Kone Elevator India plans to expand its product base over the next two years when it plans to commission a new factory.
Neeraj Sharma, Managing Director, of the Indian subsidiary of the Finnish elevator manufacturer, said the new factory will be over 18 acres – more than twice as large as the present one on the outskirts of Chennai.
The factory will be commissioned in 2015, he said, while declining to give further details on investment plans and production capacity as the multinational company has policies against disclosing regional numbers.
However, Kone India employs over 3,000 people, apart from 450 engineers at its research and development facility and back office for its global operations, will generate jobs and expand its offering with more variants, he said.
The new facility to come up at the Sriperumbudur industrial estate to the west of Chennai will also start producing more of the elevator machines and components which will replace import from China and Finland, he said.
Kone is among the top two elevator manufacturers in India with the annual demand estimated at 45,000 elevators and growing at about 10 per cent.
Other large manufacturers include Johnson, Otis and Schindler.
Together, the four companies account for about 60 per cent of the market, he said.
Asia-Pacific is the fastest growing market, and China and India are among the key players.
Kone has introduced the N Monospace and Minispace range of elevators in India which are energy-efficient and cater to the premium end of the market.