TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today that Mitsubishi Elevator India Private Limited (IMEC) will commence production of elevators at a new factory in Bangalore on September 15. The company aims to strengthen its product competitiveness in India, the world's second largest market for elevators and escalators according to its own research as of September 2016, and is targeting annual sales of 5,000 units by the fiscal year ending March 2021.
Aims of New Factory
1) Improved competitiveness through local production
The establishment of local production facilities will allow IMEC to improve product competitiveness through lower prices and faster delivery times. They will focus on the NEXIEZ-LITE elevator model, which is designed for low- to mid-rise buildings, a key market in India. IMEC also plans to integrate manufacturing, installation, sales and maintenance in order to achieve greater efficiency and improve service levels.
2) Enhanced safety and quality using
elevator-testing tower and field-training center
IMEC will carry out verification and evaluation of locally procured parts using a new elevator-testing tower. They will additionally utilize a new field-training center to enhance installation and maintenance service levels, thereby reinforcing the Mitsubishi Electric brand.
India's elevator and escalator market, which has grown in step with the country's rapid economic development, is now the world's second largest, next to China. Annual demand rose to 48,000 units in 2015 and is expected to continue growing. In 1995, Mitsubishi Electric began selling elevators and escalators in India through local distributors. In 2012, it established IMEC, aiming to drive sales, installations and maintenance across the Indian market. In 2014, Mitsubishi Electric launched the NEXIEZ-LITE elevator model, designed for low- to mid-rise buildings. The new factory will be located in Bangalore, one of India’s major industrial cities.
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