VIJAYAWADA: As part of expanding its manufacturing base, Panasonic Corporation has announced its plans to build a new wiring device factory in Sri City Industrial park in Chittoor district.
The proposed factory will produce wiring devices, electrical wire and switch gear with an investment of Rs 2,946 million. The factory, to come up in 1,33,546 square meters (35,000 square meters total floor area) in the Industrial Park, will be Panasonic’s fourth electrical equipment production base in the country. It is expected to start production in October 2021.
In view of the expansion of Indian economy, with GDP forecast to grow 6 per cent per year by 2030, it is expected that not only big cities but also medium cities will grow in the coming years. In addition, India has the world’s second largest population following China and is projected to see a substantial population increase, particularly of the middle class. Under these circumstances, demand for electrical equipment materials such as switches, sockets and switch gears is increasing.