LG to manufacture 1 million smartphone units in India

South Korean electronics major LG on Friday reasserted its commitment to the Make in India initiative and in keeping with this obligation, launched two locally-made smartphones.
The instruments were launched by Telecom Minister Ravi Shankar Prasad.
The company plans to manufacture 1 million phones in India at its Noida facility in partnership with GDN Enterprises. The phones have been priced at Rs 9,500 and Rs 13,500 respectively.
LG Electronics manufactures a wide range of smartphones and tablet devices. Other than the G3, LG officially unveiled the curved smartphone, G Flex, on 27 October 2013. LG has released it in South Korea in November 2013, and later announced releases in Europe, the rest of Asia, and North America. At Consumer Electronics Show in January 2014, LG announced an US release for the G2 across several major carriers. In 2015, LG has released LG G4 globally in late May through early June.
Several device makers, including Micromax, Lava, Gionee, OnePlus and Xiaomi, have started assembling their devices in the country.
India is one of the fastest growing smartphone markets globally and device makers are keen to set up manufacturing units here to cater to the burgeoning demand.
“We want to tap the huge potential for smartphones in the country and the K-series will be the first ones to be manufactured in India,” LG Electronics India Managing Director Kim Ki-Wan said at the press conference.
He added that the company is optimistic over the new models to drive its growth in the smartphone segment in India.
Prasad said it was an occasion of personal satisfaction for him to see companies setting up base in India for electronics manufacturing.
The LG Story
LG Electronics is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul. With 2013 global sales of $53.1 billion, the company operates its business through five divisions: Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Energy Solution, and Vehicle Components.
In 1958, LG Electronics was founded as Goldstar. It was established in the aftermath of the Korean War to provide the rebuilding nation with domestically-produced consumer electronics and home appliances. LG Electronics produced South Korea’s first radios, TVs, refrigerators, washing machines, and air conditioners.
In 1978, LG Electronics earned USD 100 million in revenue from exports for the first time in its history. Rapid growth by globalization saw the company establish its first overseas production, based in the United States, in 1982. In 1994, GoldStar officially adopted the LG Electronics brand and a new corporate logo.
In order to create a holding company, the former LG Electronics was split off in 2002, with the “new” LG Electronics being spun off and the “old” LG Electronics changing its name to LG EI. It was then merged with and into LG CI in 2003 (the legal successor of the former LG Chem), so the company that started as Goldstar does not currently exist.
By 2005, LG was a Top 100 global brand, and in 2006 LG recorded a brand growth of 14 per cent. Its display manufacturing affiliate, LG Display, as of 2009 was the world’s largest LCD panel manufacturer. In 2010, LG Electronics entered the smartphone industry.
In 2014, LG Electronics used a new typeface for the “LG” in its logo.