Steel company to seek alliances with Indian-global OEMs
Topworth Company chairman and founder Abhay Lodha has outlined a strategy for developing steel grades using world-class technology for the defence industry estimated to be worth US$70 billion by 2030.
To meet the expanding demands of clients in the aerospace and defense industries, he said the company will explore technical alliances with Indian and global OEMs. In future years, it will continue to make significant investments in engineering and production capabilities.
“We will work to introduce world-class technology to India and develop skill sets in order to provide top-of-the-line platforms for our Armed Forces, reduce defense product imports, and create high-skill employment,” Lodha said on 1 June 2022.
According to India Brand Equity Foundation, the Indian aerospace & defense (A&D) market is projected to reach ~US $70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust.
The Defense Ministry has chosen certain sectors for obtaining industrial knowledge from the private sector. Naval Utility Helicopters, Light Utility Helicopters, submarines and Naval Multi Role Helicopters are among the projects.
Lodha elaborated, “The indigenous Armour plate for ballistic protection is one of the Topworth’s products. Some of its goods are ground-breaking, while others are straightforward import alternatives for Indian contractors seeking to maintain their supply chains closer to home.
“Naval destroyers, offshore patrol boats, and floating docks will be built using the latter. Other items will be utilized in the building and repair of Coast Guard boats and navy ships. Topworth’s materials will be employed in battle tanks, missile motor casings, combat vehicles, and artillery cannons in land defense.”
These items have considerable export potential in addition to expanding domestic demand.
According to market estimates, yearly demand potential is over 2 lakh tons, with 50% of that in flat steel and the rest in structural steel.
Noting that the industry was expanding at breakneck pace, he said, “Topworth wants to be a part of this booming market so that they may use their capabilities, which include cutting-edge production and product development.
“We’ve built a solid reputation by successfully delivering steel to a variety of defense applications. This has given us the confidence and incentive to broaden our product offerings in this market.” fiinews.com
