Panasonic to invest ₹300 crore in Andhra plant by 2026

livemint.com:

₹300 crore in the next three-four years to further expand their Sri City manufacturing plant in Andhra Pradesh with an aim to increase India exports, the company’s management said in a press briefing. “So, we have already invested 300 crores in our new Sri factory. And we plan to invest a total of 600 crores in the five years' bracket which is 2021 to 2025.

So as a first part of investment, 300 crores has been already invested," Rajesh Nandwani, Director of Power business unit, PWEIN. The company believes that India is in a strategic position, and they aim to make the country a hub for exports. Nandwani said exports constitute 2 percent of the overall revenue at present, and it is aiming to push it up to 10 percent of the targeted revenue by 2030.

The Sri City facility is primarily focused on manufacturing wiring devices products covering Roma, Penta Modular, and Roma Urban. The lighting and electronic equipment manufacturer’s facility currently occupies only 1/3rd of the Sri city plant land and plans to further develop it, over the next by FY26, they added. The plant currently has a production utilization of 50% and plans to increase it as they further develop the plant and will be used for export purposes to cater Middle East and African markets.

The Japan headquartered company plans this expansion as a part of their cumulative growth investment amount of ₹6,250 crore that the company has allocated for their global electric works vertical. Nandwani also said that post the completion of the Sri plant in FY26, they will be looking out for more opportunities to grow both organically and inorganically. Currently, the production capacity of the company stands at 62 crore pieces per year, which will grow to 70 crore by 2025