Panasonic India, the Indian subsidiary of Panasonic Corporation, is planning to invest $300 million by 2015, a top company official said on Monday.
“In order to become a $5 billion company, we are planning to invest about $300 million by 2015. Out of this, a huge chunk will go to our upcoming manufacturing unit at Jhajjar in Haryana,” said Manish Sharma, managing director, consumer products division, Panasonic India, on the sidelines of the launch of its new beauty care and grooming products here. The Jhajjar facility is expected to be commissioned by December this year, which will see an investment of $200 million.
Panasonic India had registered sales of Rs 5,500 crore during the financial year 2011-12 and is expecting a turnover of Rs 10,000 crore during the financial year 2012. “During the current financial year, we are also planning to expand our presence in tier II and tier III cities. Panasonic will also be expanding the number of exclusive brand shops from 134 to 200 by the end of this year,” he added.
In the Rs 200-crore grooming products segment, Panasonic currently holds 18 per cent marketshare. “We are expecting this to increase to 25 per cent by the end of this year,” he said. However, Sharma added that the problems in international markets is not affecting the firm’s operations in India.
The company’s consumer products division is expected to achieve break-even by the end of this financial year.
“Moreover, we are targeting a growth of 70 per cent, despite conditions abroad. However, because of the rupee dollar imbalance, we may have to go for price rise in some categories by the first week of July. Already, we there is a rise of 3-4 per cent on refrigerators,” he said.