Panasonic Life to inaugurate new facility at estimated cost of Rs 650 cr in May, eyes Rs 12,000 cr turnover in next year

2020-03-17

Hyderabad, Mar 17 (UNI) Panasonic Life Solutions India (PLSI), one of the largest domestic manufacturers of Electrical Construction Materials (ECM) in India and aims to be a billion-dollar company by 2022, would inaugurate its new facility set up with an estimated cost of Rs 650 crore at Sri City Industrial Park in Chittoor district of Andhra Pradesh in May this year.

The new facility will be Panasonics eighth electrical equipment material production base in India and it will manufacture wiring devices, electrical wire and switchgears in the first phase, Panasonic Life Solutions India Private Limited Managing Director Vivek Sharma, told reporters on the sidlines of the opening of its first exclusive brand store in India here on Tuesday.

The first phase commercial operations will start in next year, he said that we have already invested Rs 450 crore in Sri City where it has procured 35 acres of land and in which the new facility will be set up in 12 acres, he informed.

The plant will provide employement to 1800 people, he said the facility would serve the domestic and export market and expected to get Rs 2,000 crore revenue in next three years from its commercial operations through this plant.

The companys current turnover was Rs 10,000 crore and expected to touch Rs 12,000 crore in next year, he said.

The 915 sq.ft exclusive store will also display wide range of advanced Indoor Air Quality (IAQ) solutions such as Energy Recovery Ventilator (ERV), Bidet-Panasonic Electronic Automatic toilet seats and Bathroom dryers enabling the consumers to experience the next-generation technology, Mr Sharma said we are planning to open 130 more such stores across Tier-I and Tier-2 markets including two more in Hyderabad and one each in Vijayawada and Visakahaptnam (both in Andhra Pradesh) in the country by end of FY 2021-22.

All stores are being set up in a franchise owned and Franchise Operated model and the company would provide software and manpower, he added.

PLSI (formerly known as Anchor Electrical Pvt Ltd), sales and operating profit are steadily growing and it had concluded in the last financial year with net sales in excess of INR 34 billion.UNI KNR CS 1800
 

Reference: UNI India