In the first phase, the company will pump in over Rs 525 crore over the next three years to set up its own capacities at Greater Noida to manufacture eight lakh colour TVs, four lakh refrigerators, 2.2 lakh audio systems, 2 lakh washing machines, 1 lakh air-conditioners and 30,000 VCRs per annum.

The unit will be functional by August this year with a capacity to manufacture 50,000 microwave units per annum, vice-president (marketing and sales) Rajeev Karwal said while announcing the launch of an array of white goods products here on Friday. In the second phase of the investment plan, LG will invest up to Rs 515 crore to expand capacities as also add capabilities to manufacture compressors, fly back transformers, motors and deflection yokes. Aspart of its investment plans for India, the company is also setting up an in-house R&D and HRD centre to train employees as also to serve foreign employees of LGE in South-east Asia and Northern Africa.LG, which began operations last year, has notched up a turnover of Rs 200 crore, the fastest for any white goods company.

The company hopes to touch the Rs 500-crore mark during the current financial year which in itself will be another record for the Indian corporate sector, Karwal said.

The senior executive of the company said that their positioning in the market was such that in five-six years LG would emerge as the top brand in the country with a high degree of customer orientation and innovation in presenting products to the market.

Apart from the world's first air-conditioning system based on the "Chaos Technology" with anti-bacteria filter, the deodourising filter and the anti-fungus electrostatic air purification unit to give a feeling of natural air, LG also announced the launch of other productson Friday such as its "direct cooling refrigeration systems in the Fresh Master series and new multiwave microwaves''.

Talking of the intense competition in the CTV market, Karwar felt over the next three years the prices of CTVs in India would continue to drop by 10 to 15 per cent per annum, hitting the domestic manufacturers primarily.

Models of direct cool refrigerators launched

LG Electronics India Pvt Ltd has launched three models of its direct cool refrigerators under the Fresh Master Series.

The company has introduced three models with a cooling capacity of 170, 210 and 250 litres. The direct cool refrigerators have larger capacities than similar refrigerators in this segment, a company release stated.

In addition, the interiors of the refrigerators are extremely flexible with versatile shelves which can be converted into half a shelf or no shelf as per convenience. In addition, tilting racks have also been provided. The refrigerator is available in red and sea green colours.