LG plans to invest Rs 1,000 crore in India

August 16th, 2011 - 10:56 pm ICT by IANS  

Kolkata, Aug 16 (IANS) Electronics major LG Electronics will invest Rs.1,000 crore in India in the next two years, a top company executive said Tuesday.

The company will either set up a new plant or expand the capacity of existing plants.

“We will invest Rs.1,000 crore in the next two years in India. We will either set up a new plant or expand the capacity of existing plants in the country to meet growing demands for our products,” LG Electronics India Pvt Ltd managing director Soon H. Kwon told reporters here.

The company currently has two plants in India-one in Greater Noida and another in Pune.

Informing that the company achieved Rs.16,000 crore business in the country, Kwon said it expected 25 percent business growth this year over the last year.

“Last year our overall business grew by 20 to 30 percent. Home appliances segment grew by about 27 percent. Air conditioning business was almost flat,” he said.

He said currently six percent of the company’s total revenue worldwide was coming from India and it was expected that the figure would reach at 10 to 12 percent by 2015.

On expansion the company’s plan in the country, he said, “We currently have 1,300 brand shops. We have planned to expand it to 1,600 this year.”

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