Bullish on the Indian market, Japanese consumer durables company Panasonic said on Thursday it was ready to increase investments in the country and line up new products.
"There is tremendous potential in the Indian market and we are ready to invest more," Panasonic Deputy Managing Director Hidenori Aso told reporters in New Delhi.
The company is a marginal player in the consumer durables segment, which is dominated by South Korean companies LG and Samsung. Panasonic, which manufactures televisions at its Noida factory, could manage a meagre Rs 150 crore (Rs 1.5 billion) from the Indian market last fiscal.
"The Koreans did a good job in India and I feel we got a little delayed. But we will move aggressively now," Aso said.
The company has discontinued production of air-conditioners and washing machines in India and depends on imports for sales.
Asked whether it had similar plans for televisions, Panasonic India Managing Director Shrikrishna G Kulkarni said there were no plans to discontinue production at Noida.
On Thursday, the company launched a range of Plasma and LCD televisions in India apart from digital movie cameras and digital still cameras. The products would be imported from locations like Japan, Kulkarni said.
Photo: Dijeshwar Singh/Saab Pictures
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