In order to tap into emerging opportunities and growth in India's vertical transportation industry, South Korea's Hyundai Elevator Company (HELCO), leading manufacturer & pioneers of elevators and escalators & travellators, has decided to enter into a joint venture with India's Kinetic Elevator & Escalator Limited (KEEL). The joint venture company will roll out various Moving Technology products from Hyundai's stable including escalators, elevators, car parking systems, platform screen doors for metro rail transport, moving walks, material handling systems and related products.
Under the new arrangement, Hyundai will acquire a 40% equity stake in KEEL, and the company will be renamed "Kinetic Hyundai Elevator and Movement Technologies Ltd." The JV Company will be the hub for HELCO's India operations and will offer technologically advanced products to India's infrastructure & construction companies.
The two companies have had a collaboration for ten years with KEEL acting as Hyundai Elevators' exclusive India distribution partner, catering to high-rise, high speed & premium elevator market segment. KEEL has installed about 1000 units across India, and additional 350 units are under installation. With a presence at 23 locations in India including metros and mini-metros; with a prestigious customer base across the sectors like health, hospitality, infrastructure, pharma, information technology, residential and commercial realtors, Hyundai and KEEL together have established a strong base in the Verticals business in India.
Announcing the Joint Venture, Mr. Song, president of Hyundai Elevator Company, South Korea, said, "Since its establishment, Hyundai Elevator has led the growth of global elevator industry with its steady research and development effort and high quality products. Hyundai Elevator plans to install nine cutting edge elevators in the world's tallest elevator tower, including one reaching a speed of1, 080 meters per minute. Starting with advanced "machine room less" elevators in 1999, Hyundai Elevators has led the market with outstanding Technologies like high-grade gearless traction machine, used mainly in high speed elevators. Hyundai has also developed an elevator inverter that regenerates electricity while in operation to slash the buildings energy consumption for elevators by 60%. Hyundai Elevator has a customer service centre with a GPS system thru which maintenance people can detect a problem before the customer comes to know about it. This is called Hyundai's "Before Service". Hyundai Elevators was number one company in Elevator installation in Korea last year. The company has posted a steady growth of more than 15% every year, becoming a market leader in Korea.
We are very happy to announce our Joint Venture with Kinetic for the Indian market. India presents an exciting market opportunity for the vertical transportation and moving technologies industry. We look forward to aggressive growth in our JV with Kinetic. We will work together closely to roll out a basket of superior and advanced products for the infrastructure and construction companies of India."
Kinetic Hyundai Elevator and Movement Technologies Ltd. will be headquartered at Pune and will have an all India presence for marketing and servicing various products including escalators, elevators, car parking systems, moving walks, platform screen doors for metro rail transport, material handling systems and related products.
Speaking at the occasion of signing of the JV agreement, Mr. Manish Motwani, Director of Kinetic Hyundai, said; "HELCO's well established technology and product range gives us a chance to exploit the fast growing infrastructure market in India in the fastest possible way. As Indian economy becomes world class, government spending on infrastructure as well as private investment in, realty, retail and entertainment segments will continue to increase. We see a huge market for high rise, high speed lifts, Escalators and moving walks. Also with the infrastructure growing, demand for automated car parking systems, material handling systems for airports and industry, platform screen doors for metros will become a part of requirement for every project across the country. This company will for focus on all these areas and offer" total movement solutions" to customers. We will leverage various strengths of Kinetic group, including our knowledge of the Indian market, relationships in the industry, ability to market and service products across India and our group's experience in manufacturing towards aggressive growth of the JV".
The US$600 million Hyundai Elevator Company of South Korea is among major global manufacturing companies engaged in providing "total solution for movement". Hyundai is a major supplier of elevators, escalators and moving walks in Korea, USA, Japan, China, Middle-East, South–east Asia, India and Europe. Hyundai also makes other products such as platform screen doors, automated car parking systems and material handling systems. It has its own manufacturing facilities in South Korea and China.
Kinetic Escalator and Elevator Limited is part of the Kinetic group and markets, installs and maintains state of the art elevators, escalators and moving walks; and is also a pioneer in car parking systems in India; providing advanced, automated car parking systems. For more information, refer to www.keelindia.com
