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Microsoft Word - letYQ118MD&AE .doc ( Translation ) 14th May 2018 Subject: Management Discussion and Analysis (MD&A) for the 1st quarter period of year 2018 To: Managing Director of the Stock

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National Stock Exchanges of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE) and is the leading manufacturer of a wide range of polyester products in India. The current major shareholders of

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