Dadri, Ghaziabad-based Bansal Wire Industries, the largest stainless steel wire manufacturer in the country, has entered the tyre cords segment.
With this, Bansal has become the first domestic firm to enter this high-end wire segment, which was so far served only by the Belgian firm Bekaert with its Pune plants since 1998.
Bansal, which went public last July with a Rs 750-crore public issue, is the second largest wire-maker in the country with 6% market share after Tata Wires which controls 7% of the industry.
Bansal’s tyre cords entry will considerably reduce the domestic tyremakers’ heavy dependence on imports for this critical safety element in tyres, Bansal Wire chief executive Pranav Bansal told TNIE.
Bansal has also opened a new plant in Dadri, thus more than doubling wire capacity to 6 lakh tonne per annum. It serves over 5,000 customers from a range of sectors such as automotives, general engineering, infrastructure, hardware, consumer durables, power generation & transmission, agriculture and auto replacement, offering over 3,000 stock keeping units in 0.04 mm-15.65 mm sizes.