JSW Steel conducts raid on steel trader, seizes counterfeit products
|Source: The Hitavada Date: 04 Jan 2017 11:40:33|
JSW Steel, the flagship company of diversified Indian conglomerate JSW Group, raided a steel retailer with the help of authorities in Nagpur city to combat counterfeiting of products under its brand.
JSW Steel has established a reputation as an ethical company driven by innovation whose products are manufactured to the highest standards.
The raid at Zone V, Kalmana area in the city of Nagpur was conducted by the local police from the Kalmana Police Station. It had been brought to the company’s attention that Shree Shakti Steel Corporation India P. Ltd, a retailer in Nagpur had been selling unauthorised, poor quality, counterfeit products by infringing the name and logo of “JSW” (which is a registered trademark belonging to JSW Group) thereby passing off their spurious goods/products causing damage to the company’s brand and eroding its long-established well-known trademark and reputation, goodwill and trust developed amongst its customers in India and overseas as well. Counterfeit sheets were found by the Police during the civil raid conducted in Zone V, Kalmana area that were being sold as replicas of JSW Colouron+ brand and were recovered at Shree Shakti Steel Corporation India P. Ltd. The sheets were seized and duly sealed.
The JSW Group takes the issue of piracy/passing off, infringement of trademark and counterfeiting very seriously. Not only does it amount to theft and unfairly skews the competitive playing field, but also is a major safety concern. In fact, depending on the final application of these counterfeit products, the damages could be severe.
Counterfeiting and piracy impact virtually every industry sector around the world. India is no exception, suffering significantly on economic health and safety. According to a FICCI report, unauthorised or counterfeit goods sales cause average losses of 20% which also result in a huge loss of revenues to the government.
Jayant Acharya, Director - Commercial & Marketing, JSW Steel said, “Consumers are being cheated by counterfeiters selling low quality products under renowned brand names thereby creating a potential threat to property. We are a responsible and committed brand and the safety of our consumers is of paramount importance to us. We would like to thank the local authorities for their support in conducting the raids.”
“We strongly believe in nurturing a competitive marketplace ensuring best quality products are available to customers. Counterfeiting eats away at the spirit of a healthy marketplace and should be curbed,”Acharya said in a press release.