Mitsubishi aims high
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- Published 28.04.06
Calcutta, April 28: Japanese conglomerate Mitsubishi has identified huge potential in the Indian elevator market.
Even as the Indian market is one-eighth of that of China, the company sees future growth coming from here.
“The three big markets ? China, Japan and the US ? has reached a plateau. But India is growing,” a Mitsubishi official said in Calcutta today.
Around 15,000 elevators are sold annually in India. Only 20 per cent of these are in the premium segment where Mitsubishi operates.
The company claims to be the market leader in the fully automatic premium segment.
It has set a target to achieve a 20 per cent growth in elevator sales in India during 2006.
Mitsubishi elevators are sold by a Mumbai company called ETA Melco Engineering Company Pvt Ltd.
This is an associate company of ETA Melco Elevator, a joint venture between Dubai-based Emirates Trading Agency and Mitsubishi Electric Corporation of Japan.
This company has exclusive marketing rights to sell Mitsubishi elevators in 15 countries, including India.
“We have sold 900 units in 2005. This year our target is to sell 1,100 units,” H.N. Sadaqathullah, general manager of ETA Melco Engineering, said.
Elevators are now imported from Thailand and Japan. With the reduction in import tariff, Mitsubishi products have become more competitive compared with local ones.
The company did not rule out the possibility of setting up a manufacturing unit in India when its business increases.
For instance, the factory at China, which has an annual market of 1,20,000, only caters to the domestic market.
The western region contributes 40 per cent of Indian elevator market.