News Release Archives
Note that the releases are accurate at the time of publication but may be subject to change without notice.
FOR IMMEDIATE RELEASE No. 2718
Mitsubishi Electric Establishes Elevator and Escalator Joint Venture in India
Aims to strengthen business in this growing market
PDF Version(47KB)
TOKYO, December 26, 2012 - Mitsubishi Electric Corporation (TOKYO: 6503) 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.
Chennai Citi Centre, location of Mitsubishi Elevator ETA India Private Limited
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.
Overview of Mitsubishi Elevator ETA India Private Limited
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.
Overview of Mitsubishi Elevator ETA India Private Limited
| Senior executives | Managing Director & CEO: Masahito Endo Deputy CEO: Bharat Vishnani |
| Location | Chennai Citi Centre, 5th Floor, 10&11, Dr. Radhakrishnan Salai, Chennai 600004, Tamil Nadu, India |
| Ownership | Mitsubishi Electric Corporation: 40% Mitsubishi Electric Building Techno-Service Co. Ltd.: 5% Mitsubishi Corporation: 10% ETA Ascon Holding LLC: 45% |
| Paid-in-capital | INR 490 million (approximately USD 9,750,000) |
| Registration | August 2012 |
| Startup | January 2013 |
| Employees | Approximately 1,000 |
| Business | Sales, manufacture, installation and maintenance for elevators and escalators |