Panasonic’s arm looks to boost production in India
Tokyo:
Panasonic
Electric Works Company, a subsidiary of one of the world’s largest electronics
companies, wants to enhance its production capacity in India. It is also
planning to expand its footprint in the Indian market over next five years,
with a focus on wiring device business segment, including switchgear and
lighting. The company is planning to leverage its surplus facilities at its Sri
City Industrial Park factory in Andhra Pradesh, Panasonic Electric Works
Company’s general manager Ryo Matsumoto said.
“Our
investment road map includes on allocation of Rs 7000 crore for global
electrical and equipment business growth by the fiscal 2030 (excluding Japan). About
30 billion yen has been earmarked for investment by 2024. India remains at the
top of our global expansion strategy. The investment will focus on capacity by
expansion, integrating new tech and reinforcing our market position, “ Ryo
said.
Panasonic
Corporation executive VP and Panasonic Electric Works Company president Kiyoshi
Otaki said India held “ a special place” India is the world’s most populous
country with remarkable economic growth and we are keen to expand our
operations there and contribute to the Indian society.” He said, adding the
company would “pursue” exports and investments from India to Africa.”
The
Sri City Industrial Park factory producing wiring devices was built with an
investment of around Rs 295 crore and started operations in 2021. This is the
fourth electrical equipment material production base of Panasonic in the
country. Its other production bases are Haridwar, Daman and Kutch.
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