Nov 17, 2023
- Press Release
Dec 17, 2019
Company / Press Release
The new factory is scheduled to start production in autumn 2021,
responding to brisk demand in India
Osaka, Japan - Panasonic Corporation announced today a plan that will expand its manufacturing footprint in India. Panasonic Life Solutions India Pvt., Ltd., the Thane, Maharashtra-based manufacturing and sales arm of Panasonic's Life Solutions Company, will build a new factory to produce wiring devices, electrical wire and switchgear with an investment of 2,946 million rupees (approx. 4.6 billion yen). The new factory in Sri City Industrial Park in the southern Indian state of Andhra Pradesh will be Panasonic's fourth electrical equipment material production base in the country, and is scheduled to start production in autumn 2021.
The Indian economy is expanding dramatically in recent years. With GDP forecast to grow 6% per year through 2030, not only big cities but also middle-sized cities are expected to grow in the coming years. In addition, India has the world's second-largest population following China and is projected to see a substantial population increase, particularly in the middle class(*1).
Under these circumstances, demand for electrical equipment materials such as switches, sockets and switchgears is increasing along with construction wave of office buildings, condominiums and housing. To respond to the brisk demand, Panasonic, faced with the urgent need to increase production capacity, decided to build a new factory.
In India, Panasonic has production bases in Haridwar in the north area and in Daman and Kutch in the west area, but has no production base in the southern area, which has strong purchasing power and great growth potential. The new factory in Sri City will provide the company greater access to this promising area.
The new factory is scheduled to start production of wiring devices in 2021, and add fans, switchgear and electrical wire sequentially. Panasonic will strive to expand sales by broadening the product lineup targeted at the middle class, which is expected to grow markedly in the future.
Panasonic will continue to offer electrical construction materials and equipment that deliver comfortable, safe and secure, and quality lifestyle to consumers in the world by utilizing technologies and expertise acquired over many years in business.
Panasonic Corporation is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, and B2B businesses. The company, which celebrated its 100th anniversary in 2018, has expanded globally and now operates 582 subsidiaries and 87 associated companies worldwide, recording consolidated net sales of 8.003 trillion yen for the year ended March 31, 2019. Committed to pursuing new value through innovation across divisional lines, the company uses its technologies to create a better life and a better world for its customers. To learn more about Panasonic: https://www.panasonic.com/global.
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