State biz summits bring investments ... this is positive rivalry: Narendran

The Tata Steel Managing Director T V Narendran believes that business development summits across the nation in different states will help get more investments. This is really a positive rivalry. "It is good that states have started organising such business summits. Such rivalry for bringing in investment should remain," Narendran said on the side line of Metals 2017, a conclave organised by The Bengal Chamber of Commerce and Industry on Saturday.

Tata Steel is looking at the Bangladesh and Myanmar market with retail brands – Tata Shakee. It is looking at the distribution network in those countries. "We are developing a business to customer (B2C) markets there," he said. He, however, said he believes the country's steel industry has been spending less towards research and development compared to global standards.

He said that steel processing facilities in this country have not been keeping up for the high- end requirements of steel products in the automobile sector. He made some valid point in the conclave in which 'Vision 2020: Demand for Steel in Automotive Components and Construction' was discussed. "The Indian automotive industry has made great strides over the past two decades and has emerged as one of the fastest growing markets in the world," he said. "Globally, India is the second largest market for two-wheelers, sixth largest for passenger cars," Narendran added.