April 25, 2024

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[THE INVESTOR] GS Group, a Korean energy and construction conglomerate, is looking to India as it seeks new business opportunities in the rapidly growing market, it said on Nov. 2.

In an executive meeting held in New Delhi, GS Group Chairman Huh Chang-soo said India’s domestic market grows an average of 7 percent annually and is strategically important for South Korean companies, as it plays a bridgehead role for them in moving into the Middle East and Europe.

“GS Group needs to advance to new businesses in India based on the experience and trust it has built there,” he was quoted as saying during the meeting.

Already in India, GS Group affiliates are in the process of strengthening their presence in the world’s second-most populous country.

Korea’s No. 2 refiner GS Caltex sells lubricants in India through its Mumbai subsidiary. GS Home Shopping mainly sells products made by Korean small and medium-sized companies through HomeShop18, a home shopping channel joint venture set up with an Indian company. And GS Engineering & Construction has established local subsidiaries specializing in planning, the group said.

By Alex Lee and newswires (alexlee@heraldcorp.com)