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Panasonic to invest ₹300 crore to enhance manufacturing technology in India

Panasonic to invest ₹300 crore to enhance manufacturing technology in India

September 11, 2023 12:04 pm

Panasonic Life Solutions plans to invest ₹300 crore in the Sri City plant, which was inaugurated in April 2022 to support its expansion.

Panasonic Life Solutions is positioning India as its global production hub for exports to West Asia and South Asia, with a target of contributing 10% of exports by fiscal year 2030. The company currently exports 2% of its products from India to Kenya, Nigeria, Tanzania, Saudi Arabia, Oman, and South Asian Association for Regional Cooperation (SARC) countries like Sri Lanka, Myanmar, and Bhutan.

Panasonic Life Solutions plans to invest ₹300 crore in the Sri City plant, which was inaugurated in April 2022 to support its expansion. Additionally, its electric works division will make a global investment of ₹6,250 crore by fiscal year 2030. Currently, the company has a 24% global sales contribution (excluding Japan), with India accounting for 8% of its ₹62,500 crore in sales for fiscal year 2022. They aim to increase the global sales contribution (excluding Japan) to 40% by fiscal year 2030, focusing on markets in Turkey and Vietnam to serve Europe, North Africa, and the Commonwealth of Independent States (CIS) countries.

Kato Yoshiyuki, Managing Director of Panasonic Life Solutions India, expressed their vision for the company, stating, “Electric devices will remain at the core of our business, and distribution and product solutions will enable us to become a leading electric infrastructure solutions provider, contributing significantly to India’s growth.”

Panasonic Life Solutions aims to boost its market share in the South Indian market, targeting a 30% share in wiring devices, up from the current 25%. The Sri City plant has already reduced product lead times to six days, benefiting customers in Bengaluru, Hyderabad, Vizag, Kerala, and Chennai.

Panasonic Life Solutions is open to organic and inorganic growth opportunities with a total investment of ₹600 crore between 2021 and 2025, including the Sri City plant expansion. Rajesh Nandwani, Director of Power Business at Panasonic Life Solutions India, emphasised its commitment to India as a key market and its plans for significant investments in organic and inorganic growth strategies.

Panasonic Electric Works India (PEWIN), a Panasonic Life Solutions India Limited subsidiary, has ambitious plans to scale up production and enhance its technological manufacturing capabilities. Rajesh Nandwani, Director of Power Business at PEWIN, revealed their goal of increasing annual production from 650 million pieces to 1,000 million by 2030.

PEWIN has established an advanced R&D laboratory at its Daman factory to strengthen its research and development efforts, with an eight crore rupees investment. This facility is dedicated to conducting performance and reliability tests, which underscores the company’s commitment to product quality and quantity.

Nandwani also shared, “We are actively working towards powering a significant portion of our factories with solar energy. Our Daman and Haridwar plants already run on solar power, and we are in the process of extending this eco-friendly approach to our Sri City facility.”

With these manufacturing changes and investments in place, the company aims to triple its current business, reaching ₹5,000 crore (as of FY22) by the year 2030.

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