Bangalore: Korean consumer electronic major LG Electronics India Pvt Ltd has stopped production in its manufacturing plant at Greater Noida since on April 22 due to the ongoing truckers strike, which has resulted in its inventories drying up.

"There has been a lot of impact due to the truckers strike. Our factory in Noida is closed since yesterday (April 22). We have undergone a 10 per cent production loss with a minimum loss in value of Rs 30 crore, which is growing…" LG Electronics India Pvt Ltd managing director Kwang-Ro Kim told reporters.

"We normally have an inventory for three days, which has dried up…I hope this strike will end soon," Kim said.

He was in Bangalore to launch variants of "health air" commercial air conditioners in South, which LG wants increase its market share from the present eight per cent to 23 per cent by the end of 2003.

Kim said LG wanted to replicate the success in room air conditioners in the commercial segment, for which it had introduced new products.

"We already have a few customers with a business value of nearly Rs two crore," he said.

Kim said LG, which recorded a revenue of Rs 3,315 crore in 2002 (January to December) expects to grow by over 30 per cent with a target of Rs 4,800 crore in 2003.

PTI