LG Display will invest up to $803 million for new OLED plant for phones, wearables: Report

South Korea’s LG Display Co Ltd plans to invest up to 900 billion won ($802.75 million) to build a new production line for small- and medium-sized organic light emitting diode (OLED) displays, the DongA Ilbo newspaper reported on Monday. The plant will produce flexible OLED panels used for smartphones and wearable products and will be built in South Korea, the paper reported. The display panel maker, which supplies screens to Apple Inc and sister company LG Electronics Inc, has been considering whether to build a new production line for the flexible OLED panels or convert existing capacity. The South Korean stock exchange separately on Monday asked the company to comment by 0900 GMT on whether it planned to build a new OLED production plant. A spokeswoman for LG Display declined to comment. More recently, the company had announced its plans to invest up to Rs 1,000 crore in India towards research and development (R&D) and marketing. According to a report in The Economic Times, LG will start manufacturing phones in India once it hits the 10% market share. According to Kwon, that target is achievable by December this year. With inputs from Reuters