LG to double R&D investment to Rs400 crore

LG to double R&D investment to Rs400 crore
PTI
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First Published: Tue, Jun 02 2009. 05 12 PM IST
Updated: Tue, Jun 02 2009. 05 12 PM IST
Busan, South Korea: Electronics major LG Electronics plans to spend Rs400 crore on research and development activities worldwide, besides laying emphasis on developing design and research facility in India.
From this year onwards, we are planning to double the R&D investment to Rs400 crore. The focus this year will be on setting up a design centre and a research and development facility at our Greater Noida unit in India, LG Electronics Vice President Simon Hahm said.
The company also plans to augment the air-conditioner production capacity of its Busan facility to 20 million units by 2012 from the current 16 million units.
Air-conditioners (commercial and residential ACs), along with other consumer durables such as refrigerators, television sets are manufactured at the company’s facility here.
LG’s AC manufacturing facilities are spread all across the globe, including China, Vietnam and Turkey and products manufactured at these units are sold all over the world, including India.
“India’s commercial AC market is growing 20% on year-on-year basis..we would like to tap that market,” Hahm said.
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First Published: Tue, Jun 02 2009. 05 12 PM IST