The company plans to expand into Tier II towns over the next few years; it may soon foray into solar business in India.
South Korea-based LG Electronics is expecting to garner a revenue of Rs 2,000 crore from its B2B (business-to-business) segment in India in FY20, a senior company official said.
The company ended FY19 with a revenue of Rs 1,500 crore and is looking at a 30 percent growth this fiscal, said Hemendu Sinha, vice-president & business head, B2B, LG Electronics India.
LG Electronics India’s B2B segment currently accounts for about 10 percent of the company’s total revenue from the country with a major portion coming from its consumer business.
Sinha said that they have a market share of 35-40 percent in the B2B segment, the value of which is estimated to be around Rs 9,000 crore.
Under the B2B segment, the company offers air- conditioning, OLED display, digital signage, LED panels and projectors.
Expanding into Tier II towns
Sinha shared that the large metro cities like Mumbai, Delhi and Bengaluru are one of the biggest markets for their products in India. However, he said they are also looking to expand into Tier II towns over the next few years.
The company is also planning to bring its solar business to India for which market research is being conducted, Sinha said.
New B2B products for retail & business spaces
The company on Wednesday launched a new product line as a part of its B2B segment including 130 All-in-One LED screens, transparent OLED, interactive digital boards and new outdoor display at a Grand Technology seminar in Delhi.
Titled techTALK 2.0, the event showcased a wide range of LG’s flagship B2B products, developed using the finest technologies and breakthrough innovations.
At the launch Ravinder Zutshi – Senior Director B2B- LG Electronics India said, “At LG our products are built with state-of-the-art technology and innovation especially tailored to maximize business’ potential. We are launching a range of new models today for all business spaces. Enterprise response has been very positive for LG B2B segment and with this new range we will further strengthen our position.”
With inputs from The Hindu, Moneycontrol