Established in 1981, Vividh Wires Limited is the stainless steel wire division of the diversified Vividh Group. Vividh Wires Limited has an ultramodern stainless steel wire drawing unit in Greater Noida, with an installed production capacity of 6000 MT per annum. The product range for stainless steel wires varies from 8.00mm to 0.10mm in various grades. The company is currently undergoing a huge expansion with the establishment of their second manufacturing unit in Noida, with an annual production capacity of 15,000 TPA. In a recent interaction with Wire & Cable India, Mr. Ashwani Gupta, Executive Director, Vividh Wires Limited shared about his company’s business journey, recent developments, USP, product portfolio and shared his thoughts on the challenges in the Indian and global steel wire industry, and how to overcome them.
Wire & Cable India: Could you please take us through the business journey, milestones and achievements of your company?
Ashwani Gupta: Vividh Wires is the stainless steel wire division of our group, and was incorporated with a vision of manufacturing world-class stainless steel and nickel alloy wires in India. We have had a rewarding journey in the past 6 years and we have successfully enhanced our production range to include a very diverse basket of products ranging from super-fine wires to specialized welding wires for MIG/TIG applications. A major milestone for our company was in 2019, when we branched out from stainless steel into nickel alloy wires. Due to the specialized nature of their applications, the customers for nickel alloy wires have high expectations in terms of quality and we are proud of the fact that we have been supplying them with consistent quality that is at par with the leading global manufacturers of nickel alloy wires. Till date, these alloys are in a nascent demand stage in India and we see a large opportunity for future growth in this space.
“ In the longer term, the industry outlook continues to be quite strong and the Indian steel sector should continue at a much faster pace compared to the global steel sector. ”
WCI: Describe your infrastructure and manufacturing setup for the steel wire sector along with their manufacturing capabilities.
AG: Our manufacturing setup comprises the latest straight line drawing machines, along with other top-of-the-line fine wire drawing machines. We have invested heavily in our infrastructure and sourced the best machines from India and abroad. This allows us to make the best quality wire at a much higher efficiency. Our current setup allows us to cover the entire range of wire from 0.04 mm to 8 mm thickness, for applications as diverse as fasteners, springs and welding consumables in more than thirty different grades of stainless steels, duplex steels and high nickel alloys. For our new unit, we are sourcing the best available machines from the leading manufacturers across the globe to further augment our production capabilities.
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WCI: What have been the recent developments at your organization?
AG: We are currently in the midst of a major capacity expansion with the establishment of our second unit in Greater Noida, the foundation stone for which was virtually laid by the Hon’ble Prime Minister – Mr. Narendra Modi. The plant is extremely modern, heavily automated and designed with a very holistic vision to consolidate our position across the various segments being catered by us. The plant is being designed with a production capacity of around 15000 MT per annum, and we hope to commission it by the end of this year. With a capital outlay of over INR 600 million, the plant is being designed with the best available machinery and international safety standards. This new unit will allow us to establish a greater foothold in the export market, and significantly reduce our order turnaround times.
WCI: Brief us about your specialized products along with their USPs.
AG: We are amongst a handful of companies that are able to offer our entire product basket of super-fine wires and MIG/TIG wires in extremely complex grades such as Inconel, Hastelloy and Duplex Steels. We have a very strong R&D team that is constantly innovating and improving. As a result, we have a number of specialized products that have been perfected over the years.
WCI: Please share your views on the Indian vis-a-vis the global steel wire industry. What is the role of the Indian government in the growth of this sector?
AG: The Indian steel wire industry has been rapidly growing over the past few years, especially post-Covid. While the various policy announcements, such as Atmanirbhar Bharat, made by the government have helped, I believe that the major reason for growth has been a long-term change in the global supply chain. Additionally, the rising energy costs in Europe have made the Indian steel wire industry a lot more cost competitive as compared to our European counterparts, leading to a substantial rise in export opportunities for the Indian steel wire sector. However, to maintain this steady growth, I believe that more policy certainty and export incentives from the government will allow the industry stakeholders to better capitalize on the available opportunities and consolidate our position as a formidable player in the global supply chain.
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WCI: What are the major ongoing challenges in the Indian steel wire industry?
AG: While the industry has grown at a robust pace over the last three years, we are witnessing a relative slowdown, resulting in the surplus production capacities across the sector. After a period of over three years, the demand for steel wires seems to finally be lower than the available manufacturing capacities and this is resulting in a pressure on the operating margins in the short-term. In the longer term, the industry outlook continues to be quite strong and the Indian steel sector should continue at a much faster pace compared to the global steel sector. However, to stay ahead of the curve, industry stakeholders need to deliver ESG performances at par with our global counterparts. Due to the energy intensive nature of the processes, we need to start making a concerted effort towards adopting clean technologies and reducing emission. This will not only help us avoid the type of issues being faced by China today, but also, allow the Indian steel wire industry to drive a healthy socio-economic growth and contribute to the growth of India’s GDP.
“ The rising energy costs in Europe have made the Indian steel wire industry a lot more cost competitive as compared to our European counterparts, leading to a substantial rise in export opportunities for the Indian steel wire sector. ”
WCI: How can these challenges of the industry be addressed? How is your company contributing towards this transition?
AG: As I mentioned previously, the key long-term challenge which needs to be addressed is the need to reduce emissions and improve ESG accountability. At Vividh Wires, we are amongst the early adopters of solar power and the captive solar plant at our Greater Noida unit has so far offset more than 1200 MT of carbon emissions since its commissioning. We are currently working on plans for a much larger off-site solar plant and our target is to be completely carbon neutral within the next few years.
