LG Electronics unveils latest 4G LTE device, LG G3 to triple revenues

MUMBAI: LG Electronics expects its latest 4G LTE device, LG G3, to contribute about 40% of its revenue from smartphones in the second half of this financial year and drive its market share to 10% by March end.

“G3 is the most important phone for the company this year. The device will take at least 40% of our overall smartphone business in the second half,” Soon Kwon, managing director of LG India, told ET at the launch of the 5.5-inch smartphone.

The South Korean electronics major expects revenue from its smartphone business this financial year to triple to Rs 2,500 crore from a year earlier, he said.

The company is investing Rs 800 crore on R&D and marketing its cellphones in 2014-15, a tenth of the Rs 8,000 crore to be spent on its India business this year. LG also sells TVs, washing machines and refrigerators, among other consumer durables, in the country.