Elevator and escalator company Kone India, part of the Finland-based Kone, is upbeat on India market with the new range of elevators, including Vaastu-compliant versions.
With the commissioning of its new expanded facility near Chennai, the company plans to step up exports to select markets in the region.
Amit Gossain, Managing Director of Kone India and Chairman of Real Estate and Building Technology, CII, said, “The country will witness rapid growth of the real estate sector where technology is set to play a significant role.”
“The company’s manufacturing facility near Chennai produces elevators for the domestic market and select markets abroad. The facility is now under expansion and expected to get ready during the year. This will enable the company to further step up exports to other markets,” he told BusinessLine.
Referring to the domestic market, Gossain said: “India has emerged the second largest elevator and escalator market in the world with sales of about 50,000 units per annum. From about 20 per cent, we have increased our share to about 23 per cent and expect to further consolidate.”
As a representative of the CII Real Estate and Building Technology segment, Gossain believes that there is opportunity for innovation and technology adoption in the real estate sector, cutting across residential, commercial and special economic zones.
Gossain said: “By introducing new products and services, we offer an unparalleled experience. During the recent CII Real Estate and Building Technology Expo, the company showcased the latest technology of Ultra Rope, which is made of carbon fibre and is lighter in weight.”
“Kone India is investing in new technologies to deliver innovative solutions and services and offer products that make life simple and comfortable. Be it for mass transport systems such as metro rail projects, railway stations, airports, commercial establishments and residential, the focus is on comfort,” he said. Referring to Vaastu-compliance range of elevators, he said that these have become popular among users.
The company has partnered with IBM Watson to offer connected elevators that enable better management of publicly used people movers and expects to offer them in the domestic market too.
“The elevator and escalator business had passed through a tough year following demonetisation, RERA and GST implementation phase. But things are looking up now. We have also taken up with the government for reduction in GST for real estate, which is under active consideration. Any reduction in GST would augur well for the growth of the sector,” he said.
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