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Johnson Lifts Takes Majority Control of Toshiba JV, Targets Doubling of Topline

  • by- Zaid
  • Apr 28, 2026
Johnson Lifts has acquired a majority stake in its joint venture with Japan's Toshiba Elevator Corporation, raising its holding in Toshiba Johnson Elevators India to over 80% from 49%.
Johnson Lifts Takes Majority Control of Toshiba JV, Targets Doubling of Topline

Chennai, April 28: The deal marks a shift in control after a 14-year partnership, positioning the company for expansion in India's premium elevator segment.

Key Details

  • Johnson Lifts stake: Increased from 49% to over 80%

  • Toshiba's role: Will continue to anchor technological capabilities, particularly in high-speed and high-rise systems

  • Japanese specialists: Two will be stationed in India to support quality and safety

  • No change in product offering: JV remains exclusive partner for Toshiba-branded elevators in India

India's Elevator Market

  • World's second-largest elevator market

  • Annual demand: Over 100,000 units

  • High-speed, high-rise segment (niche): ~5,000 units annually

  • Johnson Lifts market share: ~20% of broader domestic market

  • Toshiba target market share: ~20% (up from estimated 5-10%)

Revenue Target

The JV aims to double its revenue from approximately ₹300 crore over the next three to four years.

Challenges

Rising input costs (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.