Tata Steel is expanding beyond steel into knowledge-intensive materials to create a new revenue stream, according to CEO & MD T V Narendran. Speaking at the Madras Management Association’s Awards Function, Narendran said, “We are exploring fibre-reinforced polymers, graphene, and ceramics. We want to use our expertise in material science to enter these fields.”
The company’s New Materials Business focuses on areas beyond steel to offset the cyclical nature of the steel industry. Tata Steel currently has three main areas in this segment: fibre-reinforced plastic (FRP) composites, graphene, and medical implant materials. The FRP business alone brought in ₹375 crore in FY24.
Narendran also mentioned past plans for a titanium project in Tamil Nadu, which did not materialize. “We had plans for a project near Thoothukudi due to the availability of rutile sand, but it didn’t come through,” he said.
At the event, Narendran emphasized the importance of focusing on future trends for managerial excellence. He quoted strategic management expert Vijay Govindarajan: “Companies that only talk about the past don’t have a future.”
Josh Foulger, President of Zetwerk, also spoke at the event. He highlighted India’s potential to grow from a $3.2 trillion economy to $5-$10 trillion. Foulger stressed the importance of the electronics system design and manufacturing (ESDM) sector, predicting it could grow from $100 billion to $500 billion by the decade’s end. He emphasized the need for India to understand both opportunities and threats in the global market.
Foulger also pointed out the potential of India’s young, digitally savvy workforce. He believes that with proper training, this workforce can drive significant economic growth. “India has a strong relationship with the US in software services. Now, it’s time to pivot towards hardware,” he said, highlighting ESDM and related sectors as promising areas for export, especially to the West, the Middle East, and Africa.
