L.T. Elevator has recently announced that its Board of Directors has approved the merger of Ricardo Elevators Private Limited into the company, marking a strategic move to accelerate entry into the premium direct-to-consumer home elevator market. A binding term sheet has been executed for the transaction.

As part of the merger, Ricardo Elevators’ operations and team will be integrated into L.T. Elevator. Neeraj Hemnani, Founder and CEO of Ricardo Elevators, will continue with the organisation and will head the Home Elevator Division.

The merger is expected to support faster and more sustainable revenue scale-up through the immediate addition of Ricardo’s order inflows. It will also improve cost efficiency as Ricardo’s outsourced manufacturing is progressively integrated into L.T. Elevator’s in-house, engineering-led manufacturing platform, enabling better cost control, quality consistency and operating leverage.

The integration further enhances market reach and pricing power by providing access to Ricardo’s pan-India retail footprint and established premium D2C brand, creating cross-selling opportunities across residential segments. Ricardo is currently generating order inflows of Rs 60 million per month, with a delivery cycle of three to six months, positioning the combined entity for stronger revenue momentum in the coming financial periods.

Commenting on the development, Yash Gupta, Director, L.T. Elevator, said the merger strengthens the company’s growth engine by combining its manufacturing platform with Ricardo’s execution capabilities and retail presence. The company said it will release a detailed investor presentation outlining the strategic aspects of the transaction, with an investor conference call scheduled separately.