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Japanese electronics goods major Panasonic today said the Indian operations will become its second largest in Asia Pacific after China with an annual revenue of $10 billion (over Rs 50,000 crore) by 2018.
The company's Indian subsidiary, which hopes to have a turnover of Rs 10,000 cr in this fiscal, is aiming to be the number one in the region by 2030 from its current ranking of below 10th position.
To achieve its target, the company will set up more production facilities in India as it looks to make the country a manufacturing hub. It inaugurated its sixth plant in the country here.
The Japanese electronic products giant plans to hire over 3,500 people by 2018 at its newly inaugurated plant set up here with $200 million investment (nearly Rs 900 crore).
"Indian market is very important for us. Demand here is growing. As per our target, India will be the second largest market in Asia Pacific after China," Panasonic Asia Pacific Managing Director Yorihisa Shiokawa told reporters here.
According to the company's estimates, India is estimated to contribute $10 billion revenue by 2018.
He, however, did not share how much is China's share in Panasonic's global income at present.
Shiokawa said the company globally is focussing in four segments - residential, non residential, personal and movers. "India is doing well in all the segments... We will have more manufacturing facilities here in future," he said without sharing details.
The company's Indian operations also aims to increase its revenue by over two-fold to Rs 25,000 crore by 2015, it said.
While inaugurating the 76-acre plant here, Panasonic India said it will "provide employment to 1,500 people in the first phase and over 2,000 in the second by 2018." Currently, the firm has a workforce of about 12,650 people in India.
The construction of the plant started in April 2011 and the capacity is to be expanded gradually. An investment of $200 million from 2010 to 2015 has been earmarked for this unit, the company said in a release.
The facility that was inaugurated today by the Chief Minister of Haryana, Bhupinder Singh Hooda, has an initial capacity to produce 10 lakh ACs, 4 lakh washing machines and 25,000 welding and cutting machines per annum.
Talking about revenue outlook, the company said it is targetting Rs 25,000 crore turnover by 2015. "Today's opening of this factory will fuel our first priority goal in India of doubling our revenue in 2012-13," Panasonic India President Daizo Ito said.
In 2012-13, the company is expecting a sales revenue of Rs 10,000 crore from its Indian operations.
On the market, the company said: "Panasonic shall focus on making India a manufacturing hub and will export products from India to other markets like Middle East and African region". From the new unit, the company plans to export 5 per cent products by 2013 that will be increased to 20 per cent by 2015.
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