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LG Electronics India plans to invest Rs 1180 million (approx. U.S. $26.13 million) in the Uttaranchal region by the end of this year, according to a top company official.
The investment would include a Rs 250 million factory to be set up in Dehradun by September for manufacturing LG's top-end products, 'S N Rai, general manager of Corporate Logistics and Commercial, said at the inauguration of the company's OEM unit at Selaqui Industrial Estate near Dehradun. The Rs 150 million OEM unit was inaugurated by state Chief Minister N D Tiwari.
LG had earmarked Rs 470 million for establishing a vendor-base at Selaqui, which would also be the distribution hub of the company's goods, Mr. Rai said.
"This will give opportunity for creating a local vendor base for supplying components locally, which in turn would generate job opportunities and local revenue for the Uttaranchal government," he said.
The Selaqui OEM unit at has started producing window and split air-conditioners and commercial air-conditioners. Around 300,000 units would be manufactured in 2004, with a total turnover of Rs 4000 million, Mr. Rai said.
The LG is also contemplating setting up manufacturing units of fully automatic washing machines and microwaves, he said.
In order to support this major activity, LG has opened a local office in Selaqui. (PTI)
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