The initiative will bring LG Korea’s key global B2B automotive business, including automotive infotainment and telematics solutions, to India, the company said in a statement.
The new business encompasses the manufacture, supply and service of advanced electronic and technology solutions for the automotive and mobility sectors, the company said in a stock exchange filing.
It will include automotive infotainment systems, in-vehicle displays, head units, digital cockpit solutions, telematics and connectivity solutions, vehicle computing systems, cockpit domain controllers (CDCs), High-performance computing (HPC), Advanced Driver Assistance Systems (ADAS), human-machine interface (HMI), automotive software and other related automotive electronic components and technologies
The manufacturing of Vehicles Solutions products will take place at the company’s 3rd plant in Sri City, Andra Pradesh.
The proposed entry will expand the portfolio beyond existing product offerings, marking the company’s foray into the automotive electronics and mobility solutions sector.
LG said it will provide access to emerging opportunities arising from increasing demand for connected vehicles, digital cockpits, advanced infotainment systems and intelligent mobility solutions.
The foray will provide opportunity to establish and strengthen the company’s presence in the automotive and mobility ecosystem in India, besides additional business opportunities, besides creating potential revenue streams and longterm growth prospects, according to the regulatory filing.
The investments shall be undertaken in a phased manner, based on the scale of operations, technology and equipment requirements, regulatory requirements and prevailing market conditions, LG said.
The company has made amendments to Objects Clause of its Memorandum of Association to give effect to the new line of business.