Piyush Goyal meets KONE Corp leadership, pitches Make in India
Synopsis
Union Commerce Minister Piyush Goyal met KONE Corporation's Vice Chair Jussi Herlin and CFO Ilkka Hara on 17 July 2026, urging the Finnish elevator giant to expand its manufacturing, R&D, and export operations in India under the Make in India initiative.
Key Takeaways
Commerce Minister Piyush Goyal held a meeting with KONE Corporation leadership on 17 July 2026 .
Discussions covered expanding KONE 's manufacturing, R&D, and innovation footprint in India .
Goyal encouraged the company to scale up exports from India to global markets.
The Make in India initiative, launched in September 2014 , was pitched as the key policy vehicle for KONE's expansion.
KONE Corporation is a Finnish multinational and global leader in elevators, escalators, and building automation solutions.
No specific investment figures or formal commitments were announced following the meeting.
Union Commerce and Industry Minister Piyush Goyal met senior executives of Finnish elevator and escalator giant KONE Corporation on Friday, 17 July 2026, to explore expanding the company's manufacturing, research and development, and innovation presence in India, while also scaling up exports from the country to global markets.
Context
Minister Goyal described the meeting as 'excellent' and said discussions covered opportunities to deepen KONE's footprint across manufacturing, R&D, and innovation in India. He was accompanied by Jussi Herlin, Vice Chair of KONE, and Ilkka Hara, Executive Vice President and CFO of the company. The Finnish delegation represents the controlling Herlin family interest as well as the company's global finance and operations leadership.
Goyal encouraged KONE Corporation to leverage the Make in India initiative and 'partner in India's growth story,' according to his post on X. The meeting signals continued high-level outreach to European multinationals as India seeks to position itself as a global manufacturing and export hub.
Policy Backdrop
The Make in India initiative was launched in September 2014 to raise manufacturing's share of GDP and attract foreign direct investment. Since then, India has progressively liberalised its FDI policy across sectors including machinery, equipment, and urban infrastructure — areas directly relevant to KONE's core business in elevators, escalators, and building automation solutions.
Finland and India have maintained long-standing cooperation in clean technology and engineering. Finnish firms have incrementally expanded their Indian operations, particularly in urban infrastructure and sustainable mobility, as part of broader supply-chain diversification strategies by European multinationals.
Stakeholders and Impact
KONE Corporation is a global leader in people-flow solutions, with a presence in over 60 countries. An expanded manufacturing or R&D base in India would benefit domestic component suppliers, engineering talent, and the broader capital goods ecosystem. It would also position India as an export origin point for KONE's products destined for global markets.
For Indian manufacturers and exporters in the elevator and escalator segment, a deeper KONE commitment could mean technology transfer, supply-chain integration, and new export opportunities. The meeting also aligns with the government's push to attract high-value European investment as India and the European Union continue trade and technology dialogue.
What's Next
No specific investment figures or timelines were announced following the meeting. The next indicators to watch will be any formal investment commitments or memoranda of understanding from KONE in the months ahead, particularly around upcoming India-EU trade and technology council meetings. Minister Goyal's consistent engagement with Nordic and European industrial majors suggests this meeting is part of a structured campaign to anchor global manufacturing supply chains in India, with Make in India as the central policy lever.
Point of View
Designed to convert India's FDI liberalisation narrative into concrete manufacturing anchors. The explicit emphasis on both expanding domestic operations and scaling exports reflects the government's dual objective: deepen the industrial base while improving the trade balance. Finland's strategic importance as a clean-tech and engineering partner gives this engagement added weight beyond a routine investor meeting. Whether KONE follows through with formal commitments will be a test of how effectively India's Make in India pitch translates into binding European corporate decisions.
NationPress
17 Jul 2026
Frequently Asked Questions
Why did Piyush Goyal meet KONE Corporation?
Minister Piyush Goyal met KONE Corporation's Vice Chair and CFO on 17 July 2026 to explore expanding the Finnish company's manufacturing, R&D, and innovation presence in India and scaling up exports to global markets.
What is KONE Corporation?
KONE Corporation is a Finnish multinational and global leader in elevators, escalators, and building automation solutions, operating in over 60 countries worldwide.
What is the Make in India initiative?
Make in India is a flagship central government initiative launched in September 2014 to transform India into a global manufacturing hub by attracting foreign investment and increasing manufacturing's share of GDP.
Who represented KONE at the meeting with Piyush Goyal?
KONE was represented by Jussi Herlin, Vice Chair and member of the controlling Herlin family, and Ilkka Hara, Executive Vice President and CFO of KONE Corporation.
Did KONE announce any investment in India after the meeting?
No specific investment figures or formal commitments were announced following the 17 July 2026 meeting; the discussions were exploratory in nature.
