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(KPL/Yonhap) LG Electronics Inc. said Thursday it will break ground on a new home appliance factory in India, reinforcing its commitment to the fast-growing South Asian market.
(KPL/Yonhap) LG Electronics Inc. said Thursday it will break ground on a new home appliance factory in India, reinforcing its commitment to the fast-growing South Asian market.
A groundbreaking ceremony of the plant in Sri City, an industrial hub in the eastern state of Andhra Pradesh, will be attended by local officials, including Nara Lokesh, minister for human resources development of Andhra Pradesh, as well as LG Electronics executives, including President Lyu Jae-cheol, head of the home appliance division, according to the company.
With an investment of US$600 million, the facility is slated to begin production by the end of 2026. It will have an annual capacity of 800,000 refrigerators, 850,000 washing machines, 1.5 million air conditioners and 2 million air conditioner compressors.
It will be LG Electronics' third production base in India, following plants in the northern city of Noida, Uttar Pradesh, and in the southern city of Pune, Maharashtra.
The Sri City plant is expected to serve as a regional manufacturing hub for India and neighboring markets, including the Middle East and Bangladesh.
LG Electronics said the new plant will enhance its local supply chain and help strengthen its leadership in India's growing consumer durables market.
"The construction of the Sri City plant is a milestone that signifies LG Electronics' commitment to becoming a true national brand in India," Lyu said. "With innovative products produced through a stronger local supply chain, we will further solidify our position as India's top home appliance
KPL
