMEIA

Foreword

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Changing face of the Indian luxury market

Interview with Raghupathi Rao — Tata Global Beverages

Innovation board

Indian luxury retail overview and challenges

Contents

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14

20

Involve yourself:

We look forward to hearing your feedback and suggestions.To contribute to editorial content, please contact Riddhi BhimaniT: +91 22 61921618E: riddhi.bhimani@in.ey.com

4 | The retailer

In contrast to the consumption slowdown faced by the majority of consumer product and retail companies in India, luxury product companies continued their healthy growth in 2016, as the crème de la crème refused to compromise on the “luxe” life. The luxury

1.

Growth in the Indian luxury market is being driven by:

Source: EY Analysis2

1 Euromonitor2

worth of INR250 million mapped over 10 years;

1Changing face of the Indian luxury market

households (UHNHs) was estimated to be around 146,600 in 2016.

The number has been growing at a CAGR of ~20%

It is expected to reach 294,000, growing at a CAGR of ~15%, by 2021

Growing base of UHNHs

More than 65% of India’s population (~1.3 trillion) is below the age of 35 years.

By 2020, the average age of an Indian is expected to be 29 years.

Household income is expected to triple to INR1 million by 2020, leading to rise in discretionary spending

The growing young consumer base is more brand conscious and willing to spend on luxury products as there is a growing need for individuality and exclusivity as people get richer.

The young aspirational population

Rising demand for luxury products has attracted a lot of luxury brands to India.

Global luxury companies are increasingly investing more in awareness and experience to drive the growth in the Indian market.

men’s wear.

Increasing global integration

Rising internet penetration and usage

Convenience of buying, variety of options and

channels more attractive for luxury buying.

Growing prominence of online channel

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India currently accounts for less than 1%3 of the global luxury market; it is expected to continue its growth trajectory and grow at a CAGR of around 10%–12% during 2016–21. Although

some impact on growth in the short to medium term due to demonetization.

The Indian luxury market is at a nascent stage of growth, but it is among the faster growing markets — much ahead of the global growth (3%), as well as growth in other emerging countries such as China (4%), Brazil (3%) and Russia (2%)4.

Evolution of luxury consumers: India embarking on the journey

3

4 Euromonitor5

Source: EY Analysis5

India

China

South Korea, Brazil

Singapore, Hongkong

US, France

Prerogative of the privileged

Experiment with the ‘new money’

Accumulate luxury

Become ‘elite’

Live and breathe luxury

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Key segmentsThe luxury market in India is dominated by designer apparel and footwear, followed by luxury jewelry. Luxury eyewear and beauty and personal care are among the faster growing categories.

Within designer apparel and footwear, women’s apparel dominates the category, while women’s footwear is expected to grow faster than the category going ahead. Within luxury beauty and personal care, premium fragrances is the largest and fastest growing segment, while color cosmetics, though small, is expected to grow at a robust pace of 17%–20% CAGR.

Source: EY Analysis6

3 Euromonitor

Segmentation of the Indian luxury goods industry by category

% share by value, 2016

Designer apparel and footwear

Luxury jewelry

Luxury eyewear

Luxury leather goods

Luxury timepieces

Luxury portable consumer electronics

Luxury writing instruments and stationery

Super premium beauty and personal care

Fine wines/champagne and spirits

2016–21 CAGR, by value

31 % 11 %

10 %

14 %

8 %

15 %

7 %

6 %

6 %

5 %

21 %

18 %

9 %

8 %

6 %

4 %

1 %

1 %

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Source: EY Analysis7

7 Euromonitor

Key segments:

Women’s apparels: ~45% of the total segment

Women’s footwear: ~20% of the total segment; expected to grow faster than the category

Key segments:

Bags: ~60% of the total segment, growing at 6% CAGR over the next 5 years

Key segments:

Fragrances: ~55% of the total segment, growing at ~17% CAGR over the next 5 years

Key segments:

Men’s timepieces: ~75% of the total segment

Key segments:

Sun glasses: ~88% of the total segment

Luxury whiskies is the dominant segment

Designer apparel and footwear

Luxury jewelry

Luxury eyewear

Luxury leather goods

Luxury beauty and personal care

Luxury timepieces

Fine wines and spirits

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Understanding the “luxury consumer”8

Luxury in India has different meanings for different sets of consumers — It is a way of life for a few, a symbol of status for some and an indulgence for others. Consumer classes in the luxury sector can be segmented based on their past wealth, current lifestyle, value consciousness, aspirations and behaviors. These classes can be better understood as:

