Panasonic Home Appliances eyes $40 mn turnover this year

Panasonic Home Appliances eyes $40 mn turnover this year

Tiruchirapalli: Panasonic Home Appliances India (PHAI) is targeting a turnover of $40 million in the current year, a top company official has said.

PHAI managing director Hidenori Aso told the news agency, “The company has been maintaining 30% growth year-on-year. Last year, we registered a turnover of $27 million,"

Aso, who was here to launch an exclusive rice cooker meant for the Tamil Nadu market, claimed PHAI has a 75% market share in the electric cooker segment and a 80% share in the premium mixer and grinder segment.

The company, which manufactures these products at Red Hills, near Chennai, plans to double its capacity to two million cookers per annum in the next 24 months, Aso said.

A sizeable investment would be made in the Chennai plant to increase production, as additional open space of over 25,000 square metres was also available, he said.

PHAI, which presently has 4,500 outlets/retail dealers in the country, including over 1,000 in Tamil Nadu, plans to expand it to 6,000 outlets over the next two years, he said.

Aso added that South India was the stronghold for the cooker market. However, steps were being taken to strengthen PHAI’s market in the eastern region, where lifestyles and food habits were similar to Tamil Nadu and other rice consuming regions, he said.

On the new range of products to be launched to cater to the needs of northern and western region, Aso said PHAI would come out with pop-up bread toasters and sandwich makers. On the anvil are also a coffee-maker and food processor, which can cut fruits and vegetables and knead dough for rotis and chapatis, he added.