A Comparative Study

Steel Industry

Introduction

Steel industry is often considered to be an indicator of economic progress, because of the critical role played by steel in infrastructural and overall economic development

In 1980, there were more than 500,000 U.S. steelworkers. By 2000, the number of steelworkers fell to 224,000

The economic boom in China and India has caused a massive increase in the demand for steel in recent years

Between 2000 and 2005, world steel demand increased by 6% In 2005, the British Geological Survey stated China was the top

steel producer with about one-third of the world share; Japan, Russia, and the US followed respectively

In 2008, steel started to be traded as a commodity in the London Metal Exchange

Indian Steel Industry

The Indian iron and steel industry is nearly a century old, with Tata Iron & Steel Co (Tata Steel) as the first integrated steel plant to be set up in 1907.

It was the first core sector to be completely freed from the licensing regime The New Industrial policy adopted by the Government of India has opened up

the iron and steel sector for private investment by removing it from the list of industries reserved for public sector

Soaring demand by sectors like infrastructure, real estate and automobiles, at home and abroad, has put India's steel industry on the world map.

Dominating the Indian horizon is steel giant Tata Steel, whose takeover of the UK-Dutch steel company Corus is the country's biggest buyout.

Already, India's consumption of stainless steel is much higher at 14 per cent, compared to the global consumption of six per cent in the last 15 years.

Domestic consumption of finished (carbon) steel is on the rise, driven by a boom in the automobile sector and a nation-wide thrust on infrastructure and real estate.

Industry Structure

Indian Iron and steel Industry can be divided into two main sectors Public sector and Private sector.

On the basis of routes of production, the Indian steel industry can be divided into two types of producers : Integrated producers

Those that convert iron ore into steel. There are three major integrated steel players in India, namely Steel Authority of India Limited (SAIL), Tata Iron and Steel Company Limited (TISCO) and Rashtriya Ispat Nigam Limited (RINL).

Secondary producers These are the mini steel plants (MSPs), which make steel by melting

scrap or sponge iron or a mixture of the two. Essar Steel, Ispat Industries and Lloyds steel are the largest producers of steel through the secondary route.

Production Scenario

The International Iron and Steel Institute (IISI) ranked India as the seventh largest steel producer in the world with an overall production of about 44 million tonne (MT) in 2006.

Apparent worldwide steel demand is forecast to grow to between 1,040 and 1,053 MT from a total of 972 MT. This is a growth of 4-5 per cent

The total production of finished carbon steel in the country has been 42.636 million tonnes

The total production of Pig Iron was 3.9 million tonnes Earlier Pig Iron was produced primarily by the integrated steel plant

of SAIL and RINL. Of late, the share of stand-alone pig iron units has increased significantly

The production of DRI has increased from 1.31 million tonnes to 5.403 million tonnes registering an increase of nearly 4.12 times

Import & Export of Iron & Steel

Iron & Steel products are freely importable as per the extant policy. In the past, India has been importing around 1.5 million tones annually. Advance Licensing Scheme allows duty free import of raw materials for exports

Similar to the Import policy for the Iron & Steel Products, the exports of these can also be done freely

Government introduced schemes under the Duty Entitlement Pass Book Scheme (DEPB) to facilitate exports

Under this scheme, exporters on the basis of notified entitlement rates, are granted due credits which entitles them to import duty free goods in return

Consumption Of Steel

Consumption of steel is arrived at by subtracting export of steel from the total of domestic production and adding the import of steel in the country

Consumption of Steel : 1990-91 14.37 1991-92 14.83 (3.2%) 1992-93 15.00 (1.2%) 1993-94 15.32 (2.0%) 1994-95 18.66 (21.8%) 1995-96 21.65 (16.0%) 1996-97 22.13 (2.2%) 1997-98 22.63 (2.6%) 1998-99 23.54(4.02%) 1999-2000 25.01(6.24%) 2000-2001 26.53(6.08%) 2001-2002 27.44(3.39%) 2002-200320.65(5.0%)

The figures in brackets indicate the% percentage increase over the previous year

Current Global Scenario

In the year 2000, the World Crude Steel production was 848 million tonnes, showing an impressive growth of 7.6% over the previous year

The world steel consumption also rose by almost 8%

The international steel trade constituted around 303 million tons or 40.5% of the production

