2M Holdings to set up escalator manufacturing unit in Kerala

Kochi: 2M Holdings, the holding company of 2M components and 2M lifts and escalators ,is setting up its first escalator manufacturing unit at Kanjikode in Palakkad in Kerala. Coming up in two acres at a project cost of Rs 14.5 crore, the factory with a capacity to produce 2000 units of elevators and 500 units of escalators per year will be operational in six months.

The company is a major exporter of lift and escalator parts with units at Kalady near Kochi and in Palakkad. Set up in 2005 in Wayanad, the company is currently exporting more than 70% of its production, mainly to the GCC countries and Far East.

“An ordinary lift has got nearly 2250 spare parts and we manufacture 30 to 40 of them in our plants. In addition to these, we have contract manufacturing agreements with units in Coimbatore, Kolkata, Ludhiana, Ahmedabad and Pune and are one of the leading lift and elevator parts exporters from India,” said Noorul Ameen, director of the company.

It has tied up the German giant TUV SUD and set up 2M Institute, a lift technology institute in Kalady, close to its manufacturing unit here. “With increasing export demand and a burgeoning domestic industry, diversifying into training and education was the most organic act we could make considering the market potential,” Ameen explained.

He said 2M Institute has also started, in association with TUV SUD, the country’s first digital academy to impart training in the lift and escalator sector.