South Korean consumer durables maker LG Electronics said that it will invest around Rs 80 crore for developing and bringing products designed for the Indian market.
The company has introduced the products under its ‘Stars of India’ series, across categories, including LCD TVs, refrigerators, washing machine and air conditioners, among others.
“Stars of India- the Indian Insight-based products have provided us with a great opportunity to relate with the Indian consumer even better. It’s a proof of LG India’s commitment to the Indian consumers,” LGEIL Managing Director Moon B Shin said in a statement on Tuesday.
The company will make a total investment of Rs 80 crore, mainly on customising products as per Indian requirements to tap potential in the respective segments and ensuring profitability in them.
However, it has not given any timeframe for the investment.
For instance, its top loading washing machine would come with audio assistance speech technology, providing assistance in both Hindi and English.
Besides, it has also launched microwave ovens with up to 56 Indian auto cook menu.
In its AC products, it has introduced Aero Comfort System, which will enable customers to regulate both the AC and the ceiling fan.
“We have announced a marketing campaign to communicate the Brand s strategy more effectively to the consumer. The publicity will be undertaken through various marketing activities with a total investment of Rs 25 crore,” Shin said.
LG said the new series would make a contribution of about 11 per cent of its turnover by the end of this year.
The company had achieved a turnover of Rs 10,730 crore in 2008.
