 "Panasonic eyes Rs 1,200 cr in revenue from India in 2018")
Panasonic Electric Works India (PEWIN) -- a subsidiary of Panasonic Life Solutions -- aims to capture 50 per cent market share of India's wiring devices market by 2030, a top company official said.
"Over the next five years, our focus in India will be on significantly expanding our market share," Toshinobu Kawasaki, Joint Managing Director, Panasonic Electric Works India, told PTI.
"Specifically, by 2030, we aim to capture a 50 per cent market share in the wiring device business," he said.
"We are also targeting substantial growth in our core business areas, such as switchgear and lighting. This ambitious plan reflects our commitment to strengthening our position in the market and continuing to deliver quality and innovation in these key segments," Kawasaki said.
Wiring devices include products such as switches, plugs, lighting control devices, time switches, and provide connection points for outlets, lighting, and appliances to save energy and manage power.
Asked if the company is planning more investment in its Sri City unit in Andhra Pradesh to boost manufacturing capacity, Kentaro Kobayashi, Vice President of Manufacturing, said, "In the medium to long term, expanding our manufacturing capacity in India is a critical objective, and for our Sri City facility, we plan to make additional investments to expand our automated production lines."
"This investment is a strategic move to enhance our manufacturing efficiency and output, further solidifying our commitment to growth and technological advancement in the Indian market," Kobayashi said.
To a query on whether the company wishes for more reforms on the Indian tax/regulations front, Yasuhiro Masui, Director Finance, said, "Panasonic recognises the need for more streamlined and efficient tax litigation processes in India."
"A mechanism to expedite litigation cases, coupled with a monitoring system to track their progress, would greatly benefit business operations. Furthermore, we suggest that any new tax measures should consider their impact on businesses.
"This includes allowing adequate preparation time between the announcement of tax measures and their implementation, as well as setting reasonable grace periods. Such measures would not only facilitate better understanding and compliance from businesses but also contribute to the stability of tax revenues," Masui said.
A major tourist attraction in the Japanese capital is the 634-metre high Tokyo Sky Tree, a broadcasting and telecommunications tower. The LED lighting used on the structure has been supplied by Panasonic.
Asked if any such project is in the offing in India, Masato Miyamaru, Director, Lighting Business, said, "We have installed our power and lighting products at flagship projects like the new Indian Parliament building, Rudraksh International Convention Centre, Bengaluru Metro, Nagpur Metro, and Bengaluru International Airport."
"While we do not have specific examples of lighting up radio towers in India, Panasonic has been involved in lighting projects for large facilities. One notable project is the Varanasi Convention Centre (International Cooperation and Convention Centre), where we have delivered lighting solutions.
"While this project may not be similar to the Tokyo Sky Tree, it underscores our commitment to providing advanced lighting solutions for significant infrastructure and facilities in India," Miyamaru said.
Kiyoshi Otaki, Executive Vice President, Panasonic Corporation and President, Panasonic Electric Works Company, said, "We want everyone to live healthily and vibrantly in these spaces. Adapting to changes in societal environments and lifestyles, we are committed to continuously updating spaces and ensuring maximum satisfaction for all our customers."
He said the company aims to contribute to sustainable and secure living not only in Japan but also globally.
"Among our priorities, India holds a special place. As the world's most populous country with remarkable economic growth, we aspire to expand our operations and contribute to Indian society," Otaki said.
"In future, we will pursue exports and investments from India to Africa," he said.
"India is making rapid progress towards a more prosperous future. Panasonic is supporting this dynamic spirit with smart energy solutions that contribute to a lower carbon footprint," a senior Panasonic Electric Works India official said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
