LG Electronics India has invested around Rs 200 crore at its Ranjangaon, Pune-based facility to set up a new line for manufacturing the premium range of side-by-side refrigerators.
With an investment of approximately Rs 200 crore, the new facility equipped with advanced technologies and machineries is set to manufacture 2 lakh side-by-side refrigerators annually, said LG Electronics India in a statement.
"This expansion is a step forward in making self-reliant India. LG Electronics is fully confident to make India a strong manufacturing hub. We will be also exporting from this facility," said LG Electronics India MD Hong Ju Jeon.
Besides, LG also manufactures double-door and single-door refrigerators, TVs, washing machines, ACs, and monitors at its Pune facility spread across 52.8 acres of land.
"With an annual production capacity of 200k side-by-side refrigerator units, this manufacturing expansion will play a key role in addressing growing consumer demand and extending the company's portfolio in the Indian market," said LG Electronics.
The new facility was inaugurated in the presence of LG Electronics Global Refrigerator President Hyun Uk Lee, LG Electronics India MD Hong Ju Jeon and others.
Jeon said: "Localisation has been a key differentiator as we have continuously developed products based on Indian insights.
"Last year we started manufacturing windows inverter AC in India at Noida manufacturing facility, this year we are starting side-by-side refrigerator production in India at Pune manufacturing facility, every year we are expanding our local production operations," he said.
LG Electronics India is a wholly-owned subsidiary of South Korea-based LG Electronics. The company, which was established in January 1997 in India and completed over 25 years, has two manufacturing units at Greater Noida and Pune.
For the financial year that ended on March 31, 2022, LG Electronics India's total revenue was at Rs 17,171.3 crore.
LG Electronics India is a leading player in the refrigerator segment.
According to a report from Research And Markets, the Indian refrigerator market was valued at USD 3.07 billion in 2022 and is anticipated to achieve a market value of USD 5.88 billion by 2028 with a CAGR of 11.62 per cent.