Panasonic to invest $100 mn on plasma TV project

Panasonic to invest $100 mn on plasma TV project

Mumbai: Panasonic India plans to invest $100 million in its new plasma TV production facility in 2011, a top company official said on Thursday.

“We plan to invest $100 million in our new production facility in 2011," Panasonic India CEO Daizo Ito told reporters in Mumbai.

He, however, did not divulge the location of the proposed facility. The company currently has five production units in the country at Noida, Gurgaon, Vadodara, Chennai and Delhi.

Ito was in the city to launch the world’s slimmest, 1-inch plasma TV called Vierra PDP Z1.

The market potential for plasma TV was much greater in India than China, Ito said. The demand for such high- end sets was increasing at a rate of 4-10% in the country, he said.

The company has priced its plasma TV between Rs24,000 and Rs30 lakh (for an 103-inch screen). It has already sold 10 such units this month.

Ito pegged the overall market size for plasma TV in India at around 10% whereas globally it was around 13%.

“We are hoping to sell 60% of our units (plasma TV) this year," he said, without revealing any numbers.

On the company’s revenue earned from all its products, he said Panasonic India earned Rs4,500 crore last fiscal (2009) and is targeting a 200% growth in the current financial year.