Hyundai, Kinetic ink JV for parking systems

South Korea’s Hyundai Elevator Company (HELCO) has formed a joint venture with India’s Kinetic Elevator & Escalator Limited (KEEL).

The joint venture company will roll out various moving technology products from Hyundai’s stable including escalators, elevators, car parking systems, platform screen doors for metro rail transport, moving walks, material handling systems and related products.

Under the new arrangement, Hyundai will acquire a 40 percent equity stake in KEEL, and the company will be renamed Kinetic Hyundai Elevator and Movement Technologies Ltd. KEEL has installed about 1,000 units across India.