Panasonic Life to set up production unit in AP at Rs 600 crore

Panasonic Life Solutions India has planned to invest Rs 600 crore over the next few years to set up its eighth manufacturing facility in the country.

Formerly known as Anchor Electricals, the company is into switchgear, wires, wiring devices, lighting solutions, and the home automation segment. It is looking to establish its new unit at Sri City in Andhra Pradesh.

Vivek Sharma, Managing Director, was quoted as saying by BusinessLine that the investments are to be made in two phases of Rs 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.

“In terms of fund availability, there are no issues. We are cash-rich, debt-free and we can use our own internal accruals,” he added. He also said that the company has about Rs 1,000 crore cash reserves, while another Rs 1,000-odd crore is there in the banks.

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