LGEIL to set up 3rd India plant in Sri City in AP at investment of $600M
Sri City
HYDERABAD: Korean electronics chaebol
LG Electronics India Ltd
(LGEIL) is setting up its third
manufacturing facility
in India at
Sri City
in
Andhra Pradesh
at an investment of US$600 million (Rs 5000 crore approx.) over a period of four years.
The facility, which is coming up on a 247-acre parcel of land, will manufacture a diverse range of products, including AC compressors, refrigerators, washing machines and air conditioners.
The upcoming plant is expected to commence operations by the end of 2026 and will create about 1495 direct jobs, LGEIL said on Thursday.
The company said the new facility will create an ecosystem for
white goods manufacturing
in AP by bringing ancillaries to the region and underscores India's potential as a critical hub within LG Electronics' global supply chain. LGEIL already has plants in Greater Noida, Uttar Pradesh and Pune in Maharashtra.
Operation Sindoor
India foils Pakistan's attack on Jammu airport: What we know so far
How India used 'Sudarshan Chakra' to take down Pak drones, missiles
Operation Sindoor: Several airports in India closed - check full list
The new plant will boost LGEIL's production capacity, further localising production and helping the company meet the growing demand for its products throughout India. It will also strengthen LGEIL's supply chain in South India, while helping expedite access to LG products for consumers in the region, the company said.
The construction of the plant was flagged off by AP's IT, governance and HRD minister Nara Lokesh along with LG Home Appliance Solution Company president Lyu Jae-Cheol, LG Eco Solution Company president James Lee and LGEIL managing director Hong Ju Jeon at Sri City on Thursday.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
2025 Top Trending local enterprise accounting software [Click Here]
Esseps
Learn More
Undo
In a statement, AP chief minister N Chandrababu Naidu said the announcement of a new manufacturing plant is a testament to AP's progressive and industry friendly policies, ease-of-doing-business, environment that fosters innovation and being home to world-class manufacturing hubs.
'A well-developed industrial ecosystem, great connectivity and pro-business environment makes Sri City the best location for the new plant.'
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
31 minutes ago
- Business Standard
FM Sitharaman hails SPMCIL, hopes it to get status of Navratna soon
Finance Minister Nirmala Sitharaman on Monday lauded the performance of the Security Printing and Minting Corporation of India Limited (SPMCIL) and expressed confidence that it will soon become a Navratna state-owned company. Currently, SPMCIL, under the administrative control of the Department of Economic Affairs of the Finance Ministry, is a Schedule 'A' Miniratna Category-I company of the Government of India. The government grants Maharatna, Navratna and Miniratna status to Central Public Sector Enterprises (CPSEs) based on certain pre-defined criteria, including financial parameters such as track record of profit and net worth. Inaugurating the Corporate Office of SPMCIL, Sitharaman appreciated the works being done by the CPSE, which include printing of currency notes, minting of coins for circulation and commemorative coins. She hoped SPMCIL would also achieve Navratna status, given its consistent financial performance. Following its capital restructuring in 2015, the company fully repaid its loan with interest by 2016-17 and continues to deliver strong returns, Sitharaman said. In fiscal 2023-24, it paid a dividend of Rs 364 crore, following a record dividend of Rs 534 crore the year before. In her speech, the finance minister noted that the CPSE delivered about 3.4 metric tonnes of refined gold to the Reserve Bank of India from seizures transferred by the Customs department. It also refined silver and gold received from institutions such as Tirumala Tirupati Devasthanams and Vaishno Devi Shrine Board, among others. During 2024-25, the state-owned firm produced over 1,200 crore banknotes and 150 crore circulation coins as well as over 1.5 crore passport booklets and over 700 crore Excise Adhesive Labels, and various categories of postal and security-related stationery essential for government and public services. "I am equally impressed with the popularity of SPMCIL's souvenir coins, which play a significant role in promoting India's rich cultural heritage, history and art," she said. Sitharaman noted that in free India's recorded history, a total of 210 commemorative coins have been issued out of which 105 have been issued in the last decade, including coins celebrating events such the 2900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, the new Parliament Complex, the 1000 years of Brihadeeswarar Temple, and India's G20 Presidency. Over 20,000 coins have been purchased by the public for the new series of colour souvenir coins, which have been themed around Panchatantra, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya. Speaking during the occasion, Minister of State for Finance Pankaj Chaudhary said the government would provide all support to the CPSEs to improve their efficiency and profitability.
