ThyssenKrupp plans its first elevator plant in India.

ThyssenKrupp AG has firmed up plans to build its first elevator manufacturing plant in India costing Euro 44 million, as the German industrial conglomerate mulls to make the country an export hub to cater to the requirements of South East Asia and Africa in diversified business areas. Top company officials said the ground-breaking ceremony for the proposed multipurpose plant at Chakan in Pune which would have a capacity to manufacture 6,000 elevators per annum is slated for October 13. "The multipurpose factory will deliver more suitable products to meet demand in India, where skyline has changed in recent years," said Oliver Burkhard, a member of the Executive Board and in-charge of regions including India. India has some of the fastest-growing urban areas and also it's the world's fastest-growing elevator market, he said. "In terms of potential sales for our products as well as talented people for our production and service centres, India is an important part of ThyssenKrupp's strategy for growth in the next few years," he said. According to recently released TechSci Research report titled 'India Elevators Market Forecast & Opportunities 2020', elevators market in the country is projected to surpass USD 1.6 billion by 2020. It said that increasing public-private investments in infrastructure development and construction sector, along with increasing number of residential complexes, are expected to drive sales of elevators during the forecast period. Ongoing government housing projects and metro expansion across various cities are also propelling the demand for new installations in different parts of the country.