Panasonic Life Solutions targets Rs 500 cr revenues from solar business
The company is looking to expand its electric vehicle charging offerings
Panasonic Life Solutions, the Indian subsidiary of Panasonic Corporation, is eyeing Rs 500 crore revenue from its solar business over the next three to four years, with focus to become a leading rooftop engineering, procurement, and construction (EPC) player.
The company, earlier known as Anchor Electricals, is also looking to expand its electric vehicle charging offerings across the country.
As part of the solar business, it sells modules manufactured by its parent firm at a facility in Malaysia and also develops solar rooftop projects on a turnkey basis.
The company is eyeing Rs 200 crore revenue from the solar business with Rs 50 crore from the sale of Panasonic HIT modules and the remaining from EPC projects for FY20.
The company’s total revenue target is Rs 4,000 crore for FY20. The company aims to increase the offerings to Bengaluru, Pune, Hyderabad, Chennai and Amaravati in the next three years and 25 more cities in the next five years with a target of catering to around one million vehicles.