World Economy

Emirates Steel Targets Indian Market

Emirates Steel Targets Indian MarketEmirates Steel Targets Indian Market

Emirates Steel, the only integrated steel manufacturer in the UAE, will focus on strengthening its presence in the growing Indian market, a senior official has said.

Speaking after the company’s successful participation at The Big 5 Construct India 2014 exhibition in Mumbai recently, Ahmed S. Al Dhaheri, chief commercial officer at Emirates Steel, said: “The Indian market is a strategic market for us and we will support the country’s growth plans, TradeArabia reported Monday.   

“We are looking at establishing strategic alliances with leading companies in India and we believe we have the state-of-the-art facilities, products and services, and highly-experienced and committed workforce to allow us to grab a significant market share in India’s booming steel market,” pointed out Al Dhaheri.

“This exhibition was an important event as it offered us the opportunity to meet the largest private and public sector companies in India and to showcase all our range of products for visitors to view,” said  Al Dhaheri.

The company’s stand attracted the attention of public and official visitors, including major Indian firms with interests in nuclear energy, oil and gas, construction, infrastructure and other sectors of the rapidly-growing Indian economy, he said.

The company showcased its product range including rebar, wire rod and heavy sections.

“This is the second time we participated in Construct India,” said Al Dhaheri.

As part of its ongoing partnerships with large Indian entities, Emirates Steel is currently servicing a large order to Reliance for their J3 refineries project in Jamnagar, Gujarat. Reliance, one of the largest independent industrial conglomerates in India with a turnover in excess of $68 billion, is expanding its refining and petrochemical facilities.

“With the accreditation of BIS to our products, supplies to India are poised to increase. Hence, we expect to compliment locally produced section products with our niche jumbo beams,” he stressed.

The latest statistics from India show that the construction industry is a major contributor to India’s GDP and one of the largest employment generators, currently employing around 33 million people. Current spending in the construction industry is well in excess of $150 billion and this is expected to increase significantly with the announcement of the 100 smart cities project. While the Indian economy grew by 5 percent in 2013 as compared to 6.2 percent in 2012, the construction industry grew by 5.9 percent in 2013 against 5.6 percent in 2012. Analysts believe that India is poised to emerge as the world’s 3rd largest construction market by 2020.