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Essar Steel eyes 25% market share in 2 yrs to follow new emission norms

Company has developed new product for automotive manufacturers in response to market requirements

Press Trust of India  |  Mumbai 

Loan recast delay hits Essar Steel
Essar Steel has the first mover advantage, having set up seven steel processing facilities in major auto hubs, including Gujarat

on said it aims to achieve 25 per cent in auto-grade over the next couple of years through strategic alliances and new

Automotive high strength grades maintain the safety standards of vehicles, while improving through lightweighting.

The company has developed the new product for automotive manufacturers in response to market requirements for stronger and lighter steels.

"Currently, we enjoy 18-20 per cent of and aim to achieve of 25 per cent in auto-grade over the next couple of years. We plan to achieve this target through strategic alliances, new and Value Analysis Value Engineering (VAVE) to comply with the new emission norm for auto sector," a company official said here.

The domestic auto sector is at the cusp of massive growth and is projected to manufacture 5 million cars in the next 3-4 years. Even the commercial segment is growing at over 10 per cent. The new policy envisages that the demand for auto industry will be in the band of 10 MT by 2030.

The ministry has also highlighted that the value addition for auto should be fast-tracked in the country.

"Auto is a very promising sector and we would like to certainly capitalise on our expertise to develop innovative products and our ability to commercialise these products in our world-class facilities," India ED, Strategy & Business Development Vikram Amin said.

has the first mover advantage, having set up seven processing facilities in major auto hubs, including It has developed various new high-strength products for auto sector to reduce weight of vehicles and increase

The company has developed new-generation crash resistant steel, high-strength cold rolled and dent-resistant steels. High-strength hot rolled for long members were developed for the first time and used by major auto-makers, giving them 17-20 per cent reduction in weight.

has been awarded by many of its leading customers like Maruti, VE Commercial Vehicles, Tata Motors, Maxion, among others for its quality, Amin said.

First Published: Sun, June 25 2017. 15:20 IST