Schindler to invest Rs. 170 crore to expand its manufacturing facilities in India

New Delhi [India], Aug 8 (ANI): Leading providers of escalators and elevators Schindler India is all set to invest Rs. 170 crores to expand its manufacturing facilities by setting up India's first Escalator manufacturing line and towards improving its research and development facilities at its plant near Chakan in Pune. These investments will give Schindler India a unique edge and propel them to further strengthen the market leadership position in the elevators and escalators industry in India. Schindler India is committed to growing the elevators business in India and plans to expand its elevator line to produce a capacity of around 17500 units and its escalator line to 1200 units per annum by 2019. Under the government's 'Make in India' initiative, Schindler has already made an investment of Rs. 430 crore towards setting up a factory, an R&D centre that boasts a 71mt tall tower with eight shafts where each and every component of the elevator undergoes strenuous testing. Schindler India's 170 crore investment is part of the total Rs. 600 crore outlay over a period of six years which employs more than 1000 people at any point of time in Maharashtra. "The elevator and escalator market is expected to grow at eight percent in the current fiscal and at Schindler India it is our aim to grow faster than market. In the last 10 years our turnover has grown from Rs. 300 crore to Rs. 1600 crore. With the 170 crore investment we aim to further the quality of our services and work towards becoming a preferred vendor to our customers," said president Schindler India and South East Asia, Uday Kulkarni. (ANI)