Matsushita scouts for land in India

After acquiring an 80 per cent stake in Mumbai-based Anchor Electricals, Japan's Matsushita Electric Works (MEW), the owner of National and Pansonic brands, has evinced interest to expand its business in India and is looking for land in Haridwar.

Top executives of Matsushita visited Haridwar industrial area yesterday and had talks with Indian partners on the expansion plan. Matsushita and Anchor have floated a joint venture company to expand business.

Haka Naka, the president, along with other officials, also visited Anchor's Haridwar plant. The company might invest between Rs 1,000 crore and Rs 2,000 crore, Anchor sources said.

"They can either expand our existing plant in Haridwar or set up a new facility," a source said.

Matsushita is planning to produce its top-line products in India. Last year, Matsushita acquired an 80 per cent of Anchor at around Rs 2,000 crore.

Atul Shah, MD, Anchor Electricals, also accompanied the Japanese visitors to Haridwar.

With the formation of a joint venture with Matsushita, Anchor executives are hopeful that the collaboration with an international electronic giant such as MEW would help the company ramp up international operations and further strengthen the Indian business by sharing key technologies and product lines.

Sources said Matsushita was also interested in benefiting from tax breaks available in Uttarakhand till 2010.