New Delhi, April 4 :    New Delhi, April 4:  LG Electronics India Pvt Ltd (LGEIL) plans to invest some $ 289 million or about Rs 1,040 crore in the country, over a period of five years. LGEIL managing director Kwang-Ro-Kim said: 'We are opening up a compressor plant for refrigerators in Noida and plan to expand in south or west India later this year. India contributes only 5 per cent of our global output. We want to get back the money that we are putting in for the operations here, by expanding the scale of operations and the distribution muscle.' The plant will go in for full production of compressors, instead of merely assembling components. Though it does not have any plans now to supply to other companies due to the low capacity installation, it may do so in the future. The company will be investing $ 10 million (Rs 50 crore) to expand indigenous productivity this year. 'In spite of the stock market crash,' Kim said, 'we intend to come out with an initial public offering (IPO) to divest 25 per cent of our equity, in the current financial year.' The company, he said, was keen on a higher market share in India, especially in the high-end Flatron and IFT-LCD segments and will introduce more products in September. The 30 products launched today in all categories keep environmental and health considerations in mind, company officials said. Ajay Kapila, vice-president of sales and marketing, said: 'The company hopes to attract customers with greater value addition. Even as the price erosion of white goods has increased to 15-20 per cent, LGEIL has been able to amass a turnover of Rs 2,000 crore and is looking to add another Rs 500 crore with its new range of CTVs, refrigerators, washing machines, air-conditioners, microwaves, vacuum cleaners, MP3 players and PC monitors.' Kapila went on to add that the company does not see any competition in the lower end of the market following the removal of quota restrictions, despite the Chinese and Korean goods swamping the market, as people will go in for brand and quality in durable goods. 'Layers of taxes will bring the imported goods at the same price level, if not a higher one, than the domestic goods.' He accepted that CTVs have recorded the lowest growth among all the categories of electronic products. 'While the average sales growth of the company has been 20 per cent, sales of colour television sets have seen only a marginal increase. LG is one of the handful of brands that did not register a loss in the last quarter and our market share, in fact, increased by 2.5 per cent to 12.5 per cent now.'