Jindal Stainless, the country's largest stainless steel company, is looking to raise its revenue by Rs 1,100 crore to Rs 3,400 crore in two years, a top company official said Wednesday.
The company is also eyeing to increase its market share to over 50 per cent in two years from 42 per cent currently, Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said at a press conference here.
"We are eyeing an additional revenue of Rs 1,100 crore over the next two years. With a current market share of 44 per cent and an annual revenue of Rs 2,300 crore, Jindal Stainless is geared up to increase its share to 52 per cent, eyeing a revenue of over Rs 3,400 crore in the next 2 years," he said.
He also said the company is launching a nation-wide co-branding initiative with pipes and tubes (P&T) manufacturers to curb the counterfeit products of Jindal Stainless in the market.
The current market size of the decorative pipes and tubes segment is Rs 5,300 crore and growing at over 12 per cent a year, Jindal said while adding that some manufacturers are taking undue advantage of this situation and manufacturing substandard products.
"It is estimated that over 25 per cent of pipes and tubes sold annually in India bear the counterfeit branding of Jindal Stainless and are valued at over Rs 1,300 crore. We aim to curtail this counterfeiting and capture the growing decorative P&T market in the next 2 years," he said.
Under the co-branding initiative, Jindal said standardised seals have been created by Jindal Stainless, encompassing the logo of MoU (memorandum of undertaking) partner and Jindal Stainless, the grade of stainless steel, and MoU number.
"This initiative will help Jindal Stainless and its partners jointly create greater value for customers. It will also offer greater visibility and penetration in the market for the company's partners, who were earlier struggling with the adverse effects of counterfeiting, like low market shares, lower margins, bad reputation, and intrusion of inferior quality stainless steel in the market," he said.
Apart from this, it will ensure that the right quality material reaches the consumers, he said and added that over 60 MoU partners in this segment pan-India have joined hands with Jindal Stainless for this initiative.
The stainless steel decorative pipes and tubes find major applications in segments such as railings, furniture, decorative items, facades, and in automobile and e-rickshaws, he said.
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