Panasonic India aims at Rs 25,000 cr by 2015
Kolkata: An optimistic Panasonic India on Monday said it would inject Rs 1500 crore to touch the Rs 25,000 crore turnover mark by 2015.
"The volume strategy for India which started in 2009 will continue further and we will invest USD 300 million (Rs 1,500 crore approximately) in the new plant and campaigns over the next three years,"
Panasonic India MD Manish Sharma said here during launch of personal grooming products.
"We have also set a target of USD 5 billion turnover (Rs 25,000 crore) by 2015 and USD 2 billion (Rs 10,000 crore approximately) in 2012-13," he added.
In 2011-12, Panasonic India was a Rs 5,500 crore company with Rs 3,200 crore from the consumer divsion. In 2012, the consumer divsion alone would be Rs 5,500 crore, Sharma said.
He said Panasonic's Indian operation would achieve breakeven in 2012, but did not speak about its accumulated losses.
Despite attaining 70 percent growth in the last year and targeting a similar trend in the current fiscal, the Indian operation was yet to make a profit because the company was in investment mode during the period, he said, adding that the problems in Japan for parent Panasonic Corporation did not impact Indian investments.
The new plant at Haryana would be operational in December and would produce air-conditioners and washing machines, the company said.
Introduction of personal grooming directly by the company with an entire range of imported products after five years when few products were sold in India through distributors, was part of youth and semi urban market strategy.
"The size of personal grooming market is Rs 200 crore," Sharma said.
Asked about launch of Panasonic smartphones in India, Sharma said there was no firm plan for it now.