March, 2014

Market Assessment for Agricultural Warehousing

Kundli (Sonepat district), Haryana

Final Report

Shree Shubham Logistics Ltd

CRISIL Kundli Market Assessment

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Contents

BACKGROUND .............................................................................................................. 1
EXECUTIVE SUMMARY ................................................................................................ 2
SONEPAT DISTRICT PROFILE ................................................................................... 4
OPPORTUNITY ASSESSMENT .................................................................................... 7
RISK/CONSTRAINTS....................................................................................................20
MARKET SPEAKS ........................................................................................................21
ANNEXURE ...................................................................................................................22

BACKGROUND
About the Client
Shree Shubham Logistics Limited (SSL) (the client) is an end-to-end logistics solutions provider to commodity
stakeholders and provides services encompassing storage and preservation with a chain of dry and cold storage
units, weighing, testing and certification (grading and sorting facilities for standardization of agricultural produce),
collateral management for commodity financing against warehouse receipts/stocks with the help of banks,
fumigation and pest management, commodity procurement etc.
SSL has developed global standard agri-logistics parks in the states of Rajasthan, Gujarat, Madhya Pradesh and
Maharashtra. Currently, SSL is managing warehouses across 120 locations with storage capacity over 1.40 Million
Metric Tonnes.
Shree Shubham Logistics Ltd (SSL), hereafter referred to as the Client has commissioned CRISIL Research to
perform detailed market assessment for establishing new agricultural warehouses in 30 districts in India as part of
their Phase 3 expansion.
The 30 districts were selected post a secondary research based analysis encompassing 20 parameters (potential
demand, infrastructure related, risk/constraints) across 174 districts across the 6 states of interest of the client (UP,
AP, Chhattisgarh, Bihar, Delhi, Karnataka). The parameters used in the analysis considered indicators for agriwarehousing demand potential as well as the risks associated with it.
For the 30 districts selected, primary and secondary research activities were undertaken to perform detailed market
assessment that qualifies and quantifies the market opportunity for agri-warehousing. Further to detailed market
assessment, financial assessment was performed on 15 identified districts to assess financial viability of a
proposed warehouse in a selected location in the district.

Objective of the report

This report attempts to assess the opportunity for key commodities of Kundli district from a warehousing
perspective. The process involves studying various parameters relating to both demand and supply sides,
forecasting warehousing demand and assessing the opportunity based on the prevailing and expected supply
scenario.

Approach towards preparation of report

CRISIL Research has assessed the potential of agri-warehousing based on its detailed understanding in terms of
the current demand-supply dynamics, key trends and evolving market dynamics on both demand and supply fronts.
For the report, we have visited the district and interacted with Mandi officials, Traders, CWC/SWC Managers and
Cold Chain players etc. Inputs and assumptions for financial assessment were arrived at based on primary
research interactions with market participants, banks and inputs from SSL on historical costs typical for their type of
warehouses. All references of current year in this report pertain to FY 2012-13.

CRISIL Kundli Opportunity Assessment

EXECUTIVE SUMMARY
Kundli is one of the villages in Rai Mandal, Sonepat district of Haryana. It is surrounded by localities of Sersa, Janti
Kalan, Nangal Kalan, Nathupur and Bazidpur. It is a cold storage cluster in itself, primarily storing fruits, pulses,
spices and dry fruits.

Good road and rail connectivity

Kundli lies on NH 1, also known as G.T. Road, connecting Delhi to Karnal. Also there are many railway stations
such as Holambi Kalan and Narela within 10 km distance of Kundli. Also, Sonepat railway station is a major station
near Kundli. The region, due to its proximity to Delhi city, is eventually connected to all the parts of India through
rail and road.

Declining production of food grains in Sonepat

Crop production in the district was estimated to be 1,091,169 MT in 2012-13. The growth in food grain production in
Sonepat district has been falling and this is expected to continue due to the decline in yields and decreasing area
under cultivation in the wake of rapid urbanisation.

Cold storage cluster located near highway and proposed mandi

There are no government dry warehouses or cold storages in this region. The private cold storages are clustered in
and around the Kundli region villages within a radius of ~ 10 km. This region has an aggregate cold storage
capacity of ~350,000 MT. These cold storages cater to the traders and merchants of the Azadpur mandi (fruits) and
wholesale market in Delhi city (spices and pulses). The major commodities stored in these warehouses are pulses,
spices, dry fruits and fruits. The construction quality of the cold storages is medium to high and there is high
security environment with boundary walls.

