South Korean consumer electronics major LG on Wednesday said it would cross the Rs 10,000 crore turnover mark in India by next year, riding on increased sales of its flat panel display systems.
Last year, the company posted a turnover of Rs 7,500 crore and this year it expects the figure to be about Rs 8,500 to 9,000 crore and cross Rs 10,000 crore by 2007, LG Electronics India Pvt Ltd Vice President (Sales and Marketing) Girish V Rao said in New Delhi.
It expects colour television sales to drive the growth, to which flat panel display (plasma TV and LCD) systems are expected to contribute in a major way.
Asked about plans to manufacture FPDs in India, he said there was no such plans, as the volumes do not justify it, besides the huge investment involved.
He said colour television sales accounted for 32 per cent of the turnover, refrigerator 10 per cent, air conditioners 15-20 per cent, washing machines 8 per cent and IT (computers and GSM mobiles) about 10 per cent.
The company kicked off its festive season offer, with the launch of 11 new models of latest FPD range starting from a price of Rs 30,000 and above.
LG is expecting a turnover of Rs 2,500 crore during the season, for which it has roped in Cartoon Network for promoting its products. The company would spend Rs 100 crore on marketing for this festive season alone.