LG to invest Rs 800 cr this yr; eyes Rs 22k cr revenue
Mar 03 2014 , Greater Noida
The consumer durables major, which is still to come out with its 2013 revenue numbers, is eyeing a turnover of Rs 22,000 crore in 2014.
"We plan to invest Rs 800 crore this year. While Rs 300 crore would go into R&D and production, Rs 500 crore would be invested in marketing and branding during 2014," LG Electronics India Managing Director Soon Kwon told PTI.
The company, which has a market share of 30 per cent in the consumer durables market, is looking to enhance it by 5 per cent during the current year, he added.
"Our mobile and flat panel television business would lead the pack during the year," Kwon said.
The consumer durable industry in India is pegged at around Rs 50,000 crore, according to the company estimates.
"India features amongst our top five priority markets and LG India will continue to employ its technological and design expertise to bring impressive products to the Indian market," Kwon said.
The company today showcased over 230 new products across various categories including washing machines and refrigerators in the 'LG Tech Show 2014'.
"Around 85 per cent of the products being showcased in this year's tech show are new. Some have been developed keeping in mind the Indian market," Kwon said.
When asked about some significant launches in the coming days, Kwon said: "We will be launching G2 4G LTE in the next two weeks."
The 4G enabled smartphone' two variants would be priced at Rs 46,000 and Rs 49,000 respectively.
The launch is in line with the company's strategy to have 10 per cent market share in the Indian smartphone category, Kwon added.
As a part of its 2014 product line-up in the country, the company showcased various products including world's largest curved 77-inch OLED TV, refrigerators and air conditioners.
The company, which is a wholly owned subsidiary of South Korea's LG Electronics, currently has 2,000 exclusive showrooms and two manufacturing facilities in India.