If Thiruvananthapuram's Padmanabha Swamy temple and Sai Baba's abode in Puttaparthi (AP) are any thing to go by, religious institutions appear to be repositories of wealth, and Korean giant LG Electronics has unearthed a big business opportunity. The company, which recently entered into B2B technology solutions for verticals such as hospitality, retail and BFSI, now sees a huge business opportunity in the country's temples. “All Indian temples are now looking at highly advanced security systems. We have integrated solutions comprising surveillance systems, smart cameras and CC TVs for such high traffic zones,” said Mr Hemendu Sinha, Business Head, B2B, LG Electronics.

In fact, the company has already signed up with the Devasthan Vibhag of Rajasthan to provide integrated solutions with products like CC TVs and cameras for its 22 temples.

“We are also in talks with the Puri Jagannath Temple trust for a similar deal although they already have installed systems,” said Mr Sinha, adding that most of the temple deals would be awarded through tenders floated either by the Government or the temple trusts.

LG Electronics will also tap the State Governments to supply city surveillance systems, educational institutions for its display systems and the Airports Authority of India to upgrade the security and display systems at airports of Tier 2 towns, he said. LG Electronics' B2B division that was launched last month, has product offerings like digital signage solutions for retail, room infotainment and digital menu boards for the hospitality sector, LED projectors and video conferencing solutions for corporates and LED video walls for advertising and promotions.

Target

The company is targeting a turnover of around Rs 800 crore for its B2B solutions segment in India.

The company is currently investing four per cent of its turnover in R&D, Mr Sinha said. LG Electronics India recorded revenues of around Rs 16,000 crore last fiscal and expects to reach Rs 20,000 during the current financial year.

The current market size of B2B solutions in India is around Rs 3,000 crore and is expected to grow at 25 per cent in the next three years and LG expects to garner a quarter of the market share by then, Mr Sinha said.

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