 "LG to target Rs 6,000 cr market in refrigeration")
South Korean consumer durables maker LG Electronics is targeting a turnover of Rs 6,000 crore in the refrigeration segment by the end of this year with 20% growth in volume.
LG, which is also market leader in the segment, plans to acquire 40% market share in the home appliances category by the end of 2014.
LG, which is also market leader in the segment, plans to acquire 40% market share in the home appliances category by the end of 2014.
"We would grow 20% by volume and 10% by value by the end of this year with a turnover of Rs 6,000 crore," LG India, Home Appliances Sales Head, Rajiv Jain said.
The company would expand its profile this summer focusing on interior markets, he said.
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The company last year launched refrigerators with 'Power Cut EverCool' technology, with ability to retain cooling for up to seven hours without electricity, and according to Jain, that are selling well. The products were launched for those areas that have long power outages.
LG today launched a new range of five-star refrigerators compliant with latest Bureau of Energy Efficiency (BEE) norms.
BEE has tightened energy norms for refrigerators by two levels. According to the new 2014 norms, a five-star refrigerator should not consume more than 196 Kwh per year, while the earlier limit was 309 Kwh per year.
"As per the new norms of BEE, from this year all 5-star Refrigerator models as per energy norms of 2013 will be 3-star models," said Jain.
He claimed that LG was the first one in India to launch new 5-star refrigerator based on BEE 2014 norms.
"This would cost 13-14% more than the earlier 5 star (now 3 star) but would save almost 36% energy," Jain added.
In 2013, LG sold around 3.4 million refrigerators.