Panasonic Corporation's wholly-owned subsidiary Anchor Electricals today announced commencement of operations at its new manufacturing unit in Haridwar.
"This new manufacturing unit has been set up with an investment of Rs 150 crore. It will have production capacity of 25 million units monthly, and is expected to double the installed capacity by financial year 2020," Anchor Electricals said in a statement.
"The recently constructed manufacturing unit will manufacture a complete range of wiring devices and switchgear among other devices to meet the increasing demand," it added.
Manish Sharma, President and CEO Panasonic India and South Asia, said: "Anchor is a strategic business unit for Panasonic India that extends our commitment towards offering safe, reliable and quality electrical products."
"The opening of the new Haridwar plant is in line with this commitment to offer the best of the energy solutions catering to the needs of homes and businesses alike," he said.
The CEO further said that "the new plant will add an incremental growth in Anchor's growing business that will help register a double digit growth and propel it to become the number 1 electrical solutions company in India by 2018."
The products manufactured at this factory will cater to the requirements of the domestic as well as the export markets, he added.