Japanese technology major Panasonic on Wednesday said the company is betting on its Indian operations for driving overall revenue growth and announced a decision to invest $200 million (Rs 900 crore) in its manufacturing plant at Jhajjar in Haryana.
The investment is expected to be made by 2015 and is part of Panasonic's strategy to make India a manufacturing base and an export hub.
"Today's opening of this factory will fuel our first priority goal in India of doubling our revenues in 2012-13," said Daizo Ito, president, Panasonic India. "We plan to achieve this by integrating Indian expertise into our product design and manufacturing process."
Panasonic is expecting revenues of Rs 10,000 crore from its India operations in 2012-13. The company, which currently employs close to 12,650 people in India, is targeting a turnover of Rs 25,000 crore by 2015.
The Jhajjar manufacturing plant, spread across 76 acres, is expected to provide employment to around 3,500 people. It has an initial capacity to produce 10 lakh ACs, 4 lakh washing machines and 25,000 welding and cutting machines in a year.