Kolkata, Feb 18
Tata Steel is looking at building a distribution network and its brands in the Business to Consumer (B2C) markets in Bangladesh and Myanmar, a company official said on Saturday.
“We have great success in developing brands and distribution network in B2C markets in India. Bangladesh and Myanmar are the two B2C markets which have similar profile as India. We are seeing opportunities there to build the brand and distribution network,” said company’s MD (India and South East Asia) T.V. Narendran.
Speaking at an event ‘Metals 2017: Current Dynamics of steel in India’ organised by Bengal Chamber of Commerce and Industry’ here, Narendran said the country’s steel industry has been spending less towards research and development (R&D) compared to global standards.
“Most industries and countries spend about two per cent (of the revenue) towards R&D but as an industry we are under-spending. Indian steel industry is spending less than 0.5 per cent on it. The government is providing incentives to the industry to invest more in R&D,” he said.
“R&D expenditure is not about spending the money but having the right projects,” he added.
The Managing Director also mentioned that steel processing facilities in India have not been keeping up for the high-end requirements of steel products in the automobile sector.
“As the steel industry invests to increase the capabilities to service the high-end requirements of the auto industry, the steel processing sector also needs to improve. Largely, steel processing sector is volume play than the value play,” he said.
Speaking about anti-dumping measures, Narendran said, “All the countries have the policy in place to deal with anti-dumping. The government looks at the products. If they see the product is being sold in India at a price lower than in their home markets, the government then takes a call.” (IANS)