Mitsubushi to enhance market share in India

Chennai, Apr 24 (UNI) Japan-based Mitsubishi, the largest elevator and escalator company, has drawn up ambitious plans to enhance its Indian market share and might set up a manufacturing facility in the country in the near future.

Addressing a press conference here, Mr Jiro Kurashima, General Manager, Mitsubishi Electronics, said it was looking at the Indian market as most important and valuable and proposed to enhance its market share through its joint venture, ETA Melco Elevator, Dubai.

He said the company had no immediate plans to set up a manufacturing facility, but in the near future, it would not rule out the option. Presently, the company was confident of meeting the demands throught its Thailand manufacturing facility, which had expanded production capacity to four-fold, he said.

Having registered an eight per cent economic growth, India was emerging as the biggest market, he said, adding the company, which sold 300 units in 2003, had increased sales to 450 in 2004 and 900 in 2005. 'This year, we expect to sell 1000 units.' Mr Hameed Salauddin, Executive Director, ETA Melco Elevator, said after setting foot in India, ETA had so far sold 2500 units, valued at about Rs 750 crore in India.

The demand for elevators and escalators was projected at 15,000 units a year, of which the company had a market share of 30 per cent. The demand was expected to grow by 15 per cent every year, he added.

After catering to the high-end segment during the first six years of operations, the company had now decided to enter the mid-segment.

With Information Technology and Manufacturing sectors in the driver's seat, the demand for international scale office space and shopping malls had started growing in the country and the company was fully geared up to meet the increasing demands, he said.

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