Company exploring entry into solar solutions segment
LG Electronics India is putting a lot of emphasis in expanding its B2B and enterprises business with new products and offerings, which contributes around 10 per cent to its overall revenues. The company is looking to expand its B2B business to solar power solutions segment by next year.
Hemendu Sinha, Vice-President & Business Head, B2B, LG Electronics India, told BusinessLine, “We are exploring entry into the solar power solutions segment. We are doing some feasibility studies and are in talks with State governments, some Central government agencies and large enterprises. We will finalise our business plans in the next few months. The focus will be on B2B solar power solutions segment.”
Globally, LG is a key player in the solar panels and solar storage solutions business.
The company on Wednesday launched a new product line for the B2B segment such as LED screens, interactive digital boards, new range of outdoor display and a range of transparent OLED screens. This includes a 130-inch all-in-one LED Screen with no seam or bezel. “Enterprise response has been very positive for LG B2B segment and with this new range we will further strengthen our position,” he added. Companies, retail players, hotels, government bodies, Indian Railways and other transportation segments are some of the key customers for LG India for such products.
“LG Electronics’ B2B business has been growing at over 30 per cent and we aim to cross the turnover of ₹2,000 crore by 2019-end,” Sinha added.
The company is betting big on the outdoor display solutions segment. Sinha said factors such as relaxation of norms for outdoor displays by more and more civic bodies and growing awareness among enterprises about their efficiency is driving growth for digital outdoor displays and signages segment.
“With a growing focus on digitisation of outdoor displays, we believe this will be one of the key engines for growth of our B2B business,” he added.