South Korean semiconductor companies will send market exploitation teams to India to expand their businesses in the world's second-most populous market, the trade ministry here said Monday.

The first squad led by SK hynix Inc., the world's second-largest chipmaker, will hold a road show in New Delhi on Monday to show their technologies of mobile chips and goods to Indian buyers, according to the Ministry of Trade, Industry and Energy.

India's leading handset manufacturers like Intex Technologies and Lava Mobile will participate in the event, the ministry added.

India is one of the world's fast-growing mobile phone markets as some 40 percent of global smartphones were sold in the country last year, with South Korea's Samsung Electronics posting a market share of 25 percent in the first quarter of the year.

Other South Korean companies will also team up to have a business fair in Mumbai on Aug. 30 to tap the Indian automotive semiconductor market, while the country has emerged as the world's sixth-biggest car market led by Tata Motors and Fiat India Automobiles.

"We expect the business teams to make inroads into the high-potential Indian market," the trade ministry said in a release. "The government will establish a business network to help South Korean companies further advance into the Indian market." (Yonhap)