Panasonic looking at mass market for India expansion
24 May 2011
Japanese consumer electronics major Panasonic is looking at the mass market as it plans to dig deeper into the Indian market with new products and new alliances.
Panasonic, which unveiled new range of consumer durables, including new series of cameras, is also planning to develop more India-specific products with technical collaboration with Indian companies, including the Tata Group which runs the electronics supermarket chain Croma.
Panasonic also recently set up its first research and development centre in Haryana with plans to manufacture a range of consumer durables, including water purifiers, besides an expanded range of its existing products.
Panasonic, which lagged its Korean counterparts in consolidating the Indian market, is reported to be looking at tying up with Indian companies, including the Tata Group, for developing India-specific products.
The company is also in talks with IT and computer makers, for making software and developing contents for its smart TVs.
Panasonic India, which managed to increase its India sales three-fold over the past three years, is now aiming at a near three-fold increase in its sales turnover in an year's time, ie, by 2012. The company expects its sales turnover to reach around Rs9,000 crore in 2012 against Rs3,200-crore achieved last year.