Latest news with #LGEIL
Time of India
08-05-2025
- Business
- Time of India
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
The Print
08-05-2025
- Business
- The Print
LG Electronics begins construction on Rs 5,000-cr mfg unit in Andhra Pradesh
Slated for completion by the end of 2026, the plant spread across 1 million square meters will roll out 800,000 refrigerators, 850,000 washing machines, 1.5 million air conditioners, and 2 million air conditioner compressors annually. The South Korean giant's investment in the rising industrial corridor in Andhra Pradesh is the largest single stage electronics investment in South India. Sri City (Andhra Pradesh), May 8 (PTI) LG Electronics on Thursday began the construction work on its Rs 5,000-crore home appliance factory here — its third plant in India, as part of a broader push to strengthen its presence in one of the world's fastest-growing consumer markets. A groundbreaking ceremony at the construction site was attended by Andhra Pradesh's Minister for Human Resources Development Nara Lokesh and senior LG Electronics India Ltd (LGEIL) officials, the company said in a statement. Production is expected to begin at the end of the next year, starting with air conditioners, followed by washing machines, refrigerators and compressors through 2029. The unit will be the Korean tech giant's third facility after existing factories at Noida, near Delhi, and Pune. Once the new site becomes operational, LG's combined annual capacity in India will rise to 2 million televisions, 3.6 million refrigerators, 3.75 million washing machines and 4.7 million air conditioners. It is the first large manufacturing complex to commence work under the new Andhra Pradesh government's electronics manufacturing policy. The Andhra Pradesh cabinet gave nod for the unit in November 2024 and work commenced in record time of less than 6 months. As many as four suppliers of LG Electronics are coming to India for the first time. They have also confirmed their investment of Rs 839 crore into the same area (Sri City premises). The government of Andhra Pradesh has provided 247 acres of land at Sri City to LGEIL for the new plant that is expected to generate around 1,900 direct and indirect jobs. 'We are delighted that LG ELectronics has chosen Sri City for its third manufacturing facility in India. This is a testament of LG Electronics' commitment to India and I am confident that this expansion into Andhra Pradesh will address the potential growth in demand for LG products across India,' Naidu said. This new plant is expected to cover a site area of 1 million square meters, with a total floor area of 220,000 square meters. LGEIL's investment in this facility will be to the tune of USD 600 million (Rs 5,001 crore) over a period of four years and brings with it the potential to bring ancillaries to the region, thereby creating an ecosystem for white goods manufacturing in the State of Andhra Pradesh. Besides serving India's vast consumer base, the products from the Sri City factory will also be exported to neighbouring markets such as Bangladesh and countries across the Middle East. For the firm that entered the Indian market with its first plant in Noida in 1997, the Sri City plant marks a critical step in localizing supply chains and scaling up output to meet soaring demand for modern home appliances among India's rapidly expanding middle class. As global companies reassess supply chains amid shifting geopolitical and economic currents, LG's investment also signals confidence in India's manufacturing infrastructure and its role as a production base for the broader region. India's current household penetration rate for washing machines is at 30 per cent and for air conditioners at just 10 per cent, suggesting major growth opportunities. The new facility will mainly produce high-end lines, such as French door refrigerators and front-loading washing machines. LG has already introduced India-specific models, such as convertible refrigerators tailored for vegetarian diets and washing machines with a dedicated cycle for traditional clothing like sarees. LG is looking to list its Indian unit, in a bid to tap into the country's bustling capital market. The IPO, which was valued at around Rs 15,000 crore, was initially expected to be in May, but has been delayed due to market volatility sparked by the US tariff uncertainty. Earlier on December 6, 2024, LG Electronics India Ltd, a subsidiary of the South Korean chaebol LG, had filed preliminary papers with Sebi for an initial public offering, wherein the parent company will sell over 10.18 crore shares amounting to 15 per cent stake. The proposed IPO is entirely an offer-for-sale (OFS) of 10.18 crore equity shares by promoter LG Electronics Inc with no fresh issue component, according to the draft red herring prospectus (DRHP). Its South Korean parent company LG Electronics Inc will sell 10,18,15,859 equity shares of face value of Rs 10 each, according to the DRHP. Since the public issue is completely an OFS, LG Electronics India will not receive any IPO proceeds. The funds raised will go to the South Korean parent. LG Electronics India is a leading player in major home appliances and consumer electronics. The company's products are sold to both B2C (business-to-consumer) and B2B (Business-to-Business) customers in India and internationally. It also provides installation, repair, and maintenance services for all its products. LG Electronics India's revenue from operations was Rs 64,087.97 crore for the financial year ended March 31, 2024. PTI KRH DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
08-05-2025
- Business
- Business Standard
LG to invest Rs 5,000 crore in Andhra Pradesh for smart appliance facility