Source: EY Analysis9

8

9

per annum; Source: BCG: The tiger roars report; Exchange rate: 1US$ = INR65

Luxury is a way of life; traditionally shopped abroad and are value seekers

Usual suspects

Sudden gains may result in one or few aspirational shopping instances in categories such as cars, fashion and electronics

God-sent wonders

wealth

Rapidly growing segment, probably offering the maximum growth potentialNew

Shop for prominent brands (even counterfeits) to achieve the desired social status

season sales

Have the potential to be luxury consumers of tomorrow

Eager beavers

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Luxury has a new address in India: Beyond metros10

country.

Sharp growth in income levels, increased spending power and the “aspiration to experience” are making small town consumers splurge on luxury. These new markets offer lucrative growth opportunities to luxury players, some of whom have already started reporting a shift in their sales away from the metros.

Source: EY Analysis11; data for 2016

10

11 Top of the pyramid – 2016, Kotak Wealth Management, http://wealthmanagement.kotak.com/topindia/index.html

Share of UHNHs (%)

Metros (Mumbai, Delhi, Chennai and Kolkata)

Next 6 cities (Bengaluru, Ahmedabad, Pune, Hyderabad, Nagpur and Ludhiana)

Lucknow, Kanpur, Jamshedpur, Amritsar, Raipur, Indore and Aurangabad)

Metros

Next 6 cities

Next 11-20 cities

Rest of India

55

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Key challenges faced by luxury products companies

Despite healthy growth prospects, luxury product companies operating in India face a few challenges. Some of the key challenges are:

Source: EY Analysis

What can companies do?12

on the product positioning and have focused strategies. Also, to counter the threat from fake and gray products, companies need to invest in educating consumers and making them more aware of the features of genuine products.

12

Fake and grey goods market

Increased availability of cheaper counterfeit goods

Mostly in categories such as apparel, perfumes and accessories

Lack of retail space

luxury malls in India; this restricts the ability of players to add new stores

High rental costs and high real estate prices in metro cities strain operating costs of luxury players

Currency

Sharp depreciation in the Indian rupee puts pressure on the margins of luxury players

Stringent regulatory norms

Multiple and complex taxation systems and stringent FDI regulations

Several licenses required to open a store at different locations within India and from different government bodies

01 02

03 04

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Source: EY Analysis13

To sum up, the Indian luxury market is evolving dramatically. With new consumers joining the luxury bandwagon, players are required

effective models will be pivotal to success. Luxury players now need to commit to the burgeoning Indian market and adopt a tailored approach to master it.

13 Top of the pyramid – 2016, Kotak Wealth Management, http://wealthmanagement.kotak.com/topindia/index.html; # Top of the pyramid – 2016, Kotak Wealth Management, http://wealthmanagement.kotak.com/topindia/index.html

Customized/unique products can be offered to attract the class of usual suspects and UHNIs – for whom luxury is already a part of living.

They feel the need to distinguish themselves from

They tend to shop for luxury apparels and

or eager beavers#.

For example, a Lebanese designer’s spring 2016 collection was inspired by Indian looks of the traditional saree and salwar kameez.

Indianize, personalized, customize

beavers.

These products act as a bridge between premium and luxury in terms of pricing and perception.

consumers and then gradually make them trade up to more luxury products.

luxury brands, as the former cater to a larger

Bridge-to-luxury products

Consumers can be educated and made more aware to differentiate fake/gray and genuine products.

Social media can be used as an effective channel to reach the right set of consumers.

Educate against counterfeits

To reach larger consumer base and increase consumer engagement, players are looking at a more consistent experience across channels.

To reach consumers from tier 2 and 3 cities, companies are investing in innovative operating

reaching out to tier 2 consumers through local partners and exhibitors.

Companies are also partnering with online players – e.g., brands such as Prada, Louis Vuitton and Chanel are partnering with major ecommerce players such as Amazon and Myntra as well as specialized luxury ecommerce players such as Darveys and Elitify.

Omni-channel reach

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Vivette Dcruz, Senior Manager, Consumer Products and Retail

Nivedita Ukidwe, Manager, EY Knowledge

Vivette has over 10 years of experience in the Consumer Products and Retail space. She has worked with a diverse set of clients across apparel and lifestyle, consumer durables, consumer products. She has helped clients in their strategy formulation, consumer studies and implementation assistance.

