Jan 29, 2013: LG Electronics India which is aiming a market share of 38 per cent in the refrigerator division by the end of 2013, launched its new range of refrigerators on Monday. The company which has been doing relatively well in the refrigerator division also aims to achieve a growth of 20 per cent in revenues because of the buoyant home appliances segment in India. LG India is expecting to generate a revenue turnover of Rs. 5,300 crore from the refrigerator division alone.
The company in order to fuel its growth plans is planning to invest Rs. 1,500 crore in the business. They intend to spend this money in branding activities and as well as research and development. Though the Indian market has been plagued by weak consumer sentiments because of factors like rising input cost and inflation, LG Electronics expect that there will be genuine demand for home appliances in the Indian market in the times to come.