(VM) Toshiba to expand elevator business in India

February 19th, 2012 - 7:50 pm ICT by IANS  

Mumbai, Feb 19 (IANS) Toshiba Elevators, a unit of Japanese conglomerate Toshiba Corporation, plans to aggressively expand its business in India, from where it hopes to generate eight percent of its global revenue by 2015.

“At the moment our focus is on the Delhi-Mumbai industrial corridor. Probably, by 2014-15, we will expand nationally,” Shinichiro Akiba, president and chief executive officer of Toshiba Elevator and Building Systems Corporation, told reporters here.

Akiba said the company targets to increase its revenue from Indian market to $125 million by 2015, which would account for nearly eight percent of its global revenue.

In a major step forward towards expanding its business in Indian markets, Toshiba Elevator established a locally-incorporated company, Toshiba Elevator India, in April 2011.

The official said the company has received orders from several big projects in India in the last one year.

The new orders include supply of elevators for 66-storey “One Avighna Park Tower” project in Mumbai, being developed by Nish Developers. Earlier this month, the company received two orders from a real estate developer Hiranandani.

“Many more project are under active negotiation,” said Akiba.

The Indian elevator market is dominated by the companies like Hitachi, Mitsubishi, Otis and Olympus.

Akiba said Toshiba Elevators would keep its focus on premium and high-end markets.

Toshiba Elevators holds a Guinness World Record for the fastest elevator — the Taipei Financial Center — which was built in 2004 and travels at 1,010 meters per minute.

“In today’s market all over the world, price is important. However, Toshiba Elevator Group has a policy not to compromise with safety and quality,” Akiba said in a statement.

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