New Delhi, May 21: South Korean chaebol, LG Electronics plans to set up a research and development centre in Delhi at a cost of $1 million to customise its products for indian and overseas markets, a top company official said."The facility will be mainly used to `localise' products and introduce newer technology in the Indian market," LG Electronics India vice-president (sales & marketing) Rajeev Karwal said.
The centre will also be used for R&D activities for overseas markets at a later date, he added.
Karwal said the company would apply to the department of electronics for the centre's registeration with it.
"The registeration with DoE will entitle the company to huge savings on account of a 50 per cent reduction in customs duty for import of components and equipments for its entire product range," Karwal said.
Funds saved from this end would be diverted towards capacity expansion and more localisation of products for the Indian market, he added.
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