Japanese multinational Panasonic Corporation is planning to commence work on its greenfield plant in Sri City in Andhra Pradesh by May 2020. The company will make an investment of Rs 650 crore for the project.
The company expects to complete the new plant, its eighth in the country, within 12 months and make it a facility to boost volumes within the country while making it a hub for exports in the region.
The plant has the potential to provide employment to about 1,800 people.
The diversified company recently merged Panasonic Life Solutions, a business focussing on electrical construction materials, and Panasonic India, which is into appliance-- is considering merger of Panasonic Appliances to form one big diversified entity for electrical construction, appliances and other businesses.
The merged entity of Panasonic Life Solutions and Panasonic India is expected to close this in FY20 with revenues of about Rs 10,000 crore. It expects to see a growth of about 15 percent in 2020-21.
The company is also in the process of finalising plans for merger of the Panasonic Appliances business, based in Chennai, Tamil Nadu which has a revenue of about Rs 1,000 crore.
Panasonic Corporation is planning to launch 130 such brand stores across the country for a pan-India presence, and of this, 100 stores will be set up in 2020-21. All of them will be developed through the franchise route.
Reference: Projects Today