Tata Steel looking at overseas markets
Tata Steel, said it is looking at possibilities to explore overseas market and building a distribution network and its brands in the business-to-consumer (B2C) markets in Bangladesh and Myanmar.
“We have a 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 the opportunity there in the B2C markets to build the brand and distribution network,” Tata Steel MD (India and South East Asia) T V Narendran said addressing the ‘Metals 2017: Current Dynamics of steel in India’ event organised by Bengal Chamber of Commerce and Industry.
Tata Steel terms consumer products as B2C and has marketed these steel products similar to FMCG strategy. The country’s steel industry has been spending less towards research and development (R&D) compared to global standards, pointed out Narendran. He, however, did not divulge more details on the overseas foray of the company.
“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.