Panasonic wants India to be a global manufacturing hub to help it can achieve a sales target of $4.8bn in the country by 2018.
The Japanese electronics manufacturer wants its Panasonic India brand to focus on business-to-business and business-to-government segments to help reach this multi-billion dollar revenue target.
Panasonic President, Kazuhiro Tsuga plans to achieve the ambitious revenue target of $4.8bn ($10tr yen, £3.07bn) in the financial year ending March 2019.
Tsuga, was appointed to restructure the global operations of Panasonic after company suffered spiralling losses of up to $15bn.
Panasonic India Solutions Division Divisional Managing Director, Toru Hasegawa, said the company was focused on achieving this large revenue target by meeting the needs of each “individual customer”.
“We want to touch all the spaces where our customers go about their lives and provide not only single pieces of hardware, but also total solutions, including software and services,” said Mr Hasegawa. “Panasonic India is looking at closing $3.66b by 2015.”
Hasegawa said Panasonic had identified India as a growth leader for the Asia-Pacific market.
“India is rapidly emerging as a growth leader for the APAC region, and we want to make it a global manufacturing hub to start exporting to markets like the Middle-East and Africa,” he said.
“India has been recognised as the only ‘strategic country’ for the ISAMEA region (India, South Asia, Middle East and Africa) and we are taking initiatives to maximise localisation.”
Accordingly Panasonic India will be pursuing the concept of ‘A Better Life, A Better World’ to help meet its revenue target.
The concept aims to meet the needs of each individual customer with a mission of conducting all business activities under one ‘Smart Solutions’ banner. The overall aim is to create value for customers which in turn will make Panasonic a trusted brand name.
Panasonic India will be banking on its diverse product portfolio within the business-to-business segment to gain an edge over its competitors as it looks to establish a strong corporate and consumer connection across different product categories.
Hasegawa said the company would be focusing on a number of different business sectors to help the growth of Panasonic in India.
“We are focusing on areas related to enterprise mobility, energy and security and surveillance,” he noted.
“Furthermore, energy management solutions will also be an important segment for Panasonic to seek growth in India.”
To help in its mission to boost revenue in India and to make it a major manufacturing hub, in 2014 Panasonic India established a unique Business Development Centre in the country, which will help address product development and the creation of new business solutions.
The centre focuses on the challenges in rural India like clean water, food issues, remote services like tele-education and telemedicine, and providing power to an off-grid population.