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The Hindu
08-05-2025
- Business
- The Hindu
Andhra Pradesh is open for business and ready for transformation, says Nara Lokesh
Andhra Pradesh is open for business and is gearing up to invite global giants to its terrain, Minister for Industries, Information Technology and Human Resources Development Nara Lokesh has said. 'When global industrial giants align with Andhra's vision, transformative change becomes inevitable,' he said while inviting LG Electronics and its partners, who are bringing cutting-edge technologies to Indian soil, such as AI-driven manufacturing, smart production processes and energy-efficient systems. The State government is committed to providing an enabling environment for industrial growth and advanced innovation, he said, remarking, 'Andhra Pradesh is open for business, eager for innovation and ready for transformation.' The Minister said the $600-million LG Electronics facility also aligned with the government's avowed commitment to create local jobs and encourage innovation. 'This is not just the beginning of a manufacturing unit; it is laying of the foundation for the future of Andhra Pradesh. Andhra Pradesh is on the path to becoming a global electronics powerhouse,' he observed. The LG Electronics plant comes with an investment of over ₹5,000 crore and the journey from 'Made in Andhra' to 'Made for the World' continues with strength and purpose, Mr. Lokesh added, pointing out that it was the first major Foreign Direct Investment (FDI) since the formation of the alliance government in the State. The new plant, coming up on a total floor area of 220,000 square metres, will generate 1,900 direct and more indirect jobs in the next four years, besides bringing ancillaries to the region. Once operational, the plant will have an annual production capacity of 8 lakh refrigerators, 8.5 lakh washing machines, 15 lakh air conditioners and 20 lakh air conditioner compressors. Vendor partners including Ecoria, Kuroda Electric, Heng Sung India, Kyungsung Precision and Taesung Electronics will play a major role in strengthening the supply chain, thus, reducing dependence on imports. Lee Seong-ho, Ambassador of the Republic of Korea to India, attended as a guest along with LG Electronics Inc. CEO (Home Solutions) Jaecheol Lyu, LG Electronics Inc CEO (Eco Solutions) Jae Sung Lee, LG Electronics India's Managing Director Hong Ju Jeon, Sri City chairman Srini Raju and managing director Ravindra Sannareddy.
Korea Herald
06-05-2025
- Business
- Korea Herald
LG Electronics aims to collect 8m tons of old appliances for recycling by 2030
South Korea's home appliances giant LG Electronics Inc. aims to collect 8 million tons of old appliances for recycling by 2030 as part of efforts to promote the circular economy, company officials said Tuesday. The company has retrieved a combined 5 million tons of discarded appliances from across the globe since 2006 to this end, according to the officials. Marking Earth Day on April 22, the company also collected 2,850 kilograms of electronic gadgets and home appliances thrown out by its employees here. Under its environmental, social and governance vision of "Better Life for All," LG Electronics has been operating a program for collecting and recycling old home appliances in 54 countries, including the United States, Poland, the Czech Republic, Germany, the Philippines, the Arab Emirates and Nigeria. LG Electronics said the initiative allows the company to reduce its carbon emissions and create a circular economy by sorting reusable parts from waste electronic products and reprocessing them. "We plan to use some 600,000 tons of recycled plastic in our product manufacturing between 2021 and 2030," a company official said. (Yonhap)
Korea Herald
29-04-2025
- Automotive
- Korea Herald
LG Electronics showcases new infotainment solutions with Taiwan's MediaTek
LG Electronics Inc. said Tuesday it has showcased a next-generation in-vehicle infotainment system in collaboration with Taiwan's semiconductor company MediaTek Inc. The system, unveiled at the ongoing Auto Shanghai 2025, allows customers to enjoy different content on multiple displays in a vehicle using only one chip and operating system, according to LG Electronics. Through this collaboration, LG Electronics has integrated MediaTek's "Dimension Auto Platform" system-on-chip with its own multiuser solutions based on an Android-based automotive OS, co-developed with Google. This development aligns with LG Electronics' broader strategy to expand into next-generation sectors, such as vehicle components, following its withdrawal from the smartphone business in 2021. Earlier this year, the company also introduced advanced solutions for connected and autonomous vehicles in partnership with tech giant Qualcomm Inc. "With our innovative solutions and technology, we will continue to expand our partnerships with various global companies to preemptively shape the future vehicle technology ecosystem and lead the transition toward software defined vehicles," said Eun Seok-hyun, vice president at LG Electronics. (Yonhap)
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Business Standard
28-04-2025
- Business
- Business Standard
LG postpones IPO for Indian unit due to 'unfavorable' market conditions
South Korean major LG Electronics has delayed the upcoming initial public offering (IPO) for its Indian unit, amid volatility in the local share markets, according to industry insiders. Earlier, the South Korean Chaebol was planning the IPO and subsequent listing of LG Electronics India on the bourse in the second week of May. However, it has been deferred for at least one quarter. LG may delay the IPO even further, if in August the consumer electronics major finds market sentiment not good, industry insiders told PTI. The IPO, which was estimated to be around Rs 15,000 crore in some media reports, had not attracted a very warm reception from the investors, they said. The market is facing uncertainties from the new tariff regulation by the Trump administration, and also the latest development on the terror attack at Pahalgam in Jammu & Kashmir. An LG Electronics spokesperson said a final decision on this will be taken based on market conditions. "The procedures for LGEIL's IPO are currently underway. The final decision on the listing will be made based on market conditions and other relevant factors. No definite plans have been confirmed at this time. We are closely monitoring the market and will consider a strategic timing that ensures a proper valuation of the company," he said. On December 6, 2024, LG Electronics India Ltd had filed preliminary papers with Sebi for an IPO wherein the parent company will sell over 10.18 crore shares amounting to a 15 per cent stake. The proposed IPO is entirely an offer for sale (OFS) of 10.18 crore equity shares by promoter LG Electronics Inc with no fresh issue component, according to the draft red herring prospectus (DRHP). Its South Korean parent company LG Electronics Inc will sell 10,18,15,859 equity shares of face value of Rs 10 each, according to the DRHP. Since the public issue is completely an OFS (offer for sale), LG Electronics India will not receive any IPO proceeds. The funds raised will go to the South Korean parent. LG Electronics India is a leading player in major home appliances and consumer electronics. The company's products are sold to both B2C and B2B customers in India and internationally. It also provides installation, repair, and maintenance services for all its products. LG Electronics India's revenue from operations was Rs 64,087.97 crore for the financial year ended March 31, 2024.
Yahoo
28-04-2025
- Automotive
- Yahoo
LG to shut exit EV charger business
South Korean electronics giant, LG Electronics Inc, announced last week that it will exit the electric vehicle (EV) charger business, with the company posting a formal notice on its website that it plans to 'focus on other solutions that will provide new experiences and value to our customers.' LG had previously identified EV chargers as a significant potential growth driver for the company, and entered the sector in 2022 with the acquisition of HiEV Charger, a South Korean startup formerly known as AppleMango. Soon after that, LG began offering charging solutions in South Korea, including selling its EV chargers in Emart retail stores, and entered the US market soon after. It opened an EV charger production plant in the US state of Texas in January 2024 and signed a partnership agreement with US EV charging network firm ChargePoint only last June. In recent months, LG has been discouraged by the lack of growth in EV demand in its key markets, prompting it to exit the segment altogether. The company said it will liquidate its HiEV Charger subsidiary and reassign its employees to other operations within the group. LG confirmed that it will continue to provide aftersales services to existing clients without disruption. "LG to shut exit EV charger business" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
