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Anchor Electricals to be rebranded 'Panasonic Life Solutions'; eyes tripling of sales by FY22

Anchor is a part of Japan's Panasonic Corporation and was acquired in 2007

April 10, 2019 / 09:21 PM IST

Anchor Electricals, a part of the consumer durables major Panasonic will now be renamed Panasonic Life Solutions. The company is also targeting tripling of sales by 2021-22.

In an interaction with Moneycontrol, Vivek Sharma, Managing Director, Anchor Electricals (now Panasonic Life Solutions) said the sales grew by 16 percent to Rs 3,410 crore in FY19.

Anchor sells switches, fans, lighting, wires and cables. Panasonic acquired Anchor Electricals in 2007.

Sharma said after the acquisition, the first decade went into compliances and assimilation into the Panasonic culture. In the first decade (2007-17), the company's sales grew at a compounded annual growth rate of 13 percent, he said.