LG Display has plans to invest US$788.1 million to increase OLED panel production capacity as part of its initiative to meet rising global demand, according to various Korea-based media reports.

The company aims to expand monthly production on 8G OLED panel production facilities to 34,000 input sheets at its facility in Paju, north of Seoul, during the second half of 2014. An input sheet is used for making six 55-inch TV panels, the reports said.

The reports also quoted LG Display CEO Han Sang-beom that the company is currently in discussion with China-based TV vendors Skyworth, Chang Hong and Konka over providing the technology.

Other reports have also recently stated that Panasonic is reportedly in talks with LG Display about purchasing OLED TV panels sized 55-inch and above and that Sony is considering as well.

Market observers hold conservative views about OLED TV development in 2014, and believe that shipments may only reach around 100,000 units due to high pricing.

Han stated however that LG is making improvements in increasing yields and lowering costs for OLED TV materials and panels. The CEO was also quoted as saying the OLED segment will become the mainstream of the global industry at fast pace, and that the company's OLED business will produce "significant" results by the end of 2015.