Panasonic to invest another Rs 300 crore in Andhra facility by 2026
By MYBRANDBOOK
Panasonic Electric Works India (PEWIN) is said to be investing another Rs 300 crore to increase capacity at its unit in Sri City, Andhra Pradesh. According to company officials, the Japanese company is looking to use the facility for exports and will primarily target the Middle East and African markets.
"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.
Currently, 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 further said that 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.
The company produces various products such as switches and switchboards.
According to PEWIN Managing Director Yoshiyuki Kato, 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.
The company is also looking at boosting exports, for which it will launch products aimed at local market conditions and also increase its distribution strength, as told to reporters by Nandwani.
About three-fourths of the revenues for PEWIN are contributed by the power unit, while the rest come from lighting and solar verticals.
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