LG Electronics eyes B2B segment in India, aims at ₹2,000 crore business
LG Electronics India’s B2B portfolio now contributes around 10 per cent to the company’s total turnover.
South Korean consumer electronics manufacturer LG is expecting a ₹2,000-crore business under its business-to-business (B2B) segment this year and to continue a 30 per cent year-on-year growth, a company official said.
LG Electronics India's B2B segment, which has been renamed as Business Solutions, now contributes around 10 per cent to the company's total turnover.
The Business Solutions division sees huge growth potential primarily in two segments -- display and air solutions -- on the back of large government buyers such as Indian Railways.
"This year, we are targeting ₹2,000 crore from this business this year. We are looking at 30 per cent growth year-on-year and that is the approach, we are looking for next years also," LG Electronics India Vice-President and Business Head (Business Solutions) Hemendu Sinha told PTI.
According to him, the B2B market is evolving in India faster than the other segments.
The company's endeavour is to grow and expand the B2B segment and there is also a conscious effort from the management to improve the numbers, Sinha added.
The government is spending a lot of money for citizen services, public spaces, Sinha said, adding that government purchases account for almost 30 per cent of the total sales.
On being asked about whether the ongoing slowdown into the B2C (business-to-customer) panel market has any impact on the B2B business of LG, he said it remained unaffected to a certain extent.
TV sales in India are down almost 10 per cent this year and failed to pick up even during the cricket world cup.
Strengthening its portfolio of display solutions in the b2b segment, LG Electronics India on Wednesday introduced new products, which include 130 all-in-one LED screens, transparent OLED, interactive digital boards and new outdoor display.