The company is aiming at a 30% market share in the Rs 1,800cr domestic audio-video industry. It reported a sales of Rs 231 crore in 2006.
BANGALORE: Targeting a turnover of Rs 450 crore from the digital audio-video products business by the year-end, consumer electronics maker LG India on Tuesday ventured into MP3 player and car audio systems segment.
"We are already the top brand in video segment and are aiming to achieve the numero-uno status in digital audio segment by the end of 2007. LG is targeting a turnover of Rs 450 crore in the digital audio video segment by the year-end," company Managing Director M B Shin said.
The company is aiming at a 30 per cent market share in the Rs 1,800 crore domestic audio-video industry this year. It reported a sales of Rs 231 crore in the space in 2006.
The Indian unit of the South Korean giant launched "touche" range of high-end home theatres, lifestyle audio systems, MP3 players and high definition DVDs and Dual Format High Definition Disc players in India.
The newly launched MP3 and MP4 players have been priced in the range of Rs 3,000 to Rs 12,000 while the car audios are available for a cost starting from Rs 5,000 till Rs 60,000.
The Dual Format high definition disc player, "Super Multi Blue" would be the first in the market to play both generation disc formats, meeting the challenge of the current format war, Shin said.
LG hopes that the Super Multi Blue Player would play a "trigger role" in expanding and advancing both Full HDTV and high-definition DVD markets.
The company, which reported a turnover of Rs 8,250 crore in 2006, has set an aim of Rs 9,500 crore this fiscal.
"In the first four months of the current fiscal, we are on track in maintaining the growth," Shin said.
Asked about plans to set up an additional manufacturing facility, Shin said, the company has no such plans "for the time being."
LGEIL has a manufacturing unit at Greater Noida.
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