The Indian arm of South Korean electronics giant LG expects to close the year 2012 with a low single-digit increase in sales due to a general slowdown in the economy, but it foresees a growth of 20 per cent in sales in 2013.

General slowdown in the Indian economy last year resulted in sluggish demand, but LG said that strong performance by its home appliances arm and increasing demand across rural markets would help it report a strong growth in sales this year.

LG India Managing Director Soon Kwon said in a statement, "We expect our business to grow by 20% during 2013. Our growth drivers will be our strong product portfolio of home appliances and LCD appliances."

Kwon was speaking at the launch of LG Electronics' new range of refrigerators that boast a patented "Power Cut Evercool Technology," which keeps food cool for around seven hours following a power cut.

The company's new range of refrigerators comes with price tags varying between Rs 12,850 and Rs 41,300. Kwon said that the company's refrigerators would contribute an estimate of Rs 5,300 crore to revenues this year, against Rs 4,570 crore last year.

Kwon added that that the company would have to review its investment strategy in the country in case the market did not improve in the coming few years.

LG India's revenues for 2011 were reported at Rs 16,000 crore; and the revenue figures for the calendar year 2012 are expected to be announced in the next few days.