LG Electronics India Ltd (LGEIL) is targeting to emerge as a market leader in the frost-free refrigerator brand in the country during 2002.
The company, which has achieved a 37 per cent growth in 2001 over the previous year, has chalked out a strategy to achieve its goal of becoming the single largest quantity brand.
LGEIL proposed to invest $289 million over the next 9 years which would give it a major manufacturing presence in India in a range of white and brown goods as well as in a range of electronic components.
LGEIL has planned to introduce 10 new models of refrigerators in 2002 so as to expand its product portfolio from the existing 12 to 22 models.
LGEIL has recently set up a new refrigerator production line at its facility in Greater Noida. With an investment of over $10 million, this line would initially produce two models of refrigerators with two to three design variants each.
In the first phase of investment from 1998 to 2001, the company has invested $100 million to establish manufacturing facility. This facility is capable of churning out 7 lakh CTVs, 2.5 lakh refrigerators, 2.5 lakh washing machines, 1 lakh air-conditioners and 55,000 microwave ovens per annum. This facility started production in 1998.
Source: Business Line