While other companies are downsizing, Toshiba are expanding their lighting business to India.
The company is aiming to generate $40 million (£24.5 million) in India within the next 5 years from its LED division with 40% year-on-year growth rate. Toshiba currently has a revenue base of $4 million in India.
Toshiba bought the US-based LED company Greenstar last year, including their design and manufacturing facilities based in India. As part of Toshiba's expansion they will be improving these facilities based in India. As part of Toshiba's expansion they will be improving these facilities which already produce around 8,000 lights for the US market. Toshiba will use the GreenStar branding in India but will use Toshiba in other countries.
President and CEO of Toshiba Lighting and Technology Corporation, Yoichi Ibi, said: "Our primary manufacturing facilities are in China and Japan. We are also trying to see India as [our] next manufacturing base, not only for the local market but also producing for global needs."
GreenStar Director, Sarosij Senguda, said: "The plans are that products will be marketed in Europe and Australia. Entire products will be manufactured and assembled here and shipped out."