Panasonic to invest ₹294 crore on electrical plant

First facility in South India comes to Sri City

Vivek Sharma (right), Managing Director, Panasonic Life Solutions India, exchanging a copy of the MoU with Sri City Managing Director Ravi Sannareddy, at Sri City in Chittoor district on Friday.

Panasonic Life Solutions India, a wholly-owned subsidiary of Panasonic Life Solutions Company, is planning to invest ₹294 crore on building an electrical equipment manufacturing facility at Sri City in Chittoor district.

Panasonic Life Solutions India’s Managing Director Vivek Sharma and Sri City Managing Director Ravi Sannareddy signed and exchanged copies of the land acquisition agreement at Sri City on Friday, indicating receipt of all clearances from the State and Central governments to set up the factory.

The new unit, spread over 1,33,546 sq. mt., will be Panasonic’s eighth electrical equipment material production base in India and the first in South India, with the other seven units located in Daman, Kutch and Haridwar, spread across the north and western regions. The facility will start operations by October 2021.

Speaking on the paradigm shift witnessed in the industrial culture of Andhra Pradesh, Mr. Sharma said it was an opportune time to enter this market. “With a strong focus of the Central and State governments through the ‘Make in India’ programme, which aims to transform India into a global design and manufacturing hub, we look forward to building resilient and sustainable partnerships,” Mr. Sharma said.

“Panasonic is the 25th Japanese company to set foot in Sri City,” Mr. Sannareddy said.