LG to invest Rs 4,800-mn in 2008

Kolkata: LG Electronics India Private Limited, subsidiary of LG of Korea, will invest Rs 480 crore during the calender year 2008.

The company would spend Rs 360 crore towards brand building, while Rs 120 crore would be invested for product development, LG Electronics, India, Managing Director Moon B Shin said.

Shin said the company, which enjoys market leadership position across segments, is aiming at 15 per cent growth during the current calender year.

The key growth drivers for LG would be laptops, GSM phones and other premium category products, Shin said. The present market share of the company in the household appliances and electronics segments was ranging from 20 per cent to 34 per cent.

Shin said the company would enter the air purifiers and wine sellers market in India.

LG had earned an export turnover of USD 230 million in 2007 and is targeted at USD 300 million in 2008, Shin added.