Mumbai: Toshiba Elevator and Building Systems Corporation, a unit of $200 billion (Dh734 billion) Japanese conglomerate Toshiba Corporation, on Saturday formed a joint venture with Chennai-based Johnson Lifts to expand operations in India.
The two companies have formed a joint venture firm called Toshiba Johnson Elevator (India) Private Limited, in which Toshiba Elevator controls the majority with a 51 per cent stake. The remaining 49 per cent is held by Johnson Lifts Private Limited, the largest elevator manufacturer in India, the two firms said in a joint statement.
“We have concluded joint venture agreement with Johnson Lifts and our company Toshiba Elevator India will now be called Toshiba Johnson Elevator India Private Limited,” Shinichiro Akiba, global president and chief executive officer of Toshiba Elevator and Building Systems Corporation, said at a press conference here.
“The business will be handled in all segments from Johnson Lifts’ 41 offices all over India, though our main area of interest is high rise projects and high speed elevators,” he said.
Chennai-based Johnson Lifts controls a nearly 20 per cent share in the Indian elevator market. The joint venture firm Toshiba Johnson Elevator (India) Private Limited will now be the largest elevator firm in India.
M.J. Mohammad Iqbal, managing director, Middle East unit of Toshiba Elevators, said the deal would be a win-win situation for both parties and help consolidate their position in the Indian market.
