Panasonic to invest another Rs 300 cr in Andhra facility by 2026, aims higher exports from India
The Japanese company is looking to use the facility for exports and will primarily target the Middle East and African markets, they told reporters here.
Varanasi: Panasonic Electric Works India (PEWIN) will invest another Rs 300 crore to increase capacity at its unit in Sri City, Andhra Pradesh, company officials said on Friday.
The Japanese company is looking to use the facility for exports and will primarily target the Middle East and African markets, they told reporters here.
“We have invested Rs 300 crore as part of the first phase of the project, and will be investing another Rs 300 crore by 2026,” PEWIN Director for power business unit, Rajesh Nandwani, said.
At present, the overall production capacity of the company, which operates plants in Daman and Haridwar as well, is 62 crore pieces per year, which will grow to 70 crore by 2025 and 100 crore by 2030, Nandwani said.
The company produces various products such as switches and switchboards.
PEWIN Managing Director Yoshiyuki Kato said the company’s revenues stood at Rs 5,100 crore in FY23, and is aiming to increase it three times by 2030 because of the opportunities it sees here.
Nandwani said exports constitute 2 per cent of the overall revenue at present, and it is aiming to push it up to 10 per cent of the targeted revenue by 2030.
To boost exports, the company will launch products aimed at local market conditions and also increase its distribution strength, Nandwani said.
The company is also open to inorganic growth opportunities and will be looking at proposals that help it increase its market share and capabilities, Nandwani said.
About three-fourths of the revenues for PEWIN are contributed by the power unit, while the rest come from lighting and solar verticals.
PEWIN employs 8,900 people in India at present.
The company will look to become more solutions-centric rather than product-centric, Raja Mukherjee, its head for the lighting business unit, said.
Government business contributes a third of the topline for the lighting unit at present, he said.
Amit Barve, who heads the solar power solution unit, said the company is looking at solar lighting along highways as a big opportunity, given the mandate to have a fifth of the country’s roads to be lit up using solar power.