T : +91 22 6192 1530

E : vivette.dcruz@in.ey.com

Nivedita has more than seven years of experience across research and analysis, analytics, credit risk, project management and consulting. She has worked on a range of projects for leading global and Indian consumer products and retail companies. Nivedita specializes in the global home and

driving the thought leadership agenda.

T : +91 22 6192 2367

E : nivedita.ukidwe@in.ey.com

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The Indian luxury goods market is fairly fragmented and

a market share of less than 10% each14. International players lead the market, with domestic luxury players present mainly in the jewelry and bags categories15.

luxury goods market — for example, House of CK, Cole Haan and Tom Ford Women in 201616 — several international luxury brands, including British luxury menswear and accessories brand Alfred Dunhill and lingerie label La Perla, are making a return to India with reworked strategies17, new partners and more realistic expectations after failing to make a mark in this

As the Indian luxury market is dominated by international luxury brands, government regulations on FDI have a

allows FDI up to 49% through the automatic route and up to 100% through the government approval route18. There are proposals to allow 100% FDI in single brand retail through

the automatic route and relax the 30% domestic sourcing clause to attract more investment. The proposal, which favors lowering the threshold of domestic sourcing from 30% of the

19, could make it more attractive for companies to do business in India.

to market, to market positioning, to providing the desired consumer experiences20

With robust growth projections, the industry players need to evaluate the key risks around the route to market, customer experiences, gray market and government regulation among others.

Finding the right business partner: The mode of entry into the Indian market for luxury players has evolved over the years, with licensing being preferred in initial years and then shifting to franchising and JV with brands looking to exert more control on the product and supply chain.

2Indian luxury retail overview and challenges

14 Euromonitor 15 Euromonitor16

17

articleshow/48430507.cms18

19

20 EY Analysis

Franchising

ProsEstablished supply chain

Less cost in terms of personnel

customer base

ConsLess control over maintenance of stock

Less control over merchandising — Risk of counterfeiting

would be if owned the business or exported its own goods

partners/franchisers

Joint venture

ProsMore autonomy and visibility

More stake in the brand,

Better control over customer service and merchandising

ConsFDI norms

risk

partners

Wholly owned subsidiary

ProsComplete autonomy

Owned warehouses, complete stock visibility

ConsFDI norms

Substantially increased capital cost

Lack of customer data — Consumer unawareness may lead to unsuitable

to lack of management presence in the foreign country

Therefore, it is advisable to enter into a partnership with a carefully chosen Indian partner. To minimize the risks, many luxury brands initially explore franchising and then, if it works out well, they go on and raise the status of their relationship to a JV with the Indian partner.

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Pricing: International brand are currently more expensive in India than in competitive markets because of distribution costs and taxation, resulting in price conscious consumers making purchases abroad. As per a survey by Kotak, 41% of HNIs make their apparel and accessory purchases outside India. Companies need to make a choice between sourcing locally and reducing costs while maintaining quality standards and importing goods from the base location.

Overcoming the supply chain and logistics disruptions: Elements of logistics such as transportation, stocking, inventory and warehousing are remarkably expensive if not controlled effectively. Holding unsold stock or inventory in warehouses, just in case it is needed, is a highly costly activity. By appropriately integrating demand and supply, using information technology and systems, retailers can provide better services to consumers. With suitable logistics, products should be of a superior presentation value and there should be far fewer instances of stock outs. If operating properly, a good logistics system can therefore both reduce costs and improve service, providing a competitive advantage to the retailer.

Providing the desired retail experience to customers: Luxury brands experience, customer relations and hospitality. It has been estimated that the expansion plans in the sector will lead to a manpower requirement of 1.76 million by 202222. Therefore, companies need to decide on hiring cheaply and

Luxury goods purchase trend21

then investing in training their staff or hiring professionals

Deciding on whether to go digital: Hesitant adopters of digital space, luxury brands today have slowly but surely started giving in to this phenomenon. Millennial consumers

Nielsen report, almost 67%23 of Indians in metros and tier

decisions. Therefore, a combination of physical stores, digital experiences and social media engagement is the new mantra for success.

