Matsushita Electric Industrial Co., Ltd., best known for its Panasonic brand, announced plans to begin closing/liquidation procedures for its consolidated subsidiary Matsushita Air-Conditioning India Private Limited (MAI).
MAI, which has been manufacturing and selling window-mounted home air-conditioners in the Indian market since 1997, has faced sales declines, due to a shift in demand from window-mounted type to wall-type. Under these circumstances, MAI has been phasing out its operations for years and, thus, MAI in effect no longer operates the business currently. Accordingly, Matsushita decided to eliminate the business of window-mounted home air-conditioners in India.
Matsushita will focus on the prospective wall-type air-conditioner business instead of window-mounted home air-conditioner business in the Indian market. Considering the expanding Indian market and a decrease in import taxes, the company will strive to provide high value-added products into the Indian market from manufacturing sites such as Malaysia under Matsushita’s optimal global manufacturing locations and, thus, the company aims to further increase its sales in the Indian market.
to Daily News