CG Electronics and LG Electronics, Singapore, jointly organized the LG Air Conditioning Conclave 2017 in the capital on March 26 and unveiled a new air conditioner system Muti V IV. The conclave focused on greener evolution for a better tomorrow promoting LG Multi V HVAC system. Sean Lee, Product Director and Virendra Rana, Senior Manager of Air Conditioning and Energy Solutions of LG Electronics Singapore were in Nepal for their business trip. New Business Age caught up with Lee and Rana to talk about Multi V IV, its features, marketing strategies, among others issues. Excerpts:
Tell us about the LG Multi V IV Air Conditioner and the World’s first 4th generation VRF system.
Rana: Globally, we launched LG Multi V IV three years ago. Now it is available in Nepal as well. Some of our patented technologies make the main feature of Multi V IV. One of the patented technology is the High Pressure Oil Return (HiPOR) technology which improves the oil efficiency of the compressor. Secondly, we have used the inverter compressor technology. Multi V IV is also highly energy efficient. We think that our products are suitable for the Nepali market.
What sets apart the LG products different from other products in the market?
Rana: The first major USP of Multi V IV is that it uses the HiPOR technology. We have inverter compressor and variable heat exchanger for cooling as well as heating operations. We have high elevated extended piping in Multi V IV. Likewise, we have products from single unit capacity of 20 horse power (HP) to 80 HP.
Who are the targeted customers for LG Multi V IV in Nepal? How do you hope the new LG Air conditioner will perform in Nepal?
Lee: Commercial customers from the hospitality sector and factories are our possible customers for the product. We can provide our services according to the need of the customers.
Rana: We are very much confident as we have already launched our products here. Some five-star hotels have been using our products almost for past two years and till now we have not heard any complaints from them. With VRF technology, Multi V IV is a very stable product.
Lee: We are running more than 10 factories globally with the company’s headquarters in Korea. LG manufacturing units in other countries are also producing quality products but for perfect quality we are providing Korean brands here in Nepal.
Do you have set any sales target for the new product?
Lee: Every manufacturing company targets to be in number one position. We see lots of market opportunities in Nepal in the coming days in different sectors. Within two years, our target is to get to the number one position in the Nepali market.
CG has been selling other types of LG air conditioners in Nepal. How has been the air conditioner market in Nepal for LG?
Lee: Our main selling categories are residential and industrial air conditioners. Now we are changing our focus from residential conditioners to commercial air conditioners. Eventually we want LG air conditioners to be the top player in the commercial sector.
How has been the LG-CG partnership? How do you hope the partnership to grow in the coming years?
Rana: For us, the partnership which has been there for more than 30 years has been very fruitful. LG is rated as the number one electronics brand in the Nepali market. We provide very good products and we are thankful to our partner CG for their support. As we are focusing more on the commercial sector, we think CG should grow more and help us more. So far, it has been a wonderful partnership with CG.
What are the strategies of LG to expand and strengthen its market presence here?
Lee: Globally, we have launched the multi V V in Europe and hopefully the LG AC system will be launched here by the end of this year. CG has been strengthening the presence of LG in the AC segment. The strong partnership between the two companies will help implement our market strategies more efficiently. LG will be introducing more products in the Nepali market in the coming days.