LGEIL has announced that it will be hiking the prices of air-conditioners and refrigerators by at least 3 to 5 per cent. Salil Kapoor, Head-Marketing, said, "Following the excise duty hike on steel from 12 per cent to 16 per cent, LGEIL has decided to increase the prices of refrigerators and air-conditioners by at least 3 to 5 per cent from today."
This is despite the fact that the Budget has brought down the peak excise duty from 35 per cent to 30 per cent on durables like ACs, refrigerators, microwaves, mobiles etc. He also denied reports in certain sections of the media that it has put on hold its further investments in mobile manufacturing plant in Pune.
Kapoor was reacting to the budget on the sidelines of an announcement of their new series of campaigns with the cricketers. Three 20-seconds commercials have been planned for this season. He said, "Launching this promotion during Pakistan-India series is a reflection of our commitment to promote cricket and also part of our efforts to reward our existing consumers and trade partners for their loyalty shown towards the LG brand."
Around Rs 60 crore has been allocated for the entire campaign and LG is looking at a sales target of Rs1,200 crore during the Indo-Pak series from March 8 to April 20, said Kapoor. Sourav Ganguly and Inzamam Ul Haq will be featured in the campaign and there is a promotion associated with it. On every purchase of LG products, gifts will be given. Also the lucky winners will get an opportunity to be a part of Sourav XI or Inzi XI and play a game of their choice.