The Mitsubishi Elevator ETA India Private Limited has been floated by Mitsubishi Electric Corporation and UAE-based ETA Ascon Holding LLC as a joint venture in Chennai. The company will start operations from January 2013.

Mitsubishi Electric has been operating in India since 1995 through local agents. Until now, the company was distributing and maintaining elevators and escalators in the high-end sector like luxury hotels and offices only. The company has decided to enter the residential segment as they see a huge demand there.

Mitsubishi Elevator ETA India will increase its revenue by expanding the company’s network across the country, manufacturing more products suitable to the needs of the local consumers and establishing engineering and customer service centers to resolve issues efficiently, according to a statement by the company.

Technical training will be given to the company employees by experts from Japan.

Masahito Endo will be the CEO of the company and Bharat Vishnani will take over as deputy CEO, according to a press release. The Mitsubishi Electric Corporation will take 4 percent as ownership share, Mitsubishi Electric Building Techno-Service Co. Ltd. will have 5 percent, Mitsubishi Corporation, will get 10 percent and ETA Ascon Holding LLC will have a 45 percent share.

Paid in capital for the company is INR 490 million, approximately $10 million. The company will employ around 1,000 employees.