LG to pour about $7 billion in “Green New Business”

People walk past a company logo of LG Electronics in Seoul October 21, 2009. REUTERS/Lee Jae-Won

SEOUL | Sat Sep 24, 2011 10:16pm EDT

(Reuters) – LG, South Korea’s second largest business conglomerate, said on Sunday it will invest 8 trillion won ($6.83 billion) in “Green New Business” sectors such as electric vehicle parts, LED lighting and sewage treatment industries by 2015.

The business group also said it was aiming to generate 10 trillion won in revenues and create 10,000 new jobs through these investments.

LG will invest 2 trillion won in the electric vehicle battery area by 2013, 1 trillion won in the photovoltaic, LED and water treatment sectors and 490 billion won in the polysilicon business by 2014.

In addition, another 400 billion won was set aside to build facilities to produce solar cell wafers on a step-by-step basis by 2015, according to an LG statement.

(Reporting by Sung-Won Shim; Editing by Sugita Katyal)

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