Panasonic Life Solutions to set up a new manufacturing facility in Sri City, Andhra Pradesh
Panasonic Life Solutions India, a wholly-owned subsidiary of Panasonic Corporation, on Monday said it will invest Rs 600 crore to set a up a new manufacturing facility in Sri City, Andhra Pradesh (AP). The company plans to make a total Investment of Rs 600 crore in two phases.
The previously announced investment of Rs 294.7 crore in phase one is part of the company’s robust manufacturing and expansion plans to support infrastructure and increase production capacity in India, Panasonic Life Solutions (formerly known as Anchor Electricals), said in a statement.
The company, which held the ground breaking ceremony for the facility on Monday, said it aims is to create employment opportunities and industrial development in Andhra Pradesh.
The aim is to provide direct employment to at least 600 people in the state by 2022. Due to the pandemic scenario, the new unit will now commence its operations of manufacturing the electrical appliances by April 2022, it said.
Upon completion, the new facility will be Panasonic Life Solution India’s eighth electrical equipment material production base in India, followed by facilities in the North and West regions, the company added.
Tetsuyasu Kawamoto, Managing Director, Panasonic Life Solutions India Pvt.Ltd. said, “India is growing exponentially in terms of housing development, and the real estate market, especially in Andhra Pradesh, will witness a paradigm shift in the post-pandemic era. The pandemic had brought businesses to a halt; however, we look forward to a revived growth journey and contribute to the speedy economic recovery of the country.
“The new facility in Sri City, once completed, will help us significantly scale up our productions in India and generate employment opportunities for the locals in Andhra Pradesh. With a strong commitment towards the government’s vision of ‘AatmaNirbhar Bharat’, the completion of this land will assist in strengthening our relations with the Government of Andhra Pradesh”.
In India, Panasonic Life Solutions has factories in Haridwar which are equipped to cater to the demands of the North, and the factories in Daman and Kutch which cater to the Western markets.