LS Cable & System will establish a communication module production line in India next year in order to strengthen its push for Indian market, which has been growing rapidly, the Seoul Economic Daily reported on Nov. 21.
According to wire industry sources on Nov. 21, LS Cable's Indian subsidiary LSCI is planning to build a 6,000-square-meter communication module plant on the remaining site located in Bawal Industrial Complex in northern India next year.
"India, which has a vast land, has great potential to grow in the future," LS Cable & System CEO Myung Noh-hyun said, adding, "We will continue to increase production volume depending on the size of our orders."
LSCI, established in 2008, posted 108.9 billion won in sales last year, up 46.5 percent from a year earlier, surpassing 100 billion won in annual sales for the first time since its establishment. This growth is continuing this year.
LSCI recorded 72.8 billion won in accumulated sales in the first three quarters of this year, which is expected to surpass 100 billion won in sales for two consecutive years.
In particular, the company is showing a marked growth in the ultra-high-pressure cable market, which won the right to participate in the project in 2017. Although LSCI's market share of ultra-high pressure cables in India stood at 5 percent in 2017, it has risen to 30 percent this year.
Noting that India is a market that just woke up, CEO Myung said, "With the re-election of Indian Prime Minister Narendra Modi, industrialization and urbanization are expected to proceed at a faster pace, and that the electric wire-related market is also likely to grow significantly due to the expansion of infrastructure networks."