In 2009 and 2010, world crude steel production was 833.70 million tonnes and 886.70 million tonnes, respectively

The following significant developments have been witnessed recently in the global steel scenario :

There has been a spate of mergers and acquisitions all over the world in the steel industry

China has emerged as the most vibrant market for steel production and consumption

In March 2002, the US President announced imposition of temporary safeguard measures on import of key steel products into USA

China, Canada and Thailand etc. have initiated safeguard investigations against import of steel products into their countries

Domestic Scenario

The iron and steel sector has been experiencing a slowdown in the last few years

The steel market remained sluggish and price levels of steel and steel products remained stagnant

This stagnancy resulted in steel companies registering net losses

The growth of steel sector is dependent upon the growth of the economy in general and the growth of industrial production and infrastructure sectors in particular

Reasons for Slow Growth

The major reasons for the slow growth in the steel sector during the last few years include : (a) Cost escalation in the input materials for iron and steel

Power tariff, freight rates, coal prices etc. have been under the administered price regime. These rates have been frequently enhanced, thereby contributing to the rise in input costs for steel making

(b) Continuous reduction in import duty on iron and steel

Import duty rates on iron and steel items have been gradually reduced over the years. This has opened up the domestic iron and steel sector to international competition

Major Players

The Asian countries have their respective dominance in the production of the steel all over the world

India being one among the fastest growing economies of the world has been considered as one of the potential global steel hub internationally

Based on the list by World Steel Association, Some of the World’s Major steel Players are :

Arcelor Mittal Baosteel Group Tata Steel POSCO Nippon Steel SAIL

Apart From the Above list of companies there are certain other players in the market which play a great role in the Steel Industry

Profile O

f Major P

layers

Arcelor Mittal

Global steel company headquartered in Luxembourg

Largest steel producing company in the world

Market leader in steel for use in automotive, construction, household appliances and packaging

The company was formed in 2006 by the merger of Arcelor and Mittal Steel

It ranks 99th on the 2010 Fortune Global 500 list

Industrial presence in Europe, Asia, Africa, North America, and South America

Baosteel group

Shanghai Baosteel Group Corporation commonly referred to as Baosteel

State-owned iron and steel company headquartered in Shanghai, China

Second-largest steel producer in the world measured by crude steel output

Annual output of around 20 million tons

Employs around 109,000 employees, has annual revenues of around $21.5 billion and produces a mix of high-quality products

Tata Steel

Founded by Dorabji Tata in 1907 headquarter in Mumbai, India and plant in Jamshedpur, India

Seventh largest steel company in world and the largest private sector steel company in India in terms of domestic production.

Have annual crude steel capacity of 31 million tons

Has annual revenue of $22.741 billion

Tata Steel has set an ambitious target to achieve a capacity of 100 million tonne by 2015

Tata Steel is planning a 50-50 balance between greenfield facilities and acquisitions

Bhushan Steel

Largest manufacturer of auto-grade steel in India

Gross sales of Bhushan Steel grew from Rs. 500 crore in 2001 to Rs. 4000 crore in 2007

Headquartered at New delhi & Brij Bhushan Singhal is the acting chairman

The Khopoli plant in Maharashtra was commissioned in 2004 and has been producing colour coated sheets, high tensile steel strappings, hardened and tempered strips and precision tubes

At its Sahibabad plant in Ghaziabad, Uttar Pradesh, it has a 1700 mm mill

Bhushan Power and Steel Limited has seven plants at four locations – Chandigarh, Derabassi in Punjab, Bangihatti, near Dankuni in West Bengal, and Thelkoloi in Orissa

Bokaro Steel Plant

Bokaro Steel Plant is located in the Bokaro district of Jharkhand

It is the fourth integrated public sector steel plant in India built with Soviet help

It was later merged with the state owned Steel Authority of India Limited (SAIL)

At present it houses five blast furnaces with total capacity to produce 4.5 MT of liquid steel. The plant is undergoing a mass modernisation drive after which its output capacity is expected to cross 10 MT

Essar Steel

Essar Steel is the one of the leaders in the country and abroad in the steel sector

The company has a number of international centers like the Minnesota Steel LLC, a company located in the USA, Algoma Steel in Canada, Greenfield projects in Vietnam, Steel plant in Indonesia, and Integrated steel plant Trinidad and Tobago

It has a current capacity of 8.6 million tonnes which they plan to raise to 14 mt by 2011-12

Steel Authority Of India Ltd.

