Customer Value Management (CVM) has emerged as an important vehicle for customer retention in business markets. Supplier firms under increasing pressure from relentless competitive forces are seeking to retain and grow the share of business from profitable existing customers as a means of finding a way out of downward spiraling price pressures. While a lot has been written in academics about the importance of CVM, several gaps remain on understanding how a large company actually undertakes this journey. Crafting competitive value chains and focusing on steams of competition are also emerging as important agenda for supplier firms since increasingly, the end customer is no longer willing to pay for inefficiencies in the value chains. In this context, the challenge for a supplier firm in business markets is no longer restricted to getting its own operations in order, but additionally it must ensure that multiple interfaces that exist across the entire value chain all the way until the end customer are streamlined so that the value chain is free of value drains and every meaningful opportunity to create value is exploited. In this paper we present the experiences of the India-based Tata Steel, in implementing CVM across fifteen select customers. This has enabled it to successfully come out of the commodity trap that it found itself some two years ago. The company has been assessed at a score of over 650 over the last three years on the equivalent of the Malcolm Baldrige business excellence assessment, crossing 700 in the most recent year. Tata Steel is one of India's most respected companies and among the top steel manufacturers in the world (as rated by World Steel Dynamics, USA. The paper begins with an overview of existing research in the area of CVM, covering the important aspects of customer loyalty, customer relationships, trust as an antecedent for relationships, value as a cornerstone of business markets, and importance of the supplier firm focusing on the value chain.  While one part of the challenge to the supplier firm is to find avenues to create and deliver unique value to its customer firms, an equally formidable challenge is to obtain equitable return for value delivered. This is where value sharing through integrative negotiations between the supplier and customer firms becomes central. We conclude that current understanding on value creation and value sharing is at a preliminary stage. This is the gap that the paper seeks to address, based on the actual experience of the company in implementing CVM. We present several lessons that may be useful to large firms seeking to embark on the CVM  journey. Indeed, reorienting a large company to implement CVM is a huge challenge, as the task is akin to 'turning around an oil tanker on the high seas'. One of the key lessons learnt is that CVM is a never-ending journey that requires the long-term commitment of the top management in order to be successful. The paper presents a framework for mapping the various ideas generated in the CVM implementation process, and attempts to build a value sharing methodology based on CVM experience of the company. We conclude with several challenges that the company has to grapple with in its further progress on its CVM journey. One of the important challenges is addressing value drains and discovering new value creation avenues along all the interfaces between the various firms constituting the value chain, all the way until the end customer.