By Manvi Pant and Hritam Mukherjee (Reuters) - The Indian unit of South Korea's LG Electronics filed for an initial public offering on Friday to cash in on the country's growing demand for consumer durables amid higher appetite for IPOs.

LG Electronics India has filed for a mega ₹15,000 crore IPO, aiming to raise approximately $1.8 billion through an offer-for-sale of equity shares.

The Indian unit of South Korea-based LG Electronics Inc. filed for an initial public offering, the latest among foreign companies looking to tap investors in the South Asian country’s booming market.

LG Electronics India, a leader in home appliances and air solutions, has filed for an IPO. Its financial performance outpaces competitors, including Havells and Blue Star.

The IPO, which is entirely an offer for sale (OFS), will see Seoul-based parent LG Electronics divesting up to 101,815,859 equity shares of face value Rs 10 each from its Indian subsidiary

LG Electronics has industry peers in Havells, Blue Star, Voltas and Whirlpool. The revenue and profitability profile of Havells is close to LG Electronics.

LG Electronics India filed an IPO in India, aiming to capitalize on the country's growing appliances and electronics market. However, concerns arise regarding potential conflicts of interest with other LG entities and the lack of exclusivity agreements.

LG Electronics India Ltd, the Indian subsidiary of South Korea’s LG Electronics Inc, has filed draft papers with the Securities and Exchange Board of .

LG Electronics India Limited is mainly an Offer for Sale for 101,815,859 equity shares, the company informed in the Draft Red Herring Prospectus.