India turns hub for Panasonic

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New Delhi, Feb. 4: Panasonic is investing in India to build capacity as it expects the country to emerge as a manufacturing hub for the African and West Asian markets for its appliance business, a top official of Japanese electronics major said.

For Panasonic, India is the fastest growing market globally and the country is among its high priority markets, CEO of appliance company and senior managing executive officer, Panasonic Corporation, Tetsuro Homma, said.

Besides, Panasonic Appliances is also pushing India to be an R& D hub to serve its other global markets. “Panasonic Appliance Company has several regions globally and Indian market is the fastest growing. So we have a confidence in this market and are broadly expanding our product range,” Mr Homma said.

“Panasonic Corporation has a very clear strategic intent, and that is to enhance its appliances portfolio for which India has been identified as a developmental hub. Be it innovation, R& D or exports, the corporation aims to mould the country into its Offshore Delivery Centre.”

As per its strategy, Panasonic Appliances is placing India along with China in its high priority markets. “We put high priority on China, India and those so on Asia. Those are our prioritise countries because we change our consumer electronics strategy not to heavily depending on audio visual products but we spend much resources on appliances business and AC business,” he added.

In FY2016, Japan contributed 56 per cent to Panasonic Appliances’ revenue and the rest 44 per cent came from other markets comprising of Asia, China, Europe and ISAMEA ( India, South Asia, Middle- East and Africa).