Panasonic to invest $300 mn for expansion

Mumbai: Japanese electronic and electrical products maker Panasonic is betting big on India, drawing up plans to invest $300 million in the next three years to ramp up manufacturing capacities and expand its marketing network.

In the first year, the company plans to focus on expanding its marketing network and launch a promotion campaign that will include print media and television.

Mr Daizo Ito, CEO of Panasonic India, said the marketing and promotion spend this year would be about Rs 13 crore. “India is a strategic market for Panasonic and we are aggressively looking to expand our footprint in the country,” he said. The company is targeting a market share of 10 per cent in the split AC space.

The company launched a range of three new models of air-conditioners with an accent on clean technology. The new range models are priced between Rs 21,900 and Rs 55,000 and are expected to hit the markets in March.

Brand shops
It plans to increase its number of brand shops from the current 48 to 100 across the country this year, apart from increasing its dealers’ network from 70 to 200.

Panasonic also has plans to launch new verticals in India from its global portfolio, which will include laptops and surveillance cameras. “After the Mumbai terror attacks, the demand for surveillance cameras has sharply risen,” Ms Sabiha Kidwai, General Manager (Marketing) said.