The growing consumer electronics market of the country has encouraged Japanese electronics goods maker, Panasonic Corporation to plan a major investment in the country. According to a TOI report, the company is planning to invest Rs 15,000 million in the country in the next three years. The idea is to take on its rivals including LG and Samsung.
The report mentioned that Panasonic is aiming to gain an increased share in the enterprise business. The company has plans to introduce new products and get into strategic partnerships with Indian groups like Reliance Industries and the Tatas. Panasonic’s president Kazuhiro Tsuga said that such partnerships will help in increasing the company’s turnover in India by 2015. The consumer electronics maker unveiled its three-year business plan for the country, where it aims to recover from the losses in its mobile phones, semiconductors and television businesses globally and look for newer avenues of growth. It is worth mentioning here that Indian market has proved really beneficial for the Japanese company as it has been successful in doubling its sales here.
The report quoted Tsuga as saying, “Having done well in the consumer business, and keeping in line with the new global business plan, we now have a renewed focus on the business to business segment. We are aiming to double our contribution of the B2B segment to Panasonic’s overall revenue by 2015 and will be introducing new product ranges in this segment mainly in the energy solutions, security and surveillance systems.” The company also has plans to enter the IT products market soon.
Tsuga said that India will be one of the two priority markets going forward with the view of localisation for Panasonic. Panasonic claims that currently it has a 15 per cent market share in the split air conditioning segment, a major growth from 2 per cent in 2008 and 9 per cent share in the flat panel television space. He said, “There will be a sound focus on local manufacturing and expansion of production processes and the company will continue focusing on developing India-specific product innovations.”
