LG Electronics has launched the world's first TV refrigerator in India as a part of a plan to strengthen its portfolio of digital products in the Asian subcontinent.
Called 'TV DIOS', the fridge has a 13-inch hi-definition TFT LCD TV installed in the center of its door. The 600 litres fridge also has a built-in radio tuner providing access to FM stations and comes with built-in speakers.
The TV DIOS will be available in select LG outlets throughout the country and will cost approximately Rs 2 lakh (Rs 200,000).
"The TV DIOS is a revolutionary product meant to change the way the kitchen is used. The product has been received very well in America and the United Kingdom and we are confident it will do equally well in this part of the world also. We are concentrating our efforts in transforming the LG brand into a world-class premium brand in the Asian sub-continent. The success in this market will be dependent on the innovative new features such as Internet-enabled appliances and new designs that meet consumers' needs in functionality and appearance," says Young-Ha Lee, executive vice president & CEO of digital appliance company, LG Electronics.
The refrigerator has silver nano-antibacterial and nano-carbon deodorizing technology, because of which it claims to bring together "the best in food preservation and storage with multi-media functions as a quintessential digital home appliance."
LG India, has a market share of 32.6 per cent in the frost-free refrigerator category and claims to be a leader in the segment.
Globally, the company has recorded a sales turnover $6.8 billion with digital appliances contributing to 28 per cent to the LG Electronics sales in 2003.
India is one of the fastest growing markets for LG with LG India growing at 35 per cent, much above the growth rates of the company in other countries. The Indian subsidiary contributes 5 per cent to the overall turnover of LG and is aiming for an annual turnover of Rs 7,000 crore (Rs 70 billion) in 2004.
In case of the TV DIOS, LG had a key challenge to resolve before it could translate the concept into a product.
LG faced the major challenge of a merger of a TV and refrigerator because TVs generate heat while a refrigerator is meant to cool. LG studied how to adequately aerate both items and finally come up with its 'Multi Aperture Flow Cooling System.'
"We are seeking to develop the market for DIOS refrigerators in India and expect to take an early lead in this product segment owing to the technological edge that we enjoy worldwide. With the launch of this product, we will fulfill the needs of the homemaker. The trend in the Indian market is also gradually shifting to hi-end futuristic products with India making a sizable dent in the international markets," says K R Kim, Managing Director, LG Electronics India Limited.