LG Announces Price Hike on IT Products

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LG Electronics India Private Limited (LGEIL) has announced price hike on its IT products owing to the depreciation of Indian Rupee. Due to increase in cost, LG intends to hike prices of its all IT products in the India market, said a company statement.

Sanjoy Bhattacharya, Product Group Head, IT, LGEIL said, "We have always believed in providing our customers with products at best prices. Now, due to continuous Rupee depreciation, it has become imperative for us to consider the price hike in India. Though we have been absorbing the increase in cost but it was becoming difficult for us. The new prices will be applicable from September 27, 2011 onwards. We hope that our partners & patrons will cooperate with us in this situation."
 
As we import majority of components used in it products especially the panel of monitors from other countries like Korea |+|AMP|+| China, the impact of weakening of Rupee is to the extent of 8 to 10 %. The impact of the price hike would be seen in all LG products including monitors and odd drives by |+|AMP|+| Laptops 6 %, said the company statement.