Iconic South Korean brand Daewoo, which had captured a significant market share with the Cielo and Matiz cars, is making a comeback in the Indian market.

It has formed a strategic partnership with Kelwon Electronics and Appliances Pvt. Ltd to re-enter the electric motorcycles and e-cycles segments

The South Korean firm will foray into energy and battery, electronics and e-bike segments.

Daewoo also plans to launch consumer electronics such as LED TV sets and audio speakers.

About the investments the company would make in India, the leadership team said the comeback will be through brand licensing and Daewoo will not be making investments in the country.

Chan Ryu, director, Daewoo India Operations, said “Daewoo, part of the Posco conglomerate, possesses a globally recognised trademark and a well-established presence in international markets including USA, Europe, China, West Asia, UAE and many more. The rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape.”

Kelwon will be selling Daewoo-branded power and energy products for electric cars and two-wheelers. It also plans to capitalise on the expanding market for electric vehicles in the two-wheeler segment, such as electric bikes, electric scooters and e-cycles.

"We have exciting plans to unveil a captivating line of e-bikes and e-cycles in the Indian market. The market is still at a nascent stage, and we aim to attain a significant market share in the next three years. I am hoping that at least one in 10 e-bikes sold in the country will be from Daewoo,” Ryu said.

H.S. Bhatia, managing director of Kelwon Electronics & Appliances Pvt. Ltd., said the partnership is long-term and will be the cornerstone of Kelwon Electronics’ sustained growth.

He added, “Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India in becoming the third largest economy in the world.”