Time of India
33 minutes ago
- Time of India
No AI allowed: China shuts down DeepSeek and other AI chatbots for university entrance tests
Major Chinese technology companies have temporarily disabled key artificial intelligence features to prevent cheating during the country's high-stakes university entrance examinations. More than 13.3 million students are currently sitting the four-day "gaokao" tests, which began Saturday and determine their chances of securing limited university spots. Alibaba , Tencent , and ByteDance have suspended photo-recognition capabilities in their popular AI chatbots during exam hours. When students attempted to upload exam questions to apps like Doubao (owned by TikTok 's parent company) and Qwen, the services responded that question-answering functions were unavailable "to ensure fairness in the college entrance examination," according to Bloomberg reports. DeepSeek , a generative AI tool that gained prominence earlier this year, also blocked its services during specific hours for the same reason. Screenshots shared on Chinese social media platform Weibo showed frustrated students encountering these restrictions even when claiming their queries weren't exam-related. The AI suspensions represent just one layer of anti-cheating measures deployed during gaokao week. Several provinces have implemented AI monitoring systems to detect "abnormal behaviors" like whispering or suspicious glances between students during exams, The Guardian reported. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Medical Mystery Solved: Dementia and Memory Loss Has Been Linked To This Common Thing. vitalgethealth Click Here Undo Chinese authorities have also introduced stricter entry protocols, including biometric identification, enhanced screening for digital devices, and radio signal blockers at exam sites. The gaokao's significance extends beyond academics, some cities have postponed public events, delayed office hours, and created priority traffic lanes to ensure students arrive on time. For many Chinese families, particularly those from smaller cities and lower-income backgrounds, this exam represents the primary pathway to higher education and social mobility. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
36 minutes ago
- Time of India
Indian expats strike luck in UAE big ticket raffle, wins Dh150,000 each
After years of trying, Indian expats in the UAE win Dh150,000 each in the latest Big Ticket draw, with some sharing their winnings among friends/ Live Screen Grab As anticipation builds for the Dh25 million Big Ticket grand prize draw on July 3, five lucky individuals have already secured a windfall of Dh150,000 each in the latest round of winnings, among them, several Indian expatriates who have spent years in the UAE building lives, working hard, and hoping for a breakthrough. This month's Big Ticket Abu Dhabi draw turned dreams into reality for a delivery rider, a businessman, a former UAE shop owner, and other long-time residents who placed their bets with persistence, patience, and a dash of hope. Kerala Delivery Rider Strikes Gold After Six Tries Abdulla Pulikkoor Mohammed, a 34-year-old delivery rider from Kerala, has been living in Abu Dhabi for the past nine years, supporting his family back in India. Despite having purchased only six Big Ticket entries, he hit the jackpot this time, sharing the winning ticket with a group of 12 friends. 'Receiving the winning call made me feel happy. I plan to split the prize money with my friends and use my share to clear some loans,' he told Khaleej Times . 'Big Ticket is truly doing wonders, and I believe everyone should take part.' His win is a reflection of how even modest participation, when shared and consistent, can lead to big rewards. Businessman From Kerala Wins in Just Seven Months Another Indian expat, Salihrahman Pallipadath, a 37-year-old businessman, has been living in Ajman for 15 years with his family. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Good News: You May Be Richer Than You Think Undo Though he first learned about Big Ticket two years ago, he only started buying tickets seven months ago, also as part of a group of 11 friends. 'Receiving the winning call was a great experience – I'm truly happy,' Pallipadath said. 'I plan to use the prize money to renew my company visa. I'll continue purchasing from Big Ticket, and I encourage others to do the same. It's a luck-based raffle, and everyone should keep trying.' His story is one of perseverance and optimism, especially significant in the face of everyday business pressures and long-term responsibilities as a UAE-based entrepreneur. Former Sharjah Shop Owner Wins After a Decade of Tries Babulal Gautam, a 68-year-old from Mumbai, India, is another Big Ticket success story. He lived in Sharjah in 2014, where he ran a shop before returning to Mumbai. He's been buying Big Ticket entries for ten years, a full decade of trying that finally paid off. 'I actually missed the winning call, but I saw the email and was overjoyed. I kept checking and rechecking to make sure it was real. After a whole decade of trying, it finally happened,' he said. Known for his practical outlook, Gautam shared a piece of advice for hopefuls: 'I'm more of a scientific person and don't believe in luck much, so I believe the first step to winning is to simply buy a ticket.' His long journey with the raffle is a reminder of the patience and persistence that many expats maintain in the face of uncertain rewards. Also among the Dh150,000 prize winners is Shaji Memana, another Indian expat originally from Kerala. Memana bought his winning ticket online, and the news of his win came as an unexpected joy. Countdown to the Dh25 Million Grand Prize The next major Big Ticket event is the live grand prize draw on July 3, where the staggering Dh25 million jackpot will be awarded. In addition to the main prize, three winners will take home Dh75,000 each. Leading up to the grand event, Big Ticket will also hold weekly E-draws, with upcoming dates as follows: Week 1: June 10 Week 2: June 17 Week 3: June 24 Week 4: July 1 With decades-long participation from the Indian community, especially among expats, Big Ticket continues to hold deep emotional and financial appeal. It offers not just a shot at fortune, but a moment of recognition and relief for thousands working hard across the UAE.
