New Delhi, December 9, 2024 — LG Electronics has unveiled plans to set up a new manufacturing plant in Sri City, Andhra Pradesh, with an investment of over Rs 5,000 crore. This move aims to meet the increasing demand for home appliances like refrigerators, washing machines, and air conditioners in India, driven by urbanization and a rising middle class.
The facility is part of LG’s broader strategy to expand its manufacturing footprint in India, where the home appliance market is expected to grow significantly. The Andhra Pradesh government is supporting the project with incentives, including stamp duty waivers, to ensure its success. Construction is set to begin next year, with the plant expected to be completed in four years.
The new facility will not only increase LG’s production capacity but also create opportunities for local ancillary industries, boosting the regional economy. It will strengthen LG’s competitive position in India’s growing home appliance sector.
