LG India aims to hit R22,000 cr sales
NEW DELHI: LG India eyes revenues of ` 22,000 crore during the calendar year 2014 as the South Korean tech major ramps up efforts to cement its leadership position in home appliances and flat-panel TVs and aggressively scouts for marketshare in smartphones.
The company did not divulge its revenue figures for 2013. However, its 2012 revenues stood at ` 16,000 crore — growing at around 20%.
LG said it would invest close to ` 800 crore during 2014 of which ` 300 crore would be for research and development (R&D) and strengthening of production facilities. The remaining ` 500 crore would be invested for mar- keting and branding initiatives.
“You will see a different LG by the end of 2014,” said Soon Kwon, managing director, LG India, as he showcased an array of over 230 LG products at the company’s annual Tech Show in Greater Noida.
Kwon said the company is developing products to suit Indian consumers need and changing market dynamics.
“Smartphone sales are booming ...the transition from CRT (cathode ray tube) televisions to flat-panel is getting faster … so this is the right time for us to show our tech prowess,” Kwon said.
LG unveiled two variants of its 4G LTE-enabled smartphone priced at ` 46,000 and ` 49,000 that would be available in two weeks’ time.
“We want to triple our growth in mobiles,” Kwon said. The current marketshare of LG in smartphones is less than 5%.
LG also launched world’s largest curved 77-inch television with both OLED and Ultra HD technology that provides better picture quality.