L.T. Elevator Ltd has signed a share purchase agreement to acquire a 66.45% stake in South Korea-based Dongyang PC Inc. (DYPC), as the elevator maker seeks to expand into automated parking and urban mobility solutions.
Under the proposed transaction, L.T. Elevator will acquire 9,96,675 equity shares of Dongyang PC at $2.85 per share. The transaction is subject to fulfilment of conditions precedent and other terms specified in the share purchase agreement.
Following completion of the acquisition, Dongyang PC will become a subsidiary of L.T. Elevator.
The agreement also provides for a share buyback by Dongyang PC following the closing of the transaction. The Korean company will acquire and cancel the 500,000 shares currently held by a Saudi investor, at the same price of $2.85 per share, within 60 days of closing.
If the buyback and cancellation are completed, Dongyang PC is expected to become a wholly owned subsidiary of L.T. Elevator, subject to applicable laws and completion of the buyback process.
Korean parking technology business
Dongyang PC, based in Seoul and established in 2002, specialises in mechanical and automated parking systems. The company operates under three global brands — SMART PARKING, ACE PARKING and GRAND PARKING — and has supplied automated parking infrastructure across 35 countries.
According to L.T. Elevator’s investor presentation, Dongyang PC has more than 20 years of industry experience, a portfolio of 12-plus patents and 21 registered trademarks. Its products have been deployed across markets including the US, Israel, Saudi Arabia and Singapore.
Dongyang PC has installed more than 739 units globally and has developed parking systems for passenger vehicles, including sedan and SUV applications. Its solutions include IoT-enabled systems and infrastructure that can be integrated with electric vehicle charging.
The company also holds certifications including ASCE 7, CE and ISO 9001, according to L.T. Elevator’s presentation.
L.T. Elevator targets global parking opportunity
L.T. Elevator said the acquisition will combine Dongyang PC’s technology and intellectual property with the Indian company’s manufacturing capabilities and cost advantage.
The company expects the acquisition to create an end-to-end capability spanning design, manufacturing, installation and monitoring of automated parking systems.
L.T. Elevator’s presentation identified an active bid pipeline of more than ₹700 crore associated with Dongyang PC’s business. It expects a win rate of around 20%, potentially translating into more than ₹140 crore of orders, while near-term execution visibility is estimated at 18-24 months.
The company expects the acquired business to contribute approximately ₹30 crore of revenue to L.T. Elevator during the remainder of FY27, with the company projecting industry-leading margins.
Expansion beyond elevators
The acquisition marks a strategic expansion for L.T. Elevator beyond its core elevator business into automated parking infrastructure.
The company currently operates across residential elevators, passenger and goods elevators and multi-level automated parking solutions. Its investor presentation highlights a pan-India presence and in-house engineering and manufacturing capabilities.
L.T. Elevator said Dongyang PC’s technology portfolio, global references and patent base could help it address growing demand for automated parking solutions in India and international markets.
The company also plans to leverage its Indian manufacturing cost advantage alongside Dongyang PC’s existing global distribution network and bid pipeline.
The proposed transaction therefore gives L.T. Elevator access to established Korean parking technology, international customers and intellectual property, while providing Dongyang PC with access to L.T. Elevator’s manufacturing and execution capabilities in India.