Limited opportunity for cold storage due to oversupply scenario

The current cold storage demand of 297,500 MT is estimated to grow by a CAGR of 6 per cent to 375,587 MT in
2016-17, on the basis of growth in consumption and growth in trading activity in the northern region of India. Given
the current capacity of ~350,000 MT, there is additional cold storage opportunity of 67,319 MT.

Opportunity Assessment for Agri Warehousing in Kundli (Grams and Chillies)

Supply Analysis

Current Cold Storage

Demand

Current
Capacity
(350,000 MT)

Cold Storage
Capacity
(350,000 MT)

Major aggregation
center

No significant
exports from the
district

1.94% historic
growth in
population

4*

4% increase in
trading factor
during 2010-12

Trading activity-Traders, Mandi officials

Crop Production & Arrivals- Agri dept,
Mandi officials
Consumption growth (Population)

Current demand
(297,500 MT)

Growth factor
(6%)

Delhi being an aggregation center,

production factor is not relevant. Trading
and population will drive the cold storage
demand
2016-17
Potential Demand
(375,587 MT)

Estimated Cold Storage Opportunity

67,319 MT

Peak
Utilisation
(85 %)

Key growth factors

Potential demand for warehousing

Primary interactions with market
participants of the district

Current
Capacity
(350,000
MT)

Assuming optimum level of utilization at dry warehousing

industry level is 90%

2016-17

Future years demand

(375,587 MT)

Expected Supply
(350,000 MT)

CRISIL Kundli Opportunity Assessment

SONEPAT DISTRICT PROFILE
3.1 Location & Topography
Kundli is a small town located in Sonepat district. Also, it falls in the neighbourhood of prominent Haryana towns of
Rohtak and Panipat. Due to its proximity to Delhi (~ 3 Km), Kundli was developed as a prime industrial region.
Many cold storages are developed in this area which are catering requirement for Delhi and Haryana. It is well
connected through AH-2 (Grand trunk road). Due to limited space availability in Delhi and nearby areas, Kundli is
viewed as a next development hub like Gurgaon near Delhi. Further, Haryana State government has announced to
build up Kundli as a major educational hub. The geographical area is 5 Km. It lies North latitudes 2898N and
7702E with average elevation of 224.15 meter above the sea level (735.4 ft).

Below is the district map with marked district border

Source: Google maps

3.2 Economy
Sonipat district GDP growing at average rate of 10% during 2005-06 to 2009-10
Sonipat district has witnessed a significant growth of ~10%, slightly lower than the Haryana state.

Sonipati: Real GDP at constant prices (2004-05)

Rs Cr
90,000
77068

80,000
68729

70,000
60,000

62898
58440
52735

50,000
40,000
30,000
20,000
10,000
2005-06

2006-07

2007-08

2008-09

2009-10

Source: CRISIL Research

3.3 Infrastructure
Being one of the major industrial hubs in Sonepat district, Kundli has around 641 production units which is the 2nd
highest in the district. Various types of manufacturing units in Kundli industrial estate belongs to Home furnishing,
lights, rubber, books, sanitary and stainless steel etc. In recent times Kundli has also seen development of various
educational universities and institutions namely, Rajiv Gandhi Educational City - (comprising 10 educational
institutions), National Institute of Food Technology Entrepreneurship and Management (NIFTEM) etc.

CRISIL Kundli Opportunity Assessment

Kundli-Sonepat: Key Facts
Param eters

Units

Geographical Features
Latitude
Longitude
Geographical area

Sq Km

2848' & 2917' North

76 28&7713 East
2,260

Population
Male
Female
Total

No
No
No

798,948
681,132
1,028,393

Agriculture
Total area
Forest cover
Non agriculture land
Cultivable barren land

Hectare
Hectare
Hectare
Hectare

214,250
7,359
33,194
8,403

Railways length

Km

73

National Highway
PWD
Major District Highway
Other District/ Rural Roads
Kachha Road

Km
Km
Km
Km
Km

64
25
28
419
76

Total registered industrial units

no.

