According to the Seoul Economic Daily, Shin Mun Beom, head of LG’s Indian unit, said the money will go towards research, development and capital expenditure.
The Korean paper said LG’s Indian unit expects 2010 sales of $3.4 billion and targets annual sales of $10 billion in 2015. LG is considering adding a $300 million factory near Chennai in India, the report said.
Earlier this month it also announced that it was looking at investing in Indonesia, picking it as it’s main south-east Asia manufacturing hub. According to The Telegraph this is because many companies with roots in China are looking to break away from here and into other Asian markets. It is thought that this is because Indonesia is predicted to gain a growth of 6.6pc.
The company is planning on investing around $7.35 million into the project, which is expected to plant its roots in Kunshan, Jiangsu Province. It’s thought that the joint operation will focus on research and development in the notebook production assembly and marketing spaces.