Published On:January 27 2015
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Panasonic plans to start acid battery plant under PM Modi's Make in India initiative.
Japan's Panasonic Corporation plans to start an acid battery factory and explore more opportunities for manufacturing under the Prime Minister Narendra Modi's 'Make in India' campaign. The factory, for which the company entered into a joint venture with Indian auto components maker Uno Minda last year, will become operational in September, Panasonic's managing director for India and South Asia, Manish Sharma, told ET.
Although the Indian arm contributes just 2 per cent to the company's global revenue, the company is looking closely at India even for the enterprise segment that is booming for Panasonic globally, said Sharma.
There are further opportunities for manufacturing refrigerators, where demand outstrips supply, and in the energy sector, said Sharma, adding that Panasonic will look for opportunities to tie up with companies in India for more such factories. 'We are looking at some business models that will be capital-intensive and Japan is willing to support,' he said.
The Indian arm is expected to clock 30 per cent revenue growth each year till 2018, according to Sharma, who said the contribution from sales to enterprises over the next three years is likely to double and boost growth primarily in the areas of energy storage and security. 'We have grown 12 times our size since 2009, but the base was small.Going forward, we will look at a 30 per cent CAGR (compounded annual growth rate).'