Date:20/07/2004 URL: http://www.thehindu.com/2004/07/20/stories/2004072003341500.htm

Business - Briefly

LG to raise equity in Indian arm

NEW DELHI, JULY 19. The South Korea-based LG Electronics will raise equity in its Indian software arm LG Soft India to 89 per cent from 70 per cent at present, following a Government approval.

The Government is believed to have cleared a proposal of LG Electronics Inc for transfer of 14 per cent of the paid up capital of its Indian unit LG Soft India from IL&FS Trust Company, sources said. After the proposed transfer, LG Soft India would have a foreign equity of 89 per cent amounting to Rs. 9.94 crores from 75 per cent now which amounted to Rs. 8.40 crores, sources said.

PTI