Panasonic Life Solutions India, a subsidiary of Japan-based Panasonic Corporation, has opened its first electrical building materials manufacturing unit in the Southern region, set up with a total investment of Rs 600 crore.
According to a statement from the company, Panasonic Life Solutions would invest Rs 600 crore in the two-phase facility and Rs 300 crore has already been invested.
The facility aims to produce more than 200 million switch parts per year over the next five years, the company said Thursday.
With this installation, the company aims to strengthen its presence in the South and to develop market synergies by ensuring rapid deliveries of materials.
“This will be the company’s first electrical equipment manufacturing unit in South India and the seventh in India, followed by facilities in the northern and western regions,” the statement said.
The purpose of the facility was to support infrastructure development, create new jobs and industrial development in the region. Once fully operational, the unit would primarily focus on manufacturing wiring device products covering roms, penta modular and urban roms. The company further intends to add other products from wiring devices and include switchgears, cables and indoor air quality products over a period.
Production capacity in the first year is 80 million units and is expected to increase 15% year-on-year as sales improve, according to the statement.
“India is on a growth trajectory and this growth will require tremendous support from the ECM (electrical construction equipment) industry for the people,” said Panasonic Corporation, Business Unit Manager – Power Component Business, Kawamoto. “We see this as a tremendous opportunity to make human life simpler, safer and more comfortable by enhancing the consumer experience through our technologically advanced Japanese-standard products, which will now be produced at this factory in India.”
The inauguration of the facility in Sri City, neighboring Andhra Pradesh, would help us significantly increase our productions in India, while contributing to the overall development of the region, said Kazuki Yao, Managing Director of Panasonic Life Solutions India. Pvt Ltd.
According to the company director and Head of Wiring Devices Business Unit, Rajesh Nandwani, the unit was established to manufacture and produce products under the category of Wiring Devices.
“The new factory production system includes a state-of-the-art assembly line that will manifest Industry 4.0 technologies to support industrial transformation and business excellence, for increased safety and productivity,” a- he declared.
(With PTI inputs)
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Posted: Thursday April 21st 2022, 8:16 PM IST