Jindal Stainless Ltd (JSL) on Thursday said it has been able to reduce the share of its counterfeit stainless pipes and tubes in the domestic market to 20 per cent this year.
The reduction in counterfeit products will benefit the consumers as stainless steel decorative pipes and tubes find major applications in segments such as railings, furniture, decorative items, facades, and in automobile and e-rickshaws.
In a statement, JSL Managing Director Abhyuday Jindal said, 'We've been able to bring down the share of (our) counterfeit supplies in the market from 25 per cent last year to 20 per cent this year.' Jindal said this while launching the phase II of a nationwide co-branding initiative to curb the supplies of counterfeit products in the market.
Last year in July, the company had launched the 'Jindal Saathi' initiative with about 100 MoU partners to curb the supplies of counterfeit products. The purpose was to restrict some manufacturers who were manufacturing counterfeit products and supplying them to markets.
Under the co-branding initiative, special seals have been created by the company, encompassing the logo of MoU partner and Jindal Stainless, the grade of stainless steel, and the MoU number. This ensures standard quality products reach the market, and also safeguards interests of the consumers. The company had last year said 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.
In the statement issued on Thursday, the company said, 'The counterfeit industry not only harms us, but also the MSMEs operating in this segment, which constitute around 75 per cent of the total pipe and tubes (P&T) market. According to industry estimates, the current market size of the P&T segment is approximately Rs 7,000 crore, and is growing at a rate of 10-12 per cent annually.” About the initiative, Jindal Stainless further said it has expanded the scope of the programme from 28 cities in phase I to over 270 cities and towns in phase 2.
These include metros and tier I & II cities, which house major and minor P&T markets. The company is also reaching out to local fabricators to sensitise them about counterfeit supplies in the market.