 "Image Courtesy: ThyssenKrupp Elevator")
German multinational conglomerate ThyssenKrupp will invest Euro 44 million (about Rs 326 crore) in a 20,000 sq m multi-purpose elevator manufacturing facility at Chakan Industrial Area in Pune, Maharashtra. “This facility will enable the company to cater to increasing demands from the local market, and is aligned with Prime Minister Narendra Modi’s ‘Make in India’ vision, aimed at promoting domestic manufacturing,” said ThyssenKrupp in a press release.
ThyssenKrupp Elevator aims to complete the new facility in Pune in 2017 and achieve 95 percent manufacturing localisation in the next 3 to 4 years. The facility’s initial capacity of 6,000 units per year will be extended to 10,000 units per year in FY 2019-20.
India has some of the fastest growing urban areas in the world and by 2020, the country will have 58 urban conglomerations. In big cities such as Mumbai, development is severely constricted by the lack of space, resulting in large-scale redevelopment of older properties into high-rise buildings, as well as new skyscraper constructions to house the ever-growing urban population. As efficient mobility is a key element in buildings that scale new heights, it is no surprise that India is also the fastest growing elevator market in the world.
Andreas Schierenbeck, CEO of ThyssenKrupp Elevator, said, “India has ushered in a paradigm shift with its ambitious projects, Make in India and 100 Smart Cities. Cities already contribute to a significant part of India’s GDP, and with the government focused on building smart cities, new housing complexes, airports, malls, railway stations and harbours, this share is projected to grow further. We are eager to participate in this growth by investing ahead of the curve and supporting the rapid urbanisation in the country through locally manufactured, high-end technology engineering solutions, as well as the deep understanding of the market gained through ThyssenKrupp’s long-standing presence in the region.”
