LG Electronics, vendors ready Rs 7k-cr India infusion
LG Electronics and its parts suppliers plan to invest a total of Rs 7,000 crore to build the company's third factory and create a vendor base in Sri City, Andhra Pradesh, said two industry executives aware of the development.
LG Electronics will invest Rs 5,000 crore, and its Korean and Chinese parts suppliers the remainder, the executives said. LG, India's largest home appliances maker by sales, has sought 300 acres from the Andhra Pradesh government for the project which will generate over 1,500 direct jobs, the executives said asking not to be named.
LG plans to produce air-conditioners, refrigerators, washing machines and televisions in the new facility for the Indian market and exports, the executives said.
This will be one of the biggest investments in consumer electronics manufacturing in India. It will also mark the first-ever investment by LG's component suppliers for setting up manufacturing units in India.
LG, which entered the Indian market in 1997, currently has a plant each in Greater Noida in Uttar Pradesh, and Ranjangaon near Pune.
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