Tata Steel unveils brand to tap Rs 3000cr silico manganese mkt
Durgapur (West Bengal): Tata Steel on Wednesday unveiled the country’s first branded silico manganese for the steel sector in order to tap Rs 3,000 crore fragmented market.
"Tata Silicomag is possibly the world’s first brand in silico manganese and we expect to garner 18-20 percent market share in the first year," the chief of Tata Steel’s ferro alloy & mineral division, Rajeev Singhal, said here.
The company on Wednesday launched the product in Durgapur and in the next few months will take this product to other parts of the country.
Tata Steel has also firmed up plans to pump Rs 150 crore to enhance its production capacity of silico manganese by another 55,000 tonne from a Greenfield plant in Odisha at Joda area.
"The commercial production will be in place from 2014," Singhal said.
Chief of Marketing & Sales Subodh Pandey said the product is used in long steel products.
Though silico manganese is also produced by large number of companies, the market lacks quality service and this encouraged Tata Steel to offer branded product in this segment.