Demonetization hit company performance but impact is temporary: Tata Steel

Private sector steel major Tata Steel on Tuesday said demonetization has impacted its business, but exuded confidence that the situation would improve soon. "There is an impact of demonetization on the performance of the company, but the impact is temporary," Tata Steel Managing Director (India and South East Asia) T V Narendran told reporters in Jamshedpur.

Narendran also said that despite the impact of notes ban, production at Jamshedpur and Kalinganagar plants was going on as usual. Hailing the demonetization decision, he said the impact of it was temporary and the situation is improving. Asked about the impact of demonetization on cash-based rural market, he said efforts are on to address the problem.

Narendran added that Tata Steel has taken an initiative to support the government's move to develop a cashless society and is installing 10,000 Point Of Sale (PoS), credit/debit card swipe machines in rural areas for the purpose.