Consumer durables company LG Electronics India (LGEIL) plans to displace IFB to emerge as the market leader in the fully automatic washing machines segment by the end of 2002.
LG also plans to expand its production facilities to the south and western parts of the country. Maharashtra has been identified as one of the places where production could start soon. The company has a facility in Noida currently.
According to sources, LG is targeting an annual turnover of Rs 131 crore for the year in the fully automatic washing machine segment — an almost 100 per cent growth from its previous year’s turnover of Rs 67 crore. This would enable LGEIL to capture a 25 per cent market share in this category, up from the current 12 per cent.
LG unveiled a new range of washing machines — Turbo Deluxe, Turbo Choice and Fuzzy Nova priced at Rs 18,400, Rs 16,300 and Rs 14,700, respectively.
According to company sources, it has targeted a turnover of Rs 360 crore from washing machines this year and a sale of about 3.5 lakh units. It also hopes to capture a 27 per cent market-share in the washing machine segment.
LG has already invested Rs 140 crore and plans to increase investments in production by another Rs 25 crore by 2003.
Source: Business Standard