Panasonic to enter auto segment

Consumer durables major Panasonic today said it is aiming for a billion-dollar revenue from its India operations by 2012 and is looking to foray into the automobile sector.

"Going forward we are hoping to achieve sales revenue of around $1 billion by 2012," Panasonic India Director Operation and Planning Arjun Balakrishnan told PTI.

He said, the company's sales in the country will increase primarily on the back of growth in consumer durables and home appliances segment.

The company clocked a revenue of Rs 2,200 crore in the last financial year and is expected to achieve a turnover of Rs 3,000 crore in the current financial year.

Balakrishnan said the company is looking to enter the domestic automobile sector with a product such as an in-house entertainment and sensor.

"We are already a major player in the in-house car entertainment (music players and LCD screens) segment and now are also looking to enter the Indian automobile segment," Balakrishnan said.

The company is in the process of negotiating with leading car makers in the country to sell its product to them, which it plans to launch in the second quarter of 2011.

The company has also tied up with All India Football Federation to promote its products.

"Panasonic has been a strong supporter and endorser of football in Thailand and is delighted to extend this association in India with the sport," Panasonic India CEO Daizo Ito said.