One of the largest state-owned steel makers in India and one of the top steel makers in World

With a turnover of 48,681 crore (US$10.86 billion), the company is among the top five highest profit earning corporates of the country

With an annual production of 13.5 million metric tons, SAIL is the 14th largest steel producer in the world

Incorporated on January 24, 1973, SAIL has more than 131,910 employees

POSCO India

POSCO-India Private Limited is a planned Indian subsidiary of POSCO, an integrated steel producer with headquarters in Korea

POSCO signed a Memorandum of Understanding (MoU) in June 2005, to incorporate an Indian subsidiary and build a steel plant in Orissa

Posco India was incorporated by POSCO in August 2005 with the Registrar of Companies, Orissa, under India's Companies Act 1956

As of July 2011, various delays and controversies have prevented POSCO-India from building the steel plant in Orissa. The June 2005 MoU expired in June 2011

In addition to its attempt to establish a steel plant in Orissa, Posco-India is considering alternate sites for a steel plant. In June 2010, Posco signed a memorandum of understanding with the state of Karnataka. In July 2011, the government of Karnataka announced an approach to land acquisition for Posco project in its state that is different than the approach of the government of Orissa

Mahindra Ugine Steel

Mahindra Ugine Steel (MUSCO) is a manufacturer of specialty steel, stampings, and rings headquartered in Mumbai, India owned by Mahindra Group

MUSCO has three stampings facilities located near key automotive clusters in India: Kanhe to serve the manufacturing cluster in Pune; Nashik; and Rudrapur to serve Northern India

Together, MUSCO has a total stampings capacity of 30,000 metric tons per year

Its ring rolling division also has a total capacity of 30,000 metric tons

Vizag Steel

Visakhapatnam Steel Plant,opened by popularly known as Vizag Steel is one of the major steel producers in India

Founded in 1971, the company focuses on producing value-added steel, with 214,000 tonnes produced in August 2010, out of 252,000 tonnes total of salable steel produced

Expenditure for the financial year 2009-10 Rs 1840 Crore

Rs 5883 Crores since inception of the Project

Total Commitment, including enabling works, steel procurement, Consultancy, Spares, etc is Rs 11591 Crores

Jindal Steel & Power

Jindal Steel and Power Limited (JSPL)is the most valuable private steel producer in India, with an annual turnover of over US $2.1 billion (Rs. 11,000 crore)

Jindal Steel & Power Limited (JSPL) is a part of about US$ 12 billion diversified O. P. Jindal Group. JSPL is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure

An 11 million ton integrated steel plant and 2600 MW captive power plant in phases, with a total investment of US $ 6.00 billion, (Rs. 30,000 crore)

A 12.5 million ton integrated steel plant and 2600 MW captive power plant in phases, with a total investment of US $ 8.00 billion (Rs. 40,000 crore). The first phase of 3 million ton is expected to be commissioned by 2011

Welspun Corp Ltd

Welspun Corp Ltd is the second largest manufacturer of large diameter pipes in the world based in Mumbai, Maharashtra. Flagship company of the $3 billion (Rs 12,900 crore) Welspun Group

It operates a 1.65 mtpa plant in Anjar, Gujarat, which is being increased to 2.1 mtpa

The Welspun Pipes Division manufactures pipes from Dahej (Gujarat), Anjar (Gujarat) and Mandya (Karnataka) in India and Little Rock, Arkasans in the U.S

Hebei Iron & Steel

Hebei Iron and Steel Group Company Limited was established on June 30, 2008 with the merger of Tangsteel and Hansteel in Hebei province, China

It is expected to produce an annual capacity of 30 million tonnes of steel.

