History of Daewoo Motors India Ltd.
1983
- The Company, formerly known as DCM Toyota Ltd., was incorporated as a Public Limited Comp. on August 1, & obtained Certificate of Commencement of Business on October 1. The Comp. was jointly promoted by DCM limited & Toyota Motor Corporation, Japan [TMCs] vide Joint Venture [JVs] Agreement dated March 15, 1982, for purpose of assembling & progressively manufacturing in India certain models of Toyota Vehicles to be mutually agreed upon by both parties & spare parts thereof, to be distributed for sale to the consuming public.
- The Comp. set up a plant for manufacturing Light Commercial Vehicles with an annual capacity of 15000 LCVs at its works at A-I Surajpur Industrial Area, Noida-Dadri Road, Tehsil Dadri, Distt Ghaziabad-203207 [U.P.s].
- The JV agreement provided for DCM to subscribe to the extent of 33% and TOYOTA to subscribe to the extent of 26% of paid up equity share capital of Company.
- DCM limited held 33% & TMC held 26% of Equity Capital of the Company. The plant was equipped with latest machinery to produce LCVs matching with the stringent international Toyota standards. Plant was commissioned in 15 months & commercial production of model 'DYNA' commenced in 1985.
1995
- The merged Comp. now known as DCM-Daewoo has virtually stopped the supply of 'Dyna LVC' to its 80 odd dealers in India even as it continues to step up export of vehicle.
-Reported sale of 1 500 cars over a three months period since its launch in July according to the Managing Director S G Aswathy.
-DCM Daewoo changes proposed car model for Indian market again.
-Appointed 50 new dealers nationwide to begin deliveries of 1500cc passenger car Cielo next month.
- S.G. Awasth the Korean Comp. has changed its decision to set up the engine & transmission manufacturing facilities in China.
-The chairman of Korean automobile giant Daewoo C.S. Lee inaugurated the 50th car showroom-cum-workshop in India with modern facilities at par with international standards.
-Becomes the first automobile joint venture to sign a memorandum of understanding [MoUs] with the Indian government for import of completely knocked down [CKDs] units.
-Department of Comp. Affairs [DCAs] has launched an investigation against DCM Daewoo.
-South Korean automobile giant Daewoo has decided to launch its commercial vehicles range in India through subsidiary DCM Daewoo Ltd.
-The corporate office of automobile major DCM Daewoo Motors Ltd was raided & sealed by sales tax authorities
1996
-More than 20 000 Ceilo cars have been sold by DCM Daewoo through their appointed dealers all over the country a large majority of which was in Delhi & neighbouring states.
-DCM Daewoo Motors Limited has tied up financing required to bankroll its US $1 billion car project.
-South Korean automobile giant Dawoo is believed to have ticked out a proposal for launching 'Ticco' in collaboration with DCM in India this year.
1997
-Maruti Udyog Ltd launched the upgraded version of 800 cc on September 12 visitors at the ongoing 57th Frankfurt Motor Show were admiring the all-new Daewoo D'Arts.
-Eenteres into joint venture agreements with various international automotive component vendors. These are Pan Alfa-Dong Won for mufflers Fiem-Sung-San for lamps Korin India for rear axles & Spack Automotive for seats.
-The Cabinet Committee on Foreign Investment [CCFIs] has allowed Daewoo Corporation of South Korea to hold 92 per cent equity stake in DCM Daewoo Motors Ltd
-Daewoo Corporation South Korea has already invested or committed to invest Rs.685.92 crore in DCM-Daewoo Motors for a 75% equity stake [at Rs.25.33 for a 51% stake & at Rs.23.50 for other 24% acquired from DCMs] & rights entitlement thereof [at Rs.15 per shares].
-Fortune Cars [Ps] Ltd was launched as the new dealers in Navi Mumbai for Cielo the premium car from DCM Daewoo Motors.
-Cut down the production of Cielo cars by 75 per cent owing to a free-fall in their sale.
1998
-Slashed the price of its Cielos a whopping 25 per cent in one stroke
-The Comp. has dropped two of its largest dealers Bhasin Motors in New Delhi & Bhandari Motors in Pune
-Launches the Valyou for Money print campaign for price corrected Cielo it was so caught up by hook that the advertising agency Equus Advertising Comp. promptly applied for a copyright on the new Buzzword
-Launches its small car called Matiz in Seoul. the car was displayed at the fourth Auto Expo at Pragati Maidan in New Delhi in January & sales of left-hand version in Korea will begin in April.
- Toyota Motor Corporation [TMCs] of Japan has decided to wash its hands off the merger two per cent stake it held in Daewoo Motors India Limited a senior Comp. official said
-Sought a Rs.105-crore loan from the Export Import Bank of Korea [K-Exims] to fund its captive power plant in Uttar Pradesh
-Hikes the prices on all the models of Cielo with effect from July 5
- The industry ministry has approved the application of Daewoo Motors India Ltd for a technical assistance agreement paving way for introduction of small car Matiz in September
- Korean electronics major Daewoo in association with Kinetic Communications Ltd has launched a full range of Daewoo colour monitors in the Indian market.
- Matiz the small car to be launched by Korean Comp. Daewoo Motors
-Joined hands with six non-banking finance companies [NBFCss]
-Mr S G Awashti managing director Daewoo Motors has been re-appointed for a five-year term.
