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LG Electronics India is targeting a 20 per cent increase in revenues riding on growth in the home appliances segment. The company, on Monday, launched its new range of refrigerators.
Soon Kwon, Managing Director, LG Electronics India, said macro-economic factors such as inflation, material cost and overall economic growth had led to weaker consumer sentiments. “But the home appliances segment looks healthy and there is a genuine demand for these products in the country. We expect our revenues to grow by 20 per cent especially in the segment,” he said.
He said the company planned to invest about Rs 1,500 crore in its business, which includes research and development and branding activities, among others.
Y.V. Verma, Director-Home Appliances, LG India, said that with the new series, the company expected the refrigerator division to grow at a rate of 20 per cent, targeting a turnover of Rs 5,300 crore. It was aiming at a market share of 38 per cent in this division by the end of 2013, he added.
While the company’s frost-free refrigerators are available in the range of Rs 27,350-Rs 41,300, its direct cool refrigerators are priced in the range of Rs 12,850-18,550.
Meanwhile, the company said it had seen negative growth of 30 per cent in the CRT television segment. It said with the rupee being stable, no changes in its product prices were expected.
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