New Delhi, July 17 (IANS) Steel major Jindal Stainless on Wednesday announced a co-branding initiative with its pipe and tube (P&T) making partners whereby the latter will be able use its logo along with that of the steel maker’s on their pipes and tubes in a bid to fight counterfeit products.
Jindal Stainless has signed memorandums of understanding with 60 of its partner P&T makers for the initiative and only these P&T makers would be able to use their own logo along with Jindal’s on their products.
The company has 63-64 P&T making partners. In an interaction with reporters here, Abhyuday Jindal, Managing Director of Jindal Stainless said that co-branding would help the company increase its revenue by around Rs 1,100 crore in the next two years.
As per the company, with a market share of 44 per cent, its current annual revenue is Rs 2,300 crore.
Sandardised seals have been created by Jindal stainless, encompassing the logos of the MoU partners and the steel company, along with the grade of the stainless steel and the MoU number, the company said.
The veracity of the product can be checked with the help of the the unique MoU number on the company’s website.
Jindal said: “We have launched this mutually beneficial co-branding scheme in response to the needs of our customers. It is estimated that over 25 per cent of pipes and tubes sold annually in India bear the counterfeit branding of Jindal Stainless, and are valued at over Rs 1,300 crore. We aim to curtail this counterfeiting and capture the growing decorative P&T market in the next 2 years.”
The stainless steel decorative pipes and tubes find major applications in the architecture, building and construction segment, like railings, furniture, decorative items, facades, and in automobile, railways and transport segment, like automobile guards and E-rickshaws.
The company, in a statement said that the segment is expecting a growth thrust from the government’s focus on areas like redevelopment of railway stations, new highways, and metro projects, amongst other infrastructural developments.
The major city clusters of stainless steel pipes and tubes are Hisar, Ahmedabad, Jaipur, Jodhpur, Kolkata, Bhubaneshwar, Raipur and Bangalore.