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Business Economy


Anchor invests Rs 150 cr for Haridwar plant, taps to double capacity by 2020

New Delhi, Oct 22 (UNI) Reinforcing competition in wiring segments, Panasonic Corporation owned Anchor Electricals today flagged off its new manufacturing unit at Haridwar, with an investment of Rs 150 crore, aiming to double the installed capacity by 2020.
The Haridwar unit will cater only to wiring devices and switchgear among other devices to meet the rising demands in the markets.The unit is set to produce capacity of 25 million units monthly.
President and CEO, Panasonic India and South Asia, Manish Sharma said, ''Anchor is a strategic business unit for Panasonic India that extends our commitment towards offering safe, reliable and quality electrical products.
The opening of the new Haridwar plant is in line with its commitment to offer the best of Energy Solutions, catering to the needs of Homes and Businesses alike. An investment of Rs 150 crore gives the necessary impetus for local manufacturing and at the same time, also helps in fulfilling the government's 'Make in India' vision.
"Additionally, the new plant will add an incremental growth in Anchor's growing business that will help register a double digit growth and propel it to become the number one Electrical Solutions Company in India by 2018,'' added Mr Sharma.
Tech major Panasonic had acquired Anchor in 2007.
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