Panasonic Electric Works Company of Japan reaffirms its commitment to India as a crucial market and manufacturing site in its global expansion strategy. The company intends to bolster its production capabilities by utilizing surplus facilities at its Sri City factory in Andhra Pradesh, signaling a substantial investment in the country’s electrical and equipment business.
Ryo Matsumoto, General Manager of the Living Energy Business Division at Panasonic Corporation, highlighted the company’s strategic investment roadmap, which includes allocating 100 billion yen (approximately ₹7,000 crore) for global growth in the electrical and equipment sector by fiscal 2030. Notably, 30 billion yen (about ₹2,100 crore) is designated for investment by fiscal 2024, underscoring the company’s focus on accelerating expansion efforts.
While specific investment details for individual countries were not disclosed, Matsumoto emphasized India’s prominence in Panasonic’s global expansion plans. Over the next 5-10 years, investments in India will prioritize capacity expansion, integration of new technologies, and strengthening the company’s market position.
Executive Vice President of Panasonic Corporation and President of Electric Works Company, Kiyoshi Otaki, emphasized India’s significance as the world’s most populous country with notable economic growth. Otaki expressed the company’s aspirations to expand operations in India further, with plans to actively pursue exports and investments from India to Africa in the future.
In India, Panasonic has made significant strides since acquiring Anchor Electricals in 2007. Toshinobu Kawasaki, Joint Managing Director of PEWIN (Panasonic Life Solutions India), highlighted the company’s focus on enhancing manufacturing facilities across India to bolster production capabilities. Investments have been directed towards upgrading and expanding plants in Daman, Haridwar, and Kutch, along with establishing a new manufacturing hub in Sri City.
The Sri City facility, a pivotal production center for power products, aims to scale its production capacity from 120 million units to 300 million units by fiscal year 2030. Additionally, Panasonic aims to enhance its wiring device business unit’s manufacturing capabilities from 620 million pieces per year to 1,000 million pieces per year by the same fiscal year.
In alignment with the Indian government’s ‘Make in India’ initiative, Panasonic aims to evolve beyond mere assembly by focusing on local manufacturing of core components for various products. The company’s strategy involves diversifying its product range to meet evolving market demands, both domestically and internationally, while also adhering to specific regulations of target countries.
Overall, Panasonic Electric Works’ ambitious plans underscore India’s strategic importance as a key market and manufacturing hub in its global expansion journey.
