Japanese electronics major Panasonic is strengthening its manufacturing footprint in India. End January, its subsidiary Panasonic India inaugurated its first refrigerator-making factory in the country. Set up at an investment of $20 million, with an annual production capacity of 500,000 units, the facility is located in India’s northern state of Haryana where the company is already making washing machines and air-conditioners.
Tetsuro Homma, CEO of Appliance Company and senior managing executive officer, Panasonic Corporation, said, “India is the fastest growing market for us. The company has a very clear strategic intent to enhance its appliance portfolio for which India has been identified as a developmental hub. We believe India has the potential to become our offshore delivery center for R&D and exports. We believe it can serve as a regional hub for markets such as West Asia and Africa.”
