LG to double exports from India

Korean electronics major LG on Friday said it is planning to double its exports from India to about $140 million and sell about 2 million GSM handsets in the country during 2005.

"We are planning to double our exports to $140 million in 2005 from $70 million in the current year," LG managing director Kwang-Ro Kim said at the launch of its latest TV range in Mumbai.
 
LG's Rs 250 crore (Rs 2.50 billion) manufacturing facility at Pune for which the work was started last year, would be commissioned in August 2004, he said.

It was also looking at adding Russia and some other countries for export from its Indian operations this year.

The company would sell about half-a-million GSM handsets in India in 2004 and has set a target to sell about 2 million handsets next fiscal.

LG had sold about 4 million CDMA handsets last year and is targeting an equal number this year.

It would increase its number of sub-contractors for manufacturing products to 25 from the present 18 by the year-end, he said.

The company today launched a range of Xcanvas Plasma TVs, Artvision LCD TVs, DLP & LCD rear projection TVs which would be imported from Korea in a completely built unit form.
 
The company is planning to sell about 2,000 Xcanvas Plasma TVs and about 1,500 LCD TVs in the current fiscal and about 20,000 units and 10,000 units, respectively in the next fiscal, he said.