Otis Elevator Acquires Majority Interest in India Subsidiary From Mahindra Group

Farmington, Conn. (PROTEXT) - Otis Elevator Company announced today that it has completed the purchase of Mahindra Group's 24 percent holdings in its Otis India subsidiary for an investment of US $26 million. Otis now owns approximately 70 percent of Otis India. Otis is a subsidiary of United Technologies (NYSE: UTX). "Mahindra has been an excellent partner for more than 40 years and has contributed significantly to the growth of Otis India," said Raj Bajaaj, managing director of Otis India. "We are grateful for their long-time commitment to growing our company. This additional investment by Otis is a strong statement about our faith in the future economic growth of India, and represents an important strategic step towards enhancing our competitiveness." The Otis and Mahindra Group joint venture was formed in 1953, representing one of the earliest U.S. and Indian joint ventures. Otis India is today the country's leading elevator manufacturer and service provider. It operates factories in Kandivili and Bangalore, and employs more than 2,500 people. Otis Elevator Company, based in Farmington, Connecticut, is the world's leading provider of elevators, escalators and other people moving systems. Otis does business in more than 200 countries and territories and maintains more than 1.2 million elevators and escalators worldwide. ots Original Text Service: Otis Elevator Company Internet: http://www.newsaktuell.de Contact: Matt Broder, (USA) 860-676-5402, or (USA) 203-281-7602 (home), or Aloysius Lobo, in India, +91-22-202-6686, both for Otis Elevator Company Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT