Contract Signed for Joint Venture with Bhutanese Agency
Supplying Transformers and Cables for New City Development
Pursuing Development of a 2,500 km² New City
LS has decided to establish a joint venture with GIDC, a subsidiary agency of the Bhutanese government, to promote the construction of power infrastructure in a new city in Bhutan.
On May 9, at the LS Yongsan Tower in Yongsan-gu, Seoul, LS held a contract signing ceremony for the establishment of a joint venture to strengthen cooperation between both parties. The event was attended by key figures including Myung Nohyun, Vice Chairman of LS, and Uzwal Deep Dahal, CEO of GIDC. Prior to this, representatives from Bhutan's GIDC met with key personnel from LS Cable & System and LS Electric from May 7 for three days and two nights to discuss the potential for various collaborative projects.
GIDC is a public development agency in Bhutan, leading the development of a new city of approximately 2,500 square kilometers in the Gelephu region, which borders India. The plan for this new city includes the completion of Gelephu International Airport by 2029 to expand aviation infrastructure. It also aims to create an eco-friendly smart city that will meet power demands for artificial intelligence and data centers, based on renewable energy such as hydropower.
On the 9th, LS held a contract signing ceremony for the establishment of a joint venture to strengthen cooperation between both parties at the LS Yongsan Tower located in Yongsan-gu, Seoul. The event was attended by key figures including Myung Nohyun, Vice Chairman of LS, and Uzwal Deep Dahal, CEO of GIDC. Photo by LS
Vice Chairman Myung stated, "The establishment of this joint venture with GIDC will serve as an important foundation for building a future-oriented cooperative relationship between LS and Bhutan." He added, "By participating from the early stages of new city development, when the power grid and urban functions are being created, LS will be able to secure various new business opportunities in Bhutan in the future."
Through the establishment of the joint venture with GIDC, LS plans to open a local office and supply transformers, energy storage systems (ESS), power and communication cables, and other equipment needed for the early development of the new city, thereby building a sustainable power supply network.
In addition, LS plans to use the Gelephu new city as a test bed to conduct various research and development projects for smart city construction. With global IT companies considering building data centers in the Gelephu area, where electricity costs are low, LS is also planning to position itself as a key operator of the data center power supply network, thereby seeking various new business opportunities.
LS is also actively exploring opportunities to enter new markets, as demonstrated by recent meetings with ministers and major company CEOs in Ukraine to discuss the establishment and restoration of the power ecosystem, as well as cooperation in the tractor sector.
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