Panasonic to invest in the smartphone and energy solutions market in India
Panasonic Corporation has plans to utilize the demands of the Indian smartphone, budget phone and energy solution market in their hopes to grow significantly by 2015.
According to the Hindu, the Japanese electronic manufacturer, Panasonic plans invest Rs 400 crore in India as a part of its initiative to explore smartphone market and energy solutions.
“The company has identified India as a high growth market. The Southern region contributes to nearly a third of the company’s overall sales in the country. We expect various businesses within Panasonic to gain share,” said Manish Sharma, Managing Director, Panasonic India.
Over the next three years the company will invest Rs 1500 crore targeting a revenue generation of $ 3.66 billion (about Rs 22,000 crore).
“We have recently launched a top end smart phone priced at Rs 26,500 and will shortly introduce three more smart phones priced in the Rs 15,900, Rs 12,900 and Rs 9,900. Thereafter, we will follow this up with two more models at Rs 5,990. This will be further consolidated with the roll out of other models,” Sharma said.
Sharma further added that they are also looking at budget phones since there is a high demand in India for phones priced below Rs 5000. The revenue of 2013 has been Rs 700 crore from mobile phones alone.
In the energy solutions segment, the company has a range of batteries for the automotive sector and telecom towers and UPS segments. Panasonic also plays a role in the Lithium Ion range. After the launch of the 4G services, Sharma has said that the entire telcom tower network in the country will require upgradation. This will provide Panasonic the opportunity to invest in the automotive business, especially supplies to original equipment manufacturers (OEMs).
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