Jindal Stainless aims at tripling industry share

Chennai: Stainless steel manufacturing group, Jindal Stainless has stated that it is set to grow its footprints in the kitchenware industry of India that is growing at nine to 10 per cent every year.

Speaking to media persons on the sidelines of a Kitchenware Customers’ Meet organized by the company, head – Sales, Jindal Stainless, Vijay Sharma, said, “We have led the kitchenware industry with the introduction of 200 series in late 70’s and now intend to further transform the industry through the coil route. With this, we will raise the overall quality standards in the industry, reach out to retail customers with branded products, boost sector productivity by enabling automation, increase the share of organized segment in the industry, and thereby grow the contribution to State exchequer through greater GST compliance. We are in the process of installing infrastructure and will have dedicated capacities to meet the enhanced quality and quantity requirements. We intend to triple our share in the next two years.”

The market size of Indian stainless steel flat products is estimated to be 25 lakh tonnes per annum. The kitchenware segment enjoys a significant share in the market and accounts for around 10 lakh tonnes per annum, almost half of the stainless steel flat products demand in India.

Nearly 50 per cent of the stainless steel used in the organized segment in the kitchenware industry in India is imported from China, directly or indirectly.

At present, the kitchenware industry is dominated by small and medium enterprises and mainly consists of cutlery, cookware, tableware, gas stoves, sinks and similar applications. The Indian kitchenware industry is growing at a rate of six-seven per cent and is expected to grow further.

NT Bureau