Chandigarh: Japan's electronic major Panasonic has plans to invest Rs 520 crore at Model Economic Township at Jhajjar within next five years.
The company had already made a huge investment of Rs 425 crore in Jhajjar.
This was disclosed in a meeting between Haryana Chief Minister Bhupinder Singh Hooda and Daizo Ito, President and Hisao Yamone, Managing Director, Panasonic India Pvt Ltd, held here on Wednesday.
The company would make this investment in two phases and out of this total investment, Rs 220 crore would be invested through major suppliers of Panasonic.
Hooda said that though Haryana is small State, it has become a favourite destination for National and International Companies to set up their ventures.
Hooda said the State Government has been working as a facilitator and assured that Government would continue its support to Panasonic in its expansion plans in the state.
It was apprised in the meeting that in the first phase of investment, home appliances like refrigerators, water purifiers and beauty and healthcare would be manufactured by the company whereas, in the second phase it would produce appliances like commercial refrigerators, micro wave ovens, small appliances and commercial air conditioners.
At present, the company is involved in the manufacturing of Air Conditioners, Washing Machines and Welding System.
Hooda was apprised that the expansion of company base would not only generate more employment opportunities for the youth but it would also boost the economy of state.
He was informed that 10 major suppliers of Panasonic were keen to set up their units there.
It was also disclosed that during the expansion, the company would also set up a Research and Development Center at Jhajjar for new technology and skill development.
Moreover, the Company intends to send 60 engineers to Haryana to contribute in different fields like medical service, distance education service and water treatment.
A training centre of the company was operational at Jhajjar where the youths were imparting free training in skill development. The company would contribute Rs 1 crore per year for five years in this centre.
First Published: Wednesday, May 29, 2013, 22:01