Gupta said one of its group companies had recently bought land near Uluberia for a second manufacturing facility in the state. The current facility is built across 1.2 lakh square feet and produces 600 elevators per year. The new facility would be 2.5 lakh square feet and would produce 1,200 elevators per year.Elaborating on the acquisition of Ricardo Elevators, Gupta added that it bought both the company and its order book, and it merged. As part of the merger, Ricardo Elevators’ operations and team will be integrated into LT Elevator Ltd. Ricardo Elevators founder and CEO Neeraj Hemnani will continue with the organisation and will head the home elevator division.Ricardo has a strong retail presence. “This merger meaningfully strengthens our growth engine. The combination of LT’s engineering-led manufacturing platform with Ricardo’s execution and retail presence positions us for a significantly higher revenue scale ahead, while maintaining discipline on costs and margins,” added Gupta.
