LG Electronics eyes Rs19,000-crore turnover by December 2010
17 February 2010
Consumer durables maker LG Electronics India is targeting a turnover of Rs19,000 crore by December 2010, up from the Rs13,000-crore of December 2009, on rising demand in the domestic market.
"We are looking at closing this year at Rs19,000 crore, driven by air-conditioners, refrigerators and mobile phones." Yasho V Verma, COO, LG Electronics, said.
He added that India, currently the company's fifth or sixth largest global market, would move up to the number two or three position, after the US, by 2015.
LG is also making investments of Rs1,400 crore over the next three years on capacity expansion at its existing factories for production of more refrigerators, mobile handsets and air-conditioners.
The company, which is the country's largest consumer electronics and home appliances maker, lags rival electronics companies in sales of certain products such as LCD televisions. The domestic market for LCD televisions is growing at over 100 per cent a year.
The company would also hire around 5,000 people this year, Verma said. It has a workforce of around 4,800 people, he added.
LG expects to close the year with room-air-conditioners (ACs) contributing Rs2,500 crore to its turnover, which would be a 50 per cent growth over 2009.
"LG has clocked a Rs1,600 crore turnover in the room AC segment last year and the company is targeting a turnover of Rs2,500 crore this year," said LG Electronics India AC business head Ajay Bajaj.