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LG Electronics Plans $60 Million Mobile Phone Unit In Pune
Section Business & Industry Posted on Thu Oct 07, 2004 at 02:01:28 PM EST
The Korean chaebol, LG Electronics, is planning to invest $250 (1$~ Rs 45) million in India over six years in its consumer electronics, home appliances, IT and mobile phones businesses. The $60 million mobile phone (GSM) unit will be based in Pune. This is the first time a global handset maker is setting up such a unit in India. For its consumer electronics and home appliances business, LG has set up its second greenfield facility at Ranjangaon in Pune at an investment of Rs 150 crore ($32 million). The proposed plant is expected to commence production of GSM handsets by 2005. The company is also looking at setting up a research and development facility for mobile phones in India.
LG India will become the export hub for LG Worldwide, catering to the Middle East and African markets. The company aims to touch an export turnover of $3 billion by 2010 from India, which will contribute to 30 per cent of the Indian arm's turnover. "A mobile phone plant in India will give us an edge over other players in terms of quality, production and subsequent market share," said KR Kim, managing director, LG Electronics. Bon Moo Koo, chairman and chief executive officer, LG Group, said: "India is an important market and LG India has top priority for investments. There will be fresh infusion of funds over the next years from 2005 to 2010, which will be close to $250 million. The investments will be for expanding our current facilities as well as for new capacities."
From The Business Standard - October 07, 2004
Companies & Industry
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