Panasonic Life to invest Rs 600 crore for electrical equipment near Chennai
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Panasonic Life Solutions will invest Rs 600 crore in India, initially spending Rs 294.7 crore to set up an electrical equipment and wiring manufacturing plant in SriCity near Chennai.
The plant will start work by October 2021, becoming Panasonic’s eighth electrical equipment production base in India after facilities in north and west India
Vivek Sharma, managing director of Panasonic Life Solutions India, and Ravisanna Reddy, managing director of Sri City, on Saturday exchanged an agreement to acquire land for the 133,546-sq mt plant.
“India is growing exponentially in terms of housing development and the number of houses constructed each year is massive in comparison to Japan. We foresee our electrical construction material business outside of Japan as a growth driver along with wiring device business in India which is steadily marking double-digit growth,” said Masaharu Michiura, CEO of Life Solutions Company, Panasonic Corporation.
Panasonic Life Solutions is a subsidiary of Panasonic Life Solutions Company.
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