13,039

Roads

Source: District Adm inistration, CRISIL Research

OPPORTUNITY ASSESSMENT
The Kundli area is primarily a cold storage cluster. There are about 70 cold storages in this region. All these are
multipurpose cold storages catering to the cold storage demand arising mainly from Delhi. The Azadpur mandi in
Delhi is the largest mandi in Asia for fruits and vegetables. The arrivals in the mandis are from different regions of
India with apples coming from Himachal Pradesh, Jammu & Kashmir and other fruits like oranges, banana and
mango coming from Southern states like Maharashtra and Andhra Pradesh. Vegetables like potato come from
Uttar Pradesh, Punjab, and Haryana etc. Thus most of the arrivals are from different states and some are also
imported.
As per our interactions, we have learnt that the major commodities which are stored in the cold storages are pulses
(chana, rajma), spices, dry fruits and fruits. Chana comes majorly from Rajasthan, whereas spices come from
Andhra Pradesh and fruits from different parts of India.
Since, Azadpur mandi is the largest in the world in terms of arrivals and there was limited cold storage capacity in
Delhi to cater to cold storage demand, Kundli came up as an alternate destination for cold storage in the outskirts
of Delhi. Also Delhi, is a major trading hub, it acts as an aggregation point where the arrivals of crops are from
mandis and imports from other countries. At the same time, the dispatch of these crops is towards exports, to other
states and for local consumption.

Mandi arrivals

Non- mandi arrivals

Imports

Exports

Aggregation

Local Consumption

Distribution to other
states

Since, Kundli is a part of Sonepat district; we have given the demand side analysis from the district point of view.
We have analysed the mandi arrivals of major commodities to proxy the arrivals of fruits to be stored in cold stores.

CRISIL Kundli Opportunity Assessment

4.1 Demand Side Analysis
Declining trend in crop production
Crop production in the district was estimated to be 1,091,169 MT in 2012-13. The production of crop has been
decreasing at a CAGR of 8.5 per cent during 2006-07 to 2012-13. This is due to reduction in the yields of crops
along with no significant increase in area under cultivation, which has registered only 1 per cent CAGR during
2006-07 to 2012-13, owing to rapid urbanisation in Delhi, which it shares its border with, in the past decade.
Sonepat: Crop Production (lakh metric tons)
20

18.6

18
16.1

16
13.3

14

11.9

12

11.3

10.9

10.9

2010-11 E

2011-12 E

2012-13 E

10
8
6
4
2
2006-07

2007-08

2008-09

2009-10

Source: Ministry of Agriculture, Industry, CRISIL research

Area under Cultivation (hectares)

320,000
272,474

270,000

254,830

258,096

2006-07

2007-08

265,669

265,941

266,214

266,486

2009-10

2010-11 E

2011-12 E

2012-13 E

220,000

170,000

120,000

70,000

20,000
2008-09

Source: Departm ent of Agriculture, CRISIL Research

Wheat and rice form ~82 per cent of the agricultural produce
Wheat and rice constitute nearly 82 per cent of the total agricultural produce in the district, followed by sugarcane,
potato and bajra. The production in sugarcane has been declining consistently in the past decade, due to
preference for crops like wheat and rice. Other crops like maize, arhar (tur), cotton etc. form the rest of the pie.
Sonepat : Split of Crop production 2012-13
Others, 2.9%
Sugarcane,
15.1%

Rice, 23.2%

Wheat, 58.7%

Source: Ministry of Agriculture, Industry, CRISIL research

Other Crops
Sonepat: Split of major crop forming Others, by production
Onion, 0.1%

Potato,
1.4%
Bajra, 2.3%

Cotton(lint),
0.2%
Rapeseed
and
Mustard, Arhar(tur),
Maize, 0.2%
0.3%
0.4%
Source: Ministry of Agriculture, Industry, CRISIL research

CRISIL Kundli Opportunity Assessment

In the past 5 years, wheat production has consistently been above 610,000 MT. Wheat production has registered a
CAGR of 1.7 per cent from 2006-07 to 2012-13 and expected to maintain the same growth till 2012-13

Sonepat: Crop Production (lakh metric tons)

