LG Electronics Pvt Ltd has crossed a record $100 million export turnover. The company is eyeing $135 million in export turnover for 2005. This achievement is a major benchmark for the company and has consolidated LG's position in the domestic as well as international markets.
LG, President, South West Asia, KR Kim, said, "We are celebrating the $100 million sales. We are targeting $135 million sales by December 2005. Next year, we are targeting to be $240 million and in 2007, we are targeting $450 million growth. And finally by 2010 we should have $1 billion in exports."
He added that the only way of removing poverty in India was to maximise exports. "In India, we are shifting our export base to Pune as we will be reducing our transit cost from Delhi to Mumbai," he said, adding, "For LG, India is a global hub."
Jatin Madan, AGM Exports, LGEIL, said, "This is truly a great achievement for LG Electronics India since we have managed to not only achieve the $100 million-mark, but have also managed to burst all myths about the quality of Indian made products not being accepted internationally. This has been due to the relentless efforts of LGEIL to come up with suitable products for the overseas markets."
He added, "We are going to export refrigerators, washing machines and mobile phones. LGEIL also plans to produce 20 million mobile handset units by 2010 at its new state-of-the-art facility in Greater Noida. This is India's first mobile phone manufacturing unit."
Elated at this success, M J Jeon, General Manager, Exports, LGEIL, said, "The exports division is targeting to contribute almost 20 per cent of the total turnover generated annually by LG India and we are confident of not only achieving this target but surpassing it as well. The international market has readily accepted our products gradually and we see huge potential for growth in the overseas markets in the future."
He added, "The Greater Noida factory is catering to exports to Argentina. By 2010 we hope to be spread all over the world."
LGEIL's first manufacturing unit at Greater Noida is one of the most eco-friendly units among all LG manufacturing plants in the world. The new and second Greenfield facility of LG Electronics India located at Ranjangaon, Pune, has the capacity to manufacture colour televisions, refrigerators, and microwave ovens and has been operational since October last year.