LG India eyes 60-70 % growth in exports in 2011

LG Electronics India Ltd, a formidable player in the consumer electronics segment in the domestic market, is aiming at a 60-70 per cent growth in exports from India in 2011.

"We are going to focus on exports in a big way from calendar year 2011. Our exports would witness a growth of 60-70 per cent in 2011 and this would come on the back of a robust demand for our products in countries like Sri Lanka, Bangladesh and few countries of the European Union and West Asia”, said Y V Verma, chief operating officer of LG Electronics India Ltd.

LG Electronics India has targeted a turnover of Rs19000 crore from the entire range of its products in 2010 and if achieved, this would be a growth of 45.16 per cent over Rs 13089 crore which the company achieved in 2009.

In the festive months of September and October, the company has targeted sales of Rs2500 crore including Rs80 crore in the Orissa market.

The company claimed to have achieved 80 per cent of its targeted sales in the festive period in Orissa. LG Electronics is spendingRs65 crore on marketing for this year's festive season.

LG Electronics India has identified LCDs and mobile phones as its strategic products and aims to scale up its market share in the mobile phone segment significantly in the next few years.

Presently, LG's share in the mobile handset market in the country is less than 10 per cent.

Asked if the company intended to come out with new products, Verma said, “We come out with new products from time to time depending on customer requirements”, refusing to elaborate further.

On revision of prices of products, he said, “We may go for a price hike in November-December but we haven't taken a call in this connection as of now.”

Verma inaugurated the premium LG brand Shoppe in the city. The company has set a sales target of Rs7-8 crore over the next 12 months.