LG Electronics on Monday said it has invested Rs 100 crore (Rs 1 billion) over the last several months in Indian operations through internal accruals but has no plans to go public even in 2004.
The company, which is a wholly-owned subsidiary of the Korean parent, is eyeing Rs 7,000 crore (Rs 70 billion) sales turnover this year and says it contributes five per cent to LG Electronics Inc's total global sales.
"We have invested Rs 100 crore over the last several months. This investment has been made in the Pune factory and in other expansion plans of LG Electronics in India," managing director K R Kim told reporters in New Delhi.
Asked whether the company was planning to come out with an initial public offer, which has been talked about for the last two years, Kim said "no, not this year" but did not elaborate further.
Meanwhile, the company unveiled a TV refrigerator -- TV Dios -- with a 13-inch hi-definition TFT LCD TV installed at the centre of its door. The 600-litre TV Dios also comes with an in-built radio tuner for FM access.
LG India's marketing chief Anil Arora said the company will unveil a below-Rs 5000 refrigerator in a couple of months which will be a direct cool model in 150-160 litre capacity.
He also said the company is eyeing $70 million export turnover this year against $40 million in 2003.
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