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KOLKATA: Sony Corp, Japan's largest consumer electronics exporter, is seriously evaluating Prime Minister Narendra Modi's Independence Day clarion call to foreign companies to "come and make in India".
For Sony, India is the fourthlargest market globally after China, the US and Japan, with local sales topping Rs 10,000 crore in the fiscal year ended March 31. But the company, synonymous with flatpanel televisions and gaming consoles, doesn't manufacture any of its products in the country.
Sony has taken seriously Modi's stress on "zero defect manufacturing", which matches with the Japanese manufacturing philosophy, said Kenichiro Hibi, its India managing director.
Hibi said the recent initiatives of the Modi government, such as allowing foreign companies manufacturing in India to directly sell their products online, as well as signs of a turnaround in the economy with stable exchange rate have made Sony's top management all the more enthusiastic of making India a potential manufacturing base. Sony's top management is closely following all developments, he said.
"Sony is looking at India for longterm growth. While no decision has been made yet, the potential products for manufacturing in India could be both flat-panel televisions and smartphones," said Hibi. "We have been thinking for the last few months about starting manufacturing in India, but the evaluation has now been accelerated with the policies of the new government."
While Modi isn't scheduled to meet Sony Corp president and chief executive Kazuo Hirai during his forthcoming trip to Japan, company officials say the Indian Prime Minister's visit would further strengthen India-Japan business relations and bring more Japanese investment to India. "Kazuo Hirai is likely to visit India soon and we will seek an appointment with the Prime Minister," said Hibi.
Sony sources most of the products it sells in India from plants in Thailand, Malaysia, China and Japan.
The company, which has been active India for the past two decades, had a manufacturing facility in the country which it shut down in phases in 2004. It now sources products from overseas factories based on India's free-trade agreements.
For the current fiscal year, Sony is targeting Rs 12,000 crore of sales in India. "We have grown by more than 25% in the first quarter (in India) and with the improvement in consumer sentiments, we expect this growth will continue and can eventually surpass our target," said Hibi.
Sony is one of the largest brands in LED televisions, smartphones, digital cameras and audio accessories in the Indian market and ranks among the top two positions by value in most of these segments.
Japanese consumer electronics firm Panasonic has recently invested Rs 1,000 crore to set up a manufacturing plant while Daikin, Sharp and Hitachi too are raising investment here
Read more at:
Sony mulls setting up a manufacturing plant in India enthused by policies of new government - The Economic Times
For Sony, India is the fourthlargest market globally after China, the US and Japan, with local sales topping Rs 10,000 crore in the fiscal year ended March 31. But the company, synonymous with flatpanel televisions and gaming consoles, doesn't manufacture any of its products in the country.
Sony has taken seriously Modi's stress on "zero defect manufacturing", which matches with the Japanese manufacturing philosophy, said Kenichiro Hibi, its India managing director.
Hibi said the recent initiatives of the Modi government, such as allowing foreign companies manufacturing in India to directly sell their products online, as well as signs of a turnaround in the economy with stable exchange rate have made Sony's top management all the more enthusiastic of making India a potential manufacturing base. Sony's top management is closely following all developments, he said.
"Sony is looking at India for longterm growth. While no decision has been made yet, the potential products for manufacturing in India could be both flat-panel televisions and smartphones," said Hibi. "We have been thinking for the last few months about starting manufacturing in India, but the evaluation has now been accelerated with the policies of the new government."
While Modi isn't scheduled to meet Sony Corp president and chief executive Kazuo Hirai during his forthcoming trip to Japan, company officials say the Indian Prime Minister's visit would further strengthen India-Japan business relations and bring more Japanese investment to India. "Kazuo Hirai is likely to visit India soon and we will seek an appointment with the Prime Minister," said Hibi.
Sony sources most of the products it sells in India from plants in Thailand, Malaysia, China and Japan.
The company, which has been active India for the past two decades, had a manufacturing facility in the country which it shut down in phases in 2004. It now sources products from overseas factories based on India's free-trade agreements.
For the current fiscal year, Sony is targeting Rs 12,000 crore of sales in India. "We have grown by more than 25% in the first quarter (in India) and with the improvement in consumer sentiments, we expect this growth will continue and can eventually surpass our target," said Hibi.
Sony is one of the largest brands in LED televisions, smartphones, digital cameras and audio accessories in the Indian market and ranks among the top two positions by value in most of these segments.
Japanese consumer electronics firm Panasonic has recently invested Rs 1,000 crore to set up a manufacturing plant while Daikin, Sharp and Hitachi too are raising investment here
Read more at:
Sony mulls setting up a manufacturing plant in India enthused by policies of new government - The Economic Times
