Financial Daily from THE HINDU group of publications
Wednesday, Sep 07, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 07, 2005 |
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Corporate
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New Projects LG Electronics to set up second plant near Pune Our Bureau
The Chief Minister of Maharashtra, Mr Vilas Rao Deshmukh (centre), with Mr K.R. Kim (left), Managing Director, LGEIL, and Mr V.K. Jairath, Secretary (Industries), Government of Maharashtra, at a press conference in in Mumbai on Tuesday. — Paul Noronha
Mumbai , Sept. 6 LG ELECTRONICS INDIA on Tuesday signed an MoU with the Maharashtra Government for setting up its second greenfield facility at Ranjangaon, near Pune. The company will be investing Rs 900 crore in this facility for manufacturing DVD writers, which is in great demand in the European market. Mr K.R. Kim, Managing Director, LG Electronics India Ltd, said that the facility would manufacture DVD writers from the second quarter of 2006. This would make LG India the first company to manufacture DVD writers in the country. The DVD writer plant in Ranjangaon will be the second largest DVD writer plant in Asia and involves an investment of Rs 300 crore over the next three years and will have a 3,500-strong workforce. The unit has targeted a turnover of Rs 2,600 crore in 2008, Mr Kim said. Mr Vilasrao Deshmukh, Chief Minister of Maharashtra, said LG's investment in Maharashtra was in line with the State Government's policy of attracting IT and biotechnology investments in a big way.
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