To expand its retail presence in India, Panasonic Life Solutions will be opening 100 stores over the next three to five years.
The exclusive business stores (EBU) will be opened across metro and tier 2 cities.
“The EBU stores were started in 2020-2021 and we plan to operate them across the country. We will be evaluating the progress, and business from the stores and will then look into expansion,” said Rajesh Nandwani, Director of Power Business, Panasonic Life Solutions India to businessline.
The company presently has five stores across metro cities in India.
Further, the company plans to make India its global export hub to the Middle East, and South Asia and contribute 10 per cent by FY2030.
The company presently has two per cent exports from India and exports to Kenya, Nigeria, Tanzania, Saudi Arabia, Onam and SARC countries Srilanka, Myanmar, Bhutan,
A ₹300 crore investment will be made by the company for the expansion of the Sri City plant that was opened in April 2022.
The global sales excluding Japan are expected to be 40 per cent by FY2030.
- Also Read: Panasonic Life Solutions set to introduce residential solar kits, to focus on tier-2, tier-3 cities
Festive growth
Panasonic Life Solutions is targeting up to 12 per cent growth in business this financial year.
“In the last two months, we have seen India witness heavy rains leading to flooding in many parts of the country. This resulted in challenges in some states but overall our business is doing well and we are aiming to grow at a healthy rate. This financial year we expect the electric works to grow between eight to 12 per cent,” added Rajesh Nandwani.