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 an allocation of Rs 7,000 crore (100 billion yen) for global electrical and equipment business growth by the fiscal 2030 (excluding Japan). About 30 billion yen (Rs 2,100 crore) has been earmarked for investment by 2024. India remains at the top of our global expansion strategy. The investment will focus on capacity 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 in Haridwar, Daman and Kutch.

"We will focus on expanding our market share in India over next five years. We aim to capture 50% market share in the wiring device business by 2030. We are also targeting substantial growth in our core business areas like switchgear and lighting," Panasonic Electric Works India and Panasonic Life Solutions India joint managing director Toshinobu Kawasaki said.




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