Daewoo eyes consumer electronics mkt
₹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.
Kelwon’s initial focus will be on meeting aftermarket demand for existing internal combustion engine vehicles (IC-engine) with lead acid batteries before transitioning to electric vehicles (EVs). “In terms of support of incentives and subsidies for EVs, there were some disruptions in the last one year and some entities were penalized. So, at this moment, if you take those subsidies but you’re not highly localized, then you lose on incentive.
If you don’t take subsidies you are not price competitive. So, I guess it will take a year or year and a half for the ecosystem to stabilize. Probably then it will be a good space to come in.
Till that time, we will work to bring the brand back. We will be launching power energy and electronics. So, at least we are in the customer’s mind and can take customer mind share," HS Bhatia, managing director, Kelwon Electronics, said.
Daewoo had shut down its automotive business in India following financial losses and the lack of commercial success nearly two decades ago. However, it has presence in over a 100 countries across Europe, South America, the Middle East and Asia with its range of Daewoo-trademarked consumer electronics products. India’s lead acid battery sector is estimated to be ₹70,000 crore in
. Read more on livemint.com
