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Biz News Korea(Eng)

Doosan Infacore expands footprint in Nepal and developing markets

Collected: 2018.01.26

Distributed: 2018.01.29

Source: Go Direct

$[Photo provided by Doosan Infracore Co.]$

[Photo provided by Doosan Infracore Co.]

South Korea’s Doosan Infracore Co. has become No. 1 construction equipment brand in Nepal after quadrupling its market share over the last two years on active infrastructure investments by the Nepalese government.

The company accounted for over 20 percent in the Nepalese construction equipment market, compared with 5 percent in 2015.

Nepal has been aggressive in infrastructure development since regime change in 2015.

Demand for construction equipment in the central Himalayan country that stopped at 100 units in 2015 reached 1,400 units last year.

The Korean builder secured an order in October to supply 39 medium and large-sized excavators for a project building a hydropower plant in northern Nepal.

Sales in overall developing markets in the region including Nepal and Malaysia jumped 20 percent on year as of the third quarter last year. Orders also have been picking up in the Middle East and Latin American, an official said.

In November, it inked an agreement with China’s No. 1 farm machinery maker Lovol Heavy Industry Co. to set up a 50:50 joint venture Lovol Doosan to develop engines customized for the Chinese market.

Shares of Doosan Infracore jumped 3.6 percent Thursday to a 52-week highest close of 11,500 won ($10.86).

By Woo Je-yoon and Cho Jeehyun

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