Kinetic-Hyundai Elevators and Movement Technologies (KHEMTL), a 60:40 partnership between Kinetic and Hyundai respectively, plans to make a foray into the economy elevator segment and is considering setting up a new manufacturing facility near Pune for the purpose.
The joint venture company is currently a player in the premium high speed range of elevators which are imported from Hyundai plants in Shanghai or Korea.
“The India market size is leading in the global market,” Martin Han, President, Hyundai Elevators Company said. “We just set up our third factory in Brazil. The fourth may be in India for India and neighbouring countries,” he added.
Pointing out that affordable housing was gaining momentum in India, Manish Motwani, Managing Director, KHEMTL, said that the company was evaluating the vendor base as the new low-speed products will be localised to a very high extent. Plans for the project, expected to involve around Rs 100 crore of investment, will be firmed up over the next six months, he added.
KHEMTL has also announced the launch of "Before Service”, a safety service under which the position and failure of any elevator can be monitored through a smart phone. The service has already been launched in Korea.
The Indian market for elevators is estimated to be 35,000 units per annum, around 10,000 units of which is the premium range.