LG Electronics to sell 15% stake in Indian unit as part of IPO process

LG Electronics, Korea's leading home appliance maker, said Tuesday it expects to complete the initial public offering (IPO) of its Indian subsidiary as early as next month to secure funding for future growth. The IPO of LG Electronics India Ltd. is estimated to be worth around 1.8 trillion won ($1.28 billion), according to industry sources. LG Electronics said its board has approved the sale of a 15 percent stake in the subsidiary as part of the IPO process. The exact date of the sale and other details have not yet been disclosed, the company said in a press release. Following the IPO, LG Electronics will retain an 85 percent stake in the unit, it said. India's growing demand for consumer durables has drawn increasing interest from global companies in the local stock market. Last year, Hyundai Motor Co. raised a record $3.3 billion through its India listing.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times