Panasonic to invest $220 mn in Haryana

CHANDIGARH, HARYANA: Japanese electronics major Panasonic will invest $220 million at a new plant at Jhajjar in Haryana.

"The plant would be 100 per cent owned by the Panasonic Corp," Daizo Ito, president of Panasonic India Pvt Ltd, said after meeting Haryana Chief Minister Bhupinder Singh Hooda here Thursday.

Daizo said the plant would be set up in 76 acres in the Model Economic Township at Jhajjar. It will also function as the headquarter office of Panasonic in India.

"The company intends to invest about $120 million in the first phase and more than $100 million in the second phase. The units would provide employment to 1,500 people in the first phase and more than 2,000 in the second phase," he added.

Several Japanese companies have a presence in Haryana's industrial belt. These include Honda, Suzuki, Canon, Yakult, Denso, Mitsubishi, Toyo, Daikin, Yokohama, Showa, Nippon, Kansai Paints, Asahi and Stanley.