12
10.0

10
7.6

6.9
6.4

6.4

6.3

6.2

6.1

6.1

6
4.0

4
2

3.0
1.8
0.4

0.5

0.5

2.3

2.2

1.9

1.9

0.5

2.4

0.3

2.4
1.9
0.2

2.5
1.6
0.3

2006-07

2007-08

2008-09

Wheat

Rice

2009-10

2010-11 E

Sugarcane

2011-12 E

2012-13 E

Others

Source: Ministry of Agriculture, Industry, CRISIL research

Rice is the 2nd largest crop in the district after wheat with an average production of ~230,000 MT in the last 5
years. Rice production is expected to register a CAGR of 7 per cent till 2012-13. Sugarcane, as mentioned earlier
has been on a declining trend from 2006-07 to 2009-10. This trend has continued over the next three years to
2012-13. Other crops such as bajra, maize, rapeseed and mustard, arhar etc constitute the remaining ~ 3 per cent
of production.

Top six commodities constitute ~ 47 per cent of the total arrivals in Azadpur mandi
As mentioned earlier, to focus on the cold storage cluster, we have analysed the arrivals of Azadpur mandi that is a
mandi for fruits and vegetables only. Apple, banana, mango, potato, onion and tomato are estimated to account for
~47 per cent of total arrivals in 2012-13.

10

Crop share in Mandi Arrivals at Azadpur (2012-13)

Tomato, 5%
Apple, 13%

Apple
Banana

Onion, 10%

Mango
Potato
Banana, 3%
Mango, 4%

Onion

Tomato

Potato, 12%

Source: Mandi Samiti, CRISIL Research

Azadpur: Total Mandi Arrivals

Year

2010-11
2011-12
2012-13 E

Total arrivals in MT

4,532,445
4,503,677
4,510,554

Source: APMC, CRISIL Research

Our analysis and market interactions suggest that apple arrivals are the highest in the months of September to
December, whereas that for mango is between April and July. Other major commodities like potatoes, tomatoes
and bananas arrive almost throughout the year. Out of these, mainly apples are stored in cold storages apart from
small quantities of grapes, oranges and mangoes seasonally.

11

CRISIL Kundli Opportunity Assessment

4.2 Supply Side Analysis
As discussed in the previous sections, the principal commodities from the warehousing standpoint in Kundli region
are pulses, spices, dry fruits and fruits. A majority of these commodities arriving in Delhi are stored at first in the
cold storages within Delhi city and later in the Kundli cluster. The cluster covers a 10 km radius from the Kundli
HSIDC (Haryana State Industrial Development Coportation). The main regions in this cluster are:
1. HSIDC, Kundli
2. Nathupur
3. HSIDC, RAI
4. Piu-Maniyari Road
A pictorial map showing the few of these villages is shown below:

Source: Google Maps

There are no government warehouses in and around this region. The cluster of these cold storages forms an
aggregate capacity of ~350,000 MT. The major parties storing the food grains are traders and merchants of Delhi in
the Azadpur mandi.

12

Based on our interactions with warehouse players and key market participants, we learnt that many cold storages
have come up in the last 2-3 years. The prime reason for this being the proposed shifting of the Azadpur mandi to
Tikri, which is closer to Kundli. Also since there is no space for cold storages to come up in the city, it was
inevitable for new cold storages to come up on the outskirts and Kundli formed an optimal location.

In the early phase of setting up cold storages, some traders from the Azadpur mandi came up with these cold
storages and served the demand from other traders apart from their captive consumption. Later, as the
warehousing intensity of commodities increased with increase in trade along with commodities like spices and
pulses also being warehoused, the demand for cold stores also increased. Thus, the utilisation and rentals for the
same increased eventually making it a profitable business for these traders. This attracted other traders to come up
with cold stores of their own. With relatively low prices of land, easier land conversion norms of Haryana
government and high subsidy (maximum of Rs 1.2 crores) setting up a cold store became easier. Also, the major
part of investment is land. This has led to higher competition and increasing cold store capacities in the last two
years. Although, the average utilisation in this cluster has remained at similar levels of ~75 per cent, the rentals
have declined by 30-40 per cent. This shows the increasing competition due to the added capacities.

