KONE Scouting for Small Services Companies

Finland-based KONE Corp. is scouting for acquisitions of small services companies across the world, KONE Global President and CEO Philippe Delorme told reporters while participating in KONE India’s 40th anniversary celebrations, The Hindu reports. The company will also try to participate in industry consolidation but does not have a set budget for it. Delorme said that India is the second-biggest construction market for them after China and that the Indian market for new elevators, modernization and service 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 and KONE Elevators India Managing Director Amit Gossain expects the demand to pick up with the ongoing infrastructure development by the public and private sectors. KONE India posted double-digit growth last year, which was above the market growth.