Japanese consumer electronics major Panasonic, which Thursday announced its plans to ramp up smart factory solutions business in India, is targeting a revenue of around Rs 1,000 crore from the segment in three years.

It has integrated its welding and surface-mount technology (SMT) equipment businesses to consolidate its software and hardware capabilities and to become an end-to-end integrated smart manufacturing solutions company, it added.

"The company targets to achieve Rs 1,000 crore in revenue from its smart factory business in the next three years, with solutions and digital manufacturing expected to contribute 15 per cent to the total smart factory business revenue," said Panasonic.

The smart factory solutions proposition will enable Panasonic to deliver high value-added and smart solutions and services along with hardware to the manufacturing industry.

Panasonic India President and Chief Executive Officer Manish Sharma said: "The key technology to realise a smart factory is to connect various equipment through the internet of things (IoT), to synchronise them and collect and control data from the equipment in real time for entire production processes."

The company is focused on building solutions that cater to the needs of customers and will aggressively ramp up its portfolio of smart factory solutions, he added.

Panasonic plans to open a technical centre for its smart factory solutions also, as it is focusing to make India as its innovation hub and create an ecosystem of component and automated manufacturing in the country.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)