Panasonic aims to double its solar business, boost exports
₹300 crore over 3-4 years to expand its Sri City manufacturing unit in Andhra Pradesh to achieve its exports targets, the company’s management said in a press briefing. “We have already invested ₹300 crore in our new Sri factory.
We plan to invest a total of ₹600 crore in the five years’ bracket which is 2021 to 2025. In first tranche of investment, ₹300 crore has been already invested," said Rajesh Nandwani, director of power business unit, Panasonic Electric Works India.
The company said India is in a strategic position, and it aims to establish it as an export hub. Nandwani said exports currently constitute 2% of overall revenue, and it aims to push it up to 10% of the targeted revenue by 2030.
The development comes at a time the company is looking to triple its topline growth, said Yoshiyuki Kato, managing director, Panasonic Life Solutions India. “In FY23, our business was at ₹5,000 crore-plus.
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