In a show of its new focus on fast-growing and world’s second most populous market, South Korea GS Group held its first executive meeting for overseas operations in New Delhi, India, to discuss future growth strategies, the group said Wednesday.

Group Chairman Huh Chang-soo chairing the two-day meeting from Wednesday urged the Indian operation mangers to utilize their experience and confidence earned in the market to increase revenue in existing businesses and seek new ventures.

GS Group picked India for its annual overseas meeting of presidents this year because of its staggering growth pace and potentials. The energy conglomerate has been holding annual executive meetings in promising markets since it held its first meeting in China in 2011.

Over the past few years, GS Group has been trying to broaden its presence in the global market. Revenue from its overseas operation and exports exceeded 50 percent of its overall sales last year, up from 30 percent of its entire sales of 23 trillion won ($20.6 billion) as of 2004 when the group separated from LG Group.

The group’s energy and oil refining unit GS Caltex Corp. has seen its revenue from the Indian operation surge by more than seven-fold since it set up a unit in Mumbai in 2010 on brisk sales of lubricants. The company plans to stretch its sales network to Delhi and Bengaluru.

GS Home Shopping Inc. plays a big role in exporting products of Korean small and medium-sized firms to India through Home Shop 18, an Indian TV shopping channel in which the Korea’s largest home shopping retailer holds a 15 percent stake. GS Engineering and Construction Corp. also set up its offices in Delhi and Mumbai, and GS Global Corp. is expanding its steel business in India. “We need to work hard to develop a variety of products, services and business models in order to stay competitive in the Indian market that has an expanding middle class,” said Huh.

By Lee Jae-chul and Choi Mira

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