LG Electronics has announced a Rs 5,000 crore investment to set up a state-of-the-art facility in Sri City, Andhra Pradesh. The foundation stone was laid by Minister for Education, IT, and Electronics, Nara Lokesh, in the presence of LG Electronics India Managing Director Hong Ju Jeon and other dignitaries. The government of Andhra Pradesh has provided 247 acres of land at Sri City to LGEIL for the new plant, which is expected to generate around 1,900 direct and indirect jobs. This facility will cover a site area of one million square metres, with a total floor area of 220,000 square metres. LGEIL's investment of US$600 million (Rs 5,001 crore) over four years is expected to attract ancillary investments to the region, creating a white goods manufacturing ecosystem in the state, the company said on Thursday. Lokesh stated that every job created and every innovation launched is paving the way to transform Andhra Pradesh into a global electronics powerhouse. 'This is not just the beginning of a manufacturing unit—it's the laying of a foundation for the future of Andhra Pradesh,' said Lokesh. 'This project goes beyond industrial development; it marks a milestone in India's industrial and technological advancement. Where innovation and investment meet, the future is built.' The journey from 'Made in Andhra' to 'Made for the World' continues with strength and purpose, the statement added. This LG unit stands as one of the first major foreign direct investments (FDI) since the formation of the new government in Andhra Pradesh. The LG facility will produce advanced, smart, and energy-efficient home appliances such as refrigerators, air conditioners, and washing machines. 'This is not just about manufacturing—it is about shaping the future of how we live. It's about creating jobs, empowering youth, and transforming lives. We're not just building factories; we're building the future of our state,' Lokesh added. The main LG unit is expected to generate 1,500 direct jobs. Additionally, LG's key vendor partners will invest another Rs 839 crore, creating over 690 more jobs. The project will have a significant positive impact on the local economy and will enhance the entire electronics ecosystem in the region. By manufacturing key components like compressors and heat exchangers within the state, LG aims to strengthen its supply chain and reduce dependency on imports. Vendor partners including Ecoria, Kuroda Electric, Heng Sung India, Kyungsung Precision, and Taesung Electronics will play a vital role in this integrated growth journey. This collaboration highlights Andhra Pradesh's emergence as a competitive global hub for electronics manufacturing. 'When global industrial giants align with Andhra's vision, transformative change becomes inevitable,' said Lokesh. LG and its partners are bringing cutting-edge technologies to Indian soil—AI-driven manufacturing, smart production processes, and energy-efficient systems. Sri City has become a lighthouse for industrial progress, and projects like this are shaping the economic future of Andhra Pradesh, the statement said. From land acquisition to construction and full-scale production, the state government will provide comprehensive support at every step. 'We are committed to providing an enabling environment for industrial growth and advanced innovation,' Lokesh added. 'Andhra Pradesh is open for business, eager for innovation, and ready for transformation.'
Yahoo
08-05-2025
- Business
- Yahoo
LG ELECTRONICS INDIA LIMITED BEGINS CONSTRUCTION OF ITS THIRD MANUFACTURING PLANT IN INDIA
New Manufacturing Plant in Sri City Expected to Begin Operations by End of 2026 SRI CITY, India, May 8, 2025 /CNW/ -- LG Electronics India Ltd. (LGEIL) announced the commencement of construction of its new manufacturing facility in Sri City, Andhra Pradesh today at a ceremony graced by the presence of Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics and Communications, Real Time Governance and Human Resources Development, Government of Andhra Pradesh. The new plant is expected to commence operations by the end of 2026. Overview of LG Electronics' third factory in India Strategically located in Sri City's industrial area, the new manufacturing facility will enhance LGEIL's production capacity and also enable local employment in the region. The new facility will be LG Electronics' third plant in India. The other two plants are located in Greater Noida, Uttar Pradesh and Pune, Maharashtra. This investment underscores India's potential as a critical hub within LG Electronics' global supply chain. The government of Andhra Pradesh has approved 247 acres of land in Sri City for LGEIL's new manufacturing facility, which is expected to generate around 1495 direct jobs. LGEIL plans to invest approximately USD 600 million (INR 5001 crores) over the next four years, with the potential to attract ancillary businesses to the region, thereby creating an ecosystem for white good manufacturing in the state of Andhra Pradesh. The new plant at Sri City is expected to localize production further and meet the growing demand for LG 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 facility will manufacture a diverse range of products, including AC compressors, refrigerators, washing machines and air conditioners. In addition to the presence of Shri Nara Lokesh, the ceremony was attended by other senior government functionaries along with senior LG Electronics executives from South Korea, including Lyu Jae-cheol, president of the LG Home Appliance Solution Company; James Lee, president of the LG Eco Solution Company and Hong Ju Jeon, managing director of LGEIL. Other government officials and senior LGEIL leadership were also present at the ceremony. Sharing his best wishes from Amaravati, the new capital of Andhra Pradesh, Shri N Chandrababu Naidu, Hon'ble Chief Minister of Andhra Pradesh said, "We wholeheartedly welcome LG Electronics to Sri City, Andhra Pradesh. The announcement of LG Electronics' new manufacturing plant in Andhra Pradesh is a testament to Andhra Pradesh's progressive policies with regards to being industry friendly, ease-of-doing-business, fostering 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."
