LG India targets Rs. 2,500 crore revenue from domestic AC market

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LG India targets Rs. 2,500 crore revenue from domestic AC market
South Korean consumer durables maker LG Electronics is eyeing Rs. 2,500 crore turnover this year, with a growth of up to 25 percent in revenue from its air conditioning line up.

The company is also looking for a 10 percent growth in its industrial cooling segment expecting increase in demands from pharmaceutical, manufacturing and retail sectors along with big residential and commercial establishment projects.

"We expect a sales revenue of Rs. 2,500 crore from the domestic air conditioning segment this year. It would be 20 to 25 percent increase," LG India Business Head Air Conditioners Saurabh Baishakhia told PTI.

However, volume wise it would be a 10 to 12 percent growth, he added.

Last year, the company had a turnover of Rs. 2,000 crore from the domestic air conditioning segment.

According to Baishakhia, small towns with a population of up to 10 lakh would be the growth driver of its air conditioning business.

"Now Tier 2 and Tier 3 places are accounting for around 40 percent or our sales," he said, adding, the company has added products in its line up keeping in mind the condition of those places.

Moreover, the company also has entered into tie ups with several real estate firms as DLF, MGF, etc to install LG's air conditioning equipments in their luxury flats.

The company has also launched a new range of air conditioners compliant with latest Bureau of Energy Efficiency (BEE) norms, Baishakhia said on the sidelines of ACREX India 2014.

In the industrial segment, LG has brought a comprehensive range of system air conditioning with multi V IV series.

"We are providing an energy efficient solution to our customers. we are expecting a growth up to 10 percent this year," said LG India Business Head System A C Mahendra Agarwal.
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