Lokesh Invites LG Electronics to Set Up Global Capability Centre in Visakhapatnam

Nara Lokesh met Lyu Jae-cheol and Hong Ju Jeon at the LG Twin Towers in Seoul during his official visit to South Korea. During the meeting, Lokesh invited LG Electronics to establish an Engineering Centre/Global Capability Centre (GCC) in Visakhapatnam by expanding its existing operations in Noida and Bengaluru. He also requested the company to explore setting up a components manufacturing ecosystem for display modules, sensors, and power electronics in and around Sri City. Additionally, he proposed collaboration with RTIH to develop innovation labs focused on IoT and robotics, besides urging LG to establish a commercial chiller manufacturing facility similar to Carrier's operations.

Hong Ju Jeon highlighted LG Electronics India's strong market presence, stating that the company commands nearly 28% of India's refrigerator market and 33.5% of the washing machine segment, while ranking second in air conditioners. He said LG, which entered the Indian market in 1997, currently operates manufacturing facilities in Greater Noida and Ranjangaon, Pune, and is constructing its third manufacturing unit at Sri City in Andhra Pradesh with an investment of ₹5,000 crore. The facility is expected to generate around 1,500 jobs and begin commercial production by the end of this year, manufacturing air-conditioner compressors, refrigerators, washing machines, and air conditioners. He added that LG would examine the Andhra Pradesh government's latest proposals.