LG is planning an investment of Rs. 1,000 crore ($220 million) in India over the course of the next two years, managing director of LG Electronics India Soon H. Kwon revealed to reporters in Kolkata on Tuesday.
According to a report by The New Indian Express, LG has seen growth of 20 – 30% in India in the last year, having raked in Rs. 16,000 crore from its operations here, and is targeting a 25% year-over-year increase for the current year. The company’s Indian business accounts for 6% of its worldwide revenue and is expected to reach about 15% by 2015.
LG currently has manufacturing plants in Greater Noida and Pune and intends to use its forthcoming investments to expand their capacities and set up new ones. It also has a network of 1,300 official retail outlets, which it plans to increase to 1,600 by the end of 2011.