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Tuesday, July 23, 2024

Tata Steel CEO & MD announces move into knowledge-intensive materials sector.

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In Short:

Tata Steel is exploring new materials beyond steel to generate additional revenue, focusing on knowledge-intensive sectors like fibre-reinforced polymers, graphene, and medical ceramics. The company aims to counter the cyclical nature of the steel business. CEO Narendran also mentioned previous plans for a titanium project in Thoothukudi. At a recent event, speakers discussed the need for managerial excellence, emphasizing forward-thinking and the potential of India’s workforce in driving economic growth through sectors like electronics manufacturing.

Tata Steel Diversifying into Knowledge-Intensive Materials

**Tata Steel** is venturing into a range of knowledge-intensive materials beyond steel to create a new revenue stream for the company. This move is aimed at reducing the cyclicality of the steel business and tapping into new opportunities.

CEO’s Vision

Speaking at the Madras Management Association’s Awards Function and AGM Business Session, **T V Narendran**, CEO & Managing Director of Tata Steel, highlighted the company’s exploration into fibre-reinforced polymers, graphene, and ceramics. These ventures leverage Tata Steel’s expertise in material science to monetize its knowledge.

New Materials Business

Under the New Materials Business, Tata Steel aims to create knowledge-intensive businesses in areas such as fibre-reinforced plastic composites, graphene, and medical implant materials. The FRP business alone generated ₹375 crore in revenue in FY24, as per the company’s latest annual report.

Thoothukudi Plant Venture

Narendran also mentioned the company’s interest in the titanium business and a planned project near Thoothukudi, Tamil Nadu. However, the project faced challenges and did not materialize despite initial efforts to acquire land in the region.

Managerial Excellence

Narendran emphasized the importance of managerial excellence, urging companies to focus on future trends and strategic planning. He highlighted the need for alignment between personal, professional, and institutional values, quoting strategic management expert Vijay Govindarajan.

India’s Economic Potential

In a special address, Josh Foulger, President of Zetwerk, stressed the need for India to focus externally to capitalize on its economic growth potential. He highlighted opportunities in the electronics system design and manufacturing sector, pointing out India’s aim to increase manufacturing output significantly.

Workforce Strengths

Foulger emphasized the potential of India’s digitally savvy Gen Z workforce in driving the nation’s economic goals forward. He viewed India’s workforce as a strength that, with proper training and understanding, can propel the country on its economic journey.

Overall, Tata Steel’s strategic diversification into knowledge-intensive materials and the emphasis on managerial excellence and workforce strengths reflect a forward-looking approach to sustainable growth.

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