KONE India eyes growth in 2017
KONE India, a subsidiary of the Euro 8.8 billion KONE Corporation of Finland, posted a muted growth of 3-4 per cent in 2016 as sales and new launches of real estate projects fell sharply following demonetisation in November. "The elevator and escalator market in India is currently about 50,000 units per annum. Escalator market is very small. Our market share was over 20 per cent in 2016," KONE India Managing Director Amit Gossain told . He said the company's business grew by 3-4 per cent during 2016 calendar year even as growth in the overall elevator and escalator industry remained flat mainly due to demand slowdown in the real estate market. "Real estate sector is not doing well as the industry has been impacted by demonetisation. With things now getting more stable, there is likely to be growth in the real estate sector which should benefit the elevator and escalator industry," he said. The housing demand and sales are expected to grow from second half of this year, he added. Stating that the elevator industry is likely to grow by 3-4 per cent during 2017, Gossain said the company expects to grow slightly faster at 5-6 per cent by offering leading technology products and best services to customers. "We have recently launched gearless elevator KONE Neo which has a speed of 0.6 meter per second. This is a very good product for small homes and apartments," he said.
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