Sharp announced on March 24 that it will set up a wholly-owned subsidiary for 100 million Yen (US$1.02 million; US$1 = 97.9 Yen) to prepare for the formation of its planned new LCD (Liquid Crystal Display) JV with Sony, Dow Jones reported on March 24. The subsidiary, to be named Sharp Display Products Corporation, will be launched on April 1, 2009, focusing on manufacturing and selling LCD panels and modules, according to the same source. The Sharp-Sony JV, with Sharp holding a 66% stake and Sony holding the remaining 34%, had been delayed for a year to March 2010. Furthermore, Sharp stated that the new LCD panel plant in Sakai City of Osaka Prefecture, currently under construction, will begin operations by March 2010, churning out 50-inch or larger LCD panels. Further details regarding the capacity of the plant were not yet disclosed.