All these regions lie along the NH 1 which connects Delhi to Karnal also known as G.T.Road. Thus this cluster
provides high road connectivity. The new proposed fruit mandi in Tikri, which would replace the Azadpur mandi, is
just 5 km from Kundli village. This has led to price escalation in this region. The land rates are in the range of Rs
7000-10000 per sq yard which translates to Rs 3.4 - 4.8 crore per acre, depending upon the proximity to NH1 from
the location of cold storage. The average land rates in this cluster is estimated to be ~ 4 crore per acre.

13

CRISIL Kundli Opportunity Assessment

Competition Profile
Competition Profile: Private cold storages
Kundli: Cold Storages
Cold Store

Location

Sai Kripa Cold Storage

KHI Cold Storage
Shiv Shakti Cold Storage
R J Cold Storage
Kartar Devi Cold Storage
Kufri Cold Storage
MDH Cold Store
Sumagalam Cold Storage
Golden Almonds
J M Coolhouse
Vrindavan Cold Storage
Jubin Cold Storage
Harshana Cold Storage
Seven Star
Ishwar Cold Storage
KMC Cool Chain
Avalanche Cold Storage
Pragati Cold Storage
Leh Cold Storage
Others

HSIDC Kundli
HSIDC Kundli
HSIDC Kundli
HSIDC Kundli
HSIDC Kundli
HSIDC Kundli
Kundli village
Kundli village
Kundli village
Kundli village
Kundli village
Nathupur
Nathupur
Nathupur
Nathupur
Nathupur
HSIDC RAI
HSIDC RAI
HSIDC RAI
350,000

Total capacity
Source: CRISIL Research

As mentioned earlier, the aggregate capacity of this cluster is ~350,000 MT with an average size of ~ 5,000 MT.
The utilisation levels range from 70-80 per cent with average utilisation of ~ 75 per cent. Most of these are
multipurpose cold storages and their rentals are more or less the same.

Commodity

Rental

Chilies (month)
Fruits (month)
Pulses (month)

Rs 12-15/40 kg bag
Rs 10-12/box
Rs 15-20/50 kg bag

14

Construction quality of cold storage is medium to high

Kundli: Cold Warehouses Competition Profile
Observed
construction Quality

Security Environm ent

Medium
Medium
High
High
High
High
High
Medium
High
High
Medium
High
High
High
Medium
High
High
High
High

High
High
High
High
High
High
High
High
High
High
High
High
High
High
High
High
High
High
High

Sai Kripa Cold Storage

KHI Cold Storage
Shiv Shakti Cold Storage
R J Cold Storage
Kartar Devi Cold Storage
Kufri Cold Storage
MDH Cold Store
Sumagalam Cold Storage
Golden Almonds
J M Coolhouse
Vrindavan Cold Storage
Jubin Cold Storage
Harshana Cold Storage
Seven Star
Ishwar Cold Storage
KMC Cool Chain
Avalanche Cold Storage
Pragati Cold Storage
Leh Cold Storage

Dedicated Weighing
Equipm ents/Technolo
services
gy (Lifting Machinery)

No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No

Medium
Medium
Medium
Medium
Medium
Medium

Medium
Medium
Medium
Medium
Medium
Medium
Medium
Medium
Medium
Medium
Medium
Medium
Medium

Note: Rankings: Low-Poor Quality, Medium- Medium Quality, High- Good quality
Observed construction quality-include parameters like, height, ventilation and relative newness of the building
Soucrce: Industry,CRISIL Research

The observed construction quality of many cold storages is high with boundary walls and a secure environment.
However, they did not have dedicated weighing service like own weigh bridges. Since, the customers are mainly
wholesalers and traders, who have their own means of financing, none of the cold storages provided collateral
management services.

15

CRISIL Kundli Opportunity Assessment

Kundli: Cold Storage Customer Concentration
Retailers/ Farm ers

Sai Kripa Cold Storage

KHI Cold Storage
Shiv Shakti Cold Storage
R J Cold Storage
Kartar Devi Cold Storage
Kufri Cold Storage
MDH Cold Store
Sumagalam Cold Storage
Golden Almonds
J M Coolhouse
Vrindavan Cold Storage
Jubin Cold Storage
Harshana Cold Storage
Seven Star
Ishwar Cold Storage
KMC Cool Chain
Avalanche Cold Storage
Pragati Cold Storage
Leh Cold Storage

5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%
5-10%

Wholesellers/traders/
Industrial Custom ers

90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%
90-95%

Soucrce: Industry,CRISIL Research

4.3 Opportunity Analysis

To assess the opportunity for cold storages in Kundli region, we have analyzed the demand-supply situation in the
district for the key items stored in the cold stores. The chart below presents the demand and supply side factors
considered for the demand outlook and cold storage opportunity assessment.

