Finland-based Kone Corporation, a global leader in elevator and escalator industry, is scouting for acquisitions of small services companies across the world, said its top official.
“We are looking for candidates for acquisitions and at old markets,” Kone Global President and CEO Philippe Delorme told reporters.
The Finnish company will also try to participate in the industry consolidation. However, it does not have a set budget for it, he said while participating in Kone India’s 40th anniversary celebrations.
Asserting that India is the second biggest construction market for them after China, he said that the Indian market for new elevators, modernisation and services segment offers good growth opportunities. The Indian market for the new elevators is logging good growth on the back of the real estate sector’s growth.
Kone India recently forayed into manufacture of escalators. The first consignment was delivered recently. Kone Elevators India MD Amit Gossain expects the demand for escalators to pick up with the ongoing infrastructure development carried by the public and private sectors.
According to him, during CY23, India sold totally 75,000 units of elevators and escalators, of which escalators share was around 5-7%.
Kone India posted double digit growth last year that was much above the market growth. About 70% of its business for elevators came from the residential segment and balance from the commercial and infrastructure sectors, he said.
Mr. Gossain called for implementation of uniform Lift Act in all the states with some minimum safety standards. Presently, it was implemented by 11 states including Uttar Pradesh, Haryana and Maharashtra.
Published - April 10, 2024 08:04 pm IST
