South Korean tech giant LG Electronics said it expects India sales to grow by 20% in 2013, riding on robust performance by its home appliances division and surging demand across rural markets.
The company, however, is expected to close the year 2012 with a low single-digit rise in revenues due to a general slowdown in India’s economy that resulted in sluggish demand. LG India’s revenues for calendar year 2011 stood at R16,000 crore and the company is expected to announce its revenue figures for 2012 over the next few days.
“We expect our business to grow by 20% during 2013. Our growth drivers will be our strong product portfolio of home appliances and LCD appliances,” said LG Electronics India managing director Soon Kwon.
Kwon was speaking at the launch of company’s new range of refrigerators equipped with a patented “Power Cut Evercool Technology” that keep food cool for seven hours after a power cut.
LG Electronics India rolled out a range of 39 refrigerators in the category, priced between Rs. 12,850 and Rs. 41,300.
“With this new series, we expect the refrigerator division to grow at a rate of 20% and are targetting a turnover of Rs. 5,300 crore. We aim to have a market share of 38% in the segment by the end of 2013,” said LG Electronics India director (home appliances) YV Verma.