Btw to add a little more context, I saw this wonderful bit about backward integration versus buying from competent local suppliers in Neuland labs Q1-FY21 Concall, sharing it here because i believe this is very pertinent to this discussion. In my mind, neuland management gets full marks for strategically backward integration of key RM instead of a blind backward integration. I would be very curious to relook at Astec and Bharat Rasayan from this prism of strategic backward integration vis-a-vis blanket backward integration, looking at it from a perspective of value addition.
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