Local investment firm Pran-RFL injects Tk200 crore into locally-manufactured elevator industry, seeing growing demand for domestic products in the market

In the bustling landscape of Bangladesh, the demand for lifts is on the rise, driven by urbanization, population density, and land scarcity. Amidst this growing market, Property Lifts, a subsidiary of Pran-RFL Group, is making waves as the only other company besides Walton producing lifts locally.

With an investment of nearly Tk200 crore, Property Lifts has established a state-of-the-art factory in Narsingdi, equipped with advanced labs and modern testing facilities, focusing on high-tech motors and control panels. The factory employs 210 workers, with plans to recruit another 5,000 for safe lift installation and maintenance nationwide.

The company aims to participate in trade fairs in Germany, Europe, and the US this year to showcase Bangladesh's lift manufacturing capacity and potentially secure a strong foothold in the global market. Property Lifts' lifts meet international standards and are more affordable than imported ones due to higher local value addition, currently accounting for over 40% of the value. The company plans to complete 80% of fabrication and assembly work in Bangladesh within the next five years.

The market for lifts in Bangladesh is currently valued at Tk1,300 crore, with an average annual sale of 4,500-5,000 units, growing at 10-15% annually. Currently, 45% of demand comes from Dhaka and surrounding areas, while 20% comes from Chattogram. With falling prices due to mass-scale local production, demand is expected to spread across the country.

Company officials stress the need for government policy support to compete with foreign brands and encourage the use of local products. They urge the government to encourage domestic lifts in various projects. RN Pal, Managing Director of RFL Group, stated that customers want world-class lifts with guaranteed safety at affordable prices, and locally produced lifts could significantly reduce costs and potentially surge demand.

Property Lifts is the sole distributor of Kone, Macpuarsa, and SRH lifts in Bangladesh. Almost everything can be produced locally, further reducing production costs and boosting demand. The trend of heavy reliance on imports is gradually declining, with around 70-80% of lifts still imported. However, locally made lifts, such as those from Property Lifts, are Tk5-7 lakh cheaper than equivalent imported ones.

Property Lifts began producing lifts in 2018, initially with imported components, but later expanded to produce more components locally. The company's lifts are now used in various establishments, including the Payra Thermal Power Plant, Korean EPZ, Bay Economic Zone, the ILO office, British American Tobacco Ltd, PDL Padma Resort, and Chattogram Army Medical College. Demand for Property Lifts' lifts has been growing annually by 20-30%, with the company selling 329 units last year.

As Property Lifts continues to grow and expand, it is poised to become a significant player in the global lift market, providing high-quality, affordable lifts while boosting local employment and the Bangladeshi economy.

Local investment firm Pran-RFL injects Tk200 crore into locally-manufactured elevator industry, seeing growing demand for domestic products in the market