LG India to doubles R&D investment
LG Electronics plans to double its annual Research and Development investment in India to Rs 400 crore from the current year as it steps up its study on market dynamics and consumer behaviour to give a push to sales.business Updated: Jun 18, 2009 22:02 IST
LG Electronics plans to double its annual Research and Development investment in India to Rs 400 crore from the current year as it steps up its study on market dynamics and consumer behaviour to give a push to sales.
The Korean consumer electronics major said it had been investing about Rs 200 crore every year on R & D in India and from this year onwards, it's looking to double the outlay.
LG Electronics India Pvt Ltd (LGEIL), its wholly-owned Indian subsidiary, achieved a turnover of Rs 10,730 crore in 2008, and has set a target of Rs 13,000 crore for this year.
Today, LGEIL launched technology products in the area of PC virtualisation, image projections, network storage and commercial display, focusing on the segments of education, government, BPO and SMB.
"We anticipate emerging business trends at LG and work towards providing innovative products to fulfill varied business needs", LGEIL MD Moon B Shin, told a news conference.
R Manikandan, Business Group Market Head, Business Solutions, LGEIL, said LG's new network monitors have an integrated network solution, adding, by connecting ten such network monitors to a PC, up to 11 users can share a single PC, reducing the total cost of ownership by up to 60 per cent.
With the launch of this new range, LG India's business solutions division aims to achieve a turnover of Rs 1100 crore in 2009, company officials said.