LG expects India sales to grow 20%

South Korean consumer durables major LG Electronics is betting big on the Indian market and expects its contribution to overall global sales to double over the next six years.

South Korean consumer durables major LG Electronics is betting big on the Indian market and expects its contribution to overall global sales to double over the next six years.

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“India accounts for around 6 per cent of the company’s global revenue collections. We plan to increase it to around 12 per cent by 2015,” Moon Bum Shin, managing director LG Electronics India told Hindustan Times. Shin added that the company mopped up Rs 12,500 crore as revenues during the calendar year 2009 and it expects to garner close to Rs 15,000 crore during the calendar year 2010.

To prop up its revenue growth the company is betting big on the business-to-business (B2B) segment. LG on Wednesday announced its entry into office solution products for the small & medium businesses in India, which marks the company’s maiden entry in this vertical at the global level. The company has pegged the office solution market in India at around $400 million (Rs 1,800 crore) and is targeting to gain 10 per cent share by the end of 2010.

“We will provide a one stop solution with full range of electronics appliances & computing solutions such as network monitors, PC, projectors, surveillance security and ACs, among others, to the small & medium enterprises,” said R Manikandan, head of business solutions at LG Electronics India.