Mumbai: Panasonic Corp. held talks with Reliance Industries Ltd and the Tata group on Tuesday to evaluate potential partnerships as the Japanese consumer electronics maker aims to treble its sales in India by the next three years.
Panasonic’s revenue in India in fiscal 2012 was $1.2 billion.
Kazuhiro Tsuga, Panasonic’s global president and board member, said at a press briefing that he had discussions with Reliance chairman Mukesh Ambani and Madhu Kannan, business development head at Tata Sons Ltd, in the day.
“We want to build strategic partnerships with big business leaders and then decide which field to work,” Tsuga said.
He pointed to Reliance’s proposed entry into fourth-generation telecom services as a potential business where the two companies could collaborate as Panasonic had experience of catering to such services in Japan.
Panasonic will invest $250 million by fiscal year 2015 towards marketing and advertising in India to build a stronger brand, Tsuga said.
With sales in Panasonic’s traditional markets like Japan, Europe and the US slowing, the company–like many other consumer electronics makers–is looking at markets like India for future growth.
Tsuga said Panasonic’s Indian management will be given greater autonomy to design new products and build alliances with other companies. Panasonic will also increase its reliance on producing goods in India, with 60% of Indian sales in 2015 estimated to come from local production, up from 46% now.