LG Electronics India Private Ltd (LGEIL) has declared that the company would launch around 20 new cell phones by the coming year.

Additionally, the company aspires to triple its business in the GSM section, and plans to sell four million handsets by the coming year (2008).

The company has decided to invest more than Rs 11 billion (USD 278 million) by 2011 in order to reinforce its share in the Indian market.

V Ramachandran, Director, Sales and Marketing of LG said, "We are targeting 8-10 per cent market share in couple of years...we expect to double our handset revenues numbers."

"We currently have nine models in GSM category. We plan to take this number to 25-28 by the end of 2008 and expect to be among top three by next year," Mr. ramachandran said.

Amit Gupta, Head (Sales and Marketing), LGEIL said, "We are targeting 30 per cent sales in the premium segment in 2008, up from 20-22 per cent currently, for which we will invest heavily in marketing."

He further stated that the company will touch an earning figure of USD 4 billion through aggressive marketing and expansion.

Presently, LG holds only 1.7% market share in the Indian GSM space, and occupies the fourth place.

The company has already introduced last month, two new handsets; the KG 288, and the KG 285 for GSM users in the country.