Chennai, July 19: Mitsubishi Elevator India has set up a manufacturing facility at Vemgal, 50 kilometres from Bangalore. This will be Mitsubishi Electric's 14th manufacturing facility in the world.

"The facility, with an investment of Rs 187 crore, is spread over 89,000 sq metre with a floor space of 25,400 sq metre. It has a manufacturing capacity of 5,000 units annually. The first elevator is scheduled to be delivered in December 2016," said Iwao Oda, managing director of Mitsubishi Elevator India.

Oda said the size of the elevator market was 50,000 units annually, and 70 per cent of this was the residential market.

Mitsubishi Elevator India would be manufacturing the NEXIEZ-LITE elevator model for low- to mid-rise buildings, catering to the higher and mid-end of residential complexes and also offices for the IT industry. The Make-in-India initiative will make Mitsubishi more competitive cost-wise and also the speed up deliveries, he said.

Deputy managing director S. Venkatagiri said the facility would make sheet metals and cabins for elevators, while the traction machine and controller would be imported.

"The indigenous component of a completed elevator will be about 60 per cent. We installed nearly 1,200 elevators last year and our aim is to ramp up production to 5,000 a year in a couple of years. If needed we have enough space for further expansion as well," he said.