LG ELECTRONICS INDIA LIMITED BEGINS CONSTRUCTION OF ITS THIRD MANUFACTURING PLANT 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."
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 http://www.lg.com/in/, SEBI at www.sebi.gov.in 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 www.morganstanley.com/, www.jpmipl.com/, www.axiscapital.co.in/, https://business.bofa.com/bofas-india and www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com, 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."
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