Panasonic Life Solutions Inks Agreement to Set Up Factory in Andhra Pradesh

The Panasonic Life Solutions India has announced that it has signed an agreement to put in an initial investment of Rs 294.7 crore in setting up the electrical equipment material and wiring device manufacturing facility at Sri City, Industrial Park, Andhra Pradesh.

The new unit will be Panasonic’s eighth electrical equipment material production base in India The facility will start its operations of manufacturing the electrical appliances by October 2021. It aims to provide direct employment to 600 people, the company said in a statement.

The 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. Through this investment, the company aims to strengthen its presence across southern India.

Speaking on the agreement, Vivek Sharma, MD, Panasonic Life Solutions India said, “With a strong focus of the Central as well as the state governments through the 'Make in India' program, which aims to transform India into a global design and manufacturing hub, we look forward towards building resilient and sustainable partnerships.”

Ravisanna Reddy, MD, Sri City further added that, “We feel very happy to welcome Panasonic Life Solutions, a worldwide leader in the development of diverse technologies and solutions, to Sri City fraternity. Panasonic Life Solutions will be the 25th Japanese company investing in Sri City."

Business | News published on 14/01/2020 by News Bureau

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