Hyundai and Kinetic form Joint Venture for elevators, escalators and parking systems

17 February 2009

Mumbai: Under a joint venture agreement with Kinetic Elevator & Escalator Limited (KEEL), South Korean manufacturer of elevators, escalators and travellators Hyundai Elevator Company (HELCO) will acquire a 40-per cent stake in the Pune-based Kinetic group company, which will manufacture 'moving technology' products from Hyundai's portfolio of escalators, elevators, car parking systems, platform screen doors for metro rail transport, moving walks, material handling systems and related products.

Subsequent to Hyundai's stake acquisition, KEEL will be renamed Kinetic Hyundai Elevator and Movement Technologies Ltd and become the hub for HELCO's India operations and provide advanced moving technology products to India's infrastructure and construction companies.

The two companies have had a collaboration for 10 years with KEEL acting as Hyundai Elevators' exclusive India distributor, catering to high-rise, high speed and premium elevator market segment.

KEEL, which has a presence at 23 locations in the ountry, has installed about 1,000 units across India, with an additional 350 currently reported to be under installation in metros and mini-metros.

"Since its establishment, Hyundai Elevator has led the growth of global elevator industry with its steady research and development effort and high quality products, said Hyundai Elevator president Jin Cheol Song.

Song disclosed that HELCO plans to install nine cutting edge elevators in the world's tallest elevator tower, including one reaching a speed of 1,080 meters per minute. "Starting with advanced "machine room less" elevators in 1999, Hyundai Elevators has led the market with outstanding technologies like high-grade gearless traction machine, used mainly in high speed elevators, he said.