On Wednesday, Daewoo India announced its plans to invest approximately ₹300 crore within the next 2 to 3 years. This investment aims to venture into new market segments and expand its presence across the country further.
The South Korean company has formed a strategic partnership with Kelwon Electronics and Appliances, the sole brand licensee for Daewoo in India. HS Bhatia, who has prior experience with LG and Airtel, is at the helm of this partnership.
The company recently launched 23 new offerings in the battery and inverter sector. Daewoo India will branch into consumer electronics and the electric two-wheeler market in the next two years. Bhatia, the Managing Director of Kelwon Electronics, shared at the product launch that over the next 2-3 years, they plan to allocate about ₹300 crore. They will first commit ₹40-50 crore to introduce a product category. Once it gains popularity, they will invest an additional ₹100 crore for other items like electronics, with the remaining funds earmarked for market expansion.
Bhatia noted that the company has not yet entered the electric two-wheeler market due to specific government policy requirements, including the production-linked incentive (PLI) scheme.
Daewoo India is targeting the North, Central, and West regions, working with nearly 300 distributors and partnering with 8,000 retailers. They aim to expand their presence to the South and East of India in the coming two years.
Chan Ryu, a Director at Kelwon Electronics overseeing Daewoo India’s operations, stated that they are initially introducing a wide range of power and energy products. These encompass batteries for cars, bikes, and inverter and solar batteries. Soon, their consumer durables segment will feature products like air purifiers, LED TVs, audio systems, water purifiers, intelligent fans, air coolers, home automation tools, and a vast selection of small home and kitchen appliances.