It is the largest steel producer in China and the second largest in the world

Revenue :24,033.7 ($ millions) Employees :121,807

Nippon Steel

Nippon Steel Corporation is the world's 4th largest steel producer by volume

Nippon Steel was created by the merger of two giants, Yawata Iron & Steel

In early 2011, Nippon Steel announced plans to merge with Sumitomo Metal Industries. With Nippon Steel producing ~26.5 million tonnes of steel per year and Sumitomo making ~11 million tonnes, the merged entity would produce close to 37 million tonnes of crude steel per year

This volume of steel output would make Nippon Steel the second largest steelmaker in the world, putting it well ahead of Baosteel - the current number two (making ~31 mt steel / year) - although still well behind ArcelorMittal

Wuhan iron & Steel

Founded in 1958 in Qingshan, Wuhan, Hubei, China

It was China's first supergiant iron and steel complex

Annually, the company produces ten million tons of iron and steel each

Its subsidiary, Wuhan Iron and Steel Company Limited (SSE: 600005), was listed on the Shanghai Stock Exchange in 1999

Pre & Post Globalization

Arcelor Mittal before globalization

In 1989, acquired Iron & Steel Company of Trinidad & Tobago

In 1992, acquired Sibalsa, third largest steel producer in Mexico

In 1995, a major Soviet blast furnace steel plant, was bought from the former republic

In 1994, acquired Sidebec-Dosco, Fourth largest steel producer in Canada

In 1995, Acquisition of Hamburger Stahlwerke which formed Ispat International Ltd. and Ispat Shipping formed and Karmet

In 1997, Ispat International NV goes public

In 1998, Ispat International acquired the Inland Steel Company

In 1999, acquired Unimetal

Tubular Pipes Manufactured By

Arcelor Mittal

Baosteel before Globalization

Initially started as Baoshan Iron and Steel as a government flagship steel company

Benefitted by the Chinese economic expansion and consumed all available steel

Decided to add extra trade marketing component to remain in competition and succeeded in South Korea

Hurt by Asian financial crisis and in 1998, absorbed Shanghai Metallurgical Holding Group Corporation and Shanghai Meishan Group Co. and formed Shanghai Baosteel Group Corporation to be profitable

Became largest steel producer company in country

Carbon Steel

Tata Steel before Globalization

First steel manufacturer company in India

Overseas acquisitions have already added up to 21.4 million tonne

Cold Rolling Mill -Best ever annual saleable production of 1.54 mt

Hot Strip Mill -Best ever annual production of 3.27 mt

LD2 & Slab Caster Unit -Best ever annual production of 3.36 mt

Best ever annual production of 2.05 mt Not greatly innovative Taken the initiative to change all the

technology and spent 10,000 crores to restore all the plant

In 2001, became the lowest cost producer and the most modern company in the world

Arcelor Mittal after Globalization

In 2001, company acquired ALFASID from Algerian government and Sidex from Romanian government

In 2002, signed the business assistance deal with South Africa’s Iscor

In 2003, acquired Nova Hut from Czech government In 2004, takeover International steel group of US, Bosnia’s BH

steel and Polskie Huty Stali in Poland In 2005, Plan to invest US$9 billion in State of Jharkhand,

India, Mining agreement with Liberian government, first time move into China by buying 36.67% of Hunan Valin Steel Tube & Wire

In 2005, first time made into Fortune 500

Boasteel after globalization

In 2001, partnership with Shougang Group and Wuhan Iron and Steel Group Corporation

In 2001, signed an agreement with ThyssenKrupp of Germany

Recently constructed a state-of-the-art facility in Zhanjiang, Guangdong, at the cost of $10 billion

Also intends on launching an IPO in Hong Kong In 2010, Baosteel Co., Ltd. sold 25.261 million tons

of steel and realized a total operating revenue of RMB 202.41 billion

Tata Steel after Globalization

Record annual billet production in Singapore at 0.75mt Record annual Bar/Wire Rod production in Singapore at 0.74

mt Increase in sales of 12.90% y-o-y at 2.5 mt in FY 08 Increase of 29% in sales volume over FY 07 at 1.43 mt at

Thailand Energy consumption has decreased by 9% in Singapore,

Vietnam and Xiamen Improvement in service charges by 5$-10$/ton Reduction in Inventory days Project sales contracts reduced from 18 months to less than

12 months

Essar Steel

Essar Expansion Includes :1. Oxide yard expanded, from storage capacity of 4.5 lakh metrictones (MT) to 12 lakh MT2. Barge Un loader BU-IV constructed and commissioned3. Direct feeding conveyor PC-1 & 2.4. Long conveyor oxide transfer from Hot Briquetted Iron (HBI) to HotRolled Coil (HRC) unit.The above upgrades have prepared your Company to match the handlingNeed s of the enhanced (4.6 MTPA) plant capacity

Capacity Expansion:In 2006, your company completed the capacity expansion at its HaziraSteel Plant, from 2.4 million tonnes per annum (MTPA) to 4.6 MTPA. Theprocess was completed in November last year at an investment of aroundRs 2,000 crore. Additionally, the capacity of the cold rolling mill andgalvanising plant was also augmented.

