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Mitsubishi Electric Establishes Elevator and Escalator Joint Venture in India

  Mitsubishi Electric Establishes Elevator and Escalator Joint Venture in
  India

              Aims to strengthen business in this growing market

Business Wire

TOKYO -- December 25, 2012

Mitsubishi Electric Corporation (TOKYO:6503) announced that it has established
a joint venture company, Mitsubishi Elevator ETA India Private Limited, to
sell, manufacture, install and provide maintenance for elevators and
escalators in India. Headquartered in Chennai, the joint venture was formed
with UAE-based ETA Ascon Holding LLC and will start business in January 2013.

Since 1995, Mitsubishi Electric has distributed elevators and escalators in
India through a local agent, installing its products primarily in the premium
segment including luxury hotels and offices.

To further expand its growing Indian market, Mitsubishi Elevator ETA India
will take over the business of the local agent. In addition to expanding sales
in the premium segment, the new company will enter the residential segment and
others, where the demand for elevators is showing remarkable growth.

Mitsubishi Elevator ETA India aims to grow sales volume by strengthening its
sales network across the country and by offering more products that fulfill
local needs. A new logistics center will enable more efficient procurement of
components and develop a product supply framework. Also, an engineering center
will be established to strengthen customer solutions in terms of product
specifications and technical requirements.

Skilled engineers from Japan will provide company employees with technical
training to enhance the quality and reliability of installations and servicing
for greater customer satisfaction. Increased training also is expected to
nurture the company's human resources as a powerful corporate asset.


Overview of Mitsubishi Elevator ETA India Private Limited
Senior executives  Managing Director & CEO: Masahito Endo
                    Deputy CEO: Bharat Vishnani
Location            Chennai Citi Centre, 5^th Floor, 10&11, Dr. Radhakrishnan
                    Salai, Chennai 600004, Tamil Nadu, India
                    Mitsubishi Electric Corporation: 40%
Ownership           Mitsubishi Electric Building Techno-Service Co. Ltd.: 5%
                    Mitsubishi Corporation: 10%
                    ETA Ascon Holding LLC: 45%
Paid-in-capital     INR 490 million (approximately USD 9,750,000)
Registration        August 2012
Startup             January 2013
Employees           Approximately 1,000
Business            Sales, manufacture, installation and provide maintenance
                    for elevators and escalators
                    

About Mitsubishi Electric

With over 90 years of experience in providing reliable, high-quality products,
Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in
the manufacture, marketing and sales of electrical and electronic equipment
used in information processing and communications, space development and
satellite communications, consumer electronics, industrial technology, energy,
transportation and building equipment. Embracing the spirit of its corporate
statement, Changes for the Better, and its environmental statement, Eco
Changes, Mitsubishi Electric endeavors to be a global, leading green company,
enriching society with technology. The company recorded consolidated group
sales of 3,639.4 billion yen (US$ 44.4 billion*) in the fiscal year ended
March 31, 2012. For more information visit http://www.MitsubishiElectric.com

*At an exchange rate of 82 yen to the US dollar, the rate given by the Tokyo
Foreign Exchange Market on March 31, 2012

Contact:

Mitsubishi Electric Corporation
Customer Inquiries:
Overseas Marketing Division, Building Systems Group
Tel: +81-3-3218-3583
bod.inquiry@rk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/elevator
or
Media Contact:
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/