Looking to tap the country's huge growth potential, LG Electronics is planning to introduce new products and also make India a "pilot market" for its home appliances business.
"India is a big and important market for us. We are planning to make the country a pilot market for our home appliances business. The company is looking to launch new products in the coming months," LG Electronics Vice President (Home Appliance Marketing Strategy Team) Dan D H Koh said.
Koh noted that India, China and Brazil are among the top four international markets for the company.
"Our approach to the Indian market is primarily to localise the technologies and products for the domestic consumers. There is a huge growth potential for home appliances business in the country," he added.
The South Korean conglomerate is exploring the possibility of launching a water purifier, in addition to new models in refrigerators, microwave ovens and vacuum cleaners. "Surely, we would like to introduce water purifier for the Indian consumers. The product would have the technology for both hot and cold water, among others. However, plans are yet to be finalised," LG Electronics India Business Head (Home Appliances) Rajeev Jain said.
According to LG officials in South Korea, the company is working on adding a new feature to its microwave ovens that will enable it to make chapattis. "We are developing the process, whereby consumers in India can make chapattis in microwave ovens. Various options and methods are being explored for the same," the officials pointed out.
As part of its health care awareness campaign, LG would be introducing a new refrigerator, that would save nearly 18 per cent energy, before the end of July. Further, LG is aiming to make India, a major export hub.
Currently, the country is one of the main exporting centres for the Middle East, Nepal and Bhutan. "We are further looking at Europe and Central Asia (for exports from India)... Our aim is to make India a major export hub," LG officials said.
The entity has lined up substantial investment plans in 2010. It would be pumping Rs 3.5 - 4 billion (Rs 350 - Rs 400 crore) into its two manufacturing plants in Pune and Noida. Further, the company would be spending as much as Rs 500 million (Rs 50 crore) on healthcare awareness campaigns.
