Panasonic to invest Rs 1,500 crore towards expansion in next 3 years
Panasonic Corporation President Kazuhiro Tsuga today revealed the strategic outlook for the company in Mumbai, which encompassed company restructuring plans and the areas which the group will be focusing on going forward.
With these changes, the new management system is expected to speed up decision-making and enable business operations from the viewpoint of customers, with divisions handling everything from product development to manufacturing and sales.
Identifying India and Brazil as the centerpiece of the future, Tsuga emphasized on driving growth by B2C businesses and profitability by focusing on B2B business specific to Energy, Security and devices to service the ever growing infrastructure of Indian market and Tsuga revealed that Panasonic is planning to invest Rs 1,500 crore towards expansion in India for the next three years.
“India is a high growth market for us globally hence we are planning investment in this region on products, talent, marketing and manufacturing. There will be a sound focus on local manufacturing and expansion of production processes and the company will continue focusing on developing India-specific product innovations as well as Eco and Smart Solutions catering to domestic needs,” said Tsuga.
Panasonic said that it has always believed in the philosophy of not simply import products from other countries, but should be specially customized for the Indian consumers keeping the local needs and conditions in mind and this has been the purpose of building the Technopark factory in Jhajjar to create products specific to the Indian market.
With the government proactive to develop a framework to bring major transformation in the ecosystem to promote local manufacturing, Panasonic is keen to work together with other Indian companies with the aim to fuel the growth process. This coupled with the intent of bringing in Japanese expertise of product development and research is one of the reasons that during his three day visit, Tsuga also met business heads of Indian conglomerates like The Tata Group and Reliance Industries Limited.
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