New Delhi: Japanese consumer electronics major Panasonic, which is consolidating operations in India in line with its global strategy to cope with the economic slowdown, will complete bringing six entities under one umbrella company by 2011.
Panasonic Corp, which has six entities in India, plans to bring them under one umbrella company -- Panasonic India Pvt Ltd -- and had stated that it would set up a greenfield plant by 2011.
“This (consolidation) is a strategy that goes in line with our global consolidation plan. We have six different firms and we are consolidating them into one entity. So in this time of recession, this would help us (becoming) cost efficient as well as give a single face to the consumers,” Panasonic India General Manager Sabiha Kidwai told PTI.
“2009 will be the year of expansion, 2010 will be investments and setting up of manufacturing facility and 2011 will be consolidation, by which time all our consolidation process will be completed,” she added.
In India, Panasonic has already consolidated two of its entities -- Panasonic Sales India and Panasonic Automation. At present it has six firms -- Panasonic Home Appliances India Co Ltd, Panasonic AVC Networks India Ltd, Panasonic Battery India Co Ltd, Panasonic Carbon India Co Ltd, Indo National Ltd and Panasonic Asia Pacific Pte Ltd.