With an investment plan of about Rs. 30 crores to double its plant capacity in India, Panasonic aims to gain Rs. 100 crores from ‘Made in India’ appliances
Panasonic has announced that it targets a revenue of Rs. 100 crores by exporting appliances exclusively made in India. The consumer durables giant has decided to accomplish this in three years. Saying that India has emerged as an export hub for the company, Hidenori Aso, Panasonic Appliances India Company managing director, revealed about the growing demand from the SAARC countries, the US and Malaysia.
The Japanese company is geared up to increase its export revenue to about 60 per cent in three years’ time. Appliances like electric cookers, mixer grinders and wet grinders are among the ones that have already been in its exports’ list. Panasonic drew about Rs. 64 crores from these exports in FY2016-17.
The MD further said that its business in India covers about 6 per cent in the small appliances market. The company has a production centre in Chennai that is mainly for kitchen appliances. Its capacity is that of a million rice cookers and an overall 1.43 million for other kitchen appliances. Panasonic has planned to invest about 30 crores on the plant and to increase its production capacity in 5 years.
The Japanese brand’s appliances are exported to a total of 43 countries. The SAARC countries – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, Hong Kong, Malaysia, Thailand and the US form its largest markets.
Panasonic’s relation with India dates to decades and it has been producing appliances in the country since then. The MD cited its presence in the country behind the cost maintenance despite the falling currency against the US dollar.
Panasonic’s new product
The appliances expert has come up with its latest product, ‘Made in India’ mini rice cooker that is set to be exported to its domestic market, Japan. Around 45,000 cookers are expected to be sent for sale by March 2019. Other countries like the US, Hong Kong and Singapore are also included in the export list of the mini rice cooker.