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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (1301)	3/21/2000 5:14:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT LG Electronics lines up $185 mln investments in IT, telecom LG Electronics India lgindia.com LG Soft India lg-soft.com Our New Delhi Bureau -Economic Times 21 MARCH KOREAN chaebol LG would invest $185 m in India by '05 in areas like information technology, electronics and telecom. Announcing this here today at a press conference, Mr John Koo, global CEO and vice-chairman, LG Electronics, expres-sed his satisfaction over the performance of its Indian subsidiary, LG Electronics India, and ranked India as one of the three top future investment destinations of the company along with US and China. 'While China has impressed us with the sheer magnitude of sales, the Indian operations have delighted us with the speed of growth, profitability and brand positioning," Mr. Koo later told ET. He expects the company's other proposed ventures, software and telecom, to also have the same growth. Giving the break-up of its proposed investments, Mr Koo said that LG would invest $50 m in telecom, $100 m in electronics and $35 m in software. For telecom, it is setting up a local venture - LG Information and Communication - which will manufacture CDMA WLL technology products, key telephone systems and GSM terminals. It would subsequently integrate into the manufacturing of CDMA systems and phones, network products, access network systems and ATM switching system. It has already tied up with Escorts Communication, where it has a 49 per cent stake, which would be taken over subsequently. The products would be manufactured in its partner's facility in Noida, Mr Won Chul Kim, head of LGIC, said. "It would act as the hub for the entire SAARC region," he added. LG also plans to capitalise on the huge e-commerce market in India through its subsidiary LG Soft India. With internet being a huge opportunity, the company will look at the entire gamut of convergence activities. It will also look at introducing its set top boxes in India, which is manufactured in its US joint venture company. In LG Electronics India, the company will invest $100 m to set up a new refrigerator facility and to double its existing manufacturing capacities, Mr Koo said. It will also strengthen its digital leadership status with investments of $10 m on digital related product development. An investment of $10 m is also planned for its PC monitor business. Mr Koo also unveiled the company's pioneering technology based on which LGEIL hopes to launch internet microwaves and refrigerators. These will be intelligent products, with the ability to respond to human touch with a touch screen mode. The internet refrigerator will also double up as a TV and will be able to replenish fresh stock when required. The products would be commercially launched all over the world by the end of '00, Mr Koo said. Worlwide the company now plans to focus only on convergence products (which include telecom, internet, software, electronics and media) and bio products, Mr Koo said.