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Leading white goods manufacturer, LG Electronics would invest nearly Rs 400 crore (Rs 4 billion) this year in India towards expansion of its existing manufacturing facilities.
"The company would invest nearly Rs 400 crore in India this year for manufacturing optical storage device -- CD-Rom, DVD writers, monitors and personal computers GSM and CDMA mobiles," the company president (South West Asia) K R Kim told reporters in Indore on Friday.
LG, which at present has six per cent market share in India is aiming for a turnover of Rs 9,000 crore (Rs 90 billion) this year against last year's figure of Rs 7,500 crore (Rs 875 billion).
Referring to Madhya Pradesh and Chhattisgarh, LG regional manager Diptrag Bhattachajee and marketing manager Lokesh Kataria informed that the company has a turnover of Rs 220 crore (Rs 2.2 billion) last year while this year it has set a target of Rs 320 crore (Rs 3.2 billion).
In the mobile handset segment, LG has sold 400,000 GSM mobile sets in India, while in the CDMA category it has sold 30 lakh (3 million) pieces in partnership with Reliance and TATA, Kim said adding this year the company has set a target of selling 12 lakh (1.2 million) GSM handsets in the country.
Kim further informed that LG spends neary four per cent every year in research and development and the newly introduced products.