Financial Daily from THE HINDU group of publications
Wednesday, Mar 29, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 29, 2006 |
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Corporate
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Outlook Sanyo to increase presence in India Our Bureau
FOCUS INDIA: Mr Toshimasa Iue, President, Sanyo, with Mr Ajit G. Nambiar, Chairman & Managing Director, BPL Ltd, at a press conference in Mumbai on Tuesday. — Paul Noronha
Mumbai , March 28 Japanese consumer electronics major, Sanyo Electric Company Ltd, announced plans to increase its presence in India. The company, which has already launched its consumer products in the Indian market last year, plans to bring in its commercial and industrial equipment business to the country. "We have big plans for India and after building a firm foundation using our initial investment we hope to make it a pillar of our growth in the future," Mr Toshimasa Iue, President, Sanyo, said. Mr Iue has selected India as his very first overseas destination since taking over the reigns of the company last year. "I have been closely watching the immense growth opportunities India offers. "We have big plans for India and after building a firm foundation using our initial investment we hope to make it a pillar of our growth in the future,'' he said. Mr Iue met the Prime Minister Dr Manmohan Singh. He also had a meeting with Mr Ajit G. Nambiar, Chairman and Managing Director, BPL Ltd. The company sees overwhelming potential for its environment and energy-related products in India.
Investment
Goldman Sachs along with two other investment banks have invested $3 billion in Sanyo. Of this $73 million will be invested in Sanyo BPL Private Ltd, the joint venture between Sanyo and BPL. Another $ 27 million has been set aside for working capital requirements for use over the next 12 months. The company has set a turnover target of Rs 2,000 crore to be achieved in the next three years. In the future, Sanyo is eyeing a 50 per cent share in the global hybrid electric vehicle battery market.
Power solutions
Sanyo has identified power solutions — HEV batteries, rechargeable batteries and solar modules — commercial and HVAC-R equipment — industrial air-conditioners, showcases and biomedical equipment - and personal mobile devices as its core businesses. Sanyo plans to introduce these technologies through its subsidiaries — Sanyo India Private Ltd and Sanyo BPL Private Ltd.
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