Step Industries plans to triple turnover by 2020

As far as our immediate plans are concerned, we aim to expand further in next couple of years and triple our turnover to more than Rs 1,000 crore by 2020. - Ankit Tayal, Co-Founder, Step Industries Pvt. Ltd.

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Step Industries plans to triple turnover by 2020

Step is a cable and wire manufacturing company with specialisation in residential and commercial cables and EPC projects. The company’s Co-Founder, Ankit Tayal is committed to redefine the Indian cable and wire industry. Talking about Step’s immediate plans, he informs that the company plans to expand its manufacturing capacity by opening a new unit. Edited excerpts from his interview with Subhajit Roy:

Established in the year 2011 with only one full time employee, Step Industries has now achieved a turnover of Rs 300 crore and 1,000-plus workforce. Walk us through what has led to such achievement.

The entrepreneurial journey of our company started in the year 2011, when I in partnership with my uncle Sunil Tayal, co-founded Step Industries Pvt. Ltd. with a vision to become the best cable and wire manufacturing company in India.

Thanks to the guidance and vast experience of Sunil Tayal in the cable and wire industry, in a short span of 8 years, ‘Step’ has witnessed immense growth and has become one the leading cable and wire manufacturing company in India with a strong presence in over 150 cities of the northern and southern states of the country. The company has acquired the reputation of being one of the fastest growing company in the cable and wire manufacturing industry through constant innovation and upholding high standards of quality and services.

Apart from being cable and wire manufacturing company, we are also a leader in EPC (Engineering, Procurement, Construction) projects which has taken our growth journey to new heights in such a short period of time. We are currently playing an important role in fulfilling government’s dream of providing electricity to every household, by being a major contributor in many central and state electrification schemes like ‘Saubhagya Yojna’, IPDS (Integrated Power Development Scheme), R-APDRP etc.

The use of new-age technology in manufacturing, and our focus on continual improvement in customer centricity by providing the best-rated products and services that surpass the expectations of our customers in terms of value, quality, promptness and reliability also gives Step Industries an edge over other available brands in the market.

Where do you see yourself in five years’ time?

We have a vision to make ‘Step’ the best cables and wires manufacturing brand in India and also establish a strong global presence. We also aim to become a leading EPC contracts by further increasing our reach by grabbing more government-run electrification projects.

As far as our immediate plans are concerned, we aim to expand further in next couple of years and triple our turnover to more than Rs 1,000 crore by 2020. Also, soon we will be expanding its manufacturing capacity by opening a new unit to meet the rapidly growing demand.

What’s your comment on the competition in the entire electrical cable and wire industry? Do you think competition will only intensify in this market?

With the advent of many global brands and slow but steady growth of the SME sector the competition in the cable and wire industry has definitely increased over past few years. Fortunately, thanks to the Government’s focus and constant efforts towards the growth of infrastructure in the country, fast track implementation of many rural and urban electrification schemes, and development of smart cities, I also see a lot of growth opportunity for the sector in near future.

What are the USPs of your electrical cables and wires?

Step cables meet the requisite quality certifications together with adherence to the standard management system further strengthening the consumers trust and benchmarking the company as a reputed wire and cable manufacturer in India.

Step cables specialize in manufacturing wire and cable. It is renowned for its unique product range across India and overseas which includes electrical building wiring (house wiring), single-core or multi-core industrial cables, 3-core PVC insulated flat cable, 3-core XLPE insulated flat cable, elevator and escalator cables, PVC insulated power and control cables, XLPE insulated power and control cable.

What’s your assessment on the potential of the B2B market?

With the growth of infrastructure and urbanisation the demand has increased exponentially over the last few years. Similarly, the B2B market of our industry has also witnessed growth and we see a great potential of growth in this direction in the coming time.

How would you like to enhance your market presence?

As of now our main focus is towards grabbing more EPC contracts and get involved with more government-run electrification projects. We are already working on a lot of government-run electrification schemes and hopefully will get more in the near future.

Are you in the export too?

Not as of now, however, establishing ‘Step’ as leading global brand has always been our vision. So, entering the global market is definitely on the cards, sooner or later.

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