Fujitec has received an order from Indian developer Signature Global for 698 elevators for a large-scale residential project in Gurgaon, as the Japanese lift manufacturer continues to expand in the subcontinent.
The latest deal follows a 538-unit order from the same developer, India largest residential builder, in 2023. Fujitec said in an announcement it’s actively expanding its business operations in India and is advancing a capital investment plan to more than double its local production capacity by fiscal year 2026. The strategy will strengthen its supply system for products tailored to the Indian market’s needs.
“Against the backdrop of steady economic growth and rapid urbanization, India’s elevator and escalator market boasts the second-largest scale in the world in terms of new installations,” the company noted. “High growth is expected to continue, driven primarily by large-scale residential development for the expanding middle class.”
The latest order from Signature Global is Fujitec’s largest ever in terms of unit count in the Indian market. The elevator will be installed at Signature Global Park, a gated luxury community in Sohna Section 36, south of Gurgaon. Completion of the project is scheduled for June 2028.
Based in the tech and finance hub of Gurgaon, southwest of New Delhi, Signature Global focuses on building housing for India’s growing middle class and affluent homebuyer segment.
Japanese lift maker boosts Indian presence
Fujitec established its India business in 2004 and launched its first production base in the country in 2011 with the opening of the “Big Rise” elevator factory in the suburbs of Chennai. The company’s previous deal with Signature Global involved supplying 538 elevators for the developer’s Signature Global City housing development in Gurgaon.
Last December, the company celebrated the milestone of shipping a total of 10,000 elevator units since the plant started operations. In the same month, Fujitec received an order for 239 elevators for the Chennai Metro Rail Project in Chennai, marking the company’s first foray into Indian metro infrastructure. Fujitec launched a sales office in Ahmedabad, the largest city in western India’s Gujarat, earlier in 2024.
India’s elevator market achieved US$1.63 billion in revenue in 2024, a figure that is projected to reach nearly US$2.87 billion by 2030, growing at a CAGR of 9.9%, according to Grand View Research. The country accounted for 2.1% of the global elevators market last year. Traction was the largest revenue-generating segment, the research firm reported.
Tokyo Stock Exchange-listed Fujitec manufactures elevators, escalators and moving walks, with a presence in 24 countries and regions.