Home appliances and consumer durables major Panasonic India announced on Thursday it will set up its first India Innovation Centre in Bengaluru. It will invest Rs 240 crore in the facility over the next five years. Panasonic will set up this centre of excellence (CoE) in collaboration with TCS. The centre will focus on five key domains of connected community, mobility, energy storage, industrial and financial solutions.The India Innovation Centre is Panasonic’s third innovation centre in the world. The other two are in Japan and the US.
The centre will be housed within the TCS campus in Bengaluru. Panasonic will be the lead investor for the centre. The innovation centre will play a vital role in company’s export market, particularly in the region of ISAMEA (India, South Asia, the Middle East & Africa), the company said. Apart from foraying into local manufacturing and development of appliances, the company is also exporting goods from India to 16 countries across the ISAMEA region.
Last December, Panasonic had invested Rs 115 crore to set up a refrigerator manufacturing plant in Jhajjar, Haryana. The factory will have annual production capacity of 5 lakh units and will be operational in November 2017.