LG to invest Rs 700 crore in India

In its bid to move up another notch towards the coveted number one posi-tion
in the overall Indian market scenario, LG Electronics India Ltd (LGEIL) has
earmarked an investment of Rs 700 crore to be invested over a period of next
three years.

Talking to media person at the occasion of seventh anni-versary for LG India,
KR Kim, MD, LGEIL, said that this investment would be made in its facility
expansion as well as new product introduction in the Indian market.

"We want to be the number one brand and would be introducing new
products in segments like television, home appliances and IT and comm-unication.
This investment will be directed towards increasing our share in all the
segments," he added.

The company has also ann-ounced that its Pune manufac-turing plant will start
function-ing from August. "So far we have already invested more than Rs 175
crore in the Pune plant and the overall invest-ment for this would go upto Rs
500 crore," Kim informed.

The company is buoyed by a 38 percent growth in consumer electronics, 51
percent growth in home appliances and 68 percent growth in IT business. LGEIL
has clocked a 53 percent growth in sales in the period January to April this
year to record a sales turnover of over Rs 1,000 crore. "We are now
targeting to clock a turnover of over Rs 7,000 crore for this financial
year," Kim added.

As the company celebrated its seventh birthday at NOIDA, cricketing legends
like–Sunil Gavaskar, Ravi Shastri, Kris Shrikant and riding high on current
Pakistan success– Saurav Ganguly were also present at the occasion.

In a move to further es-tablish its brand in the Indian market place, the
company has roped in Cricketer Yuvraj Singh as its brand ambassador to endorse
its premium range of products.

CyberMedia News

New Delhi