Johnson Lifts Acquires Majority Stake in Toshiba Johnson Elevators (India)

Johnson Lifts (JLPL), India’s largest manufacturer of elevators and escalators, announced that it has increased its equity stake shareholder in Toshiba Johnson Elevators (India) (TJEI) to over 80%, becoming the majority, the Business Standard reports. This development marks a significant milestone in the 14-year-old collaboration between JLPL and Toshiba Elevator and Building Systems Corp. (TELC). Japanese major TELC will continue as a valued strategic partner in the joint venture. The combined presence of JLPL and TJEI represents 20% of the elevator market and 30% of the escalator market in India. TJEI will continue as the sole and exclusive business partner in India for Toshiba-branded elevators, escalators and travelators. It will remain responsible for sales, installation, maintenance, customer service and all ongoing projects. TELC will continue to import its products into India, provide technical support and parts, ensuring continuity in quality and performance. The Japanese mobility market in India is estimated at 5,000 units-plus annually. TJEI will be targeting growth of 20% in the Japanese elevator market, which is the premium segment of the industry. Apart from the reconstitution of the board with a majority of JLPL representatives, there will be no immediate changes to employee roles, ongoing projects or customer commitments.