Panasonic Electric Works India (PEWIN), a wholly owned subsidiary of Panasonic is planning to triple its overall business by FY30 by striving its business in four directions - enhancing businesses in electrical devices, project proposals, system and solution proposals and a strategy to make India as a hub for global expansion. In the financial year ending March 2023, the company’s net sales stood at Rs 5,180 crore.
Briefing media at Varanasi, Yoshiyuki KATO, Managing Director, PEWIN said that the electric works division will be investing Rs 6,250 crore globally for expansion over a period of next seven years. It has a 24 per cent global sales contribution (excluding Japan), with India contributing to 8 per cent of approx. Rs 62,500 crore of FY22 sales.
The company believes that India remains the focus country for Panasonic electric works, and they aim to make India a global hub for exports. Rajesh Kumar Nandwani, Director of power business unit, Panasonic Life Solutions India, said the company will be making investments to the tune of Rs 300 crore for increasing its capacity at its Sri City manufacturing facility in Andhra Pradesh over a period of three to five years to scale up its production capacity which will give a boost to its export plans. The company had planned to invest a total of Rs 600 crore on the project and an initial investment of Rs 300 crore has been completed. The Sri City manufacturing facility was opened in 2022.
Nandwani also said that post the completion of the Sri City plant in FY26, the company will be looking out for more opportunities to grow both organically and inorganically. Currently, the production capacity of the Panasonic wiring devices business unit stands at 620 million pieces per year, which will grow to 700 million pieces by FY25 and to 1,000 million pieces by FY30, he added. Apart from Sri City, it has wiring devices manufacturing facilities in Haridwar and Daman.
Amit Barve, who heads the solar business unit, said the company is looking at solar lighting along highways as a big opportunity, given the mandate to have a fifth of the country's roads to be lit up using solar power.
PEWIN, lighting business unit will start in house manufacturing of lighting products in 2023. It contains Japanese manufacturing technology and quality management know-how and energy equipment manufacturing knowledge accumulated in India. The company will look to become more solutions-centric rather than product-centric, said Raja Mukherjee, Sr. vice president & head of the lighting business unit. Government business contributes a third of the topline for the lighting unit at present, he added. Lighting business unit will promote new and cutting-edge technology solutions in Powai - Mumbai this autumn, which involved people to discover and enjoy the sparkles of the light.