Anchor Electricals, a wholly-owned subsidiary of Panasonic Corporation today said it is investing Rs 150 crore in a manufacturing facility in Haridwar.
The facility will produce a complete range of wiring devices, it said in a statement.
With the new unit, the company would scale up its capacity as per the planned phase wise expansion in the additional space.
The company intends to double its manufacturing capacity in Haridwar by 2020, at full capacity expansion, with the commissioning of its second greenfield facility on the said premises.
"India is one of Panasonic's key strategic markets. The new manufacturing unit in Haridwar is an important part of our growth strategy in India and other countries in the region, that we intend to serve from here," Takaki Oguri, managing director, Anchor Electricals said.
"With this expansion, we would be able to fulfil the additional demands of existing and emerging consumers for contemporary and technically superior electrical products aimed at customer comfort and energy savings," he added.
Since its acquisition by Panasonic, Anchor has commissioned two units, one in Dhamdachi for manufacturing fans and Daman Unit V its first Greenfield facility that manufactures its wiring devices (switches and accessories).
The company s existing facility in Haridwar manufactures around 20 million pieces of wiring devices per month.
With a fully operational facility located on the new premise, the company will have scaled up its capacity by over 30 per cent in the current year.