Panasonic Life Solutions India, a subsidiary of Panasonic Corporation, has initiated work on a new electrical equipment material manufacturing facility at Sri City in Andhra Pradesh.
The company plans to invest ₹600 crore over II phases on the new facility. It had previously announced investment of ₹294.7 crore in phase I, according to a Sri City statement.
The ground-breaking ceremony was held on Monday with Tetsuyasu Kawamoto, Managing Director, Panasonic Life Solutions India taking part in the ceremony virtually.
Upon completion, the new facility will be Panasonic Life Solution India’s eighth electrical equipment material production base in India, followed by facilities in the North and West regions. The facility will include an assembly line of the electrical equipment materials and wiring devices offered by the company.
It will be built over 33 acres of land and have a unit of over 133,546 sq m at Sri City. It is likely to employ about 600 people in the State by 2022. The new unit will commence operations by April 2022.
Tetsuyasu Kawamoto said, “India is growing exponentially in terms of housing development and the real estate market. The pandemic had brought businesses to a halt. However, we look forward to a revived growth journey and contribute to the speedy economic recovery of the country. The new facility in Sri City, once completed, will help us scale up our productions in India and generate employment opportunities for the locals.”