Modernization has made the elevator safer, more efficient and more attractive, as a result of which the building gets a modern image. The passenger's experience improves through reduced waiting time, better comfort and improved reliability which indirectly helps in making their life much easier and less difficult. Elevators play a great role in the functioning of the multi-story buildings. Elevators are like any other type of equipment. They eventually wear out. After 20 years, an elevator would have carried thousands of passengers and traveled thousands of vertical miles. There are more than 50000 elevators in India with single and two speed motors. If these elevators are converted to VF drives then large amount of power can be saved. To keep the elevator performing in perfect manner the major components of the system must be replaced and updated from time to time.