Asia Tech Wire (June 27) -- South Korea's LG Electronics is considering listing its Indian subsidiary LG Electronics India Pvt Ltd (LGEIL) in India, according to Invest Chosun.

LG Electronics parent company LG Group recently met with Indian investment banks and law firms to discuss the possibility of the IPO, the report said.

The news comes as Korean automaker Hyundai Motor is moving ahead with plans to list its Indian subsidiary in India.

Hyundai India has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) this month, proposing to raise as much as $3 billion in what could be India's largest-ever IPO.

LGEIL, a wholly-owned subsidiary of LG Electronics, was set up 27 years ago with an investment of about 311.746 billion won, and houses LG Electronics' refrigerator and air-conditioner manufacturing base.

In the Indian market, the subsidiary sells home appliances such as refrigerators, air conditioners, washing machines and TVs.

The investment world expects LGEIL to raise at least $500 million through the IPO.

According to the report, the Indian subsidiary has net assets estimated at about 1.1466 trillion won, and its corporate value is estimated to be at least 3 trillion won to 6 trillion won.

In response, LG Group said the possibility of listing LG Electronics' Indian subsidiary was mentioned, but it has not yet confirmed whether the listing will be pursued.