Pune: The home appliance manufacturer LG Electronics India, has invested Rs 200 crore to the made in India effort by investing in the production of high-end side-by-side refrigerators here.
It is eyeing 25-30 per cent growth from the home appliance business in 2023. It aims to garner about ₹25,000 crore revenue from this segment alone.
On Tuesday, the new line was officially opened at the LG facility in Pune. Additionally, it will produce refrigerators with one door and two doors. Over two lakh units may be produced each year by the plant.
Localization has been a key differentiator for us as we have consistently created products based on Indian insights, according to Hong Ju Jeon, managing director of LG Electronics India.
He added, "This year we are launching side by side refrigerator production. Last year we started producing window inverter AC in India at our Noida manufacturing site.
With the increased investment, LG may increase the number of products it offers in India, and this summer, the business will introduce 15 new side-by-side refrigerators. Usually, these goods cost more than Rs 1 lakh.
Deepak Bansal, vice president of LG India, stated that the increased investment will assist to further strengthen LG's position as the industry leader for side-by-side refrigerators, which now holds a 53% market share. He said, "We would also look at side-by-side refrigerator exports from India.
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