Appliance and consumer electronics maker, LG Electronics, said it hopes to increase its total digital appliance sale revenues from India.
"We expect to increase our revenues from India to around 10 percent by 2007 and will focus on selling premium segment products in India," Moon B Shin, vice president, digital appliance overseas sales and marketing, said.
The company's present revenue from India is around Rs 65 billion (approx. U.S. $1.5 billion), which is over 5 percent of its total global sales revenue.
LG said it would sell high-end refrigerators, washing machines, microwave ovens, and air-conditioners in the country, while attempting to gain a higher market share in the vacuum cleaner segment, Mr. Shin said.
According to the company, it currently has a 25 percent market share in appliances, a 28 percent share in refrigerators, a 42 percent share in microwaves, and a 40 to 48 percent share in air-conditioners.
In addition to focusing on premium products in India, LG said it would also introduce products in various price ranges to cater to the diverse customer segment in the country. "India has a large market of our goods, and is only next to China in market size," Mr. Shin said. "However, we expect that in the next two decades, India would overtake China."
LG Electronics India, a wholly-owned subsidiary of the company, had previously announced investing $150 million for setting up manufacturing facilities in India. (PTI)
to Daily News