Panasonic India teams up with TCS to set up innovation Centre

Panasonic India plans to set up its first India innovation centre in Bengaluru in an association with Tata Consultancy Services (TCS).  

This is the third innovation centre of Panasonic globally, the first two being located in Japan and US.

While Panasonic will bring in its core technology and research means, TCS will contribute with its IT capabilities.

The centre of excellence will primarily focus on building technological solutions around internet of things and artificial intelligence. It will majorly look into mobility, energy storage space, security and surveillance, connected community or smart homes and industrial and financial solution. To drive new ideas, the centre will also incubate startups which will be located in TCS’ Bengaluru premises.

Manish Sharma, President and CEO of Panasonic India, said, “Considering the developments around policies, technology environment and synergies by the Government, this is the right time for us. We will be investing Rs 240 crore over the next five years which is 10% of the business opportunities that will be created here.”

He added, “India, which is still not a major contributor for Panasonic’s business, is among the top three growing markets and is likely to contribute around 4% to the Japan-based company’s revenues by 2019.”

Daizo Ito, Managing Executive Officer, Panasonic, said, “This centre will strengthen India’s market position and lead innovations for South Asia, Middle East and Africa. It will be central to developing new age technology driven products for both domestic and global markets.”