LG plans Rs 400-cr investment in home appliances
Is Reliance Industries closing in on Kingfisher Airlines?
LG plans Rs 400-cr investment in home appliances
LG Electronics India plans to invest Rs 400 crore in the home appliance segment for the current calendar year.
The company is also targeting revenues of Rs 5,000 crore from the refrigerator category during the year.
The home appliance segment contributes 48-50 per cent to LG's total revenue. Speaking to Business Line, Dr Y.V. Verma, Director-Home Appliances, LG India, said. “This investment is to strengthen our portfolio in refrigerators, washing machine and microwave oven over the year.”
Gearing up for the summer, the company has launched a new line-up of 33 new models in refrigerators.
“With this new series, we will strengthen our market leadership position in the refrigerator segment with a share of 35 per cent. We are expecting a growth percentage of more than 25 per cent this year and targeting a turnover of over Rs 5,000 crore in the segment,” added Mr Verma.
The price range of refrigerators from the LG stable is between Rs 13,250 and Rs 1,86,500. The health-guard feature (with a four-layer filter) is available in the frost-free and Wonder Door series, in a price band of Rs 47,100 to Rs 1,86,500.
The high-end new range of LG Wonder Door Side-by-Side refrigerators is available in the range of Rs 1,25,000 to Rs 1,86,500. The direct cool refrigerators are available for 215 litres and above and priced at Rs 13,250 onwards.
Is Reliance Industries closing in on Kingfisher Airlines?
The Mukesh Ambani-owned Reliance Industries may be close to buying the ailing Kingfisher Airlines, according to market sources.
The sources say that as part of the deal, Reliance would also get Mangalore Chemicals and Fertilizers Ltd, in which the UB group has a 30.44 per cent stake. When contacted, a Reliance official said they were unaware of any such development, while Kingfisher's spokesperson was not available for comment.
A chance meeting between Mr Mukesh Ambani, whose wife owns the Mumbai Indians IPL franchisee, and Mr Vijay Mallya, who owns the Royal Challengers Bangalore team, at an IPL match a few days back has led to intense speculation that a deal was imminent.
Kingfisher Airlines, whose operations have been severely curtailed, has an accumulated loss and debt of nearly Rs 7,500 crore. It is now operating only a fourth of its services and has only a fifth of its fleet.
According to exchanges, a series of block deals was put through in Kingfisher last week.
Kingfisher's Rs 10 shares were up nearly nine per cent on the NSE today at Rs 18.85.
(Source-: Business Line)