Daewoo plans India return with electronics and EVs.

South Korean conglomerate Posco Daewoo is making a comeback in the Indian market with a focus on electric bikes, e-cycles and many other products. The company sees India's strong economic growth and rising consumer demand as key drivers behind this decision, recognizing India as one of the most promising consumer markets in the world.

Apart from electric bikes and e-cycles, Posco Daewoo plans to offer power and energy products such as solar and inverter batteries as well as consumer electronics such as LED televisions, air purifiers and refrigerators.

To tap the Indian market opportunity, POSCO Daewoo is partnering with Gurugram-based Kelvon Electronics & Appliances, which has substantial experience and capabilities in manufacturing, marketing and selling Daewoo products in India.

Y S Choi, General Manager, POSCO Daewoo South Korea, highlighted the significant potential of the Indian energy and power market of over $100 billion and the consumer electronics market of over $20 billion. The company is particularly optimistic about the rapidly growing Indian electric two-wheeler market.

Choi stressed that the Indian government's investment in these sectors makes India an attractive destination for their expansion, and they are well positioned due to their expertise in batteries and consumer durable products.

Posco Daewoo had previously entered the Indian market in 1995 with vehicles such as Cielo, Nexia and Matiz. In 2001, General Motors (GM) acquired most of the company's assets, leading to the closure of its Indian operations in 2003–04. However, the company believes that the current economic scenario in India, with its projected market growth, necessitates their return to be a part of India's ongoing growth story.

Their Indian partner, Kelvon, plans to initially focus on the energy and power segment, selling automotive batteries, solar batteries, inverter batteries and lubricants for two-wheelers and four-wheelers. Once this segment is established, they will expand into other categories including consumer electronics in the next financial year.

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