Vodafone (LON:VOD) has joined forces with telecommunications company LG Uplug Corp. to tap into South Korea's market as the group tries to turn around business in Asia where its India division has been hit by fierce competition.
Under a partner market agreement, Vodafone will support the consumer and enterprise operations of South Korea's LG Uplus, helping with strategy and development in the nation to boost customer numbers.
Together, they will offer communications and enterprise services to multinational companies.
"Our new partnership will enable LG Uplus to benefit from Vodafone expertise and experience, in addition to access to our global enterprise products and services,” said Vodafone’s Partner Markets chief executive Digo Massidda.
“I am delighted that LG Uplus has joined our partner market network and I look forward to building on our relationship in the coming years."
The agreement marks Vodafone’s first venture into South Korea and comes about three weeks after the group reported a wider full year loss. Vodafone's loss for the year to 31 March expanded to €6.1bn from €5.1bn a year ago due to an impairment charge for its troubled India business.
Vodafone hopes to revive its India division as it merges the business with Idea Cellular in an effort to tackle fierce competition in the country.