Panasonic to open its 4th wiring gear factory in India
NEW DELHI, NNA - Japanese electronics giant Panasonic Corp. will build its fourth electrical wiring gear plant in India to meet growing domestic demand along with the construction boom in the populous country.
The company said Tuesday that Panasonic Life Solutions India Pvt. Ltd., its local arm, plans to invest 2.95 billion rupees ($41.5 million) in the new facility in the southern state of Andhra Pradesh for scheduled operation in October 2021.
The 35,000-square meter plant, located in Sri City industrial park near Chennai, will initially produce wiring devices like switches and sockets and later add fans, breakers and electrical wires, with a monthly capacity of 8.6 million units, it said in a statement.
The Indian unit currently operates three such plants in the western cities of Daman and Kutch, as well as in Haridwar in the northern state of Uttarakhand. The new factory, its first in southern India, will bring the Indian unit’s total production capacity to 44 million units per month, a spokesman in India told NNA on Tuesday.
With the Indian economy forecast to grow 6 percent per year through 2030, the country’s big and middle-sized cities are expected to witness a wave of construction of office buildings, condominiums and housing, fueling demand for electrical equipment materials, the statement said.
“To respond to the brisk demand, Panasonic, faced with the urgent need to increase production capacity, decided to build a new factory,” it said.
Panasonic Life Solutions India, formerly known as Anchor Electricals Pvt. Ltd, which also makes lighting, aims to almost double its sales to 100 billion yen ($914 million) in the business year to March 2022, compared to about 53 billion yen in the year to March this year.