Asia Tech Wire (June 21) -- SK Group, which is in the process of restructuring its business, has requested funding from Korea Development Bank (KDB), according to the Korea Economic Daily.

The report said SK Group wants to utilize a low-interest loan from the state-owned bank to continue investing in the battery and chip sectors while merging, selling and removing redundant businesses.

SK Group executives have met with KDB officials to explain its restructuring plan and seek more funds from the policy bank.

The restructuring plan includes the merger of energy divisions SK Innovation Co. and SK E&S Co., as well as the disposal of non-core divisions to focus on key businesses such as semiconductors, batteries and artificial intelligence.

SK Group will hold a meeting of key subsidiary executives at the end of this month to finalize the restructuring plan, the report noted.