Tackling the gray market24: With increase in brand acceptance and equity, incidences of counterfeiting have increased. The rising demand for branded luxury

Expected growth rate of fake luxury goods in India

21 Kotak wealth management report 201622

23

24

India59%

Dubai28%

Singapore28%

Europe19%

Thailand5%

Others3%

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products, combined with continued price consciousness of Indian consumers, has led to the growth of this parallel channel. The fake luxury goods market in India was estimated to touch INR6,000 crore in 201625. Luxury brands have now started collaborating with Indian Customs to identify and destroy alleged counterfeit products. They need to put in more efforts in creating awareness among consumers and enforcement agencies on the importance of effectively tackling counterfeiting, piracy and smuggling.

Addressing the real estate concerns: Lack of availability

has been one of the biggest impediments for the growth of luxury retailing in India. The country has only a handful

players to add new stores. High rental costs in metro cities compared with global counterpart poses another challenge. Therefore, brands are now coming up with innovative ways to reach their consumer base through exhibitors and local partners.

Most luxury products in India are imported from abroad, and a weakening rupee hurts luxury players’ margins. They pass on these increased costs to consumers through an

increase in prices. The Indian rupee is under pressure in

the growth of the Indian luxury goods market.

High import duties: Imported luxury goods attract four different taxes in India. Import duties in the country (10%–60%)26

higher than in China. Such high taxes add to the price of the products and make them less competitive in the Indian market. Therefore, luxury brands are forced to subsidize their prices to be in India, which, in turn, hits

Mitigating the impact of government regulations:

Government during 2016 to curb black money are expected to impact luxury goods during 201727. With the Government indicating that it will continue taking such harsh measures to curb black money generation and increase the tax net, the challenges for the sector could continue in the long run.

While there is a strong demand for luxury goods, brands needs to be cognizant of the potential challenges and build a strong strategy to address these challenges to set up a successful business in this growing market.

25

26

27 Euromonitor

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Devesh Jain, Director, Advisory Services

Eshan Mittal, Manager, Advisory Services

Devesh has more than 12 years of experience in advising retail and consumer products clients on key business processes, enterprise risk management and governance risk and compliance services in India, Europe and Americas

T : +91 120 6717015

E : devesh.jain@in.ey.com

Eshan has more than 5 years of experience in delivering internal audit and other risk management engagements for retail and consumer product clients

T : +91 124 4432294

E : eshan.mittal@in.ey.com

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20 | The retailer

Raghupathi Rao

Tata Global Beverages

Chief Internal Auditor

Interview with Qrvi

Vision: To be the most admired Natural Beverages company in the world by making a big and lasting difference in Tea, Coffee and Water.

US $1.2 billion

Tata Global Beverages is the second largest Tea company in the world

brand presence in over 40 countries

2

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Tell us about your journey so far and your current role

I started my career with EY advisory in India. I later relocated to Singapore to join Delphi (former General Motors ACG)

the business environment was challenging as witnessed

collaborations. For instance, IA launched engagements that

successfully emerged out of bankruptcy, I moved to Danone, one of the larger players in food and beverages globally.

to a global hub, covering 50 countries, next only to Paris. In addition to achieving our mandate, we also helped to promote Danone’s matured governance and operating model frameworks. A few years later, I took over a different challenge as the Business Finance head for Danone’s infant nutrition division in Singapore.

After working in Singapore and Tokyo for 12 years, I returned to India in 2016 to join Tata Global Beverages (TGB)

(CRO). TGB is the second largest tea company in the world with growing interest in coffee and water; hence, my role encompasses all geographies where it operates. It has been a positive and interesting journey so far for me.

Why and how do you think the governance, risk and compliance (GRC) environment is changing in India? And what are the changes happening in the F&B sector that you think are relevant for IA?

I think IA in many Indian organizations has focused on compliance. There is potential to go beyond this — around operating models and even sustainability — to create a larger business impact. It does not mean that IA should lose sight of its role around internal controls and compliance. It is good to have a respectable mix. The integrated governance model practiced in many listed corporations in Europe where enterprise risk management (ERM), process excellence, internal controls and internal audits (RPIA) strongly interplay with each other, appears to be catching interest in India.

The F&B sector is marked by shifts in consumer preferences, innovations and M&A. In matured markets, the rapid growth of discounters, online retailers and pressures on large retailers are more pronounced than before. In emerging markets, the regulators are upping the ante on food safety. It is important for IA functions with global remit to understand the category, brand, retailer and consumer dynamics in different markets. The implications of these shifts on your organization and the potential role of the risk management (RM) and IA functions in this context should be continuously explored, articulated and deployed.

