Panasonic lines up $300 mn for India
Panasonic India, an arm of Japanese electronics maker Panasonic Corp, plans to invest $300 million in the country over the next three years to ramp up its presence in the country.business Updated: Apr 05, 2009 20:39 IST
Panasonic India, an arm of Japanese electronics maker Panasonic Corp, plans to invest $300 million in the country over the next three years to ramp up its presence in the country. The company is also eyeing cities like Haryana and Chennai to set up a new manufacturing factory, which would be the company’s seventh in the country, for the production of refrigerators and washing machines.
“We plan to invest around $300 million in India in the next three years and close to 40 per cent of the amount will be used for increasing the production and branding of our consumer appliances category,” Sabina Kidwai, general manager marketing at Panasonic India said. At present, the company manufactures small appliances, LCDs and switches in India and plans to increase production of its televisions. “We expect to increase the production capacity of colour televisions at the Noida factory to 10 lakh units (from existing 6 lakh units) and that of LCDs to 9 lakh units (from 3.5 lakh now) by May,” said Manish Sharma, head marketing, consumer appliances.
Even as dominant Korean players LG and Samsung are focussed on the LCD television category, Panasonic is betting on both its LCDs and plasma models and might even consider manufacturing plasma televisions in the country, Sharma said. The company plans to launch a total of 23 models across the two categories this year.
Through the expansion plans the company aims to double its revenues from Rs 2,220 crore at the end of March 2009, to Rs 4,500 crore by the end of March 2010.
The company expects its consumer durables business to contribute a third of the total revenue.