MUMBAI: Tata Steel has announced that the mining and the commercial vehicle segments are not yielding expected results in light of the poor market conditions that is ongoing. The current market is trying to pump in new regulations across the segments to enhance their performance and growth.
H M Nerurkar, managing director of Tata Steel said, “The prevailing market is a matter of worry as mining sector and commercial vehicle sector are not doing well.” The SME sector could benefit from changes to regulations too. The MD also added, “The industry is pushing for new regulations to ensure growth of the mining sector and talks are being held with the government in this regard. We have directed officials to form a special task force to explore the possibility of new vendor development in the steel sector as well as its promotion.”
In addition, plans to establish an international airport have been confirmed by TATA but the challenge lies in procuring ne land, the MD said.