Panasonic Life Solutions India plans to invest Rs 295 crore (US$ 42.21 million) to set up an electrical equipment material and wiring device manufacturing facility at the Sri City Industrial Park. This investment is part of the company’s plan to invest Rs 600 crore (US$ 85.85 million) in India.
The unit is scheduled to begin production by October 2021 and will employee around 600 people.
Panasonic Life Solution India will be the 25th Japanese company to invest in Sri City and the 1.33 lakh sq. m. facility will be company’s eighth electrical equipment material production base in the country.
“We have received all clearances from the State and the Central governments to set up the factory. The land acquisition agreement was signed today and exchanged between Vivek Sharma, Managing Director of Panasonic Life Solutions India, and Mr Ravisanna Reddy, Managing Director, Sri City,” a Panasonic Life Solutions statement said.
Source: IBEF
Image Courtesy: Panasonic
You may also like
-
When Trade Routes Become Weapons: Why BRICS Needs a Resilient Supply-Chain Architecture
-
India’s Trade With BRICS More Than Doubles to $417 Billion as Export Opportunity Expands
-
India and Uruguay Agree Trade and Connectivity Roadmap as Montevideo Ratifies International Solar Alliance
-
The Return of Multipolarity: Why the World Is Moving Beyond a Single Centre of Power
-
The Financial Chokepoint: Why BRICS Can No Longer Depend on SWIFT and the Dollar Alone
