Haridwar: Japanese electronics behemoth Panasonic Corporation's Indian arm Anchor Electricals on Saturday began making wiring devices and switchgears at its new plant here.
Set up at with an upfront investment of Rs 150 crore, the company's second plant in this pilgrim town has an installed capacity of 300 million units per annum as against 60 million units in its first plant, commissioned in 2015.
"The new Haridwar plant is in line with our commitment to offer best energy solutions to Indian homes and businesses alike," said Panasonic India Chief Executive Manish Sharma on the occasion.
The plant will also make a range of other devices to meet the growing demand for such products across the country.
"The new plant is an important part of our business strategy to expand our presence and offer consumers superior electrical products for customer comfort and energy savings," said Anchor Managing Director Mitsuru Shirasawa after the plant was unveiled.
The company plans to double installed capacity to make 600 million units of wiring devices and 20 million switchgear poles per annum by 2020 for domestic and export markets.
"In a connected world, as demand for electrical accessories is on rise, the need for quality components is imperative. The new facility will meet the growing domestic demand," said Anchor Joint Managing Director Dinesh Aggarwal.
Headquartered at Thane near Mumbai, the Rs 2,000-crore Anchor became Panasonic's subsidiary in 2007. With three manufacturing locations and nine production units, the company employs about 10,000 people.
Besides wiring devices and switchgears, Anchor makes products for lighting, indoor air quality equipment, ceiling fans, wires and cables.