Mobile handset manufacturer LG Electronics India Pvt Ltd (LGEIL) will spend over
Rs 1,100 crore in the next three years for its marketing initiatives in the country, eyeing revenues of Rs 16,000 crore by 2010. The company also intends to sell 4 million GSM handsets in the country by 2008, a three-fold increase from the present 1.5 million units sold per year.

LGEIL, which is a subsidiary of South Korean LG Electronics, will invest Rs 1,000 crore to fund its marketing initiatives of electronic goods including plasma TV, IT products, split AC and GSM handsets. The company will invest Rs 120 crore for ramping up production capacity at its facilities.

Taking to reporters in Pune, LGEIL head (sales and marketing) Amit Gupta said: "We are targeting 30 per cent sales in the premium segment by 2008, an increase of around 20-22 per cent, which we will invest heavily in marketing".

He said the company had already invested Rs 320 crore in marketing during 2007.

In the current year, the company expects to clock a turnover of Rs 9,500 crore with domestic sales contributing 81 per cent and overseas sales 19 per cent.

"With the help of our aggressive marketing, we hope to touch the revenue figure of $4 billion," Gupta said.

Meanwhile, in a separate press conference in Delhi LGEIL Business Group Head (GSM) Anil Arora said: "We are planning to launch 21 new models next year in the Indian market. At present, we have 10 GSM models in sales in the country".

The company will also strengthen its retail network by increasing its outlets from present 15,000 to 65,000 outlets by 2008.