Financial Daily from THE HINDU group of publications
Tuesday, Dec 31, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 31, 2002 |
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Corporate
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New Projects LG plans to invest $7 million in life science venture Ambarish Mukherjee
NEW DELHI, Dec. 30 THE Korea-based LG group has finalised plans to invest approximately $7 million in its Indian life science venture, LG Life Science India Pvt Ltd. The company has recently received the approval from the Foreign Investment Promotion Board (FIPB) for acquiring 10,000 equity shares of LG Life Sciences India from the original subscribers of the Memorandum of Association of the company and for setting up a wholly owned subsidiary in India. According to the plans, the subsidiary will be engaged in importing, marketing, distribution, selling, exporting and/or manufacture or formulation of diverse pharmaceutical and life sciences products and advanced chemical synthetic products including bio-pharmaceutical and biological and diagnostic kits. LG Life Sciences, Korea, will be the holding company with 100 per cent holding and LG Chemical India Pvt Ltd will hold one equity share. The holding company has informed the Government that it will invest up to $7 million in the Indian subsidiary in phases depending on the requirements of the Indian outfit.
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