LG Life Sciences, the bio-pharmaceutical arm of the South Korean conglomerate LG, has applied to the Foreign Investment Promotion Board (FIPB), seeking permission to set up a wholly owned subsidiary.
According to executives in the company, LG Life Sciences has India on its list of priority markets for achieving its $1.5-billion global turnover target by 2010. Some of the products will be manufactured in India in the next two to three years.
To this effect, the company has sought permission to engage in manufacturing activity also. Some of the products were so far being imported into India through another subsidiary, LG Chemicals.
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Sources said after expansion, LG Life Sciences would absorb the entire staff of LG Chemicals, converting the latter into a liaison office.
The subsidiary has proposed to engage, directly or indirectly, in importing, marketing, distribution, selling, exporting and/or manufacturing formulations of diverse pharmaceutical and life sciences products and advanced chemical products including bio-pharmaceuticals and diagnostic kits.
A company executive said the new subsidiary was being set up in line with a recent demerger of the life sciences business from LG Chemicals.
LG Life Sciences had been created in August this year. The company will focus on specialised bio-pharmaceutical products such as human interferon, hepatitis B and hepatitis C vaccines, and anti-cancer and anti-renal products.