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LG eyes 33% market share in home appliances

Last Updated: Thursday, August 18, 2011 - 22:05
Mumbai: Korean consumer durables manufacturer LG Electronics is eyeing a 33 percent market share in home appliances and Rs 6,100 crore revenue (from India) by the end of this year.
"With new smart range of home appliances we expect to bolster our home appliances sales at a growth rate of around 35 percent and aim to hold our market leadership position with a targeted market share of 33 percent in 2011," LG Electronics India's Managing Director, Soon Kwon said in a statement issued here.
"LG Electronics India has aggressive plans to invest Rs 138 crore in manufacturing and Rs 240 crore in marketing of home appliances, along with a vast after sales service network," he added.
LG Electronics India had achieved a total turnover of Rs 16,000 crore in 2010.
The firm today launched two new products – washing machine and a microwave oven.
It said its 16-kg capacity washing machine can reduce energy usage by up to 30 percent over other washing machines and is priced in the range of Rs 24,290 to Rs 70,990.
The company said its Charcoal Lighting Heater Microwave Oven is eco-friendly and increases thermal efficiency and heat penetration. The oven is priced at Rs 18,490 to Rs 21,290.
"At LG, we maintain a relentless focus on finding out what customers want and then reflecting those desires and needs into products that enrich their lives," Kwon said.
"India is a very strategic market for LG Electronics and our objective is to introduce flagship products into the market which reiterates LG's efforts to constantly create and introduce new technological innovations namely the Charcoal Heater Microwave Oven and 6 Motion Inverter Direct Drive Washing Machine.”
LG Electronics India has a market share of 37.9 percent in the Microwave Ovens and 34.2 percent in Washing Machines according to a Nielsen report.
First Published: Thursday, August 18, 2011 - 22:05
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