Cision Canada
08-05-2025
- Business
- Cision Canada
LG ELECTRONICS INDIA LIMITED BEGINS CONSTRUCTION OF ITS THIRD MANUFACTURING PLANT IN INDIA
SRI CITY, India, May 8, 2025 /CNW/ -- LG Electronics India Ltd. (LGEIL) announced the commencement of construction of its new manufacturing facility in Sri City, Andhra Pradesh today at a ceremony graced by the presence of Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics and Communications, Real Time Governance and Human Resources Development, Government of Andhra Pradesh. The new plant is expected to commence operations by the end of 2026. Strategically located in Sri City's industrial area, the new manufacturing facility will enhance LGEIL's production capacity and also enable local employment in the region. The new facility will be LG Electronics' third plant in India. The other two plants are located in Greater Noida, Uttar Pradesh and Pune, Maharashtra. This investment underscores India's potential as a critical hub within LG Electronics' global supply chain. The government of Andhra Pradesh has approved 247 acres of land in Sri City for LGEIL's new manufacturing facility, which is expected to generate around 1495 direct jobs. LGEIL plans to invest approximately USD 600 million (INR 5001 crores) over the next four years, with the potential to attract ancillary businesses to the region, thereby creating an ecosystem for white good manufacturing in the state of Andhra Pradesh. The new plant at Sri City is expected to localize production further and meet the growing demand for LG 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 facility will manufacture a diverse range of products, including AC compressors, refrigerators, washing machines and air conditioners. In addition to the presence of Shri Nara Lokesh, the ceremony was attended by other senior government functionaries along with senior LG Electronics executives from South Korea, including Lyu Jae-cheol, president of the LG Home Appliance Solution Company; James Lee, president of the LG Eco Solution Company and Hong Ju Jeon, managing director of LGEIL. Other government officials and senior LGEIL leadership were also present at the ceremony. Sharing his best wishes from Amaravati, the new capital of Andhra Pradesh, Shri N Chandrababu Naidu, Hon'ble Chief Minister of Andhra Pradesh said, "We wholeheartedly welcome LG Electronics to Sri City, Andhra Pradesh. The announcement of LG Electronics' new manufacturing plant in Andhra Pradesh is a testament to Andhra Pradesh's progressive policies with regards to being industry friendly, ease-of-doing-business, fostering 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." Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics and Communications, Real Time Governance and Human Resources Development, Government of Andhra Pradesh said, "We are delighted that LG Electronics has chosen Sri City for its third manufacturing facility in India. This is a testament of LG Electronics' commitment to India and I am confident that this expansion into Andhra Pradesh will address the potential growth in demand for LG products across India." "We are taking yet another important first step toward enhancing our partnership with India and contributing to its economic growth. The construction of our third manufacturing plant will complement our existing production facilities in Noida and Pune and marks a new milestone in our journey in India," said Lyu. "This brand-new facility will create more jobs and increase local production," he further added. About LG Electronics India Pvt Ltd LG Electronics India Pvt. Ltd. (LG Electronics), a wholly owned subsidiary of LG Electronics was established in January 1997 in India. LGEIL currently operates two manufacturing units located in Greater Noida, Uttar Pradesh and Ranjangaon near Pune. The plants currently manufacture LED TVs, air conditioners, washing machines, refrigerators, microwave ovens and monitors. "LG Electronics India Limited (the "Company") is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus dated December 6, 2024 ("DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the websites of our Company, at SEBI at as well as on the websites of the book running lead managers, Morgan Stanley India Company Private Limited, J.P. Morgan India Private Limited, Axis Capital Limited, BofA Securities India Limited, and Citigroup Global Markets India Private Limited, at and respectively, and the websites of the stock exchange(s) at and respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the Red Herring Prospectus, when available."
