Active Stocks
Thu Mar 28 2024 14:49:26
  1. Tata Steel share price
  2. 155.95 2.03%
  1. HDFC Bank share price
  2. 1,455.55 1.03%
  1. ITC share price
  2. 430.95 0.69%
  1. Power Grid Corporation Of India share price
  2. 278.75 2.84%
  1. State Bank Of India share price
  2. 756.00 2.99%
Business News/ Companies / Samsung SDI plans $2 bn solar battery investment
BackBack

Samsung SDI plans $2 bn solar battery investment

Samsung SDI plans $2 bn solar battery investment

Premium

Seoul: Samsung SDI said on Friday it would invest 2.2 trillion won ($2 billion) in the solar battery business by 2015 to generate 3.5 trillion won in revenue from a new business it is acquiring from its affiliate Samsung Electronics.

Solar batteries account for one of five areas that Samsung Group had identified as its next growth drivers last year along with car batteries, light emitting diode (LED), medical equipment and healthcare businesses. The group plans to invest a total of 23 trillion won in the new businesses.

It has since acquired local ultrasonic medical equipment maker Medison and formed a 300 billion won venture with drugmaker Quintiles, which on Friday started construction of a biopharmaceutical plant in Korea for commercial production from April 2013.

The group’s flagship firm, Samsung Electronics, said on Friday it would transfer its solar battery operation to Samsung SDI for 161 billion won to focus on its core business.

Samsung SDI, which also makes rechargeable batteries and plasma flat screens, said it aimed to secure 8% of the global solar battery market by 2015.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 May 2011, 09:51 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie