Panasonic unit aims to triple revenue by 2030, make India an export hub

In a strategic move, Panasonic Electric Works (PEWIN), a subsidiary of Japan-based Panasonic Corporation, has set ambitious goals for its operations in India. The company aims to triple its revenue, targeting an impressive Rs 15,500 crore by 2030. With a clear vision, PEWIN intends to transform India into a significant export hub, focusing on markets in West Asia, SAARC (South Asian Association for Regional Cooperation), and African countries, Kato Yoshiyuki, managing director at 1Panasonic Life Solutions India told Business Today TV.

One of the key objectives on PEWIN's agenda is to increase its share of exports from the current 2 percent to a substantial 10 percent within the next seven years. To facilitate this growth, the company plans to make a noteworthy investment of Rs 300 crore for the expansion of its Sri City plant, which was inaugurated in April 2022. This expansion aligns with the broader global strategy, as the company's electric works division intends to invest Rs 6,250 crore globally for expansion by the end of FY30.

PEWIN's significance in the global landscape is underscored by its 24 percent contribution to global sales (excluding Japan), with India already contributing 8 percent to the impressive Rs 62,500 crore in FY22 sales. As part of its strategic growth plans, the company is also keen to expand its share in the South Indian market, targeting an increase from the current 25 percent to 30 percent in the wiring devices segment.

Rajesh Nandwani, Director of Power Business at Panasonic Life Solutions India, emphasised India's importance as a focus country for PEWIN. He stated, "India remains the focus country for Panasonic electric works, and we will be investing significantly for organic and inorganic growth. We will explore to increase our market share in our respective business."

PEWIN has a substantial presence in India, with seven manufacturing facilities. In the fiscal year ending on March 31, 2023, the company recorded a net sale of Rs 5,180 crore, accounting for 8 percent of Panasonic Electric Works' total sales. These ambitious expansion plans underscore PEWIN's commitment to leveraging India's potential for growth and becoming a significant player in the region and beyond.

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