Panasonic India Pvt Ltd plans to invest Rs 1,500 crore over the next three years on an advertising and marketing drive for its products in the country.
The company, which has invested Rs 1,200 crore ($200 million) since 2012 on its six manufacturing facilities across India, is targeting to increase the market share of air-conditioning products from 9 per cent in 2012-13 to 15 per cent this year, said Managing Director Manish Sharma.
The country’s western region contributes 35 per cent to overall sales in India, he said, adding that Panasonic is expecting to increase its market share in Gujarat from 11 per cent in 2012-13 to 18 per cent this fiscal with its new range of Viera TV. For the second consecutive year, the company continued to be number one in Gujarat in terms of sale of split air-conditioners whose market is growing 80-100 per cent per annum.
Sharma said the growing market of smart TV and phones has adversely affected sales of other items as the disposable income of buyers has come down. However, the upcoming festival season could give boost to the market. Panasonic India is launching a zero-per cent interest scheme on Independence Day, he added.
Asked about a possible price rise due to rupee depreciation, Sharma said the company has so far resisted it. However, if the depreciation goes beyond Rs 62 to a dollar, it would be forced to revise prices upwards and pass this on to the consumer.
Panasonic India’s sales were Rs 7,400 crore ($1.3 billion) in 2012-13, and expects it to cross the Rs 20,000-crore mark over the next three financial years.