ThyssenKrupp looking to double India revenue to US$ 1 billion in 3-4 years

Mumbai: ThyssenKrupp India, a part of Geramany’s ThyssenKrupp AG, is looking to double its revenue from India to $1 billion in three-four years, said chief executive Michael Thiemann.

The group’s ThyssenKrupp Elevator on Wednesday said it will invest €44 million in India, the fastest growing elevator market, to set up a state-of-the-art multipurpose manufacturing plant in Chakan, Pune.

This plant, which will be ready in 2017 with an initial capacity of 6,000 units per year, will cater to the company’s growing demand in India, ThyssenKrupp Elevator said in a statement on Wednesday.

“We are eager to participate in this growth by investing ahead of the curve and support the rapid urbanisation in the country through locally manufactured, high-end technology engineering solutions,” Thiemann said in the statement.

ThyssenKrupp said it plans to introduce new elevator and escalator products, specific to Indian market requirements.

With the Indian government focused on building 100 Smart Cities, including new housing complexes, airports, malls, railway stations, and harbours, the company said it expects a significant rise in demand for its products in India.

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