Aims to increase sales threefold in Indian market by 2016

Mitsubishi Electric Corporation (TOKYO: 6503) today announced that it has established Mitsubishi Electric India Pvt. Ltd. to coordinate sales and accelerate its  business expansion in the Indian market. The new company will incorporate the Gurgaon and Bangalore branches held by Mitsubishi Electric Asia Pte. Ltd. headquartered in Singapore, and will begin operation on November 30, 2010, initially engaging mainly in sales, marketing and after-service of air conditioning systems, factory automation systems and power device businesses.

Mitsubishi Electric aims to strengthen these operations in the Indian market, while supporting its social infrastructure-related businesses such as its power generation and distribution business, railway equipment business and elevator and escalator business. For the fiscal year ending March 31, 2016, Mitsubishi Electric is targeting an approximate threefold increase in consolidated net sales* in the Indian market compared to its sales in the fiscal year ended March 31, 2010.

High market growth is expected in India, which is driven by its population of 1.2 billion people, and some foresee the nation becoming the world’s fourth largest economy (GDP) by 2025, following the United States, China and Japan. In addition to demand for transportation, energy and other infrastructure, India’s consumer market is also rapidly expanding in step with a growing middle class. Mitsubishi Electric is positioning India as one its priority markets, as it aims to expand its businesses in emerging countries with high growth prospects.