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Panasonic to invest Rs. 1500 crore over next three years in 'centrepiece' India

Panasonic to invest Rs. 1500 crore over next three years in 'centrepiece' India

By Agence France-Presse | Updated: 1 May 2013 14:49 IST

Japanese electronics giant Panasonic will invest 15 billion rupees ($277 million) in advertising and marketing in India over the next three years, its president Kazuhiro Tsuga said on Tuesday.

A Panasonic team, led by Tsuga are in India to explore how to increase their presence and business in the country, which currently contributes just one percent to Panasonic's global revenues.

India has been identified as a "centrepiece" for the future, alongside Brazil, the company said.

In India, Panasonic competes with rivals like Sony, LG and Samsung in the expanding consumer goods and home appliances sector.

Tsuga said he met top Indian industrialists like Reliance Industries chairman Mukesh Ambani and business heads of the Tata conglomerate group, to explore strategic partnerships.

"We are looking to work with industry giants like Reliance and the Tatas," Tsuga told reporters in financial centre Mumbai. But he added that talks are "premature" and they had not decided on the nature of possible tie-ups.

Panasonic India managing director Manish Sharma said the Japanese giant hopes to triple its sales in India over the next three years, from $1.3 billion in 2012.

Panasonic reported global sales of 7.85 trillion yen ($810 billion) in 2012.

"We will focus to increase our presence in products like washing machines, personal care grooming products, audio-visual and business security products besides air-conditioners and televisions," Sharma said.

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