Panasonic Corporation Thursday announced plans to expand in India by setting up a manufacturing unit in Sri City Industrial Park of Andhra Pradesh. Pegged at Rs 294.6 crore, the unit will make electrical devices, wires, and switchgear under Life Solutions Company, an arm of Panasonic Life Solutions India Private Limited.
The manufacturing unit will be fourth such Panasonic facility in the country and is scheduled to begin production in Autumn 2021. Providing jobs to 600 people, it aims to tap the electrical market with growing demand in India especially in the middle-size cities.
Panasonic said that, with demand for electrical equipment such as switches, sockets, and switchgear rising due to increasing construction of office spaces, condominiums, and housing, the company decided to build the new facility.
After commencing operations in 2021 with the production of wiring devices, Pansonic will further expand production line for fans, switchgear and electrical wires in the with a target of producing 8.6 million units every month.
While the company already has production centres in Haridwar in the north, Daman and Kutch in the West, the new unit will be it’s first in south India, providing it with greater access to the region.
Source: Business Standard