- 796cc Matiz -- has bagged two international awards for `best small car' at the British International Motor Show in Great Britain & the `world most beautiful car' at the L' Automobile Pin Bella Del Mondo contest in Italy.
-Announced the closure of booking for its newly launched Matiz car after securing 3 000 orders three days before slated closure
-The Calcutta High Court has allowed an appeal by Daewoo Motors India Ltd & has vacated the order of injunction passed by 2nd Civil Judge senior division Alipore Court restraining the sale of Matiz in the state of West Bengal
1999
- Mr. K.H. Nam has been appointed as the Chairman and Whole-time director of the Comp. in place of Mr. S.H. Park with effect from 30 April. 2000
-Daewoo has launched the Nexia deluxe, in the upper end of the mid-size segment.
-The Comp. is launching a large-scale service & test drive campaign throughout the country from June 17.
- Daewoo Motors India Ltd, a subsidiary of South Korea Daewoo Motor Corp, is 'working out the cost structure' of its popular small car Matiz in view of continuing depreciation of rupee against the dollar.
- Enthused by growing demand for its small car `Matiz', Daewoo Motors India Ltd is working towards expanding its dealership network by 23.9 per cent while the number of authorised service centres are being increased 111 per cent by September-end.d - Daewoo Motors India Ltd is launched 'S.P.I.C.E.' into lives of Matiz buyers. Daewoo introduced two new variants of Matiz - SG & SA -- which have replaced the existing Matiz SE & SP models.
- The Comp. will expand its dealer & authorised service centre network in the country in an aggressive bid to doble volumes of its car sales.
- Mr. S. G. Awasthi resigned as chairman of company.
- The Comp. has suspended production of passenger cars at its Surajpur plant.
- The Comp. is shutting its plant for a week from December 13, following low demand & piling up of stocks.
- Daewoo Motors India limited has in collaboration with ICICI Personal Financial Services launched a new scheme for enabling car buyers to purchase the company small car the Matiz at low interest rates.
2001
- Citing a bulging inventory of unsold cars, ailing Daewoo Motor Co. temporarily shut down some assembly lines at its main plant effectively foiling a threatened strike by workers.
- Daewoo Motors India limited will introduce three new models -- two in the mid-size segment & one in the premium segment -- in India.
- Daewoo Motors India limited will hive-off its engine & gearbox units into a separate company.
- Daewoo Motors India Ltd introduced its new cars - Magnus, Lanos II, and Nubira - in the southern market.
- Daewoo Motors India Ltd [DMILs] Managing Director & Chief Executive, Mr. Y.C. Kim, has put in his papers & handed over charge to Mr Young Tae Cho.
- Daewoo Motors India on june 22 said it would hike the prices of its premium small car Matiz by 2-3 per cent in north & east India from July.
- Daewoo Motors India will launch a limited edition version of its premium small car Matiz early next month.
- Daewoo Motors India Ltd, subsidiary of ailing South Korean car maker Daewoo Motor Corp, on august 29 announced the launch of two special edition versions of its 800-cc Matiz car with more features and a price dearer by about Rs 9,000. The two special edition cars, the Matiz Special SG & Matiz Special SA will be available from September1
- DMIL said it had also signed an agreement with the workers union for a separation programme for 237 workers affected by closure of the plant
- Daewoo Motors India Ltd [DMILs], the subsidiary of bankrupt South Korean Daewoo Motor Co Ltd, cut production to just four days a week for September as part of its cost-cutting drive
- Troubled auto-maker Daewoo Motors has been rated the most environment-friendly car manufacturer in India by Centre for Science and Environment. Compatriot Hyundai Motors has been ranked second in the ratings.
- Daewoo Motor India Ltd, a subsidiary of South Korean chaebol Daewoo, has asked six executives to leave the organisation.
- These include a general manager based in New Delhi, a deputy manager from the Chandigarh office of company, an assistant manager from Chennai, an officer [sales & administrations] from Mumbai, another executive from Bangalore & one secretary-level employee in New Delhi.
- Daewoo Motor India Ltd is gearing up to launch new models of the Matiz next year. The new Matiz model [not the Kaloss] is expected to hit the roads in January. It will have new features, but most importantly a different exterior [higher bonnet, grill & front lights, etcs], 'which will be in sharp contrast to the feminine looks of existing model.
2002
-General Motors is following an agreement it signed to buy assets from Daewoo Motor with only slight differences blocking a final pact.
-Maruti Udyog Ltd, Daewoo Motors & Hindustan Motors has entered into technical tie-up with Rohan Automotive Equipments Pvt Ltd [RAEPLs] for supply & fitting of LPG dual fuel kits in cars.
-Approaches domestic car manufacturers to acquire assets of ailing company.
- Surajpur factory has stopped its production all the employees are waiting for directions from Korea.
2003
-DRT has appointed receiver rejected bids for DMIL current assets, which made the ongoing auction of DMIL assets further delayed.
-Daewoo Motors India Ltd, have seized its Surajpur production unit through a receiver inducted by debt recovery tribunal.
- NM Rothschild, the investment banker has been appointed to sell the assets of Daewoo Motors India.
-Mr Sahib Singh Verma, the Union Labour Minister, has intervened in the Daewoo Motors India Ltd plant case at Surajpur.
