news from rediff.com about plans by LG Electronics India Ltd to exopands its operations with a new plant. It will be manufacturing Optical Disk Devices such as LGs future range of DVD writers amongst other product ranges. It will create 3500 jobs and account for 10% of LGs production by 2008 according to sources.
"Consumer electronics company LG Electronics India Ltd on Tuesday signed an agreement with the Maharashtra government to set up its second greenfield facility at Ranjangaon, Pune with an investment of Rs 900 crore (Rs 9 billion).
"We will invest Rs 900 crore by 2008 to expand our manufacturing facilities at Pune out of which Rs 400 crore (Rs 4 billion) will be towards DVD writers," Kwang-Ro Kim, managing director, LGEIL said after signing the memorandum of understanding in Mumbai.
The company had heavily invested in China in the last 10 years and the additional investment in Maharashtra is a part of the company's plans to diversify its investments across various countries, he said.
The DVD writer plant would be Asia's second largest DVD writer plant and 80 per cent of the DVD writers from the plant would be for exports.
The new plant would enable the company to touch an export turnover of $40 million by 2008, which would contribute to 10 per cent of LGEIL's turnover, Kim said.
The company plans to manufacture colour televisions, air conditioners, refrigerators, washing machines, microwave ovens and colour monitors and would involve a manpower of 3,500.
LGEIL is aiming a turnover of Rs 2,600 crore (Rs 26 billion) by 2008 for DVD writers. Under the MoU, the state government would grant tax subsidies to the company. "
So it looks like increased demand for LGs products is helping create new jobs which is always a good thing. Of course with 80% of its DVD writers being made for export we hope for very good quality standards.
Tuesday 6th at 15:44 
Tuesday 6th at 15:44 
