SK Innovation shareholders approve plan to split off battery business

The decision paves the way for the battery business, a supplier for Ford Motor Co, Hyundai Motor Co and among others, to potentially raise funds and go public to finance its high-cost production capacity expansion. (Pic: The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea)

SEOUL: SK Innovation Co Ltd said on Thursday its shareholders had approved the company's proposal to separate its battery business into a new company.

The decision paves the way for the battery business, a supplier for Ford Motor Co, Hyundai Motor Co and among others, to potentially raise funds and go public to finance its high-cost production capacity expansion.