The leading consumer durable company LG has said that it is targeting to achieve a growth of 50% in the sales of refrigerator. The company is hoping to earn Rs 3,000 crore by the end of this 2010 by including some new products in to its product line. It has announced to come up with 23 new models of refrigerators for the Indian market.

The models will be energy efficient as well as will contain direct cooling technology. The price of the product will range in between Rs 11,500 and Rs 15,500.

Apart from that, the company has decided to invest Rs 80 crore and Rs 40 crore to increase the production capacity and on R&D activities respectively.

Chief Operating Officer of LG India, Mr. Y V Verma has informed that his company is currently focusing on the refrigerator segment. LG aims to increase its market share in this segment by launching some of the new products. Its current share is about 26% which is expected to reach 30% by the end of this fiscal.