LG seeks to spur Indian market share with new products
19 August 2011
Korean consumer durables maker LG Electronics plans to double its businesses in India by 2015, the managing director of the company's Indian arm said at a press conference in Mumbai.
Soon Kwon said LG Electronics is looking at a 33 per cent market share in home appliances products, and Rs6,100-crore revenue from its Indian operations by December.
In 2010, the company's total business from India was Rs16,000 crore, about 6 per cent of its global business. ''This year, we have set a target of Rs20,000 crore; and to increase India's contribution by 12 per cent by 2015,'' he said.
The focus will be on home appliances, since the company's penetration in this field is only 6 per cent.
"With our new smart range of home appliances we expect to grow our home appliances sales at a rate of around 35 per cent. We aim to hold our market leadership position, with a targeted market share of 33 per cent in 2011," Soon Kwon said.
Another focus area would be information technology products, he said.