South Korean conglomerate LG has announced plans to build its third manufacturing plant in India. This will be a $600m, 247-acre project located in Sri City in the state of Andhra Pradesh.

When complete, the plant will make white goods such as fridges, washing machines and air-conditioners. LG notes that the development could attract other businesses to the area, creating a light engineering hub.

The chaebol’s other plants in the country are located in Maharashtra and Uttar Pradesh.

According to Reuters, the company is planning an initial public offering of its LG Electronics India arm, but has currently paused the plan while waiting for markets to stabilise.

Lyu Jae-cheol, LG Home Appliance’s president, said: “We are taking yet another important first step toward enhancing our partnership with India and contributing to its economic growth.

“The construction of our third manufacturing plant will complement our existing production facilities.”