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The Chennai-based Panasonic Home Appliances India Co Ltd is keen on expanding its product portfolio. In the next couple of months, the company would launch a range of products including pop-up toasters, coffee makers and sandwich makers.
“Driven by strong demand from both the domestic and export markets, we are planning to expand our manufacturing facility in Chennai to double our mixer grinders and electric cooker production to six lakh and 2 million units respectively,” said Mr Hindenori Aso, Managing Director. According to him, the expansion project would involve an investment of around $3 million (close to Rs 14 crore) over two years.
The company exports 80,000 mixer grinders and 1.5 lakh electric cookers to South Africa, Bangladesh, Sri Lanka, Panama, the Maldives Singapore, Peru and Nigeria.
The BSE-listed company, in which Panasonic has a 51 per cent stake, and the Obul Reddy family 19 per cent stake, incurred a net loss of Rs 2.9 crore on a turnover of Rs 32.74 crore for the quarter ended June 30, 2011. It's shares closed at Rs 108.80 today, up Rs 5.15 from its previous close on BSE.
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