South Korea's LG Electronics Inc. and Canada's Nortel Networks Corp. will set up a telecoms equipment joint venture, Korea Economic Daily reported in its Internet edition, citing industry sources.
LG, the world's fifth-largest mobile phone maker and a small player in telecoms infrastructure, had said in September it may sell its telecom equipment business or set up a joint venture with a foreign partner, such as Nortel.
LG Electronics declined to comment on the subject but the company is scheduled to hold a news conference at 11 a.m. (0200 GMT) regarding its telecommunication business.
LG would own a 49 percent stake in the proposed joint venture and Nortel the remainder, the report said.
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