Panasonic Corporation announced a plan today to expand its manufacturing footprint in India, with a new factory at Sri City Industrial Park in Andhra Pradesh. The new unit, which will be set up at an investment of Rs 294.6 crore by Panasonic Life Solutions India Pvt Ltd, the sales arm of Panasonic Life Solutions Company, will manufacture wiring devices, electrical wire and switchgear.
The unit will be Panasonic’s fourth for manufacturing electrical equipment material in the country. It is slated to start production in 2021.
Stating that the Indian economy has been expanding rapidly in recent years, the company said that with GDP estimated to grow at six per cent a year through 2030, not only big cities but even middle-sized ones are expected to grow in the coming years.
