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LG to invest Rs 400 cr on marketing and promotions

Aiming a 20 per cent growth rate in its turnover, Korean durable major LG Electronic India Ltd will invest over Rs 400 crore in the current year on marketing and promotions.

business Updated: Jan 09, 2009 18:09 IST

Aiming a 20 per cent growth rate in its turnover, Korean durable major LG Electronic India Ltd will invest over Rs 400 crore in the current year on marketing and promotions and will also launch a new range of air-conditioners soon.

"LG will invest over Rs 400 crore in this year as marketing and promotional expenses to achieve 20 per cent growth in its turnover," LGIEL Managing Director Moon Bum Shin told PTI on the sidelines of inauguration of Croma store in Gurgaon.

In 2008, LGIEl has achieved a turnover of more than Rs 10,000 crore and in the current year it is aiming to cross the Rs 12,000 crore mark.

The company is primarily banking on the sale of flat panel display TV sets (LCD), mobile handsets and other premium products to achieve growth.

"This year, we are expecting premium products such as LCD and mobiles to contribute maximum to our growth," Shin said. When asked about new products he said: "LG will soon launch a new range of air-conditioners exclusively designed for the domestic market."

Shin inaugurated the 26th Croma store in the country. Croma Stores are large multi-brand consumer durable outlets promoted by Tata Group company, Infiniti retails.