LS Cable & System is advancing its presence in the Indonesian cable market by setting up a joint corporation with the AG Group, which has a wide multi-sector presence in the country.
A press release said that LS signed an agreement with AG Group to jointly invest $40 million in the construction of cable plants near Jakarta with the aim of completion by 2019. The plants are expected to produce overhead cables for infrastructure and low and medium voltage cables used for construction and plants, generating around $100 million by 2025, LS said.
LS Cable & System CEO Myung said the discussion with AG Group received “a boost” after President Moon Jae-in announced the New Southern Policy during a business forum with Indonesia last November.
The AG Group was described as one of Indonesia’s top 10 companies, active in banking, hotels, construction and resorts.