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LG Electronics plans IPO

BANGALORE, MARCH 25. Korean electronics major LG Electronics said it planned to invest Rs. 100 crores in India in the current calendar year, and also come out with an initial public offering for which no timeframe has been set.

K. R. Kim, Managing Director of LG Electronic India Limited (LGEIL), its wholly owned subsidiary, told reporters here today that the investment would go toward factory expansion and research and development, among others.

The MD said LGEIL had plans to come out with an IPO in the `near future' but added that no timeframe had been set. Asked if the IPO would be kicked off after LGEIL achieved a turnover of Rs. 10,000 crores, he said one could say so. Mr. Kim said

"This will translate into revenues of Rs. 350 crores which hopefully should take us to a leading position in the GSM mobile phone market," Mr. Kim said. The company today launched `LG Healthguard' vacuum cleaners and the latest model of GSM mobiles, G1500, for the Karnataka market.

PTI

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