Essars’ Future Plan of action

Essar Steel Minnesota LLC plans to set up an integrated pelletization plant in northeast Minnesota

12.0 MTPA integrated pelletization facility coming up at Paradeep is located in the iron ore-rich state of Orissa in India

The Paradeep project is being implemented in two phases. The first phase comprises : An 8.0 MTPA iron ore beneficiation plant at Dabuna in Orissa, close to

iron ore mines A 6.0 MTPA pellet plant at Paradeep A 253 km underground slurry pipeline for transporting concentrates to the

pellet plant

The next phase will comprise scaling the capacity to 12.0 MTPA by October 2012.

POSCO

POSCO have pursued investment opportunities in other developing countries such as Vietnam and Mexico

POSCO plans to build the US$1 billion plant in two phases for hot-rolled and cold-rolled products by 2012

Posco also plans to build a $250 million plant in the city of Altamira, Mexico, to produce 400,000 tons of galvanized steel sheet a year for automakers

On June 30, 2006, POSCO completed the construction of its sixth continuous galvanizing line (CGL) at its Gwangyang mill in the South Jeolla Province. With this new addition, POSCO becomes the no. 2 producer of sheet-steel just behind ArcelorMittal

Posco to invest $200m in Tuwairqi Steel expansion

Nippon Steel

Nippon Steel Corp and Sumitomo Metal Industries plan to choose a single partner in India, as they prepare to combine to create the world’s second-largest steelmaker

Nippon Steel, Japan’s biggest mill, and Sumitomo Metal are seeking regulatory approval to combine to speed global expansion. They are racing against rivals, including JFE Holdings Inc, South Korea’s Posco and ArcelorMittal, to tap demand for steel in India, the second-fastest growing major economy

Nippon Steel and Mitsubishi Heavy Industries, Ltd. (MHI) jointly created a high tensile strength steel. The first application this steel was used for was the hulls of container ships. This steel allows the ships to be just as strong without the thick steel that it was requiring for them to grow in size

Problems of Steel Sector

Even after the globalization this sector faced the following problems : High cost & limited availability of coking coal Low productivity of labor Irregular supply of energy Unable to draw the best professionals in the steel industry There is need to allocate resources for research & development to

produce steel more competitively Condition of the infrastructural facilities of the steel industry in India

is not at all conducive to a sustainable growth and development of the steel industry of the India

Creation of wealth in the Indian steel industry is also supposed to act as hindrances to the growth and development of the Indian steel industry

Indian Steel Industry In A Changing Global Scenario

Steel industry in the world, which was characterised as a sunset industry two decades ago, is experiencing a vast change in scenario

The fast developing Chinese steel industry has far outstripped the world steel giants. United States, Russia and Japan, which were leading steel producers, are no more in a position to claim that position

China, producing less than a million tonnes of steel prior to revolution in 1949, has now become the largest steel producer in the world

During 2005 the global steel production stood at 1132 million tonnes, showing a rise of 6 per cent over the last year. The countries in South America, CIS (former Soviet Union) Europe and North America have actually shown negative growth. The Asian continent for the first time produced more crude steel than the rest of the world combined

Per capita consumption of steel in the world was estimated to be 170 kg during the year 2005. However in India it stood at only 35 kg during the same year.

Indian steel production was 38 million tonnes, which accounted for only 3.4 per cent of the world steel output.

In view of the fact that Indian population is 16 per cent of the global population, the production of steel is much lower in India.

Although India is the second largest populated country in the world, it ranks eighth in steel production.

Steel Authority of India Ltd (SAIL) is ranking 17th among the world’s largest steel producing companies

India has extremely low level of consumption of steel and the government of India has not made attempts to promote use of more indigenously produced steel. For example, in construction of a house even today more wood is being used than

steel which is resulting in cutting down of our valuable forest wealth The per capita consumption of steel in rural India is a mere 3 kg. The wrong

thrust given on export of steel has also resulted in the utter neglect of developing rural market for steel

The government of India adopted a wrong policy of drastic reduction of manpower on the plea of making the steel industry competitive.

