Asia Tech Wire (June 20) -- SK Innovation and SK E&S, the two energy arms of SK Group, are set to merge to support battery business SK On, according to The Chosun Daily.

Thursday's report said the merger of the two companies would create an energy giant with assets of more than 100 trillion won ($72 billion).

SK Innovation is partly aiming to prop up its loss-making battery maker SK On by merging with a company with a stronger, profitable balance sheet.

SK Group will meet on June 28-29 to finalize the merger, the report said, citing people familiar with the matter.

And SK Innovation and SK E&S, meanwhile, will hold their respective boards of directors and special shareholders' meetings in mid-July to approve the merger and go through the necessary procedures.