Mitsubishi Elevators to invest upto Rs. 200 cr.

Mitsubishi Elevators, a subsidiary of Japanese industrial giant Mitsubishi Electrical Corporation, is learn't to be setting up a greenfield plant to manufacture elevators and escalators at Vemagal, 60 km from Bangalore, at an investment of Rs. 150-200 crore, sources with knowledge of the development told Deccan Herald.

'Vemagal in Kolar district is fast emerging as an alternative to Narsapura which has become saturated with no new land banks emerging. Mitsubshi has been allocated 22 acres of land at Vemagal for its new factory. Vemagal holds promise for the state as an alternative industrial hub to Narsapura,' a source said.

KIADB is understood to be in the process of completing the land allocation formalities required by the company.

Mitsubishi had last week signalled its intentions to invest in Karnataka in line with the state government going full throttle with its efforts to woo more Japanese companies into the state ahead of the Global Investors' Meet (GIM) scheduled to be held in the early part of next year.

Deccan Herald