Panasonic Life Solutions India plans to invest more than Rs 600 crore in India. The initial investment of Rs 294.7 crore hasbeen committed for setting up the electrical equipment material and wiring device manufacturing facility spread over 133,546 square meters at Sri City, Industrial Park, Andhra Pradesh. The aim is to support the infrastructure, create employment opportunities and industrial development in Andhra Pradesh. The facility will start its operations by October 2021.
Panasonic Life Solutions India has received all clearances from the state and the Central Government to set up the factory. Vivek Sharma, Managing Director, Panasonic Life Solutions India said, “In recent years Andhra Pradesh has seen a paradigm shift in its industrial culture. 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.”
Masaharu Michiura, CEO, Life Solutions Company, Panasonic Corporation stated, “India is growing exponentially in terms of housing development and the number of houses constructed each year is massive in comparison to Japan.”
