“We almost doubled the client base that we have in the last three years post Covid, and in that ensured that we are associated with the OECs of the EV industry. I mean our marketing team through a conscious strategy focused on the EV sector sales, and due to the hard efforts, we succeeded and are adding on new customers every day.”
June 2023 : In this exclusive interview with Niranjan Mudholkar, Editorial Director, Pro MFG Media, Nishant Garg, Managing Director, Maiden Forgings, says that his organization is striving ‘to actively participate in the global steel industry’s innovation ecosystem by collaborating with international partners, staying updated on emerging technologies, and fostering a culture of continuous improvement’. “Our goal is to contribute to the industry’s advancement on a global scale,” he adds.
You joined Maiden Forgings as a second-generation entrepreneur in 2011. What have been the highlights of your journey with the organization for the last 12 years?
Maiden Forgings is a multi-generational business that was initiated by the late Shree Sanjay Garg, and later expanded by the second generation. In the late 1980s, Shree Sanjay Garg started the journey as a proprietor, focusing on producing bright steel bars and wires. During that time, there were limited manufacturers for these products due to industry quotas. Through his dedication and hard work, he successfully carved out a niche for Maiden in the market.
In 2011, I joined the business, and together we transformed Maiden into a fully-fledged company. Since then, we have experienced remarkable growth, expanding our product lines every two years. Over the course of 12 years, our growth has been 17 times, driven by a continuous focus on innovation and technological advancements. This has allowed us to differentiate ourselves from our competitors, as we offer the widest variety of inter-related products, all available under one roof.
Our commitment to innovation and technology has enabled us to position our company uniquely, providing customers with a comprehensive range of products and services. We take pride in offering a convenient single-window solution, which sets us apart in the industry.
What have been the key challenges and how did you overcome them?
The key challenges definitely have been to choose the right opportunity from the pool of multiple opportunities that come in the way of growing any organization in a fast manner. Choosing the right team is one major challenge. Business is about achieving a big vision, and when you strive for a big vision, there are numerous challenges that come your way. But choosing specific challenges would be quite difficult as you daily make 2-3 powerful decisions out of the given situation which ultimately contribute to your overall mission.
How do you maintain both quality and productivity at the manufacturing level while keeping the costs under control?
At Maiden Forgings, we have cultivated a customer-centric culture that is embraced by our team. This culture drives continuous learning from our customers, enabling us to understand their needs and exceed their expectations. By ingraining this mindset into our organization, we ensure that our products consistently deliver high quality and reliability.
We provide a comprehensive range of interconnected products under one roof, offering convenience and efficiency to our customers. This integrated approach allows them to streamline their procurement process and enhance their overall experience. Additionally, our efficient delivery model ensures the fastest possible delivery times. This enables our customers to minimize inventory costs and production losses, thereby enhancing their operational efficiency.
While the superalloy industry is primarily dominated by large corporations in industrial countries with extensive facilities and high costs, Maiden Forgings stands out with its design and business strategy. We are able to offer top-quality items at significantly lower prices, with delivery times as short as one month.
A lot of products in your industry are still imported due to the technical expertise and specialized equipment required for the same. Is Maiden Forgings planning to manufacture any such products in India?
Definitely, there are some specialized grades in the speciality steel segment such as SS 303, 17-4PH, etc. which we are producing in the bright bars and wires category. Other than this, we are also producing stainless steel nails as well as plastic and wire collated nails which still have quite low production facilities as compared to the demand. Also, we are studying the Oil tempered spring steel project to be implemented, which is a complete import substitution project.
One of your majority client bases is in the automotive industry that is going through a transformative journey with its shift towards EVs. How is Maiden Forgings adapting and evolving itself to cater to the changing needs of the auto clients?
Actually, we understand completely the dynamism that has come in the industry due to such major shifts of technology, and we have a team which is well trained and experienced to cater to such changes. Our customers are our teachers, for example most of our customers who are OEMs to auto makers shifted their component manufacturing base from conventional 2-wheeler and 4-wheeler companies to the EV segment and lucky for us we were always part of the raw materials, since our products are such that they are being used in conventional auto sector as well as in the EVs. Along with that, we almost doubled the client base that we have in the last three years post Covid, and in that ensured that we are associated with the OECs of the EV industry. Our marketing team has had a conscious and strategic focus on the EV sector sales; due to the hard efforts, we have succeeded and are adding on new customers every day.
Being an entrepreneur in the manufacturing industry is tough. What is your word of advice to new entrepreneurs foraying into this sector?
It’s a general advice in any business to stay focused and dedicated to your business, but both focus & dedication have to be too concentrated if its manufacturing business, because there are fixed costs involved in high ratios to the overall costings, so if you lose your focus even for a little while, the things might derail real fast. Thus, in manufacturing you have to be very constant in your efforts and ensure close monitoring of things, which of course can be done through good MIS systems.
Very recently, Maiden Forgings got listed on BSE. How important is this accomplishment for you?
I am proud that Maiden Forgings successfully completed its listing on the BSE on 6th April 2023. We are honored to be among the select few companies in India that have the privilege of involving the public in our company’s growth. We are grateful for this opportunity.
Where do you want to see Maiden Forgings in the next five years in terms of business growth, market position and as a brand?
Maiden Forgings aims to become a top producer of specialty steel products by offering innovative solutions and advanced manufacturing capabilities. We aim to bridge the gap in expertise currently lacking among Indian manufacturers in these product categories. Additionally, we strive to actively participate in the global steel industry’s innovation ecosystem by collaborating with international partners, staying updated on emerging technologies, and fostering a culture of continuous improvement. Our goal is to contribute to the industry’s advancement on a global scale.
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