CorporatePanasonic India to invest $300 mn in 3 years
Consumer durable maker Panasonic India today said it will invest around Rs 1,400 crore in the next three years to gain about 17 per cent share in 27 lakh domestic air conditioner market.
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"Currently, we have around 5 per cent share in the domestic air conditioner market and by 2012, we are eyeing for 17 per cent share in the domestic market," Panasonic India Director (operations and planning) Arjun Balakrishnan told reporters here.
The company plans to put an investment of around $300 million in the next three years to achieve the target.
The company also announced that it has roped in Katrina Kaif as brand ambassador for its home appliance range. It has also announced that it will be introducing a complete new range of air conditioners (ACs) from early next year.
Panasonic is targeting a sale of around 80,000 to 1 lakh units of ACs in the current financial year and it intend to double the sale of ACs every year to achieve a target of 17 per cent market share by 2012.
"We are also looking at setting up a new manufacturing unit in India for producing home appliances particularly air conditioners," Balakrishnan said.
However, the decision would depend upon the sales, he said. "Before setting up a unit in India, we must achieve the target of selling around 4.5 lakh units in the country."
Speaking about the company"s plan in India, Balakrishnan said the company would invest around 5 per cent of its total turnover of Rs 4,500 crore in marketing and promotions.
In terms of manpower, he said the company has a marketing team of 210 person which it would double the next year.
Panasonic is also setting a large showroom in Gurgaon as "Panasoni Experience Centre" to showcase the upcoming high- tech products from its portfolio.
"We plan to set up similar experience centre in all metro cities in the country and second would come up in Gurgaon," he said.