Japanese electronics major, Panasonic is planning to set up a refrigerator plant in the country in order to tap this huge market segment. Currently, Panasonic doesn’t have major share in the market and the Japanese company is planning to invest Rs 250 crore in the new plant.
The company has been till now importing refrigerators from Thailand which is not proving to be viable but once they set up a manufacturing unit, the company will be bale to tap this ever growing segment in the country. The company is exploiting locations like Haryana and maharashtra to come up with the manufcaturing unit. Presently, the company has a manufacturing unit in Jhajjar, Haryana, where it manufactures televisions, kithcen appliances, air conditioners and welding systems.
The company also has a tie up with Dixon who manufactures mobile phones for Panasonic. Dixon manufactures around 7.2 lakh mobiles per month for Panasonic.
Panasonic India’s sales grew by 20 per cent in the financial year 2016 and the revenue stood at Rs 8,717 crore, driven mainly by television and air-conditioners, with the consumer electronics and home appliances business contributing Rs 4,000 crore.
The company also has plans to set up a unit at Jhajjar, Haryana for lithium ion batteries in the country and it will be investing Rs 20 crores for the same.
By Atanu Kumar Das