LS Group seeks to build US$1.18 bln cable plant in Britain

LS Group, a leading South Korean metal and cable manufacturing business, is seeking to construct a high-voltage direct current (HVDC) cable factory in Britain through a joint venture established with a local partner, according to industry sources Wednesday. LS earlier agreed with Global Interconnection Group to set up the joint venture, LS Eco Advanced Cables, according to the sources. LS Eco Advanced Cables recently signed a deal to lease a site at the Port of Tyne on the northeast coast of England for the HVDC cable factory and is reportedly planning to invest 923 million pounds (US$1.18 billion). The factory will produce high-voltage cables used in delivering renewable energy from wind farms, the sources said. The company expects to complete the necessary administrative procedures by the end of this year, with operations expected to begin by 2027. Source: Yonhap News Agency