Mantri Developers Finalize Agreement with Otis India for 1,000 Elevator and Escalator Units

Largest volume project for Otis India to date

Otis Elevator Company (India) Limited (“Otis India”) recently finalized an agreement with Mantri Developers Private Limited, a renowned real estate developer in India, to provide more than 1,000 elevator and escalator units for various Mantri Developers residential, commercial, retail and villa projects over the next few years. Otis is a unit of United Technologies Corp. (NYSE: UTX).

“Mantri is a well-respected, future-focused developer and we are delighted with this agreement,” said Sebi Joseph, president, Otis India. “At Otis, we find that working with the customer allows us to offer solutions that positively impact their business.”

Otis India has the largest elevator and escalator service network spread over approximately 80 centers, covering approximately 300 cities and towns across the country. In a move to strengthen its presence in the country, Otis India last year announced the expansion of its Bengaluru manufacturing facility, where most units for the Mantri projects will be manufactured. The Bengaluru factory supports Otis India’s focus on local innovation and continued investment in manufacturing and research, as part of its commitment to “Make in India.”

“We have done business with Otis India before and are pleased to strengthen our business relationship,” said Mr. Sushil Mantri, chairman and managing director, Mantri Developers. “Mantri projects bear the hallmark of architectural and technological innovation, which is why Otis was our natural choice. Mantri is committed to our customers, and it is important that our end users have ease of access and serviceability. Otis India’s vast national installation and service network ensures we can meet our customer commitments.”

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