The Hindu Business Line : ETA Ascon to foray into petro, auto ancillary

ETA Ascon, the $2.5-billion Dubai-based company, plans to diversify into the manufacture of auto ancillary and downstream oil and petroleum products in India, according to Mr Hameed Salahuddin, Executive Director, ETA Melco.

Mr Salahuddin said the company has identified Tuticorin and Ennore as the likely locations for the downstream petroleum products plants. Indoor substations of State electricity boards is another area in which the company has evinced interest, he said.

The company, which has interests in civil construction, electro mechanical projects, shipping and trading, will be expanding its operation in India.

ETA Melco, the company's joint venture with Mitsubishi Electric Corporation Japan to market, install and maintain Mitsubishi elevators and escalators in India, plans to increase its market share.

Mr Salahuddin said the growth drivers for the demand for premium elevators have been information technology , information technology enables services, hospitality, retail and residential sectors. The demand for premium products is likely to go up, he said. The Indian arm, ETA Melco Co Pvt Ltd, has a turnover of about Rs 250 crore while ETA Melco Co LLC, which has a presence in 15 countries, has a turnover of about $250 million.

Mr Jiro Kurashima, General Manager, Mitsubishi Electric Corporation, Japan, said the largest markets for vertical transportation equipment was Japan, Korea and the US where there is no growth.

More Stories on : Diversification | Petroleum | Automobile Components

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page