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Over the past two decades, the Indian automobile industry has grown leaps and bounds, at a Compound Annual Growth Rate (CAGR) of 9%. It is the second-largest two-wheeler and fourth-largest commercial vehicle manufacturer in the world. The automotive industry in India is intensely competitive and highly fragmented, with number of players operating in more than one segment of the industry. The nature of the industry accounts for high capital expenditures and may not generate high returns on the capital invested, but over the past few years, the players in this industry have been giving high returns to shareholders and operating on negative working capital.
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