The Hindu Business Line : LG plans to invest $30 m in AC biz

LG Electronics India today said that it would invest $30 million (Rs 130 crore) over the next five years for adding two new air-conditioner manufacturing lines and R&D activities.

"By the end of the current year, the new manufacturing plant in Pune will start producing air-conditioners, with one manufacturing line targeting the new export markets," said Mr Ajai Bajaj, Product Group Head (Air Conditioners).

According to recent ORG data, LG has 46 per cent marketshare in the air-conditioners market.

The company expects its air-conditioners division to generate sales of Rs 2,000 crore by 2007.

"Last year, LG clocked turnover of Rs 750 crore from its air-conditioners business," said Mr Bajaj, while the announcing the launch of two new air-conditioners from the company's portfolio.

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