Latest news with #SriCity
Reuters
08-05-2025
- Business
- Reuters
IPO-bound LG Electronics India begins work on new $600 million plant
May 8 (Reuters) - LG Electronics India has begun construction on its third plant in the country, the company and India's Andhra Pradesh state government, where the facility is located, said on Thursday. The IPO-bound electronics manufacturer will invest $600 million in the plant located in Sri City, close to the South Indian city of Chennai. The plant will generate direct employment opportunities for 1,495 individuals and indirectly employ 10,000 people. The company's other plants are located in Greater Noida, Uttar Pradesh state, and in Pune, Maharashtra. Reuters reported last month that the company's South Korean parent delayed the public float in India due to market volatility. LG Electronics ( opens new tab is now targeting launching the IPO of its Indian unit in the second or third quarter of fiscal year 2026, instead of May. ($1 = 85.0400 Indian rupees)
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."
