LG Electronics is stepping up its push in India with locally tailored heating, ventilation and air conditioning (HVAC) solutions.
According to the industry on the 3rd, LG India recently said it sold more than 1 million air conditioners in just the first quarter of this year.
Jun Hong-ju, CEO of LG India, said, "India is one of the most strategically important global markets," and added, "Breaking the 1 million mark in quarterly air-conditioner sales is more than a commercial achievement; it is proof of the trust that millions of consumers place in LG Electronics every day."
LG India sells air conditioners in India as well as Sri Lanka, Nepal and Bangladesh.
LG Electronics has designated India as a key foothold in the "Global South (non-Western developing countries)" and is targeting the market with locally tailored strategies. Since first entering India in 1997, over 28 years it has built up local production, research and development (R&D), sales and service.
LG Electronics said last year it would solidify its standing in India as a "national corporations" by listing its Indian subsidiary on the Indian stock market. Following its existing Noida and Pune plants, it is investing $600 million (about 900 billion won) to build a new plant in the Sri City area.