Panasonic to hire 3,500 in India, says gunning for $10 bn annual business
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Japanese electronics goods major Panasonic today said the Indian operations will become its second largest in Asia Pacific after China with an annual revenue of USD 10 billion (over Rs 50,000 crore) by 2018 - it also unveiled a big jobs plan.
The company's Indian subsidiary, which hopes to have a turnover of Rs 10,000 cr in this fiscal, is aiming to be the number one in the region by 2030 from its current ranking of below 10th position.
To achieve its target, the company will set up more production facilities in India as it looks to make the country a manufacturing hub. It today inaugurated its sixth plant in the country here.
The Japanese electronic products giant plans to hire over 3,500 people by 2018 at its newly inaugurated plant set up here with USD 200 million investment (nearly Rs 900 crore).
"Indian market is very important for us. Demand here is growing. As per our target, India will be the second largest market in Asia Pacific after China," Panasonic Asia Pacific Managing Director Yorihisa Shiokawa told reporters here.
According to the company's estimates, India is estimated to contribute USD 10 billion revenue by 2018.
He, however, did not share how much is China's share in Panasonic's global income at present.
Shiokawa said the company globally is focussing in four segments - residential, non residential, personal and movers. "India is doing well in all the segments... We will have more manufacturing facilities here in future," he said without sharing details.
The company's Indian operations also aims to increase its revenue by over two-fold to Rs 25,000 crore by 2015, it said.
While inaugurating the 76-acre plant here, Panasonic India said it will "provide employment to 1,500 people in the first phase and over 2,000 in the second by 2018." Currently, the firm has a workforce of about 12,650 people in India.