Cos band together to give steel an architectural edge
Leading private sector steel players - Tata Steel, Ispat Industries, Jindals and Essar Steel have each picked up a stake in a new company formed to promote cutting-edge steel design solutions.
By Rakhi Mazumdar, TNN |
KOLKATA: Leading private sector steel players — Tata Steel, Ispat Industries, Jindals and Essar Steel have each picked up a stake in a new company formed to promote cutting-edge steel design solutions.
Apart from these players, the new venture — Steelscape Consulting, will have another major promoter, Institute of Steel Development and Growth (INSDAG). The objective is to step up use of steel in architecture and also create bankable IP in design solutions.
Confirming the development, INSDAG director general R K P Singh told ET, “It is for the first time that steel companies have come forward to participate in a company, exclusively dedicated to creating new-age contemporary architectural design based on steel.”
Efforts are underway to rope in public sector steel companies like SAIL and RINL to participate in the venture. The company has a paid up capital of Rs 60 lakh, with an authorised capital base of Rs 1 crore. While INSDAG has contributed Rs 30 lakh towards the equity, the steel majors have pumped in Rs 5 lakh each.
To begin with, the company will have six to eight directors on its board. While each steel company will have a representative, INSDAG will be represented by two founder directors on the board. “We are now in the process of recruiting a CEO for the company,” Mr Singh said.
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The boom in construction sector across the country has triggered off a rise in demand for construction grade steel. But, unlike developed countries, there is very little use of steel structures in architecture. That is precisely the gap that Steelscape is planning to address. “We will design smart structures that will optimise the use of steel in building solutions using advanced software,” Mr Singh said.
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