LG Electronics plans to break ground on a new $851 million factory in southern India next month following SEBI’s approval of its $1.5 billion IPO in March. The South Korean electronics manufacturer will hold a ceremony on May 8 at the 300-acre site in Sri City, Andhra Pradesh, according to local media reports.
The facility, LG’s third in India, will produce high-end washing machines, air conditioners, refrigerators, and TVs as the company pivots toward premium offerings. India represents LG’s second-largest market globally after the United States, and executives expect continued growth momentum.
The investment comes as LG’s existing factories in Noida and Pune struggle to meet demand from India’s expanding affluent middle class. The company plans to create nearly 1,500 jobs at the new site, which sits just 50 kilometers from Chennai, offering logistical advantages.
The factory expansion aligns with CEO William Cho’s ambitious goal of reaching $75 billion in global electronics revenue by 2030. The company’s $1.5 billion IPO proceeds will help fund these growth initiatives while capitalizing on India’s booming stock market.
LG has also established a software research lab in Bangalore to develop products customized for local conditions and preferences. A company spokesperson confirmed the construction but indicated timing details remain tentative.
