Electric Works India, a subsidiary of Japan's Panasonic Corp., aims to treble its solar module business and increase exports within three years.
“Solar contributes 6% to our overall business, comprising wiring devices, wires, cables, and more. Our vision is that in the next three years, we want it to reach double-digit contribution. 10-12% of contribution should come from solar," Amit Barve, head of solar business.
“In distributed solar market we have 3-3.5% right now and we expect to touch 5% in two years. As the world continues to see India as +1 to China, we expect to achieve this," he said. The company plans to position India as an export hub and expects the share of exports to its entire business to increase from 25% as of 31 March 2023, to 30% this financial year.
“Out of the volumes, I would say 30% is what we are looking for in exports. 10-12% of export is happening for made-in-India models. Balance is happening through made-in-China. And with many countries preferring
Panasonic is a broad technology organization that delivers solutions to businesses and communities to better consumers' living spaces and the environment. It is a world leader in home appliances, industrial devices, automotive, lifestyle, and connected solutions. Panasonic began operations in India in 1972 and presently has 1,184 unique service facilities, 251 special stores, 93 brand shops, and 31 branch offices across the country. Panasonic India is committed to the Make-in-India initiative, having 15 manufacturing sites and eight group companies in the country.