Mumbai: LG Electronics India (LGEIL) has said it will lay greater emphasis on high-end products like LCD, Plasma TV, mobile handset and laptop to achieve around 20% growth this year to take its topline to Rs11,500 crore.
“We are very bullish on the Indian market and looking at 17-20% growth in the current year. Last year, our turnover was Rs9,500 crore compared to Rs8,250 in 2006. We aim to end the year with a topline of Rs11,500 crore,” V Ramachandran, director, sales & marketing told PTI.
Apart from launching new products in these categories, the company plans to roll out at least 40 additional exclusive outlets mainly in the western and southern parts of the country and invest Rs380 crore towards marketing during the year.
Ramachandran said LGEIL, the Indian subsidiary of the South Korean major, is expecting stronger growth in LCD and plasma TV markets and trying to position itself as the numero uno player in the market.
“Currently, we are No. 2 in the LCD market with 22% market share. We aim to achieve more than 30% share in the current year. LGEIL will vie for 40% market share in the country’s plasma TV market from 32% now.
A late entrant in the mobile handset domain, the company, however, now wants to make it big and launch a few models, both GSM and CDMA, to take the tally to around 30 this year.