Panasonic to invest Rs.1,500 crore to expand India operations
Bangalore: Global electronics major Panasonic Corporation plans to invest an additional Rs.1,500 crore (Rs.15 billion) to expand its India operations over the next three years to rapidly grow its market share, a company executive said.
"We are aiming to achieve a sales revenue of $3.7 billion by fiscal 2015-16 from the projected $1.7 billion this fiscal (2013-14) and increase our market share substantially across the country," Panasonic India managing director Manish Sharma told reporters here Thursday.
The multi-billion dollar Japanese conglomerate manufactures and markets a range of consumer electronics and home appliances such as televisions, cameras, air-conditioners, washing machines and refrigerators.
The proposed investments will be made for capacity expansion at its Indian subsidiary's manufacturing facilities at Noida in Uttar Pradesh where televisions, LCDs/LEDs and flat panels are produced and Jhajjar in Haryana where air-conditioners, washing machines and welding tools are rolled out.
"As India is a high growth market for us, we continue to bring latest innovations and solutions customized to consumer's lifestyles," Sharma said at a preview of the company's new models of televisions that will be unveiled during the upcoming festive season in the country.
He added that four southern states - Karnataka, Tamil Nadu, Andhra Pradesh and Kerala - contribute around 55 percent of its sales revenue in the consumer electronics segment.
"We are also entering into the smartphones segment to capitilise on the boom being witnessed in the mobile telecom space," Sharma said.