Mr Anil Arora, product group head, home appliances, LG Electronics India, told newsmen here on Thursday that the company is planning to launch 10 new models across the product portfolio expanding it from the current 12 models to 22 models in the current year.
Further he said, We are looking at 2002 very ambitiously, and plan to expand our accessibility to consumers through our 22 branches, 53 areas offices and 83 territories.
The company has already set up refrigerator production facility at Noida with an investment of over $10 million. Initially this line will produce two models with two to three design variants each having distinct features like door cooling (a patent technology), FIR lamp, cell fresh crisper, moisture controller and Z-De-odoriser.
The company proposes to focus in the 230-250 lts segment with two variants at the Noida facility. The segment has 55 per cent of the total market demand in the country, Mr Arora said.
By 2003 the company has targeted to reach a turnover of Rs 500 to 600 crore in the refrigerator segment, of which 80 per cent will come from home production, he said.
Besides LG Electronics offers Digital Intelligent Optimum Silence (DIOS) refrigerators in the capacity of 610 ltrs, 710 ltrs and 810 ltrs with two models in each capacity. In the current year, the company targets to market about 3,000 units against 400 units in the previous year, Mr Arora said.
As regards the overall investment proposals by the parent in India, Mr Arora said the Korean multinational proposes to pump in over Rs 1,000 crore in the next nine years, thus converting India as a major production base for white and brown goods.
The existing Noida facility has a capacity to product 7,00,000 CTVs, 2,50,000 refrigerators, 2,50,000 washing machines, 1,00,000 air-conditioners and 55,000 microwave ovens per annum.