The Hindu : Daewoo to make a comeback in consumer durables

Online edition of India's National Newspaper
Thursday, Feb 05, 2004

Business

Business

Daewoo to make a comeback in consumer durables

By Sandeep Joshi

NEW DELHI, FEB. 4. The Daewoo brand of consumer durables is all set to make a "strong comeback" in the Indian market within a month. Beginning with refrigerators and colour televisions, the Anchor Daewoo Industries Ltd., a joint venture between Anchor Electronics and Daewoo Electronics, will be launching the entire range of consumer electronics and home appliances in a phased manner this year.

Stating that the Anchor Electronics' CEO was now in Korea to complete formalities regarding the financial modalities between the two companies, the National Sales Head of Anchor Daewoo Industries, Anil Chopra, told The Hindu that Daewoo would offer hi-tech state-of-the-art consumer products ranging from futuristic refrigerators to convection-based microwaves, designer televisions, washing machines and air conditioners.

The erstwhile Daewoo Anchor Electronics had stopped manufacturing its products in the plant at Ranjangaon near Pune by the end of 2002 after the Daewoo Korea was embroiled in a financial mess. It was only after the restructuring of Daewoo in Korea was completed and the company revival started, Anchor started negotiations with it in December 2002 and subsequently the Indian operation was resumed in October 2003, informed Mr. Chopra, adding that after a gap of almost two years, the Korean conglomerate had now given exclusive rights and brand franchise to them.

Mr. Chopra said already the company had invested Rs. 250 crores in India and soon more money would be pumped in once sales started picking up.

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