LG Uplus Corp., a major South Korean telecom operator, said Tuesday it will invest more than 300 billion won ($267.9 million) to build a new internet data center amid growing user demand.

The company said in a regulatory filing that it will invest 318.1 billion won for a new internet data center from June 1 until Dec. 31, 2023.

The move comes after LG Uplus CEO Hwang Hyeon-sik vowed earlier this year to focus on new businesses aimed at corporate customers.

LG Uplus currently operates four internet data centers -- three in southern Seoul and one in Anyang, 23 kilometers south of the capital -- according to a company spokesperson.

For all of last year, sales from the company's internet data center business stood at 228 billion won, up 16.1 percent from the previous year. (Yonhap)