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The world may be in a state of flux, but in India, business is booming.
Latest reports show that the country was one of the fastest-growing major economies in the 2022–2023 financial year, with a growth rate that was the second highest among G20 countries and almost twice the average for emerging market economies.
Riding the wave of India’s strong public infrastructure investment is steel production. So much so that it’s predicted to double to 227 million metric tons per year by 2030 and reach 515 million metric tons per year by 2050.
All of which makes for very good news for Shashibhushan Upadhyay.
To be able to put your own distinct fingerprint on the fortunes and future of a company which has been going since 1937 is no easy matter, but that’s exactly what Upadhyay has been determined to do since taking on the role of President at Mukand 12 months ago.
The seasoned steel executive has drawn on his 30 years of experience working across a wide range of companies in the sector to forge ahead with Mukand’s trailblazing reputation in the production of high-quality stainless steel products.
Mukand began its operations in Lahore and Bombay as a re-rolling mill and foundry. Today, it is under the umbrella of multinational automotive manufacturer Bajaj Group, which is currently one of the top five groups in India, with a market capitalization of more than US$120 billion.
The company is now heading toward its next stage of evolution; an exciting journey into the realms of automation and digital innovation, and one which Upadhyay is excited to lead.
“We have always thrived on quality,” he says. “Mukand’s key focus is to provide the best quality products to our customers while maintaining a clear commitment to sustainability. This makes up the DNA of our organization. Now, we’re taking this a step further through the introduction of innovative processes.”
Upadhyay counts on these qualities to explore new markets and introduce products to Mukand’s clients.
“We’re confident that we can produce and supply the superior grades of stainless steel that our customers are currently importing,” Upadhyay enthuses. “We have robust technology and highly skilled manpower.”
That confidence appears to be well placed.
“Our customers are particular about their requirements and grades. They don’t go to anyone else but Mukand to get what they need.”
Upadhyay believes that the first step in Mukand’s transformational journey should be toward driving customer-centricity. “I’ve concentrated on developing our company culture to be both a customer-centered and employee-centered environment. Get both of these right and you’re on your way to achieving even greater success.”
His next priority is sustainability.
“It’s not just about the equipment you use but also the collective contribution of employees, support from value chain partners, vendors and all other stakeholders of the ecosystem in which the business is operating to the depth of your environmental commitment,” Upadhyay says.
“At Mukand, we’ve partnered with providers of renewable power and aim to convert at least 70 percent of our usage to green power from 1 April this year, which will be one step closer to achieving our ESG goals.”
The company has also actively taken up modernization initiatives.
“Our goal is to create a sustainable environment by incorporating the most advanced technologies. Our innovation and improvement journey has already begun, and we plan to invest heavily in this venture to ensure even greater efficiency and quality.”
The move toward modernization is something which Upadhyay believes is achievable only with the wholehearted collaboration of Mukand’s team.
“We are expanding our teams’ capabilities through learning and development activities to be able to take up the challenges of next-level assignments and thus become a future-ready organization. The aim here is that this will feed into our overall company goals,” he says.
The ‘overall goals’ Upadhyay mentions are the expansion of markets, diversification into new product areas, reducing the company’s carbon footprint by adopting renewable sources of energy and focusing more on capability building through learning and development initiatives.
“We have some expansion plans for our engineering division while catering to the ever-growing automobile industry.
“Our market expansion plans are not just about geographical reach, but also about investing in new niche products with high nickel content or exclusive grades,” Upadhyay adds.
And in light of India’s recent space triumph when the country achieved the first-ever landing of a lunar rover on the Moon’s south pole, Upadhyay says Mukand has its eye on yet another goal which is truly out of this world.
“We’re exploring the possibility of entering the defense and aerospace segment. This is a critical space having huge opportunities for Indian companies. While the approval process may require some time, we anticipate a more expedited procedure thanks to the recent government initiatives and the strong push for ‘Make in India’.”
Since its inception, Mukand has concentrated on building strong ties with its customers as well as its suppliers, which Upadhyay attributes to being a major contributor to the company’s longevity and success.
“We genuinely cherish and respect our partnerships,” he says, adding that it’s down to our long-term partnership with their suppliers which help ensure Mukand’s supply chain runs smoothly to support a customer-focused approach.
“That’s why supplier relationships are so important. Some of ours have lasted for more than two decades.”
With volatility ruling the world economy, the key to the survival of any business is maintaining those relationships while continuing to remain agile – a point that’s not lost on Upadhyay.
“On the one hand, margins are going down while on the other, the cost of metals such as nickel keep fluctuating. So now, more than ever, we need to be agile,” he says. “Combine that agility with a defined sense of corporate responsibility and, if we remain mindful of our carbon footprint, we should continue to forge ahead.”
Fortunately for Upadhyay, running a business means the ability to start afresh with a new day, every day. And with that comes new opportunities and a mantra by which to lead.
“As Mukand’s President, I have one overarching aim: to make sure that each new day is more successful than the last.”
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