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| Panasonic to invest Rs 1,400-cr in India in next 3 yrs |
| Press Trust of India / Mumbai Aug 29, 2010, 10:48 IST |
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Electronics consumer durables major, Panasonic India, plans to invest around Rs 1,400-crore over the next three-years to establish the brand as a home appliances leader in the country, a top company official said.
The company would spend the earmarked amount to set up a technopark in north India, establish the brand as an home appliances major and other technical operations over the next 3-years, he said.
"Panasonic has always been associated with TVs and digital cameras. We want to change the consumers mindset and are hence trying to establish the brand that can be associated with home appliances. We are investing around USD 30-million (Rs 1,400-crore) in the next 3-years," Panasonic India's Marketing Director, Manish Sharma, told PTI on the sidelines of the launch of its 'camera to couch' 3D solutions here.
Panasonic India is currently the market leader in plasma and LCD TVs with a 48 per cent share of the total market of 3.6-million units of flat TVs.
However, the Japanese firm is looking at increasing its market share in home appliances such as refrigerators, air-conditioners and washing machines while maintaining its position as a leading TV player.
"We are already selling our home appliances in the market and we want to scale-up this segment. Over the next two-years we want to garner a 15 per cent share in the washing machines market from the current 5 per cent," Sharma said, adding that it is in fact a huge challenge as the market is flooded with products from major players such as Samsung, LG, Whirlpool and smaller players such as Onida and Videocon.
The company's sales in the flat TV panels have grown 250 per cent over the last year, thus reflecting a good consumer response.
It now wants to target consumers beyond the metros and enter Tier II and Tier III cities to address the latent demand there.
The company is in the process of setting up its first air-conditioners manufacturing unit near Gurgaon, he said.
"Within the next two-months, we will acquire land and set up our technopark near Gurgaon. This will house our first AC manufacturing unit. After this we will focus on fridge and washing machines," Sharma added.
Panasonic is also focusing on advertisement and promotional activities and plans to spend around 15 per cent of the revenues on both ATL and BTL activities.
Besides, it plans to open 40 more exclusive showrooms this year. Currently, it has 110 such outlets.
"We also are focusing a lot on increasing our retail presence in Tier II and Tier III cities by opening 40 more showrooms. We intend to develop and design products keeping in mind the need of the middle-class consumer," he said.
The company expects a double-digit growth over the next few years, he said.
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