16

4.3.1 Cold Warehousing Opportunity Analysis

Demand for cold storages to increase at 6 per cent CAGR in the district
The commodities stored in the cold storages are meant for consumption as well as trading. The current cold
storage demand of 297,500 MT is arrived by considering aggregate cold storage capacity of 350,000MT at a peak
utilization of 85 percent. However, we expect the demand for warehousing to grow at a CAGR of 6 per cent over
the next five years. The CAGR of 6 per cent is mainly contributed by the following factors
i)

1.94 per cent growth in population and hence the growth in consumption

ii)

4 per cent growth in trading activity

We expect the above historic factors to maintain the same trend, going forward.

17

CRISIL Kundli Opportunity Assessment

Crops: Cold Storage Demand (MT)
(MT)

CAGR: 6.0%

4,00,000

3,75,587
3,54,327
3,34,271

3,50,000
3,00,000

3,15,350
2,97,500

2,50,000

2,00,000
1,50,000
1,00,000
50,000
2012-13

2013-14

2014-15

2015-16

2016-17

Source: Departm ent of Agriculture, CRISIL Research

Opportunity: Cold Storage (MT)

(MT)

4,00,000

(19,444)
3,50,000

3,50,000
3,00,000

389
3,50,000
3,15,350

43,697

21,412
3,50,000
3,34,271

3,54,327
3,50,000

67,319
3,75,587
3,50,000

2,97,500

2,50,000
2,00,000
1,50,000
1,00,000
50,000
2012-13

2013-14

2014-15
Demand

2015-16

2016-17

Supply

Source: CRISIL Research

The current cold storage demand of 297,500 MT is estimated to grow by a CAGR of 6 per cent to 375,587 MT in
2016-17. The current supply of warehouses is 350,000 MT and no additions are expected to come in near future.
Thus, 67,319 MT of additional cold storage capacity is estimated to be required. The opportunity is estimated

18

based on the 90 per cent optimal utilisation of the existing supply in the long term, which is in line with the market
trend.

19

CRISIL Kundli Opportunity Assessment

RISK/CONSTRAINTS
Socio economic factors
The chapter provides key socio economic risk factors which play pivotal role for agriculture warehouse. The risk
factors/constraints are graded on High, Medium and Low scale depending upon the intensity of risk related to
particular factor. Key factors identified are as follows: 1. Naxal activity, 2. Drought intensity, 3. Flood intensity and 4.
Law & order.
There are no Naxalite incidences in Delhi. Hence risk intensity for Naxal activity is low.
The region has seen instances of drought in the past. Southern and western regions of Haryana are at a greater
risk of drought and hence, the drought intensity is medium.
There have been occasional floods in the region. However, the areas lying near the tributaries of the river Yamuna
are at higher risk during monsoons.
In historic years, law & order situation in the state remained at medium levels. Considering the impact of various
socio economic factors on particular district we have assigned risk intensity as follows:
Risk factors status: Kundli
Factors

Naxal activity

Risk Intensity

Low

Drought intensity

Medium

Flood intensity

Medium

Law & order

Medium

Source: Industry, CRISIL Research

20

MARKET SPEAKS
This section presents the summary of market interactions with key market participants in the district

Nowadays

as apples which are being supplied from Shimla and J&K are also stored in cold storages

there itself, the requirement for cold storage has partially reduced in the Delhi region Manager, Private
cold storage
The possibility of Tikri being the replacement of Azadpur mandi has led to a craze to set up cold storages
here. Owner, private cold storage

The competition is very high. The rentals here are half the rentals offered in Lawrence Road (cluster of
cold storages in the city) just to have higher utilisation. Manager, private cold storage
Earlier say one trader used to serve four other traders. Now, two of those have set up their own
warehouses thus increasing the competition. Owner of cold storage and trader in spices

21

CRISIL Kundli Opportunity Assessment

ANNEXURE
Private cold storage

22

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