Voluntary Retirement Scheme (VRS) was recklessly implemented which resulted in large number of skilled workers leaving the steel plants

The government of India, as a policy measure, systematically reduced the role of the public sector in steel industry

It forced the SAIL management to appoint Mckinsey, a World Bank sponsored MNC consultancy firm, to suggest restructuring of the organisation

Mckinsey recommended sale of Alloy Steel Plant Durgapur, Salem Steel Plant and Visweshwarayya Iron and Steel Co. Ltd

It also recommended privatisation of IISCO. It further advised SAIL to drastically reduce the manpower and increase the workload on the workers

It was only due to the strong trade union movement in these plants that they were saved from privatisation and sale. Salem Steel Plant developed a big political movement to oppose selling it to Jindals and Tatas even as workers came on to the roads to resist the move

Repeated attempts made by the central government to sell IISCO were resolutely opposed by the ‘Save IISCO Committee’, which was jointly formed by all the trade unions and officers associations

The neglect of safety aspect is resulting in large number of fatalities in the steel industry

In SAIL alone during 2004, 20 workers lost their life in accidents while the number increased to 25 during 2005. During first five months of 2006, 13 workers died in accidents, which clearly reflects an increasing trend.

About 49 per cent of the fatal accidents are caused in rail and road movements while the second largest killer is the hitting of a worker by any object in the plant.

About 10 per cent of accidents are caused due to falling from height. Burns, explosion, metal spillage, suffocation, electrocution and gas poisoning has also led to loss of precious lives of the workers

The steel industry in India is experiencing favorable conditions due to upswing in international prices.

The cold rolled coils prices increased from $478 to $587 per tonne between January and April 2006 while hot rolled coil prices shot up from $368 to $469 per tonne during the same period.

However one cannot be certain about the long term trend in these prices. It is imperative that the steel industry in India should mainly depend on

domestic consumption and steps should be taken to boost the domestic market

India must develop its own technology in production of machinery, which alone will result in making the country self-reliant in steel sector. Over-dependence on foreign machinery is making steel costlier

Measures taken by Ministry of Steel to boost Demand

The Ministry of Steel has been making all out efforts to help the domestic steel sector to overcome the problems faced by the steel industry and boost demand for steel in the steel consuming sectors. These include:- (a) Establishing Training cum Service institutes (b) Campaign for increasing demand for Steel (c) Reduction in Power & Rail Tariffs (d) Reduction in input costs (e) Strengthening of Anti Dumping mechanism

Conclusion

The Indian steel industry is among the upcoming industries of the world. It has a number of iron ores, which means that it has plenty of resources from which to draw its raw material

The rate of production of steel in India has been going up at a steady rate in the last few years.

In the recent times Orissa and Jharkhand have been identified as the potential steel destinations of India - the ones that would provide the Indian steel industry with its necessary raw material.

There are also a number of steel companies in India like Tata and ArcelorMittal that are either coming up or have established themselves as prominent forces in the world steel scenario

In the recent times a lot of foreign direct investment is being made in the Indian steel industry.

In fact the rate of investment has increased in the last few years and, to a certain extent, this increase has been contributed to by the growth potential of the steel industry of India that is thought of as being impressive in the international steel circle

In the recent years a number of major steel corporations of the world have come flocking to India to avail the benefits of the flourishing steel industry of India.

The number of steel projects in India has increased as well and this implies that the number of companies lining up to participate in these projects would be increasing too

There are certain challenges that are being faced by the Indian steel industry of late.

There are certain issues regarding the condition of the infrastructural facilities available and the skill level of the members of the steel fraternity

The levels of skill of the various technical people associated with the steel industry has been found to be wanting and this has been a result of the inability of the Indian steel industry to attract the best people from the world of engineering and technology.

The state of infrastructure needs to be improved so that the production of steel can be taken to the next level

India has traditionally been regarded as one of the top steel producers of the world.

In 2004 it was ranked as the seventh largest producers of steel in the world, which is testimony to the standing of the Indian steel industry of the world.

India is also supposed to have the best growth potential in the context of steel and is preceded only by China, which is a prominent steel producing and consuming country of the world

Arpit SaxenaHimanshu Swarnkar

Karan PanwarMohit Chaudhry

THANK YOUMBA-ISM