LG Electronics India Private Limited (LGEIL) plans to invest U.S. $30 million over the next 5 years in the area of research and development (R&D) in the air-conditioners segment.
“So far we have invested $35 million in R&D. We plan to pump in $30 million in the next five years to maintain our dominance in Indian AC market,” said Ajay Bajaj, Product Group Head, LGEIL.
Announcing the launch of the new range of ACs, Mr. Bajaj said: "As part of our strategy to achieve Rs 1,000 crore turnover during the current year, LGEIL is committed to introduce cutting edge technological products in the Indian market."
Mr. Bajaj said the LGEIL has set a target of selling six lakh units of ACs in the current year and push it up to 1 million by 2006.
He also indicated that in a bid to make a dent in the lower income segment, LG Electronics India would launch point 8-ton room air-conditioners all over the country in June this year. It also plans to set up two more assembly units for manufacturing ACs in Pune by 2008.
“While our Noida plant with three assembly units would cater to domestic market, the two assembly units in Pune would manufacture state-of-art ACs for export,” Mr. Bajaj said. (DH News Service)
to Daily News