Panasonic to set up 300 cr plant for refrigerators

Panasonic to set up 300 cr plant for refrigerators
Highlights

Panasonic to set up 300 cr plant for refrigerators. Consumer electronics major Panasonic India is gearing up to establish a new manufacturing facility for refrigerators with an investment of Rs 200 to Rs 300 crore in next 18 months.

Plans to bring out ‘Make in India’ smartphones; India Gadget Expo gets underway

Hyderabad: Consumer electronics major Panasonic India is gearing up to establish a new manufacturing facility for refrigerators with an investment of Rs 200 to Rs 300 crore in next 18 months. The Japanese giant will also launch ‘Make in India’ smartphones in six months time.

J A Chowdary, Co-chairman, FICCI AP &TS, KT Rama Rao, IT Minister, Manish Sharma, MD, Panasonic India, and Jayesh Ranjan, Secretary, IT Department, at the inauguration of India Gadget Expo 2015 at Hitex in Hyderabad on Friday

“We are planning to establish the new plant for refrigerators, which will have a capacity to produce 10 lakh units annually. The plant which is likely to come up in one and a half years will cater to the demand from India, Middle East and Africa,” Manish Sharma, Managing Director, Panasonic India and South Asia, told media on the sidelines of 2015 India Gadget Expo which got underway in the city on Friday.

However, he did not disclose the location where the new plant would be set up. Sharma further said that efforts were underway to make Panasonic mobile handsets in the country under the ‘Make in India’ initiative in six months’ time. But he did give clarity on whether the company would set up its own plant or outsource the manufacturing activity.

Replying to query, he said Panasonic India would launch a 4G smartphone priced under Rs 6,000 between January-March next year. On the currency fluctuations, he said consumer electronics companies might increase prices by three to five per cent to offset rupee depreciation.

Sharma maintained that consumer electronics segment would clock around 10 per cent growth this fiscal to reach Rs 52,000 crore mark from the last fiscal’s 48,000 crore. Earlier, IT Minister K T Rama Rao inaugurated the second edition of India Gadget Expo which attracted over 100 companies including Canon, Micromax, Motorola, Gionee, among others.

The four-day event being organised by IGE Ventures LLP is expected to attract a large number of visitors. Organisers also planned hackathon carnival, conferences, etc.

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