LG Electronics India said on Wednesday that the company has deferred its initial public offering plan by two to three years.
The Korean company had earlier indicated its intention to come out with an IPO by its Indian arm.
LG India would also be spending over Rs 500 crore (Rs 5 billion) in its expansion plans over the next two to three years.
Announcing the company's plans for the Diwali season, Kwang-Ro Kim, managing director, said, "We have sufficient funds to handle our expansion plans in India. Hence we have decided to defer the IPO plans by two to three years."
Kim also said the company would close the current calendar year with a turnover of Rs 4,500 crore (Rs 45 billion), which would be a 36 per cent jump over the previous calendar year.
The company's topline in 2002 was Rs 3,300 crore (Rs 33 billion). LG officials said a growth of 20 per cent in topline was expected in the next calendar year.
LG India also plans to introduce a laptop computer by the end of the current calendar year, which will be in the price range of Rs 100,000 to Rs 125,000.
IT products contribute around 15 per cent of the company's turnover. Close to 35 per cent of the topline of LG India comes from television, while the balance 50 per cent comes from home appliances.
Exports from LG's Indian operations is set to increase to $35 million during this year, from $20 million during the previous year.
The company is targetting exports during the next calendar year to cross $45 million. Sri Lanka, Bangladesh, Mexico, Hong Kong and some African countries are some of LG India's major export destinations.
The company's second plant in Pune is expected to be ready by August next year. The new plant, built at a cost of $50 million, would have a capacity to manufacture 300,000 units of TV and three lakh units of refrigerators.
Company officials, citing an ORG survey, said the company held the number one position in the washing machine segment in India and the number two position in the refrigerator market with a 15 per cent market share.
LG's market share in the overall television market was 17-18 per cent and the company held the number one position in the flat TV segment with a 25 per cent share.
The company's expansion plans include the beefing up of its global research and development centre in Noida.
Kim said, "The manpower in the Noida R&D centre is expected to go up to 200 from the present 120 over the next one year."
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