NEW DELHI, Mar 18: LG Electronics is targeting a turnover of Rs 23,500 crore this year in India as part of a strategy to make the country among the South Korean major’s top three markets in three years time.
The company’s Indian arm LG Electronics India will also invest a minimum Rs 500 crore this year in research and development.
“India is amongst the top five global markets for LG globally but we expect changes in the rankings in the next three years. I want to bring India’s ranking as the third largest market for LG,” LG Electronics India Managing Director Soon Kwon told PTI.
At present, top five markets are the US, Korea, Brazil, Russia and India.
Commenting on the company’s sales target in India, he said: “This year we targeting a minimum of 25 per cent increase in turnover at Rs 23,500 crore.”
LG Electronics India had clocked a turnover of Rs 18,500 crore in 2014.
LG India today unveiled four products in its four products categories — mobiles, home entertainment, air conditioners and home appliances — in the LG India Tech Show 2015.
Talking about the growing mobile phones business, Kwon said LG will become a more meaningful player in the mobile segment.
“We expect demand to go up in the mid range costing between Rs 10,000 to Rs 15,000. We do have very robust plans to cover all price ranges this year. We plan to launch 30 new phone models this year,” he added. (PTI)
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