Sanyo Electric (SANYY) announced yesterday that it plans to expand its product offering to India following its successful relaunch of consumer products in India last year. Sanyo is eyeing industrial and commercial product markets with its focus being on refrigeration, air conditioning, and alternative energy. Reuters reports that Sanyo also plans to introduce biomedical equipment, mobile phones, and digital cameras.
Sanyo will utilize its $70 million investment alliance with its long time Indian partner BPL (Sanyo-BPL) and its wholly-owned subsidiary, Sanyo India. Sanyo BPL's COO is reported to have said Sanyo India has set a target of $100 million in sales for next year for consumer products and $500 million by 2008/09. (Source: Reuters)
Following his meeting with PM Singh, Sanyo President Toshimasa Iue said, "I have been closely watching the immense growth opportunities India offers. We have big plans for India and after building a firm foundation using our initial investment, we hope to make it a pillar of our growth in the future."
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*Note to potential investors in Sanyo: Sanyo's ADRs are listed at a 1:5 ratio to its ordinary shares (Tokyo: 6764). Sanyo closed higher .32% Wednesday in Tokyo at 318 yen per share. Sanyo has been the worst performing Nikkei 225 stock over the past two years. However, with a huge capital infusion from Goldman Sachs, Sumitomo Mitsui Financial Group, and Daiwa Securities, and with its restructuring starting to take form, it now is in a position to become a turnaround play.
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