lG Electronics India plans to invest Rs 1000 crore this year on various activities including marketing and research and it will alsolaunch 30 new models across price segments in India, aimed at growing its share in the booming Indian smartphone market..
"We will be investing Rs 1000 crore in marketing and R&D this year," lG India Head Corporate Marketing Niladri Datta told The Pioneer," adding that "The company is also planning to launch 30 new smartphone by the end of this year."
"We have 5 percent market share in Smartphones and this year we are aiming a double digit growth on the back of our new launches," he said. The company, which launched 20 phone models last year, competes with its Korean rival Samsung as well as domestic majors like Micromax and Intex. lG India on Wednesday unveiled four products in its four products categories -- mobiles, home entertainment, air conditioners and home appliances -- in the lG India Tech Show 2015.
"I want to bring India's ranking as the third largest market for lG, currently India is amongst the top five global markets," said lG Electronics India Managing Director Soon Kwon. At present, top five markets are the US, Korea, Brazil, Russia and India.
Commenting on the company's sales target in India, he said: "This year we targeting a minimum of 25 per cent increase in turnover at Rs 23,500 crore." Talking about the growing mobile phones business, Kwon said lG will become a more meaningful player in the mobile segment. "We expect demand to go up in the mid range costing between Rs 10,000 to Rs 15,000. We do have very robust plans to cover all price ranges this year.
lG Electronics India had clocked a turnover of Rs 18,500 crore in 2014. lG also launched its second curved smart phone G Flex 2 priced at Rs 55,000. The company also launched a 105 inch TV at a price of Rs 60 lakh.