Boseong Industry Establishes Urban Development Joint Venture with LG CNS

[Asia Economy Reporter Donghyun Choi] Boseong Industrial and LG CNS announced on the 2nd that the establishment of the joint venture corporation 'Korea DRD (Digital Realty Developer)', which they have been jointly promoting for ICT (Information and Communication Technology) urban development and smart construction projects, has been completed.

Prior to this, the two companies signed a Memorandum of Understanding (MOU) in October last year and have been working on establishing a joint venture by combining real estate development and smart ICT fields. Boseong Industrial established a corporation with a capital of 3 billion KRW in December last year, and recently LG CNS acquired 19.9% of Korea DRD's shares, completing the establishment of the joint venture corporation between the two companies.

The establishment of a joint venture between a mid-sized comprehensive real estate development company and a major domestic IT service company is a hybrid combination of companies with different core fields, and Korea DRD explained that it is expected to greatly contribute to discovering future industries and strengthening the digital capabilities of the real estate development industry.

Korea DRD plans to actively enter smart city construction, digital facility development, as well as maintenance and operation of ICT infrastructure, and other projects related to smart city creation.

A Korea DRD official said, "The dependence on and importance of ICT in the real estate development field is increasing," adding, "The establishment of the joint venture corporation will be a leading turning point that actively responds to and leads the digital structural industrial changes in the construction and urban development fields."

Meanwhile, Korea DRD held a board meeting on the 26th of last month to appoint Hwang Junho, Executive Director of Boseong Industrial, as CEO to promote full-scale business operations.

This content was produced with the assistance of AI translation services.