Seoul [South Korea], November 25 (ANI): LG Electronics India has become a major success story with the company's local arm achieving a market capitalization of Rs 1.12 trillion (USD 12.49 billion) as of Friday. The company even surpassed its South Korean parent, LG Electronics Inc., valued at about 14.9 trillion won (USD 10.14 billion), as per a report by Pulse, the English service of Maeil Business News Korea.
The company's rise in India has been driven by what its Managing Director of LG Electronics India, Hong Ju Jeon, calls the "Made in India, Made for India" strategy. Jeon said the approach follows the principle of "thinking like an Indian," shaping products that fit local habits and needs rather than importing global models without changes.
Jeon explained that this philosophy was not just about manufacturing in India but about deeply understanding the lives of Indian consumers. "A good example is washing machines and dryers designed to address the problem of clothes not drying well because of high humidity during India's rainy season, as well as microwave ovens customized for Indian cuisine," he said.
This local approach also helped LG tackle social barriers. In some areas, for instance, refrigerators were once seen as unnecessary because people believed preserving food was a lazy habit. LG changed this perception by offering practical, lifestyle-based solutions that resonated with Indian families.
The company's two production plants in Noida and Pune have played a central role in this journey. Beyond manufacturing, LG Electronics India has worked to nurture local component suppliers and set up a strong research and development team. These efforts helped the company design products suited to India's electricity conditions, water hardness, and food-storage practices.
To strengthen customer service, LG went beyond simply opening new service centers. "We built a differentiated infrastructure, such as 68 service-parts warehouses," Jeon said. The company also introduced AMC, a subscription model made for Indian consumers, to expand service coverage to smaller towns and rural regions.
This deep localization has insulated LG Electronics India from the effects of global protectionist trends. The company now plans to keep expanding its leadership in a market expected to grow nearly 7 per cent annually through 2030. "We are currently pursuing strategies to address the potential expansion of product demand, including the establishment of a third plant and increased investment in R&D," Jeon added. (ANI)