Business

LG to expand product portfolio

By Our Staff Reporter

KOLKATA. MAY 8. LG Electronics is all set to grab a sizable share of the volume segment of the consumer electronics market. The move is undoubtedly spearheaded by an `aggressive pricing' and expansion of the product portfolio of colour televisions (CTV), contributing 60 per cent of the company's profit.

The model will be replicated in all other consumer product segments. Also, the company is gearing up to enter the hitherto unattended audio segment. On the cards are launching of three models in the mid-value audio segment within the next few months.

Talking to newspersons here today, Chandramani Singh, national head (colour television) of LG, said the company had planned to score a turnover of Rs. 2,700 crores and a profit before tax of Rs. 100 crores in the calendar year 2002. The comparative figures for 2001 were Rs. 2,216 crores and Rs. 78 crores. Overall the target was to enhance its market share from 12 per cent to 17 per cent during the year.

Expanded its product profile in CTV by no less than five times to 40 the latest bid is to roll out more models in the 14 to 21 inch segment. At present the company has 12 models for the 60 lakh unit strong economy market.

Earlier addressing a press conference, vice president, Pradeep Tognatta, said though there had been wide spread price erosion in the consumer durables market, the company had managed to enhance its growth potentials.

Confident to add a second manufacturing facility during the year, Mr. Tognatta said the plan to enter the primary market through an IPO had been postponed for at least four to five months due to unfavourable market conditions.

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