Panasonic, Toshiba eye bigger India pie
Global consumer electronics majors Panasonic and Toshiba, which were present in India even before the arrival of the Korean giants, are once again waking up to Indian market.business Updated: Dec 14, 2010 23:08 IST
Global consumer electronics majors Panasonic and Toshiba, which were present in India even before the arrival of the Korean giants, are once again waking up to Indian market. The firms are now looking at flooding the market with their India-focused products, besides setting up local manufacturing facilities in the country.
Panasonic Corp currently imports its home appliances from different locations around the globe in India. It is now looking at investing Rs 1,000 crore in a new consumer appliance manufacturing plant at Jhajjar in Haryana by 2012. The facility, which will manufacture air conditioners and washing machines will later be looked at as an export hub.
“Our investments are substantial and the re-entrance is just in time as the Indian market if evolving,” said Manish Sharma, director (marketing), Panasonic India.
Panasonic India is also looking at collaboration with an Indian partner.
The Osaka-headquartered company had sales of Rs 2,200 crore and expects to do a turnover of Rs 3,200 crore in 2010-11 including revenues from recently acquired firms Anchor Electrical and Sanyo in India.
Toshiba Corp is seeing India as a great opportunity. “We currently import all the products and are very open to make substantial investments and establish our manufacturing facility in India. The feasibility options are being looked at,” said Pranab Mohanty, (business head — consumer product division), Toshiba India.
Among the Japanese players operating in India Sony Corp is one of the leaders. The Indian consumer electronics market is estimated to be around Rs 30,000 crore.