As China is the largest market for buying and selling steel commodities and raw materials for steel products, Vijay K Singh, Director and Country Head for China and NE Asia for ISPAT Group, sees this as an advantage in both export and import of materials from China.
In early years of 2002–2005 when the company started its office in China, a few customers withdrew their contracts with the company due to market fluctuations. However, slowly, the company gained new customers who had a great reputation, and still enjoy working with them today. Because of the amount of competition in China, it is important to be selective and have guidelines. With years of hard work and dedication, Mr. Vijay and his team created a self-generating, organized grid of systems for effective execution and monitoring of strategic project for ISPAT group.
A View on Strategic Leadership
Mr. Vijay’s perspective of a leader is a person who is not only able to build, invest, and engage in relationships with employees, clients, and stakeholders of the company, but dedicate their time into creating an equal environment to guide and foster communication with the entire team as a friend, mentor, and a guide.
He also believes that leaders must also own robustness, prioritize emotional health, have a sound growth mindset and resilience to be able to provide excellence in business. Leaders should have the ability to make rapid and thought-out decisions, cut through operational complexity, and set growth goals. He says, “We should not lose the opportunity to perceive different ideologies and perspectives which have the potential of tremendous benefit once reflected upon. Every decision, every step that we take is the accumulation of various ideas, and inspirations. It is equally important we reflect on our practices and experiences.”
ISPAT Group
ISPAT Group is one of the leading corporate houses in India and overseas with diversified experience in Metals and Mining. It has substantial experience in building steel plants from green field under difficult situations and making them one of the best in the world. The ISPAT group is engaged in manufacturing of flat steel products, Ferro Chrome and has chrome mine with the reserve of over 100 million tons.
Some of the company’s achievements are mention below:
• Busines expansion in area of Ferro Chrome export worldwide by 21 % & this was achieved with leadership competencies & strategy by well-defined roadmaps & commercial performance.
• First time in India started project of underground mining of Chrome ore at Balasore Chrome mine after due diligence study and underground design work has already started in early 2020. This will increase the production output as well as export by next year.
• One of the lowest cost producers globally due to our fully integrated business model.
• Globally preferred supplier to Stainless Steel producers and allied industries
Recognition for Hard Work
As per Mr. Vijay, innovation and advance technology are the major reasons for success in beginning of a career which helps to get a competitive edge in the marketplace. He enjoyed working with a free hand and every good work was getting recognized by management with an appreciation letter.
In the business front, during early stages of operating from the company’s China office and marketing of ISPAT products, Mr. Vijay got recognized from his work. From which, he received invitation from large international conferences hosted by large think tanks, and received ample opportunities to connect and network with leaders, which built his motivation and zest to better his work and excel in his area as a business leader.
Mr. Vijay also finds that doing mediation on every day is very important to keep balance of body and mind.
A Salute to Corona Warriors
As per Mr. Vijay, fluctuations are a part of every business, as there are no fixed constants. A leader’s success is contingent on the team’s well-being, morale, and motivation even during the challenging times, such as the current pandemic situation.
Mr. Vijay believes that science can save humanity. It is real science and scientists, physicians, nurses, laboratory technicians, hospital staff, biotech and pharmaceutical companies who are the heroes of this crisis. He asserts, “We each have the obligation to know the difference between fake and real science and show our support to the serious scientific and healthcare organizations. We do need to protect them and ourselves from fables of dubious origin, so that, in the end, their work can protect us.”
Values and the work culture that drives ISPAT Group
The present generation’s mainstream culture is infatuated with the notion and practice of leadership. It should be acknowledged that behind every successful leader is a capable team alongside its stakeholders. Mr. Vijay believes that a leader does not act alone but inspires and drives people. Thus, behind good leadership is good governance.
ISPAT group delivers services in the following areas as part of corporate governance:
• Organization strategy with ethical approach • Assessment and succession keeping in mind of decision-making process • Talent acquisition • Leadership development with directive of roles of key players including owners/directors/staff • Rewards and benefits with balance objectives
To List Amongst the World’s Top Companies in the Industry
For the future of ISPAT Group, Mr. Vijay envisions to be amongst the world’s top five new generation Ferrochrome manufacturing companies in products, in the way of serving clients, in work ethics, and in culture of societal integration. Below are the points that Mr. Vijay considers as the way of improvement.
▪ Implement Business Excellence framework to maximize value of business as designed by Malcolm Balridge, USA ▪ Overall integration of business processes for achieving world class performance ▪ Total Productive Management (Maximize the value from all spheres of activities) ▪ Improve critical business processes & optimize Man, Machine, Resource & Method ▪ Identification & elimination waste through Continuous improvement, focusing the flow of the product from raw material to finished goods at the pull of customer in pursuit of Zero Defect
Career Advice for Aspiring Entrepreneurs
As per Mr. Vijay sustainability is an increasingly important issue for many industries and for business owners, leaders, and administrators, sustainable business practices are becoming imperatives. People view sustainability as a plus, and companies with green values are eager to showcase them because of that fact. He says, “Going green shows the world you care about more than just making money. You can use this to your advantage when marketing your business and developing your brand identity.”
He also finds that marketing has taken a new direction and it is based on authenticity, relationship building, and transparency. The power behind promotional campaigns rests in the ability to connect emotionally and psychologically. It is no secret that the lifeblood of any organization is rooted in strong relational bonds.
