South Korean company Daewoo enters Indian market, to offer a range of products

Daewoo, the brand owned by the South Korean conglomerate Posco Daewoo, has entered the Indian market. According to the company, this move aims to capitalise on India's robust economic growth and surging consumer demand, making it one of the world's most promising consumer markets.

Daewoo is a 50-year-old company with expertise in both the Automotive and Electronics sectors. It is already present in 110 countries and now plans to enter the Indian market through a strategic brand licensing partnership with Gurgaon-based Kelwon Electronics and Appliances Private Limited. 

According to Chan Ryu, Director, Daewoo India Operations, the rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape.

"In our initial stage, we are introducing a range of Power & Energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries. Additionally, we will offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. Furthermore, we are set to launch high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for your electrical devices" added Ryu said

HS Bhatia, Managing Director of Kelwon Electronics & Appliances Pvt. Ltd., said that Daewoo products will be made in India as the company will be associated with local manufacturing providers for this partnership.

"Today, the entire world is turning its attention to India and its growing market, as our nation is on track to becoming the third largest economy in the world. Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India toward this significant economic milestone," Bhatia added.

With a strategic emphasis on the automotive and energy-related sectors, Daewoo aims to provide cutting-edge products and solutions that align with India's growing demand for sustainability and technological advancement. India is the world’s fourth-largest retail market and the 16th-ranked country on the 2023 FDI Confidence Index. The retail industry in India accounts for more than 10 per cent of the country’s GDP and employs approximately eight per cent of the population. A wide range of foreign brands are active in the Indian market, across the consumer spectrum.