Panasonic India to invest Rs 95 cr to set up new unit

Consumer durables firm Panasonic India today said it will invest Rs 95 crore on setting up its first facility for making equipment used in arc welding.

The company said the factory, which will start production by 2012, will come under its newly formed division called Panasonic Welding Systems India, which will supply arc welding equipment for the Indian market.

Arc welding is a process of joining materials likes metals by melting it through gas flame, laser, electron beam, friction or ultrasound.

"Panasonic's first arc welding equipment factory is going to be established in December, 2010, in Haryana...," the company said in a statement, adding that setting the facility will entail an investment of Rs 950 million (Rs 95 crore).

The company said the factory will have a total capacity to produce 25,000 per units per year and will start production in August 2012.

"To enhance the brand value of Panasonic and accelerate localisation contribution to Indian industries, Panasonic has taken this major step to establish welding equipment factory in India," Panasonic Welding Systems Managing Director Toshihide Takahashi said.

India has witnessed 108 per cent growth in 2009 and has gained the third place after China and USA. Indian steel-based industries are growing rapidly with production of automobiles and transport machine, he added.

At present, Panasonic India has three plants in the country for manufacturing LCDs, CRTs, automatic cooker and batteries.