Targeting Rs 1,000 crore in revenue in India in the next three years, Japanese electronics major Panasonic has announced it has integrated its welding business and SMT (Surface Mount Technology) equipment business into one Smart Manufacturing Solutions company.

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The smart factory solutions proposition will enable Panasonic to deliver high value-added smart solutions and services along with world-class hardware to the manufacturing industry, the company said in a statement on late Wednesday.

The company targets to achieve Rs 1,000 crore in revenue from its smart factory business in the next three years in India, with solutions and digital manufacturing expected to contribute 15 per cent to the total smart factory business revenue.

"India is adopting new-age technologies such as 5G, IoT, AI and others at a rapid pace and we will only see more investment in these technologies as we move forward," said Hiroyuki Aota, President and CEO, Global Panasonic Smart Factory Solutions.

"To be able to cater to these growing demands, having the right and smart capabilities in manufacturing will be key, and this is what we are addressing today," he added.

The smart factory solutions mean integrated line management system (ILNB), automated process tracker, digital reporting system and more.

Panasonic's recently introduced solution ILNB can communicate with the entire line of machinery and can automate up to 70-80 per cent of manual processes.

The digital reporting system allows real-time access to information helping build agility and overall transparency of systems.

"The key technology to realise a Smart Factory is to connect various equipments through the Internet of Things (IoT), synchronize them and collect and control data in real time for entire production processes," said Manish Sharma, President & CEO Panasonic India.