Schedule a Call Back
Panasonic elevates India as key export hub and targets market expansion
Articles- Sep 12,23
In a substantial move, the company is injecting Rs 300 crores into expanding its Sri City facility, inaugurated in April 2022.
Panasonic Life Solutions is strategically positioning India as its primary global production center for exports to West Asia and South Asia, aiming to contribute 10% of total exports by FY30. Currently, the company already exports two per cent of its products from India to countries like Kenya, Nigeria, Tanzania, Saudi Arabia, Oman, as well as South Asian Association for Regional Cooperation (SARC) nations such as Sri Lanka, Myanmar, and Bhutan.
In a substantial move, the company is injecting Rs 300 crores into expanding its Sri City facility, inaugurated in April 2022. Additionally, the company's electric works division plans a global investment of Rs 6,250 crore by FY30 to support expansion. As of FY22, the company boasted a 24% global sales share (excluding Japan), with India contributing 8% of the Rs 62,500 crore in sales.
Projections indicate that global sales, excluding Japan, will reach 40% by FY30. Beyond India, the company has its sights set on Turkey and Vietnam as focal points to serve Europe, North Africa, and the Commonwealth of Independent States (CIS) countries.
Kato Yoshiyuki, the Managing Director of Panasonic Life Solutions India, shared, "Electric devices as our core business, along with distribution and product solutions, will propel us to become the premier electric infrastructure solutions provider, significantly contributing to India's growth."
Panasonic aims to augment its market share in South India, targeting a 30% share in wiring devices, up from the current 25%. The Sri City plant has been instrumental in reducing product lead times to just 6 days, enabling efficient service to cities such as Bengaluru, Hyderabad, Vizag, Kerala, and Chennai. The company has allocated a total investment of Rs 600 crore between 2021 and 2025 for developments at the Sri City facility.
In pursuit of market expansion, the company is open to both organic and inorganic growth strategies. Rajesh Nandwani, Director of Power Business at Panasonic Life Solutions India, stated, "India remains our primary focus, and we will make substantial investments to foster organic and inorganic growth, aiming to increase our market share across our various business segments."
Source: Business Line
Panasonic
India
Global Production Hub
Sri City Plant
Electric Infrastructure
Rajesh Nandwani
Bengaluru
Hyderabad
Vizag
Kerala
Chennai
Related Stories
Process Equipment
European Investment Bank eyes green hydrogen in India, awaits proposals
In an earlier statement in 2023, the EIB had expressed its intent to support India's National Green Hydrogen Mission with a facility of up to €1 billion.
Read moreElectrical & Electronics
Ultracab secures Rs 8.66 cr agreement with Tata Power for LT Cables Supply
In the past year, Ultracab successfully fulfilled project orders from esteemed entities such as the TATA Group, Adani Group, Jindal Group, Vedanta Group, various departments of Indian Railways, and ..
Read moreAuto & Auto Components
Indian Oil launches first EV Battery-Swapping Station in Kolkata with Sun Mobility
This facility, established at the New Town outlet on the city's eastern periphery signifies a significant stride towards promoting sustainability.
Read moreRelated Products
Temperature Control
ELECTRICAL & ELECTRONIC EQUIPMENT
Hallmark Electronics offers a wide range of solder bath with temperature control. Read more
Premium Quality Electric Scarifier
ELECTRICAL & ELECTRONIC EQUIPMENT
Jamshedji Constro Equip manufactures premium quality electric scarifiers. Read more
Energy Regulators
ELECTRICAL & ELECTRONIC EQUIPMENT
Sai Egotherm (India) offers Saiego range of energy regulators. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
