IBEF: January 13, 2020
Panasonic Life Solutions India plans to invest Rs 295 crore (US$ 42.21 million) to set up an electrical equipment material and wiring device manufacturing facility at the Sri City Industrial Park. This investment is part of the company’s plan to invest Rs 600 crore (US$ 85.85 million) in India.
The unit is scheduled to begin production by October 2021 and will employee around 600 people.
Panasonic Life Solution India will be the 25th Japanese company to invest in Sri City and the 1.33 lakh sq. m. facility will be company’s eighth electrical equipment material production base in the country.
“We have received all clearances from the State and the Central governments to set up the factory. The land acquisition agreement was signed today and exchanged between Vivek Sharma, Managing Director of Panasonic Life Solutions India, and Mr Ravisanna Reddy, Managing Director, Sri City,” a Panasonic Life Solutions statement said.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.