LG aims at Rs 5,300 cr revenue from refrigerator biz in FY14

Consumer durable major LG Electronics has set a target of mopping up Rs 5,300 crore revenues from its refrigerator business this fiscal, a senior company official said today.

As part of garnering a 38 per cent market share in the refrigerator vertical, the company has launched new range of models equipped with ever cool technology, which retains cooling for over seven hours, LG Electronics India, Product Group Marketing Head (Refrigerators) Vijay Babu said.

"We have set a target of reaching revenues of Rs 5,300 crore in refrigerator business, of the total refrigerator market (valued at) of Rs 14,000 crore... We aim to increase our market share by one per cent to 38 per cent in this (financial) year...," Babu told reporters here after launching the new range of refrigerators in Tamil Nadu market.

According to him, Tamil Nadu market has been growing at 20 per cent year-on-year over the last two years and the company also hopes to grow by 20 per cent in this fiscal.

LG Electronics have registered around  Rs 4,700 crore revenues from its refrigerator business with a market share of 37 per cent.

Commenting about the new range of models which are priced about 12 per cent higher than the existing models, LG Electronics, (Home Appliances) Director, Yasho V Verma said the company has earmarked about Rs 20 crore for marketing campaigns.

The company, manufactures the higher capacity refrigerators at its Pune facility, while the lower models at Noida plant, he said.

The new range of models are exclusively launched in Indian market for the first time, globally, LG Electronics India, Marketing - Head (Home Appliances), Yong Soon Hwang said.

The new price ranges from Rs 12,080 for 185 litre to Rs 41,300 for 360 litre capacity.