Hitachi Home & Life Solutions Inc is interested in buying Matsushita Electric’s (National Panasonic) air-conditioner manufacturing unit in India. The unit stopped production a few months ago because of big losses. Hitachi has a manufacturing subsidiary in India, Amtrex Hitachi Home Appliances.
A Hitachi team recently visited Chennai, where the plant is located, and discussed its sale, but Matsushita executives said they were drawing up a restructuring plan to resume production and a new business plan was expected soon.
Hitachi Home president and CEO Kunio Sebata said he was not aware if National wanted to sell the unit. He, however, said if Hitachi received an offer, it would be interested. "We are increasing our capacity in India from 100,000 air-conditioners to 150,000. We are studying a proposal to set up a new unit in Jammu and Kashmir. But we are open to acquisitions if they suit our pocket and long-term business plan," Mr. Sebata said. (Business Standard)
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