Chennai: Johnson Lifts has acquired a majority stake in its joint venture with Japan’s Toshiba Elevator Corporation, marking a shift in control after a 14-year partnership and positioning the company for expansion in India’s premium elevator segment. The Chennai-based leading maker of elevators and escalators has raised its holding in Toshiba Johnson Elevators India (TJEI) to over 80% from 49%, following the deal for an undisclosed sum. Despite the ownership change, the joint venture will remain the exclusive partner for Toshiba-branded elevators in India, with equipment sourced from Japan and supported by ongoing technical collaboration. “This arrangement is largely the same as before; only the management of the company has changed. There is no change in the product offering,” said Yohan K John, director at Johnson Lifts, adding that Toshiba would continue to anchor the venture’s technological capabilities, particularly in high-speed and high-rise systems. Two Japanese specialists will be stationed in India to support quality and safety. The move comes as India’s urban landscape shifts towards taller buildings, driving demand for advanced elevator systems. TJEI plans to deepen its presence in premium residential, commercial and hospitality segments, where Toshiba’s technology is seen as competitive.India, the world’s second-largest elevator market, records annual demand of more than 100,000 units. Within this, the high-speed, high-rise segment—estimated at around 5,000 units annually—remains a niche but growing category. Toshiba currently operates largely in major cities and is targeting a market share of around 20 per cent over time, up from an estimated 5% to 10%.Johnson Lifts, which holds roughly a fifth of the broader domestic elevator market, is expected to drive the JV’s expansion through its nationwide network and customer base. The joint venture aims to double its revenue from about Rs 300 crore over the next three to four years, supported by deeper market penetration and a scaling up of sales and service operations. However, rising input costs, particularly steel and copper, are beginning to exert pressure on pricing and could weigh on construction activity in the near term, even as underlying demand remains robust.
