Panasonic Life Solutions India plans to come up with its eighth manufacturing facility in the country.
Panasonic Life’s new Manufacturing Project
The company plans to infuse Rs. 600 Cr. over next few years, in two phases of Rs 300 Cr. each. The proposed unit shall come up in Sri City in Andhra Pradesh and is likely to go on-stream in two years. The facility will be spread across 35 acres of land and will cater to indoor air quality, wiring devices, and home automation solutions. At present, the company manufactures switchgear, wires, wiring devices, and lighting solutions.
At present the company has seven facilities – two at Daman (wires and cables; and wiring devices) and Haridwar (wiring devices and switchgear) each, one facility at Dhamdachi (indoor air quality), Kutch (wires and cables) and Kundi (tapes).
Panasonic Life’s Turnover Target
As reported in Businessline dated 10th October 2019, Vivek Sharma, Managing Director, Panasonic Life Solutions India mentioned “Panasonic Life Solutions is looking at $1 billion (₹7,100 crores) in sales by FY22. This, incidentally, is almost double the turnover of ₹3,615 crores that it reported in FY19.”
Panasonic Life’s Competition
Under the category of wire, cables, switchgear, and lightning Panasonic needs to competes with Havells, Finolex, Polycab, Crompton, Usha, Phillips and Bajaj.
Panasonic Life Solutions India Pvt. Ltd.is a wholly owned subsidiary of the Panasonic Corporation. It was earlier called Anchor Electricals Private Limited and from 1st April 2019 its legal identity changed to Panasonic Life Solutions. The corporate identity also changed from ‘Anchor by Panasonic’ to ‘Panasonic’.
Panasonic Corporation is a Japanese multinational electronics corporation headquartered in Osaka, Japan.