Panasonic plans $160 million airconditioner plant in India

Consumer electronics maker Panasonic Corp said on Friday it would spend $160 million to build an airconditioner plant in India as it aims to boost sales in the country by five times over the next three years.                                           

The investment is in line with the company's strategy to boost overseas sales, company spokesman Akira Kadota said.        

Panasonic aims to generate 55% of its group sales outside Japan in the year to March 2013, up from the current 47%, he said.                                           

The company relies more heavily on the shrinking domestic market than rivals like Sony Corp, which rings up more than 70% of its sales abroad.                                           

The new airconditioner facility, in the northern state of Haryana, will come on line in 2012.                                           

Kadota said Panasonic planned to spend a total 30 billion yen ($320 million) in India over three years starting in the 201011 financial year.                                           

The company aims to raise its sales in India to around 200 billion yen in the year to March 2013, up from around 40 billion yen now, he said.