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Daewoo eyes consumer electronics mkt
Mint Mumbai
|October 26, 2023
Daewoo is set to return to India but not as an automaker. In its new innings, the South Korean manufacturer of appliances and consumer electronics will offer power and energy storage solutions, and eventually expand its offerings to electrical products including kitchen and home appliances, besides e-bikes, a top company official told Mint on Wednesday.
Daewoo, known in India for its Matiz and Cielo cars, is now a trademark owned by South Korean POSCO group. It will license its technologies to local partner Kelwon Electronics and Appliances, which will invest around ₹300 crore over three years to rebuild the brand in India, initiate R&D activities and stock products.
In the first phase, the firm will manufacture lead acid batteries for automobiles as well as home inverter, uninterruptible power supply systems and voltage stabilizers.
Once the Daewoo brand is established, say with 1.5 years, the company intends to introduce consumer durables, such as LED televisions, air purifier and speaker systems, besides offering e-bikes and electric cycles.
This story is from the October 26, 2023 edition of Mint Mumbai.
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