26 December 2012

Mitsubishi Electric and UAE-based ETA Ascon establish elevator and escalator JV in India

- JV to sell, manufacture, install and provide maintenance
- Headquartered in Chennai, JV will start business in Jan 2013 
- Mitsubishi Elevator ETA India will take over the business of local agent 

Tokyo – 26 December 2012 - Mitsubishi Electric Corporation announced that it has established a joint venture company, Mitsubishi Elevator ETA India Private Limited, to sell, manufacture, install and provide maintenance for elevators and escalators in India. Headquartered in Chennai, the joint venture was formed with UAE-based ETA Ascon Holding LLC and will start business in January 2013.

Since 1995, Mitsubishi Electric has distributed elevators and escalators in India through a local agent, installing its products primarily in the premium segment including luxury hotels and offices. To further expand its growing Indian market, Mitsubishi Elevator ETA India will take over the business of the local agent. In addition to expanding sales in the premium segment, the new company will enter the residential segment and others, where the demand for elevators is showing remarkable growth.

Mitsubishi Elevator ETA India aims to grow sales volume by strengthening its sales network across the country and by offering more products that fulfill local needs. A new logistics center will enable more efficient procurement of components and develop a product supply framework. Also, an engineering center will be established to strengthen customer solutions in terms of product specifications and technical requirements. 

Skilled engineers from Japan will provide company employees with technical training to enhance the quality and reliability of installations and servicing for greater customer satisfaction. Increased training also is expected to nurture the company's human resources as a powerful corporate asset. 

Mitsubishi Elevator ETA India will have a paid-in capital of INR 490 million and will have approximately 1,000 employees. The ownership structure will be Mitsubishi Electric Corporation 40%, Mitsubishi Electric Building Techno-Services 5%, Mitsubishi Corporation 10% and ETA Ascon Holding LLC 45%. 

Source: Mitsubishi Electric