New company aimed at consolidating Indian operations
New Delhi, July 11
Matsushita Electric Industrial Company, which owns the Panasonic brand, has received Government permission to consolidate its Indian operations by setting up a wholly owned subsidiary in India with an initial investment of Rs 60 crore, sources said.
The subsidiary would act as the holding company for its six existing Indian joint ventures.
The company would also "provide shared services to all Matsushita group companies in India and outside India relating to functions such as finance, accounting, HR, administration, management, corporate planning and information technology," the sources said.
Matsushita's six joint ventures in India are Panasonic AVC Networks India, Panasonic Home Appliances India, Panasonic Battery India, Panasonic Carbon India, Nippo Batteries, and Matsushita Washing Machines India.
Apart from becoming the holding company for the existing joint ventures, the company would make use of the Indian talent pool for furthering its R&D, and product and software development activities.
The proposed company's plan includes establishing a training centre and productivity support centre in India to assist all Matsushita group companies in training technical and managerial staff as well as for establishing a comprehensive R&D centre and several computer software development centres.
It has also received the mandate from the Government to promote manufacturing projects in the country with direct equity participation and through technological co-operation.
The company would initiate steps to enhance the export potential of non-Matsushita companies in India, the sources said.