South Korea is a highly developed nation in Asia and one of the global leaders in the field of science, technology, and innovation-driven fields. It was also awarded “the most innovative nation in the world” for six consecutive years by the Bloomberg Innovation Index. It has dominated the world with its high-quality offerings and is much loved for its products and services. It enjoys a large consumer base in India as well. As a result, many companies have opened their branches in our country. Here are the top Korean companies that you’ll find in India.
Kia Motors is a Korean multinational automotive manufacturer headquartered in Seoul, South Korea. Founded in December 1944 as Kyungsung Precision Industry, it is the oldest manufacturer of the motor vehicle and the second-largest automobile manufacturer in Korea. Though it initially manufactured steel tubing and bicycle parts, it later went on to produce Korea’s first domestic bicycle. It changed its name to Kia Motors in 1952. It entered the Indian soil in 2017 with its manufacturing facility in Andhra Pradesh.
Samsung is a Korean multinational electronics company, headquartered in Seoul, South Korea. It comprises numerous affiliated businesses including Samsung Electronics, Samsung Heavy Industries, Samsung Engineering, among others. It was founded in 1938 as a trading company but has diversified into many areas over the years. At present, it is a global leader in the smartphone industry. Samsung entered the Indian soil in 1995, and its R&D centre in Bengaluru is its largest in the world for software outside of Korea.
LG Corporation, formally known as Lucky-Goldstar, is a South Korea multinational company headquartered in Seoul. It is the fourth-largest chaebol in Korea and is into electronics, telecom, and chemicals. LG Electronics India Pvt, a wholly-owned subsidiary of LG Electronics, was established in India in 1997. According to the Brand Trust Report India Study, 2015, it was one of the topmost trusted brands in India.
Shinhan Bank has its headquarter in Seoul. Established under the name of Hanseong Bank in 1897, it was reestablished in 1982. Shinhan Bank India started its operation in 1996 in Mumbai and currently has its branches in six places including, Mumbai, New Delhi, Pune, Kanchipuram, Ahmedabad, and Ranga Reddy. It was chosen as the best small foreign bank in 2015 and was also ranked top-tier middle-class foreign bank in 2018.
POSCO, formerly known as Pohang Iron and Steel Company, is a South Korean steel-making company headquartered in Pohang. It was inaugurated in 1968 and began production in 1972. It signed a memorandum of understanding with the state government of Odisha to construct a $12 billion steel plant in June 2005, but the company was unable to start construction because of delays. Apart from Odisha, POSCO India Private Limited also has project sites in Karnataka and Maharashtra.
SsangYong Motor is the fourth largest Korea-based automobile manufacturer. It is owned by the Indian multinational automotive company Mahindra & Mahindra Limited, which acquired the company’s 70% shares in 2011. In the first of its vehicle launching in India, it presented its mid-size SUV SsangYong Rexton for the Indian customers after being integrated into the Mahindra Group.
Hyundai Motor Company
Hyundai Motor Company, commonly known as Hyundai Motors, is a multinational automotive manufacturer that was founded in 1967. Its subsidiary in India, Hyundai Motor India Limited, was formed in May 1996. When it entered the Indian market, the brand was unknown to the masses, but with its strategic investment and growth strategy, it established itself in the sector. The Hyundai Motor India Limited currently has nine car models across segments and exports to around 88 countries.
What do you think of these Korean brands in India? Share with us in the comment section.