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Daewoo Corp recast will strenghten Indian arm, says Awasthi

The restructuring initiatives at Daewoo Corporation in South Korea will translate into sharper business focus for its Indian auto arm -- Daewoo Motors India Limited.

DMIL managing director S G Awasthi said, ''With India having been identified as a key market for growth for Daewoo's auto business, we are confident that this decision will further strengthen our presence in India.''

The Korean conglomerate has already pledged to invest $ 100 million in the Indian arm to strengthen its operations. This is in addition to the investment of Rs 40 billion that has been already made by the company. The total equity base for Daewoo will thus go up to Rs 11 billion.

Reorganisation of the Daewoo group clearly indicates specialisation in the company's automobile business which has total assets worth $ 46.6 billion.

UNI

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