"The factories need consolidation and control as they operate independently with different human resource (HR) and logistic policies. The segmented operations cannot have power and focus on quality," K R Kim, vice-chairman and CEO (global operations), Videocon, who steered LG to market leadership in his earlier stint, told Business Standard.
In a strategic move, LG Electronics has elevated K R Kim, managing director, LG Electronics India to the position of president of South West Asia LGE.
Consumer durable companies are witnessing a slowdown in sales of finance-linked products after banks and finance companies reduced their lending, fearing a sharp rise in defaults.
Videcocon Industries plans a major consumer electronics retail foray across West Asia, Europe, Africa and Latin America under the brand name "VC" to raise global revenue shares from the current 2 per cent to 50 per cent by 2011.
Videocon plans to raise prices by 5-10 per cent across all product categories. LG India said it may raise prices of its range of washing machines and refrigerators. Godrej plans to raise prices of its washing machine, refrigerator, air-conditioner and microwave range. Haier India is likely to hike prices of washing machines and televisions.
Leading white goods manufacturer, LG Electronics would invest nearly Rs 400 crore (Rs 4 billion) this year in India towards expansion of its existing manufacturing facilities.
Consumer electronics major LG Electronics on Monday said the company would start manufacturing CDMA handsets in India next year and also plans to scale up production capacity of GSM mobile phones to 10 million from current one million by 2010.
After clocking $100 million in exports in 2005, LG Electronics India, on Wednesday said it would focus on developing India as a major hub for its exports to Africa, Middle East,
Korean electronics major LG Electronics said it plans to invest Rs 100 crore (Rs 1 billion) in India in the current calendar year, and also come out with an initial public offering for which no timeframe has been set.
LG Electronics on Thursday announced its foray into the cellular phone market in India with the launch of two new handsets in the high-end category and said it expects to sell 400,000 handsets during the next year.
LG Electronics India is targeting to sell 200,000 personal computers in 2005 from 74,000 last year with the turnover of the IT division expected to increase during the year to Rs 1100 crore (Rs 11 billion).
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