Panasonic Corp. said Tuesday it will invest around ¥4.6 billion ($42 million) to build a new plant in southern India to produce switchgears and other wiring devices as the emerging economy has experienced a construction boom for condominiums and office buildings.
The new factory in Andhra Pradesh, which will be the company's fifth production base in India, will start operation in October 2021, the electronics maker said.
Ramping up its production capacity, Panasonic aims to double its fiscal 2018 sales in the Indian housing and construction industry to ¥100 billion in fiscal 2021.
"India is in the midst of economic development, and the number of housing starts is extraordinary compared to Japan," Masaharu Michiura, managing executive officer of Panasonic, told reporters.