Companies

Panasonic Life to set up ₹295-crore facility in Sri City

Our Bureau Vijayawada | Updated on January 10, 2020 Published on January 10, 2020

Panasonic Life Solutions India will invest ₹295 crore to set up an electrical equipment material and wiring device manufacturing facility at the Sri City Industrial Park. The investment is part of the company’s plan to invest ₹600 crore in India.

The unit, which will begin production by October 2021, will generate 600 jobs.

Panasonic Life Solutions will be the 25th Japanese company to invest in Sri City. The 1.33 lakh sq m facility will be its eighth electrical equipment material production base in the country.

“We have received all clearances from the State and the Central governments to set up the factory. The land acquisition agreement was signed today and exchanged between Vivek Sharma, Managing Director of Panasonic Life Solutions India, and Ravisanna Reddy, Managing Director, Sri City,” a Panasonic Life Solutions statement said.

Published on January 10, 2020
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