your password has been reset successfully, Please login again.

Panasonic India plans to grow 40% in 2018 fiscal

The company aims to grow at 40% this fiscal against the industry growth of 6%-7% in the Rs 11,800crore home appliance market.
BY BEx Bureau
BusinessEx
Jul 13, 2018

Panasonic India is betting big on its smart home appliance range to grow aggressively this fiscal. The company aims to grow at 40% this fiscal against the industry growth of 6%-7% in the Rs 11,800crore home appliance market.

Speaking to TOI, Panasonic India home appliances head Gaurav Minocha said, The smart home appliance market in India is under-penetrated. Also with the increase in electrification in India, demand has soared. In a few years, the demand in replacement market will also rise. So, we saw this as a good opportunity to focus on the home appliance market.

With its new range of appliances, equipped with ECONAVI inverter technology, Panasonic expects to capture around 5% of the frost-free refrigerator market and 10% of the washing machine market by FY2021, Minocha added on the sidelines of the companys launch of a new range of frost-free refrigerators on Wednesday.

He said, We are focussing on product innovations and customer service to gain ground. We shall have India-specific products to cater to the domestic customers.

The company also plans to strengthen its sales network by increasing its retail outlets from 7,500 to 12,000 stores by 2020. It recently started manufacturing refrigerators at their Jhajjar, Haryana, plant. The unit has the capability to curb out 10 lakh ACs, 400,000 washing machines and 500,000 refrigerators annually.

On eastern India, Minocha said, This region contributes around 10% to our overall revenue. We expect it to rise to 14%-15% by 2021. Panasonic India will generate revenue of over Rs 800 crore in FY18-19. India contributes to around 2% of the global business he said. The company plans to strengthen its presence in the e-commerce space with web-specific products that could be launched by next year.

Please add your Comment
SIMILAR News
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta
October 30, 2018
With this deal, ZipGo will become the country's largest technology-driven, business-to-customer bus ...More
By Vaishnavi Gupta
October 29, 2018
For acquiring Red Hat, IBM will pay $190 per share in cash. ...More
By Vaishnavi Gupta
October 26, 2018
After the acquisition, Bluecore will expand its footprint in the Indian e-commerce market by establi ...More
By Vaishnavi Gupta