Panasonic Electric Works India (PEWIN), a subsidiary of Panasonic Life Solutions India Pvt. Ltd., is aiming to make India an export hub for the Middle East, SAARC, and African countries. Since acquiring Anchor Electricals in 2007, the company has witnessed steady growth in its wiring devices business and now plans to focus on new product development and higher exports. Currently, the company exports to countries including Sri Lanka, Kenya, and Tanzania.
Panasonic Electric Works aims to increase its share of exports from the current 2 per cent to 10 per cent in the next seven years. The company will make a fresh investment of Rs 300 crore at its latest and most automated production plant at Sri City in Andhra Pradesh. With this investment, the Sri City plant’s production capacity will increase from 120 million to 300 million pieces of wiring devices (switches and sockets). The Sri City plant was inaugurated last year.
During a press meet at Varanasi, Yoshiyuki Kato, Managing Director of Panasonic Life Solutions India, said that Panasonic's electric work division will be investing Rs 6,250 crore globally over the next five to seven years.
PEWIN has seven manufacturing facilities in India. It recorded a net sale of Rs 5,180 crore in the fiscal year ended March 31, 2023, which accounts for 8 per cent of Panasonic Electric Works’ total sales.
PEWIN is aiming to scale up its sales volume three times by 2030.
"The company is number one in Asia and number two in the global market in the wiring devices business. The company is aiming to be the leader in the wiring business by 2030," said Kato.
Through its seven manufacturing facilities in Haridwar, Daman, and Sri City, PEWIN is looking to manufacture 1,000 million pieces per year in FY23, up from the current 620 million pieces in FY23.