The Hindu : Business : Mitsubishi Elevators' plans for India

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Thursday, Apr 27, 2006

Business

Business

Mitsubishi Elevators' plans for India

Corporate Reporter

ETA-MELCO of Dubai will market its products

CHENNAI: Mitsubishi Electric Corporation, a leading elevator and escalator manufacturing company of Japan, has plans to market its product in the Indian market in a big way through its joint venture ETA-MELCO Elevator Company, Dubai.

Addressing presspersons here on Monday, Jiro Kurashima, General Manager, Mitsubishi Electric, Tokyo, said the company would target the premium end of the market where the demand was high. Even some consumers in the mid-segment were shifting towards the premium segment. With many multinational companies setting up facilities in India and the growth in the software sector, the demand for escalators and elevators had increased dramatically to 15,000 units a year at present from 8,000 units six years ago, Mr. Kurashima said.

According to M. A. Sayeed, Senior General Manager, ETA-MELCO, Dubai, this joint venture company would meet the requirements of India from Mitsubishi's unit in Thailand which had increased its capacity to 9,000 units from 3,000 units. Even with 34.4 per cent import duty in India, the company could sell its products competitively here, he said. The demand for elevators in the residential market was also growing and the company would also move into to this segment over a period, he said.

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