The Hindu Business Line : LG Elec looks at Rs 7,000-cr turnover

LG ELECTRONICS India Pvt Ltd has targeted sales of five lakh GSM mobile handsets in the current calendar year. This will translate into revenues of Rs 350 crore, according to Mr K.R. Kim, Managing Director of LG Electronics India Pvt Ltd. The company also hopes to sell 50,000 units of the `My PC' personal computers that would be priced at around Rs 17,000 each.

Stating this at a press conference here on Thursday to unveil a new promotion scheme that would be on during the current India-Pakistan cricket series, Mr Kim said the company was hopeful of generating a total revenue of Rs 7,000 crore in 2004.

In the year ended December 2003, LG Electronics India clocked a revenue of Rs 4,500 crore. As part of a marketing strategy aimed at augmenting sales volumes, the company has decided to focus strongly on upcountry and rural markets as well. According to him, the "LG Cup Uthao, Shandaar Inaam Pao" promotion scheme, which has already taken off from March 10 will last till April 15.

During the period March-April, LG Electronics India hopes to sell 10 lakh units of various LG products hereby generating a revenue of Rs 1,350 crore. Mr Kim also launched today the LG "Healthguard" range of vacuum-cleaners which are priced in the Rs 2,990-Rs 10,990 range.

LG, he said, was a market leader in the domestic consumer electronics and home appliances segment. In the colour TV segment, its share of the domestic market currently stands at 22 per cent. An investment of $30 million was made in facilities in India when the Indian outfit of the Korean electronics major was set up in 1997. Subsequently, minor investments have been made in augmenting facilities.

At present, an investment of $20 million was being made in the company's factories located at Pune and Noida.

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