LG Electronics enter self-laundry service in India, to invest USD 4 mn in 2024

Leading home appliances maker LG Electronics India on Wednesday announced its entry into the self-laundry services space, where it is planning to invest USD 4 million (around Rs 33.2 crore).

The company has announced a new business venture -- innovative self-laundry service, which will be for university students, said a statement from LG Electronics India, a wholly owned subsidiary of South Korean chaebol (conglomerate) LG Electronics Inc.

The company said it is planning to open 200 such self-laundry service centres by the end of this year.

LG's foray into the commercial washing machine multi-housing business introduces a new line of services, bringing self-laundry solutions to college and university hostels, the company said in a statement.

The first self-laundry service under the initiative is being introduced by LG Electronics in a private university in Greater Noida, which will serve 1,500 students, it said.

LG Electronics India MD Hong Ju Jeon said, ''With self-laundry service at educational institutes, we are announcing a new business venture aimed at enabling convenience for young students. We will be investing USD 4 million in this business and plan to open 200 self-laundry service centres by the end of 2024.'' The company will enter into partnerships that drive innovation and help people enjoy a better life, he added.