Greater Noida: LG Electronics India plans to invest Rs 800 crore this year on various activities including marketing and research as it looks at increasing its overall market share to 35 percent by December.
The consumer durables major, which is still to come out with its Fiscal 2013 revenue numbers, is eyeing a turnover of Rs 22,000 crore in Fiscal 2014.
“We plan to invest Rs 800 crore this year. While Rs 300 crore would go into R&D and production, Rs 500 crore would be invested in marketing and branding during 2014,” alleged LG Electronics India Managing Director Soon Kwon.
The company, which has a market cut of 30 percent in the consumer durables market, is looking to enhance it by 5 percent during the current year, he supplemented.
“Our mobile and flat panel television business would lead the pack during the year,” Kwon held.
The consumer durable industry in India is pegged at around Rs 50,000 crore, according to the company estimates.
“India features amongst our top five priority markets and LG India will continue to employ its technological and design expertise to bring impressive products to the Indian market,” Kwon purported.
The company today showcased over 230 new products across various categories including washing machines and refrigerators in the ‘LG Tech Show 2014’.
“Around 85 percent of the products being showcased in this year’s tech show are new. Some have been developed keeping in mind the Indian market,” Kwon maintained.
When asked about some significant launches in the coming days, Kwon stated that: “We will be launching G2 4G LTE in the next two weeks.”
The 4G enabled smartphone’ two variants would be priced at Rs 46,000 and Rs 49,000 respectively.
The launch is in line with the company’s strategy to have 10 percent market share in the Indian smartphone category, Kwon furthered.
As a slice of its 2014 product line-up in the country, the company showcased various products including world’s largest curved 77-inch OLED TV, refrigerators and air conditioners.
The company, which is a wholly owned subsidiary of South Korea’s LG Electronics, currently has 2,000 exclusive showrooms and two manufacturing facilities in India.