Panasonic Life Solutions launches 'Ziva' switches, eyes Rs 500 crore annual revenue in two years

The product will be priced at Rs 28 apiece

Panasonic Life Solutions India (formerly known as Anchor Electricals) has launched its 'Ziva' brand of modular switches. The product will be priced at Rs 28 apiece.

Vivek Sharma, managing director of Panasonic Life Solutions said during the virtual launch that the company is eyeing Rs 100 crore revenue from Ziva this year.

"In two years, we are looking to reach Rs 500 crore revenue per year from Ziva," he added.

The company has made approximately Rs 20 crore investment so far into launching this new product range. Ziva switches will be manufactured in the Daman and Haridwar manufacturing facilities of the company.

Anchor was acquired by Panasonic in 2007.

There's a Rs 1,330 crore market for economic modular switches in India. Of this, Anchor holds 35 percent market share.

Ziva range will include switches, sockets, accessories (fan regulators), telephone sockets, receptors, TV sockets, and USB chargers. Unlike the conventional switches, modular switches are free from metallic parts and have lower risk of electric shocks.

Sharma said the Ziva range is targeted to support the ‘Pradhan Mantri Awas Yojana’ initiative. PMAY is an initiative to provide affordable housing to the urban poor and looks to provide 20 million houses by March 2022.

"Our goal is to address the needs of all entry-level and economy modular segment consumers with a commitment to making  quality products at affordable rates," he added.

Dinesh Aggarwal, joint managing director, Panasonic Life Solutions, added that in the future, the various electrical and electronic devices will be Internet of Things and artificial intelligence enabled.