LG Electronics India is eyeing a turnover of Rs 19,000 crore by December 2010, up from Rs 13,000 crore in December 2009, led by demand in the domestic market.
Yasho V Verma, COO, LG Electronics, said, “We are looking at closing this year at Rs 19,000 crore, driven by air-conditioners, refrigerators and mobile phones.”
“Currently India is our fifth or sixth largest market globally, but by 2015 India should move up to number two or three largest market globally, next to the United States,” added Verma.
The company is also investing Rs 1,400 crore over the next three years to expand capacity at its existing factories for production of more refrigerators, mobile handsets and air-conditioners.
LG Electronics India, though the country's largest consumer electronics and home appliances maker, trails rival electronics companies in sales of certain products such as LCD televisions, where the domestic market is more than doubling in size every year.
“We are also going to hire close to 5,000 people this year. Currently we have around 4,800 people on our pay rolls,” said Verma.
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Among other plans, LG expects close to Rs 2,500 crore this year from room air-conditioners (ACs), which is a 50 per cent growth over 2009.
"LG has clocked in a Rs 1,600 crore turnover in the room AC segment last year and the company is targeting a turnover of Rs 2,500 crore this year, said LG Electronics India AC Business Head Ajay Bajaj.
“We are launching 65 models and are targeting a marketshare of 32 per cent. Currently, our marketshare is 29 per cent,” Bajaj added.
Bajaj said, total marketing investment for LG for 2010 would be Rs 25 crore.