Mitsubishi Elevator India, a wholly owned subsidiary of Japan’s Mitsubishi Electric Corporation, on Thursday inaugurated its first plant in India in Vemgal, near Bengaluru with a total investment of Rs 183 crore.
Industry Minister R V Deshpande inaugurated the plant along with Mitsubishi Electric Corporation President and Chief Executive Officer Masaki Sakuyama.
Interacting with DH, Sakuyama said the plant will help Mitsubishi Elevator India address the market demand more effectively.
“We have sold over 10,000 units of elevators and escalators since 1995. The new plant will help us serve our clients with products that are cost competent. Currently, Mitsubishi caters to the Indian market by importing elevators from Thailand,” he said.
Mitsubishi Elevator India Managing Director Iwao Oda said the company’s quality levels are a benchmark in the elevator industry. “This comes from the strong and stringent internal quality systems that have been adopted,” he said.
Oda said the company has plans to grow its sales volumes by strengthening its sales network across the country and by more products that fulfill the local needs.
Mitsubishi Elevator India Deputy Managing Director Pravin Rao said the facility will manufacture the Nexiez Lite model of elevators. “The residential segment in the elevator market is growing, as demand from the real estate sector is gaining momentum across the country. The Nexiez Lite, with 1,020 kg capacity, will help us tap this segment,” he said.
According to a recent report, the elevators market in India is projected to grow at a compounded annual growth rate of over 8% between 2016 and 2021. The market is expected to cross $1.6 billion in 2020, states the report.
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