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Panasonic Plans to Set Up New Units in India, to Invest over 850 Crore
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Panasonic, one of the market leaders in LCDs and other electronic devices, has today announced that it plans to set up new units in India, modernize its facilities and effectively try brand positioning over the course of the next 3 years.
The company, which is owned by the Japanese manufacturer Matsushita Electric Industrial Co., Ltd, is a well-known brand for products such as LCD and Plasma TVs, Cameras, DVD and Blu-Ray players, MP3 players and a wide range of other electric and electronic products.
Aso Hidenori, Chairman of Panasonic Sales and Services India Pvt. Ltd was quoted by Business Standard:
We will invest 200 million dollar (over Rs 850 crore) in the next three years in the country to position our brand very firmly in the market. In this period, we will also modernise our existing facilities,
The company already has manufacturing units in Noida, Chennai and Vadodra. The Noida unit has a capacity of manufacturing three lakh units per year, while Chennai and Vadodra each have small units for manufacturing small appliances. Panasonic, with a current revenue of 350 million dollars, expects it to triple over the next 3 years. The company is targeting 20-25 percent growth in this fiscal.
Hidenori was also quoted as saying, that the company also plans to increase the production capacities of CRT and LCD TVs in the Noida unit, as the demand for the same has increased in the consumer market in India.
With newer and newer technologies, the prices of electronic goods has been steadily, though slowly, decreasing. India is currently a huge market for such electric and electronic goods. By setting up units in India, the company plans to cash in on this boom in the market. Ofcourse, the fate of this move by the company rests in the hands of the consumer in the end.
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