Japanese electronics giant Panasonic plans to make refrigerators in India to tap into the huge market in the country where it is currently a marginal player. The company’s India unit plans to invest Rs 250 crore towards setting up a manufacturing plant for refrigerators and is also drawing up plans for a unit to make mobile phones.
Panasonic India and South Asia president Manish Sharma said the move is triggered by the huge market for refrigerators in India where the company has failed to make much headway in the last five years. “We are currently importing refrigerators from Thailand, which is not working for us. Once we have the factory, we will build more sales volume in that category. Even today, the refrigerator market is the biggest in consumer durables, which is a big potential,” said Sharma. The company is evaluating Jhajjar in Haryana and several locations in Maharashtra for the refrigerator plant, which will be functional in two years. It is also investing Rs 20 crore on an assembly unit for lithium ion batteries in the next 8-10 months at its existing facility in Jhajjar.