Panasonic India plans to invest Rs 1,500 cr in next 3 years

Panasonic India Pvt Ltd plans to invest Rs 1,500 crore over the next three years on advertising and marketing to sell its products in the country.

The company, which has invested Rs 1,200 crore ($200 million) since 2012 at its six manufacturing facilities across India, aims to increase its market share in the air-conditioning products segment to 15 per cent this year from 9 per cent in 2012-13, Manish Sharma, Managing Director, said.

The country’s western region contributes 35 per cent to the company’s overall sales in India, he said, adding that Panasonic is expecting to increase its market share in Gujarat from 11 per cent in 2012-13 to 18 per cent this fiscal with its new range of Viera TV.

For the second consecutive year, Panasonic continues to be the number one in Gujarat in terms of sale of split air-conditioners whose market is growing 80-100 per cent per annum.

Sharma said that the growing market of smart TV and phones has adversely affected the sale of other items. However, the coming festival season could give a boost to the market. Panasonic India is launching a zero-per cent interest scheme on Independence Day, he added.

Asked about a possible price rise due to rupee depreciation, Sharma said that if the depreciation goes beyond Rs 62 to a dollar, the company would be forced to revise prices upwards and pass it on to the consumers.

Panasonic India’s sales stood at Rs 7,400 crore ($1.3 billion) in 2012-13, which it expects to cross the Rs 20,000 crore mark over the next three financial years.

COMMENT NOW