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LG India to raise prices as Rs. bites

business Updated: May 24, 2012 23:50 IST
Rachit Vats
Rachit Vats
Hindustan Times
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Pressurised by a depreciating rupee, LG Electronics India has decided to raise prices of its IT products by 6% in June, as the company prepares to push the growth of its IT business through increased sales of laptops and LED monitors.

"The recent trend of rupee depreciation is a matter of concern for all of us," said Sanjoy Bhattacharya, IT head, LG India. "There is an uncertainty and the entire industry is looking at a price hike. We are contemplating a raise of at least 6% by June."

The impact of the price hike would be seen in all IT products including monitors, laptops, optical disc drives and others. A latecomer in the laptop space, the company is targeting 12 markets where the LG brand equity is high to boost sales. Sales of its IT division remained flat for the current fiscal year at R765 crore.

"We are banking on loyal LG customer in markets such as Rajasthan, Punjab, Maharashtra and others to buy IT products too," said Bhattacharya.

LG is also banking on innovation to drive IT sales in the monitor space. In September it will launch cloud-enabled monitors. The company is also focusing on LED monitors to drive sales.