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Panasonic Life Solutions India to infuse Rs 600 cr in Andhra Pradesh

Thursday, 10 Oct 2019
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Panasonic Life Solutions India, manufacturer of switchgear, wires, wiring devices, and lighting solutions, is looking forward to make an investment to the tune of Rs 600 crore over the next few years in Andhra Pradesh.

The company plans to set up its eighth manufacturing facility in the country. The proposed unit will come up at Sri City in Andhra Pradesh.

The investments will be made in two phases of Rs 300 crore each. The facility will come up over 35 acre of land parcel and cater to indoor air quality, wiring device and home automation solutions.

The investment for the project will be made through internal accruals as the company remains debt-free, with substantial cash reserves. The company has around Rs 1,000 crore cash reserves, while about Rs 1,000 crore is in banks.

The proposed unit is likely to go on-stream in two years.

The company has two facilities at Daman (wires and cables and wiring devices) and Haridwar (wiring devices and switchgear) each, and one each at Dhamdachi (indoor air quality), Kutch (wires and cables) and Kundi (tapes).

Moreover, Panasonic Life Solutions is looking at USD one billion (Rs 7,100 crore) in sales by FY22. This is almost double the turnover of Rs 3,615 crore it reported in FY19.

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