CHENNAI: India’s leading manufacturer of elevators and escalators, Johnson Lifts Pvt Ltd, on Monday said that they haven't been able to make any shipments to the Gulf because of the Iran war.
Responding to TNIE questions on the impact due to Iran war, Yohan K John, Director, Johnson Lifts said, “The war has created a quite a lot of problem for us. For the past two months, we have not been able to make any shipments to the Gulf. We had to bring back 10-15 containers to our factories after it got stuck in Sri Lanka. Moreover, shipping costs have surged, now equaling the price of an entire elevator or escalator."
He further added that companies are reporting new orders from any of their customers in the past two months.
Johnson Lifts exports elevators and escalators to the UAE, Nepal, Sri Lanka, Bhutan, Maldives, Saudi Arabia, Tanzania and Uganda. The Toshiba Johnson produces nearly 500 units of escalators and elevators, and the company has a revenue of Rs 300 crore.
Johnson Lifts Pvt Ltd announced that it has acquired majority equity stakes in Toshiba Johnson Elevators (India) Pvt. Ltd. (TJEI), taking it from 49% stake in its joint venture with Japan-based Toshiba Elevator and Building Systems Corporation.
Without disclosing the exact increase in stakes or fresh capital infusion from the Chennai-based company, the Johnson Lifts management said that this acquisition will change the management and senior personnel on the board of TJEI, though the escalators and elevators will be made in Japan and imported to India.
“The newly restructured company will legally and operationally take over all business responsibilities previously managed by TJEI. With JLPL assuming majority ownership, TJEI enters a new phase of growth, combining Toshiba’s technological excellence and product quality with our India market expertise, extensive sales and service network, and strong customer relationships,” said Yohan K John.
The combined presence of JLPL and TJEI represents 20% of the elevator market and 30% of the escalator market in India, strengthening the group’s leadership position in the premium and high-speed mobility segment.
TJEI will continue as the sole and exclusive business partner in India for Toshiba branded elevators, escalators, and travelators. It will remain responsible for sales, installation, maintenance, customer service, and all ongoing projects.
TELC will continue to supply products, technical support, and parts in the Toshiba Brand, ensuring continuity in quality and performance.