Business

German elevator major plans unit in India

NEW DELHI JUNE 22. German major Thyssenkrupp Elevator AG may begin joint venture operations in India with ECE with an initial investment of Rs. 25 crores. The company, which manufactures and markets elevators, has already established JV company called Thyssenkrupp ECE Elevator Pvt. Ltd., in which ECE will hold 9 per cent stake, sources said here, adding the FIPB has already permitted the German major to set up shop in India.

As per the proposal, the German company will acquire ECE's 9 per cent stake in the proposed JV three years after its incorporation and convert it into a wholly owned subsidiary. At present, Thyssenkrupp will subscribe to 91 lakh equity shares of the proposed JV with 1.59 crore redeemable preference shares of Rs. 10 each. — PTI

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