Global consumer electronics giant LG Electronics plans to double its businesses in India by 2015.
As of 2010, the company’s total business from India was Rs 16,000 crore, about six per cent of its global business. “This year, we have set a target of Rs 20,000 crore and to increase India’s contribution by 12 per cent by 2015,” Managing Director Soon Kwon said.
The focus area will be home appliances since penetration is only six per cent in the country.
The other focus areas would be IT products, he said.
“The growth rate of the Indian consumable market is highest compare to any other parts of the World, where LG is operating,” said Kwon.
The company is also planning to invest around Rs 700 core during the current year for production renovation and additional production line, and is also looking at opening a greenfield facility for production.
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Rajeev Jain, business head (home appliances), LG Electronics India, added that LG’s market shares in the microwave oven and washing machines segment are 37.9 per cent and 34.2 per cent respectively.
By rolling out new products, the company would be able to increase its market share further.