LG Electronics expects 45 per cent rise in turnover by December
LG Electronics India Pvt. Ltd expects its turnover to rise 45 per cent by December 2010 to Rs 19,000 crore against Rs 13,000 crore in December 2009, according to a company official.
"We are looking at closing this year at Rs 19,000 crore, driven by air-conditioners, refrigerators and mobile phones," said Yasho V Verma, COO, LG Electronics.
The company sees strong demand in the domestic sector in the period. India is fifth or sixth biggest market for the company and the country is to move to second position in the coming years, he added. LG Electronics India is the largest consumer electronics and home appliances maker in the country.
The company is also expanding its capacity in the country with an investment of around Rs 1,400 crore over the next three years in order to produce more refrigerators, mobile handsets and air-conditioners.
The company also announced that it is planning to hire about 5,000 people this year. The company currently employs 4,800 people in the country.
The company is expecting a 50 per cent growth in turnover from room air-conditioners to Rs 2,500 crore this year against Rs 1,600 crore last year.
The company currently holds 29% share of the segment and plans to extend it to 32 per cent with 65 new models. It will spend about Rs 25 crore on marketing activities in 2010.
LG is also looking at entering new segments with its South Korea Headquarters carrying out Research and Development on products targeted at business applications.
