Daewoo India said on Wednesday it will invest around ₹300 crore over the next 2-3 years to enter into new segments and expand its market in the country.
The South Korean conglomerate has formed strategic partnership with Kelwon Electronics and Appliances (exclusive brand licensee for Daewoo in India), led by HS Bhatia, who has worked in LG and Airtel.
The company launched 23 products in the battery and inverter segment, and will enter into consumer electronics and electric two-wheelers over the next two years.
“Over the next 2-3 years we are planning to put around ₹300 crore. We will put ₹40-50 crore for building up one category and once that scales up, we will put another ₹100 crore for other products like electronics and the rest for expansion in the markets,” Bhatia, Managing Director, Kelwon Electronics, told businessline on the sidelines of the launch.
electric 2-W
Bhatia said the company is not yet ready for the electric two-wheeler segment as it has to meet certain criteria under the government’s policies and schemes like production linked incentive (PLI).
He said for the current product lines, the company is starting with North, Central and West region of the country, with around 300 distributors and 8,000 retailers. Going forward, it will also expand to South and Eastern India over the next two years.
“In our initial stage, we are introducing a range of power and energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries...Furthermore, in the upcoming years, as part of our consumer durables portfolio, we will introduce a wide range of products, including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and a comprehensive selection of small home and kitchen appliances,” said Chan Ryu, Director with Kelwon Electronics. Ryu will be spearheading Daewoo India operations.