LG Electronics India will step up its export push, as it targets making the country a key manufacturing and export hub, the firm said in its first annual general meeting (AGM) on Friday. 

The company has also invested Rs 5,000-crore at its Sri City factory, which will serve as an export hub, it added. Operations at the plant will begin by December this year, it said. 

“We already serve over 50 countries through Made in India exports, and by calendar year 2026, we are targeting 22 countries for our Essential series export,” said Sanjay Chitkara, co-chief sales & marketing officer at LG Electronics India. 

“Our ‘Make in India’ strategy is an increasingly important growth lever for LG India,” he added.

The consumer and home electronics major will focus on innovation, operational excellence, sustainable growth and long-term value-creation, Daehyun Song, chairman of LG Electronics India, said at the AGM. 

“The company’s listing during the year has also been an important milestone. We are committed to maintaining the highest standards of corporate governance, transparency, and accountability expected from a listed company,” Song added. 

LG India’s Managing Director Hong Ju Jeon said the company had maintained a leading position in most product categories, while answering shareholders’ questions. The company’s strength,  he said, is based on three key areas; innovation, customer experience and partnerships with channel partners. 

“The penetration of home appliances in India is still relatively low. This means there is significant room for future growth. Today, refrigerator penetration is 30%, washing machines is 20% and room air conditioners is 10%,” he said. 

“We also expect further demand growth following the GST (goods and services tax) rate reduction for air conditioners and larger TVs. In simple terms, we see strong growth potential for LG Electronics in India,” Jeon added.