Panasonic in global ebb, but India surge | india | Hindustan Times
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Panasonic in global ebb, but India surge

Even as Panasonic Corp, Japan's biggest home appliance maker, plans to cut 5% of its global workforce over the next two years, its Indian subsidiary is getting ready to double its workforce by the end of this fiscal year. Rachit Vats reports.

india Updated: Apr 29, 2011 20:59 IST
Rachit Vats

Even as Panasonic Corp, Japan's biggest home appliance maker, plans to cut 5% of its global workforce over the next two years, its Indian subsidiary is getting ready to double its workforce by the end of this fiscal year.

"The decision to cut man force is part of global restructuring. It will not impact India. As an emerging growth market Panasonic India is recruiting," said Manish Sharma, director (marketing), Panasonic India.

Panasonic India currently imports its home appliances from various locations around the globe. It is in the process of setting up a manufacturing plant at Jhajjar in Haryana, for which its parent company has set aside Rs 1,000 crore. The company aims to double its headcount to 22,000 employees for its Indian operations by the end of the current financial year.

The new headcount projections are only for the Panasonic India facility and exclude the recently acquired firms Anchor Electrical and Sanyo (in India).

"We are in an aggressive expansion plan. Panasonic products are already in the market and the new facility will give us more strength," said Sharma.

Earlier this week Panasonic Corp, one of the largest plasma television makers, had reported its first profit in three years.