Mitsubishi Elevator India Pvt. Ltd., has set up a facility with an investment of Rs 183 crore at Vemgal in Kolar district.
The facility has a manufacturing capacity of 5,000 units annually with scope to expand production in the future, the company, a subsidiary of Mitsubishi Electric Corporation, Japan, said.
The factory will manufacture the NEXIEZ-LITE brand of elevator, the latest contribution by Mitsubishi Electric to the Make in India initiative, a company release said.
By producing locally, Mitsubishi Elevator India expects to strengthen the product competitiveness in terms of lead time and catering to a larger section of builder segment, from low to mid rise buildings in the Indian market, it said.
Mitsubishi Electric Corporation President and CEO Masaki Sakuyama said the company has sold over 10,000 units of elevators and escalators since 1995, in India.
The company recognises the importance of the Indian elevator market as it is second largest in the world, with steady growth prospects, he said.
Mitsubishi Elevator India Managing Director Iwao Oda said the company plans to grow sales volumes by strengthening its sales network across the country and by offering more products that fulfil local needs.
Karnataka Minister for Medium and Large Industries and Infrastructure R V Deshpande inaugurated the factory yesterday, the company said in a release here.
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