GENERAL Motors (GM) has ranked India as the third most important emerging market among eight countries while South Korea, where it already has a joint venture, is ranked fifth.
The first two countries in the `emerging markets' list are China and the US.
Mr Nick Reilly, GM-Daewoo Auto & Technology Ltd (GMDAT) President and CEO, told a group of visiting journalists that GM was working on a major strategy for India.
This which will enable it to enter the booming small car market.
"The marketing strategy has not been finalised yet.
"But we would like to be in the small car segment," Mr Reilly said.
He added that the experience in South Korea where GM took over the Daewoo plant should help the company to fine-tune its strategy as and when it takes over the Daewoo plant in India.
GM is currently carrying out the due diligence of the Daewoo plant near New Delhi.
This is expected to be over in another two months.
Analysts said that while the acquisition in South Korea enabled GM to penetrate into that country's closed market and acted as a springboard to China, the acquisition of the Indian plant will enable it to access the booming small car market.
GM entered the race to acquire Daewoo after Ford Motor Company abruptly withdrew from negotiations.
The company reportedly paid around $ 400 million to acquire the stake in Daewoo along with Suzuki and Shanghai Auto Industry Corporation.
GM has 42 per cent stake in the company.
Suzuki has 15 per cent stake, Shanghai Auto Industry Corp has 10 per cent and Daewoo creditors 33 per cent.
Mr Reilly said that after it took over operations in October 2002, the company's market share in South Korea has increased to 9.7 per cent.
But ...