Global elevator major ThyssenKrupp Elevator on Friday said it has purchased 25.1 per cent stake in Mumbai-based Eros Elevators & Escalators for undisclosed amount to expand its business in India.

The deal will help ThyssenKrupp enter the low-cost elevator segment in India. The German firm is present only in the mid- to high-end elevator segment in the country.

“ThyssenKrupp Elevator’s mid- to high-end products and national network, combined with Eros’ economical, high-quality elevators for the fast growing industrial and affordable housing segments will provide customers across India a source of complete elevator and escalator solutions,” the company said in a statement.

ThyssenKrupp’s portfolio includes passenger and freight elevators, escalators and moving walks, passenger boarding brid­ges, stair and platform lifts as well as tailored service solutions.

Eros Elevators and Escalators, established in 1946, has already installed over 7,000 elevators in Maharashtra and Gujarat. The deal may help Eros in establishing pan-India presence.

ThyssenKrupp Elevator has more than 46,000 employees with sales of 5.3 billion euros in 2010-2011 with presence in 150 countries. With rapid growth in terms of diversity and size of the Indian real estate market, the scope for premium elevators is increasing with customers seeking complete solutions from reliable providers of elevators and escalators.

ThyssenKrupp Elevator is one of the world’ leading elevator companies with its Asian arm ThyssenKrupp Elevator (Asia/Pacific) being active in the Asia Pacific market.