Otis Elevator Company (India) Ltd is looking to cash in on the country’s infrastructure growth.
The company is betting big on the upcoming 19 metro rail and 20 airport modernisation projects in India.
By 2016, the domestic elevator market is expected to grow to 70,000 units from 45,000.
While Otis will bid for the metro and airport projects, the vertical expansion of residential and office complexes will create additional opportunities.
Otis, part of the US-based diversified United Technologies Company (UTC), is also expanding its Bangalore manufacturing unit. The capacity will be ramped up to 10,000 units from 3,500 units. Work is likely to be completed by August 2013. The company remained tight-lipped on the investments.
“India is the second-largest elevator market in the world. There are issues in the economy. Real estate has been down with a year-on-year growth of 10 per cent, while the expected growth was 15 per cent. However, there is an inherent demand for infrastructure,” said Sebi Joseph, managing director of Otis Elevator Company (India).
Globally, Otis has a 25 per cent market share in elevators, recording $12.4 billion sales revenue in 2011, of which 80 per cent were from outside the US.
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