LG eyes Rs 4,000 cr turnover from fridge segment

Korean consumer durables maker LG today said it is targetting turnover of Rs 4,000 crore this year from refrigerator sales in the country, with over 35% market share in the segment.

It also announced the launch of a range of new direct cool refrigerator models here.

"With the new series, we plan to acquire a market share of over 35% in refrigerator by end of 2011. We are expecting a growth percentage of more than 30% this year, targetting a turnover of over Rs 4,000 crore in the segment," LG Electronics India (LGEIL) Business Head (Home Appliances) Rajeev Jain said in a statement.

In the direct cool segment, the company is aiming to garner Rs 2,500 crore this year.

"Two million direct cool refrigerators were sold in 2010 and in 2011, the aim is to sell 2.6 million units," the statement said.

The new series has 19 new models in the capacity of 190 litres segment, priced between Rs 9,900 and Rs 12,800.

LGEIL achieved a total turnover of Rs 16,000 crore in 2010.