Korean consumer durable company LG today said it is eying 50 per cent growth in refrigerator sales at Rs 3,000 crore in 2010, driven by the introduction of a new range in the segment.
The company also announced nationwide launch of 23 models of energy efficient direct cool refrigerators, which are priced between Rs 11,500 and Rs 15,500.
"We are aiming at over 50 per cent growth this year to a achieve turnover of Rs 3,000 crore in refrigerator segment. Moreover, with the launch of new range of series, we also plan to raise our market share in refrigerators segment from 26 per cent to 30 per cent by 2010 end," LG India Chief Operating Officer Y V Verma told reporters here.
Besides, the company has decided to invest Rs 80 crore to ramp up production capacity of refrigerators and Rs 40 crore on research and development activities next year.
LG had witnessed a growth of 45 per cent in refrigerator segment with a turnover of Rs 2,000 crore in 2009.
Currently, the total market size of refrigerators in India approximately stands at 98 lakh units, out of which 60 lakh units constitute sales of direct cool refrigerators, while rest of them are frost free.
"There is a huge market for direct cool refrigerators in the country and we want to cash in on it by broadening our range of direct cool refrigerators," he said.
