The company plans to invest ₹300 crore over the next 3 to 4 years to grow its manufacturing facility in Sri City, Andhra Pradesh.
Panasonic Electric Works India, a part of Japan’s Panasonic Corp., aims to double its solar module business in the next three years and increase its exports.
“Solar currently makes up 6% of our total business, which includes wiring devices, wires, cables, and more. Our goal is to see this figure double within the next three years. We aim for solar to contribute 10-12% to our overall business,” stated Amit Barve, the head of the solar business, during an interview.
“In the distributed solar market, we currently have a 3-3.5% share, and our aim is to reach 5% within the next two years. With India gaining recognition as a key player alongside China, we are confident in achieving this,” he expressed. The company’s strategy includes positioning India as an export hub, with an expected increase in the share of exports from 25% as of March 31, 2023, to 30% in the current financial year.
“Out of the total volumes, we are aiming for 30% to come from exports. Currently, 10-12% of our exports are from products made in India, while the rest are from products made in China. We’re keen to leverage the growing preference for Indian-made products in many countries,” he explained. “The solar export industry from India has been experiencing significant growth.”
Particularly, certain countries like the US, Canada, and Europe, among others, have shown a preference for products made in India over those made in China. We are actively exploring new markets, and our goal is to secure mandates for supplying modules beyond Japan.
The company’s management announced in a press briefing that they plan to invest ₹300 crore over the next 3-4 years to expand their manufacturing unit in Sri City, Andhra Pradesh. This expansion is part of their strategy to meet their export targets.
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Rajesh Nandwani, the director of the power business unit at Panasonic Electric Works India, mentioned, “We’ve already put ₹300 crore into our new factory in Sri. Our overall investment plan for the five-year period from 2021 to 2025 is ₹600 crore. The first ₹300 crore has already been invested.”
The company emphasized that India holds a strategic position, and their goal is to make it a key export hub. According to Nandwani, exports currently make up 2% of their total revenue, and they are aiming to increase this to 10% of their targeted revenue by 2030.
This development coincides with the company’s ambitious goal to triple its top-line growth, as stated by Yoshiyuki Kato, the Managing Director of Panasonic Life Solutions India. He mentioned, “In the fiscal year 2023, our business exceeded ₹5,000 crores. We intend to triple this figure within the next seven years.”