Otis Elevator Acquires Majority Interest in India Subsidiary From Mahindra Group

Farmington, Conn. (PROTEXT) - Otis Elevator Company announcedtoday that it has completed the purchase of Mahindra Group's 24percent holdings in its Otis India subsidiary for an investmentof US $26 million. Otis now owns approximately 70 percent of OtisIndia. Otis is a subsidiary of United Technologies (NYSE: UTX). "Mahindra has been an excellent partner for more than 40 yearsand has contributed significantly to the growth of Otis India,"said Raj Bajaaj, managing director of Otis India. "We aregrateful for their long-time commitment to growing our company.This additional investment by Otis is a strong statement aboutour faith in the future economic growth of India, and representsan important strategic step towards enhancing ourcompetitiveness." 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 manufacturerand service provider. It operates factories in Kandivili andBangalore, and employs more than 2,500 people. Otis Elevator Company, based in Farmington, Connecticut, isthe world's leading provider of elevators, escalators and otherpeople moving systems. Otis does business in more than 200countries and territories and maintains more than 1.2 millionelevators and escalators worldwide. ots Original Text Service:Otis Elevator Company Internet: http://www.newsaktuell.deContact: Matt Broder, (USA) 860-676-5402, or (USA) 203-281-7602(home), or Aloysius Lobo, in India, +91-22-202-6686, both forOtis Elevator Company

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