Panasonic Life Solutions is looking at USD 1 billion in sales by FY22. This, inci-dentally, is almost double the turnover of INR 3,615 crore that it reported in FY19.
Panasonic Life Solutions India (formerly Anchor Electricals), which is into switchgear, wires, wiring devices, lighting solutions, and the home automation segment, is looking to invest INR 600 crore over the next few years as it plans to set up its eighth manufacturing facility in the country.
The company has two facilities at Daman (wires and cables; and wiring devices) and Haridwar (wiring devices and switchgear) each; and one each at Dhamdachi (indoor air quality), Kutch (wires and cables) and Kundi (tapes).
The proposed unit will come up at Sri City in Andhra Pradesh and is likely to go on-stream in two years.
According to Vivek Sharma, Managing Director, the investments are to be made in two phases of INR 300 crore each. The facility will be spread across 35 acres of land and will cater to indoor air quality, wiring device and home automation solutions.
As reported in a leading daily, the investments are to be made out of internal accruals as the company remains debt-free, with substantial cash reserves. In terms of fund availability, there are no issues. The firm is cash-rich, debt-free and we can use our own internal accruals.
The company is banking on new products across categories like Internet of Things (IoT) enabled offerings, protection gear, fans, and high-end lighting solutions with focus on complete solutions.