The company has lined up the launch of mini-component audio systems with multi-media capabilities, Internet enabled, CD R/RW features, MP3 format. The formal launch is slated for July 2001.

LG Electronics will also be launching at least four models of GSM mobile phones by April 2001. LG Electronics has already invested close to $2 million into developing the GSM technology and India will become one of the major adapter of GSM technology based mobile phones.

While GSM mobile sets would be introduced by LGEIL, LG Information and Communication (LGIC) would continue to develop CDMA-based WLL system, Mr Kim said.

LG Electronics plans to sell around 50,000 GSM mobile phones in 2001 and has set a turnover target of Rs 50 crore in 2001. "There are about 2.5 million subscribers in India and the number is expected to rise very sharply over the next few years, thus offering great opportunities," Kwang-Ro-Kim, managing director LG Electronics India, told The Financial Express.

LG Electronics aims to sell 25,000 audio systems in the second half of 2001. Turnover target from audio segment in the second half of 2001 is expected to be around Rs 50 crore. Domestic market for audio products is expected to be around five lakh units in 2001.

LG Electronics has already initiated the feasibility study and will be launching the products including the high-end products like the MP3 players and other hi-fi systems. Initially, all the products will be imported and the manufacturing in India will be taken up at a later stage, said Mr Kim.

Apart from the audio segment, the company has identified information technology and multimedia segment as the key area of growth. It currently accounts for close to 7 per cent of the company's total revenues. However, the contribution from this segment is expected to rise to around 20 per cent. Lined up a number of products including peripherals, CD Roms, DVDs, networking products, LCD cameras/projectors and PC cameras. These products are already out in the international market and were on display at the recently held Korean electronics show in Seoul.