Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
April 2 , 2008
Tokyo, April 2, 2008 - Hitachi, Ltd. (TSE: 6501 / NYSE: HIT) announced today that Hitachi Lift India Pvt. Ltd. ("Hitachi Lift India"), an elevator and escalator marketing and service company established in New Delhi in January this year, has moved into full-scale operation.
The rapid expansion of the Indian economy is fueling surging demand for buildings ranging from offices and hotels to private homes. The elevator market is growing in proportion. In 2006, demand for mid to high-end products alone, the category Hitachi targets, exceeded 15 thousand units per year, making India one of the world's most active markets. Market growth is expected to continue at a brisk pace of 10% or more annually in coming years.
Hitachi first entered the Indian elevator business through Hitachi India Pvt. Ltd. in October 2007. Its next major move came in January 2008 with the establishment of Hitachi Lift India as a Hitachi Group wholly-owned company to specialize in elevator and escalator marketing and services. The initial focus was on building top-notch marketing and servicing capability, especially by recruiting experienced Indian experts. With that capability now in place, Hitachi Lift India has launched full-blown marketing activities in Delhi and Mumbai, India's two largest metropolitan areas. The company plans to increase the number and scale of its bases toward placing itself among the top three in mid to high-end models, which account for more than half of the Indian elevator market, by 2012.
In August 2006, Hitachi appointed a Chief Executive for Asia to take charge of formulating business strategy in Asia, as well as developing new businesses that exploit Hitachi Group synergy and bolstering partnership with key customers in the region. The importance the Hitachi Group attaches to growing its businesses in India is pointed up by the fact that the Chief Executive for Asia makes Delhi his home and primary base of operations. In other moves, Hitachi in April 2007 established the Hitachi Group India Strategy Council, which is chaired by the company's president, and in December the same year, set up an India Business Support Center in Delhi to assist Hitachi Group companies newly entering the Indian market, in addition to offering support to existing Group businesses in India, including those in the air-conditioning systems and construction machinery sectors. Hitachi's stance thus reflects an intense focus on accelerating expansion of Indian operations and creating a stronger presence in India for the Hitachi Group as a whole.
Kazuo Furukawa, President and Chief Executive Officer of Hitachi, Ltd., had this to say about Hitachi entering a new phase in its Indian elevator operations. "Hitachi has been involved in India for many years - ever since setting up a liaison office there in 1954. We have extensive experience in supplying infrastructure equipment in India, including power plants, electrical machinery, construction equipment, and air-conditioning systems. Hitachi prides itself on having played a major role in building India's national infrastructure. In April 2007, the Hitachi Group India Strategy Council was set up to coordinate an initiative to develop Indian markets and strengthen operations in India across the whole Hitachi Group. The newly established Hitachi Lift India is a company wholly owned by the Hitachi Group that I believe will be a strong driving force behind the development of Hitachi businesses in India."
Yusuke Takahashi, Managing Director of Hitachi Lift India, commented on his company's business with these words. "Hitachi Lift India is committed to going beyond just the supply of quality products to also offer the best in customer relations and after-sale services. The extensive elevator product technologies and maintenance/service know-how Hitachi has assembled over nearly 100 years, together with our team of well-experienced experts, will enable us to offer outstanding services in India. As Hitachi Lift India wants to make the biggest contribution possible to India and its people, it intends to take advantage of the high-growth Indian elevator market to vigorously expand and upgrade its businesses."
| Company name | Hitachi Lift India Pvt. Ltd. |
|---|---|
| Location | Level 3, Elegance Mathura Road, Jasola New Delhi 110025 India |
| Managing Director | Yusuke Takahashi |
| Established | January 28, 2008 |
| Capital | Rs430 million (about JPY1.1 billion) |
| Ownership | Hitachi Group (100%) |
| Main lines of business | Sales and services of elevator and escalator |
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 384,000 employees worldwide. Fiscal 2006 (ended March 31, 2007) consolidated revenues totaled 10,247 billion yen ($86.8 billion). The company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
