Panasonic Life Solutions signs an agreement to set up INR 294.7 Cr manufacturing unit in Sri City
New Delhi: Panasonic Life Solutions India, a wholly-owned subsidiary of Panasonic Life Solutions Company plans to invest more than INR 600 Cr in India. The initial investment of INR 294.7 Cr has been committed for setting up the electrical equipment material and wiring device manufacturing facility spread over 133,546 sq.mt at Sri City, Industrial Park, Andhra Pradesh. The new unit will be Panasonic’s eighth electrical equipment material production base in India followed by facilities in the North and West regions. The aim is to support the infrastructure, create employment opportunities and industrial development in Andhra Pradesh. The facility will start its operations of manufacturing the electrical appliances by October 2021.
Panasonic Life Solutions India has received all clearances from the state and the central government to set up the factory. The land acquisition agreement was today signed and exchanged between Mr Vivek Sharma, Managing Director, Panasonic Life Solutions India, and Mr Ravisanna Reddy, Managing Director, Sri City, in presence of a few noted dignitaries.
In India, Panasonic Life Solutions has factories in Haridwar which are equipped to cater to the demands of the North, and the factories in Daman and Kutch which cater to the Western markets. Through this investment, the company aims to strengthen its presence across Southern India which has a high purchasing power and sectorial growth potential. In the coming years, the company targets to expand its manufacturing units to parts of the Middle East and Africa. It also plans to invest in building consumer connect, enhancing the industrial connect and improving its visibility on the production front.
Panasonic Life Solutions India will invest approximately INR 294.7 Cr, initially, in this Sri City factory, which will be built over 33 acres of land in Andhra Pradesh. The facility aims to provide direct employment to at least 600 people in the state by the year 2021. It will contribute to the state in achieving its target of creating job opportunities for over 15,000 people during the year.
Talking on the agreement Mr Vivek Sharma, Managing Director, Panasonic Life Solutions India said, “In recent years Andhra Pradesh has seen a paradigm shift in its industrial culture. With businesses and industries entering into its economic landscape and the Government of Andhra Pradesh supporting our initiative, we feel that this is the opportune time to penetrate this market. With a strong focus of the Central as well as the State Governments through the Make in India program, which aims to transform India into a global design and manufacturing hub, we look forward towards building resilient and sustainable partnerships. The completion of this land acquisition stands as a testimony of our strengthening relations with the Government of Andhra Pradesh”.
Commenting on the announcement in Japan, Mr Masaharu Michiura, CEO, Life Solutions Company, Panasonic Corporation stated, “India is growing exponentially in terms of housing development and the number of houses constructed each year is massive in comparison to Japan. We foresee our electrical construction material business outside of Japan as a growth driver along with wiring device business in India which is steadily marking double-digit growth”.
Mr Ravisanna Reddy, Managing Director, Sri City further added that, “We feel very happy to welcome Panasonic Life Solutions, a worldwide leader in the development of diverse technologies and solutions, to Sri City fraternity. Panasonic Life Solutions will be the 25th Japanese company investing in Sri City. I thank Panasonic Life Solutions management for preferring Sri City to locate their manufacturing unit, which is the very first unit in Southern India, as part of their plan to expand their manufacturing footprint in India”.
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