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LG Group is plunging into the solar power industry. LG Corp. announced in a board meeting on Thursday that it will set up a subsidiary dubbed LG Solar Energy to look into ways to harness the power of the sun.
To set up the company, LG Corp. will invest W1.6 billion (US$1=W923) and later participate in a capital increase by financing W44.4 billion.
LG subsidiaries such as LG Chem and LG CNS have been doing work in solar power, but with the new company the group will have a devoted unit to take the lead in the solar business.
"LG Corp. has made a decision to advance into the green and renewable energy sector, which has high growth potential, though detailed plans are not yet decided," said Yoo Won, LG Corp.'s executive director.
(englishnews@chosun.com )
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