http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20121226:nBw255021a http://www.businesswire.com/news/home/20121225005021/en Aims to strengthen business in this growing marketTOKYO--(Business Wire)--Mitsubishi Electric Corporation (TOKYO:6503) announced that it has established ajoint venture company, Mitsubishi Elevator ETA India Private Limited, to sell,manufacture, install and provide maintenance for elevators and escalators inIndia. Headquartered in Chennai, the joint venture was formed with UAE-based ETAAscon Holding LLC and will start business in January 2013. Since 1995, Mitsubishi Electric has distributed elevators and escalators inIndia through a local agent, installing its products primarily in the premiumsegment including luxury hotels and offices. To further expand its growing Indian market, Mitsubishi Elevator ETA India willtake over the business of the local agent. In addition to expanding sales in thepremium 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 itssales network across the country and by offering more products that fulfilllocal needs. A new logistics center will enable more efficient procurement ofcomponents and develop a product supply framework. Also, an engineering centerwill be established to strengthen customer solutions in terms of productspecifications and technical requirements. Skilled engineers from Japan will provide company employees with technicaltraining to enhance the quality and reliability of installations and servicingfor greater customer satisfaction. Increased training also is expected tonurture 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 provide maintenance for elevators and escalators About Mitsubishi ElectricWith over 90 years of experience in providing reliable, high-quality products,Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in themanufacture, marketing and sales of electrical and electronic equipment used ininformation processing and communications, space development and satellitecommunications, consumer electronics, industrial technology, energy,transportation and building equipment. Embracing the spirit of its corporatestatement, Changes for the Better, and its environmental statement, Eco Changes,Mitsubishi Electric endeavors to be a global, leading green company, enrichingsociety with technology. The company recorded consolidated group sales of3,639.4 billion yen (US$ 44.4 billion*) in the fiscal year ended March 31, 2012.For more information visithttp://www.MitsubishiElectric.com *At an exchange rate of 82 yen to the US dollar, the rate given by the TokyoForeign Exchange Market on March 31, 2012 Mitsubishi Electric CorporationCustomer Inquiries:Overseas Marketing Division, Building Systems GroupTel: +81-3-3218-3583bod.inquiry@rk.MitsubishiElectric.co.jphttp://www.MitsubishiElectric.com/elevator orMedia Contact:Yurika Fujimoto, +81-3-3218-3380Public Relations Divisionprd.gnews@nk.MitsubishiElectric.co.jphttp://www.MitsubishiElectric.com/news/ Copyright Business Wire 2012
Mitsubishi Electric Establishes Elevator and Escalator Joint Venture in India
December 26, 2012
