LG to raise prices again

Consumer electronic goods giant LG would increase its prices once again, albeit marginally, a top company official said today. Rajiv Jain, business head, home appliances, LG Electronics India, said the company would raise prices of some products next month.

“Due to the steep increase in excise and taxes on petro products, there will be an increase of 3.5 per cent in prices of some of the products,” Jain said. LG had increased prices of TV sets, air conditioners and refrigerators last month by up to three per cent. The company, which launched a range of refrigerators here, aims to capture 28 per cent market share during 2010 in the segment.

Chief Operating Officer Y V Verma said LG was eyeing Rs 3,000-crore turnover in the refrigerator segment this calender year. The company plans to release as many as 25 new TV models over the next few months, including 3D, to capture 35 per cent market share by year-end. He also said the company would be able to post a turnover of Rs 19,000 crore this year, up 45 per cent over 2009.