At the end of the day, the RM and IA functions should strive to contribute toward a business. This is line with the philosophy of TGB, since TGB’s IA vision is beyond compliance. It is sustainability.

22 | The retailer

of the milestones achieved in your global role?

organizations to achieve its strategic objectives. Similarly, the objective of RM should be to maintain a proactive management of risks focused on enabling sustainable implementation of strategies.

Our IA agenda is developed on some of these levers — a business connected IA function, integrated RM–IA

governance and stronger organizational alignment. Over the past two years, we have been in a position to deliver

levers. We also take inspiration from some of the programs of the Tata Group, such as business excellence, which helps to constantly drive the maturity of the organization and its processes.

Could you elaborate a bit on some of the emerging processes you adopt to make your IA more business relevant and advise the senior stakeholders/ACM?

For any IA function with global remit, it is important to focus on four elements — people, process, technology and organization.

People: For IA, we have deployed subject matter experts (SMEs) who come from business/functional backgrounds. For example, among my permanent audit staff, I have a former food technologist, supply chain manager and a tea

they complement the other auditors who come from process and control background. We also leverage on competencies

practices on project basis.

Process: We have an integrated RM and IA function, which works on a closed loop model to take a holistic perspective of risks, drivers and mitigation plans. For instance, a business

passed on to the IA team, which then integrates into its IA planning. In contrast, IA could share some business risks that

23The retailer |

Qby the RM team for prioritization. Now, this example I gave can be applied to risks around innovation, business transition and many more.

For IA engagements, we allocate ~ 30%–40% of our efforts on engagement planning/risk assessment. Risk assessment

rigor and keeps the IA plan quite dynamic.

To stay connected with the pulse of the business and develop your IA strategy, the RM and IA functions should consider participating in strategy planning and annual operating planning sessions. Unless RM and IA understand the business, it would be

Technology: Technology is surely an enabler. It’s not the brand

overall strategy of RM and IA.

Organization: It’s important to have a stronger alignment with different stakeholders. Some of the questions to ask yourself are: Does IA animate emerging trends on governance or operating models with the business stakeholders? Does it launch sporadic communications on some of the global RM and IA initiatives? How often and why does it engage with senior business stakeholders? Some of these enable better proximity and visibility of the RM and IA functions.

Any CIA would be pleased when stakeholders walk up to your table to share concerns openly and request IA’s support. TGB’s

strong sponsorship for initiatives which is important for other companies.

What new technology tools/enablers do you leverage/plan to leverage to manage governance, risk and compliance?

Some of the tools that would be relevant to increase the effectiveness of your IA function are:

Dakota: It is an action management system that enables follow through on the implementation of action plans for both management and IA.

SAP GRC: The SAP GRC risk management module enables organizations to drive the ERM process. Just as the previous

evolution of risks and mitigation plans.

IA data analytics tool:

parameters. In addition, IA can also leverage on BI platforms developed by the organization/functions to perform effective

Risk sensing tool: It is gaining traction to sense external risks that could be integrated into the ERM process.

24 | The retailer

Luxury brands innovate to combat global slowdown

With the luxury goods sector witnessing a slowdown in sales, leading brands are focusing on innovation to remain relevant. As per Bain, sales growth (at constant currency rate) of personal luxury goods slowed to 1%–2% in 2015 from 7% in 2013.

Leading luxury brands are introducing features such as

stores as the lines between shopping and entertainment blur. MonteNapoleone VIP Lounge at Milan’s luxury shopping district

restaurants and theatre tickets, provides personal shoppers and

store called the Creative Spot at its Fidenza Village in Italy to showcase products by Milan’s young designers at low prices.

Link accessed on — 19 April 2017

Technology trends that could reshape luxury in 2017

Luxury brands are implementing digital innovations into their strategy to remain competitive. Some technologies currently being used by luxury brands that could potentially drive further innovations in the sector are as follows:

Advanced materials: Advanced materials technology refers to materials designed to possess superior attributes such as high strength, very low weight or electric conductivity. Nanomaterial technology could have a promising impact on the production of luxury garments and accessories. American brand ODO Denim has invented

by model Karolina Kurkova during the 2016 Met Gala had a combination of advanced materials technology and connected objects. The gown was made of a conductive fabric, changing color depending on tweets from the model’s fans.

The potential for robots to replace human interactions in luxury shops is yet to be explored. However, with chatbots, online customer support could enter a new era. Luxury brands

during NYFW 2016.

