Panasonic to commence work on Sri City facility in May

Panasonic is planning to start work on its greenfield plant in Sri City in Andhra Pradesh in May. The Japanese company is eyeing to invest around Rs 650 crore in the new facility.

Panasonic expects to complete the new plant, its eighth in the country, within 12 months and make it a facility to boost volumes within the country while making it a hub for exports in the region. The plant has the potential to provide employment to about 1,800 people.

Recently, Panasonic Life Solutions India Pvt Ltd has proposed to manufacture switch socket and accessories in Chittoor, Andhra Pradesh.

In connection with this, it has filed Industrial Entrepreneurs’ Memorandum with the Commerce Ministry’s Department of Industrial Policy and Promotion (DIPP).

Other companies which have filed IEMs are Waaree Power Pvt Ltd for manufacture of solar cells and modules in Valsad, Gujarat; and Vadit Snacks Pvt Ltd for namkeen items, fryums, Kurkure and other packed snacks in Raipur,
Chattisgarh.

Image Credit : bsmedia.business-standard.com

Research Desk

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