Engineering services market in India is addressed by two distinct players – MNC captives and third party vendors. The Indian engineering services industry is expected to be USD 40 billion by FY20204. Unlike IT Service providers, ESOs are involved in creation and/or sustenance of a product for product companies.This paper discusses versions of a generic product development value chain, key characteristics of each version and provides guidance to strategists (to prioritise investments) and operation leaders (to build portfolio of offerings).