LT Merges With Ricardo to Expand Home Elevator Reach in India

LT Elevator Ltd., a provider of elevators and automated parking solutions headquartered in Kolkata, West Bengal, India, announced its Board of Directors approved a merger with Hyderabad, Telangana, India-based Ricardo Elevators, marking a major expansion into the premium home elevator market for LT, Machine Maker reports. Ricardo reports monthly order intake of approximately US$1.7 million, with delivery timelines of three to six months. This is expected to contribute to the combined entity's revenue in the near term. Ricardo's manufacturing is currently outsourced, but LT plans to progressively integrate that into its own "engineering-led facilities to improve cost-efficiency, quality consistency and executive control as volumes increase." Ricardo Elevators founder and CEO Neeraj Hemnani will continue with the combined organization, leading the home elevators division.