Latest news with #LGElectronicsIndiaLtd
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
Bloomberg
08-05-2025
- Business
- Bloomberg
LG Electronics to Build $600 Million India Plant Amid IPO Pause
LG Electronics India Ltd. will build its third plant in India, signaling its growth plans in the fifth-largest economy despite deferring its $1 billion-plus public listing in the county. LG Electronics is investing about $600 million over four years in the factory coming up in the southern state of Andhra Pradesh, the local unit of the South Korean chaebol said in a statement Thursday. The plant will start making air-conditioners next year, followed by washing machines, fridges and compressors through 2029, the Andhra Pradesh government said in a separate statement.
