Chennai:
In a bid to tap the world’s second largest elevator market,
Mitsubishi Electric is planning to set up a plant in Chennai.
Mitsubishi Electric Corporation, which has established a
joint venture company Mitsubishi Elevator ETA India Pvt Ltd would initially
establish a logistics center in Chennai before establishing a local factory,
said managing director and chief executive officer of Mitsubishi Electric
Masahito Endo.
“The logistics center will enable efficient procurement of
components and develop a robust product supply network. It will take care of
sheet metal items needed for the elevators. We will also outsource some of the
items,” said Bharat Vishnani, deputy chief executive officer of the joint
venture company said.
The Indian elevator market is pegged at around 44,000 units
and is expected to grow at around 8-10 percent year on year. “The information
technology and Information technology enabled services segment, hospitality and
residential segment besides the rise in skyscraper projects offers a great
potential for Mitsubishi,” he said.
Interestingly, 1,600 Mitsubishi brand elevators and
escalators were sold in the country and Endo expects the number to go up once
the logistics centre will be ready by September.
Interestingly, the joint venture company has also
established a engineering center at its corporate office to strengthen their
customer solution for non standard product specifications and technical
requirements.
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