Mixed reality: There is huge potential for the use of AR and VR in the luxury sector. These technologies provide

experience unveiled in December 2016 included an online 360° platform inviting visitors to explore the abstract world of Prada fragrances.

Distributed ledger: Distributed ledger technology provides a way for information to be recorded with a unique digital signature. That information is divided and shared by a community spread across geographies, making it impossible to be tracked and hacked. Already leveraged by the diamond industry to register stones on a secured database to prevent fraud (Everledger.io), the same technology could be used in the luxury sector to combat counterfeiters. Industry professionals are already contemplating the use of this technology to keep customer data safe and private.

The internet of things (IoT): By providing the ability to control the physical environment digitally, IoT helps improve customer experience. IoT advances include

Innovation board

25The retailer |

promotions, and layout and inventory optimization. Digitalized brand Burberry has been utilizing this

Avery Dennison, a Fortune 500 apparel labeling producer, and EVRYTHNG, a “smart products” software provider,

Link accessed on — 16 May 2017

The rebirth of luxury retail

focusing on innovation. Luxury merchants face challenges

that portrays the same brand story as well as ensuring the brand is visible on emerging channels, such as luxury marketplace sites. Including virtual technology will be crucial to the success of luxury online.

Luxury retailers are focusing on creating a bespoke experience tailored to the local markets to provide personalization. They

experience. Neiman Marcus has piloted its “Memory Mirrors,”

virtually try a dress in different colors in front of smart mirrors. Shiseido and Dior makeup counters allow shoppers to virtually try on different products.

to the channel mix and are developing their own websites. Louis Vuitton Moet Hennessy (LVMH) has launched Le Bon Marché,

those of competitors. Companies are also leveraging social media to increase customer engagement. Hermès has developed apps (Silk Knots, a guide for tying scarves in different ways, and Tie Break, an app utilizing images and media alongside collection information, aimed toward men) to encourage product and brand engagement.

Link accessed on — 16 May 2017

26 | The retailer

Ahmedabad2nd

Near C.N. VidhyalayaAmbawadi

Tel: + 91 79 6608 3800Fax: + 91 79 6608 3900

Bengaluru6th, 12th & 13th

“UB City”, Canberra BlockNo.24 Vittal Mallya Road

Tel: + 91 80 4027 5000 + 91 80 6727 5000 + 91 80 2224 0696Fax: + 91 80 2210 6000

Ground Floor, ‘A’ wingDivyasree Chambers # 11, O’Shaughnessy RoadLangford Gardens

Tel: +91 80 6727 5000Fax: +91 80 2222 9914

Chandigarh1st

Tel: +91 172 331 7800Fax: +91 172 331 7888

ChennaiTidel Park, 6th & 7th Floor

No.4, Rajiv Gandhi Salai

Tel: + 91 44 6654 8100 Fax: + 91 44 2254 0120

Delhi NCRGolf View Corporate Tower BSector 42, Sector Road

Tel: + 91 124 464 4000Fax: + 91 124 464 4050

3rd & 6th

IGI Airport Hospitality District

Tel: + 91 11 6671 8000 Fax + 91 11 6671 9999

4th & 5th Floor, Plot No 2B Tower 2, Sector 126

Gautam Budh Nagar, U.P.Tel: + 91 120 671 7000 Fax: + 91 120 671 7171

Hyderabad

Hitech City, Madhapur

Tel: + 91 40 6736 2000Fax: + 91 40 6736 2200

Jamshedpur1st Floor, Shantiniketan Building Holding No. 1, SB Shop Area Bistupur, Jamshedpur – 831 001Tel: +91 657 663 1000BSNL: +91 657 223 0441

Kochi9th Floor, ABAD Nucleus

Tel: + 91 484 304 4000 Fax: + 91 484 270 5393

Kolkata22 Camac Street3rd Floor, Block ‘C’

Tel: + 91 33 6615 3400Fax: + 91 33 2281 7750

Mumbai14th Floor, The Ruby29 Senapati Bapat Marg

Tel: + 91 22 6192 0000Fax: + 91 22 6192 1000

5th

Nirlon Knowledge ParkOff. Western Express HighwayGoregaon (E),

Tel: + 91 22 6192 0000Fax: + 91 22 6192 3000

Puneth

Panchshil Tech ParkYerwada (Near Don Bosco School)

Tel: + 91 20 6603 6000Fax: + 91 20 6601 5900

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