News

Hyosung considering ATM assembly plant in India

May 18, 2003

MUMBAI, India -- Korean ATM manufacturer Hyosung plans to establish an assembly plant inIndiaand expects to garner a 10 percent market share of the country's burgeoning ATM market over the next two years, according to a report in The Economic Times.

"We have launched our products in India and are currently looking out for a location to set up an assembly unit here," Hyosung general manager overseas sales team BK Yoo said after the recent Indian launch of its Nanocash 3000 ATM.

The company is exploring all possibilities, including a joint venture initiative, for the assembly unit, according to the Economic Times.

Touch Info Pvt Ltd (TIPL) is the sole distributor of the Korean company's products inIndia,Middle EastandSri Lanka.TIPL chairman and managing director Suresh Menon said, "We will shortly also consider acquiring the manufacturing rights for these machines."

Menon said his company will install 30 ATMs across metro areas, including Mumbai,Delhiand Chennai, as part of a pilot project with six banks, although he declined to provide names of the banks.

"We expect to deploy around 300-500 ATMs in the first 12 months of our distribution tie-up with the Korean company," Menon told the Economic Times.

Yoo said Hyosung has manufacturing facilities inKoreawith a production capacity of 3,000 ATMs per month and an assembly unit inChinawith a capacity to manufacture 1,000 ATMs per month.

On the Indian market, he said Hyosung research showed that currently there were only 5,000 ATMs in the country with a growth rate of eight percent.

Both NCR Corporation and Diebold have made major moves into India.

According to Yoo, Hyosung also plans to expand toSouth America, eastEuropeandAfrica.

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