BANGALORE: Luminous Electronics Ltd., an Indian market Power Electronics player, has announced a strategic alliance with Hyundai Corporation, Korea. Through this association Luminous will soon be launching an entirely new range of high end "Hyundai" brand inverters, UPS systems and associated batteries into the Indian market.

The agreement which was signed between the two companies in November' 2005, has been cleared by the Department of Industrial Policy and Promotion (SIA) on 16 February 2006, states an official release.

Says Luminous MD Navneet Kapoor, "We are targeting a business of over US $ 120 million over the next three years for the Hyundai branded inverters, UPS systems (up to 60 KVA ratings), Deep Cycle Batteries as well as VRLA batteries".

Kapoor adds, "These Inverters & UPS systems will be manufactured in a dedicated factory at Baddi, Himachal Pradesh. The promotional campaign for these new Hyundai branded products will hit the market by mid March'2006 and with a first year planned advertising & promotion budget of over Rs 70 million, this new brand is sure to make a strong entry in the Indian Power Products market".

Hyundai Corporation GM H D Bang says, "Hyundai is already a very popular brand in India and we have selected the best Indian partner in this business. We are very excited about the future prospect of this business. Based on the initial success of this agreement, we also have plans to extend the scope of our alliance".