South Korean smartphone giant Samsung will make an investment of Rs 4,825 crore in India. The company will relocate its mobile and IT display production unit from China to Uttar Pradesh, a UP government's spokesperson said. He added that this is the first high-technique project of the multinational major that is being set up in India. The spokesperson said the country will become the third in the world to have such a unit.
CM Yogi Adityanath-led UP government approved the special incentives to Samsung Display Noida Private Limited on Friday. The unit in Noida is expected to generate direct employment for 510 people apart from indirect employment. The company already has a mobile manufacturing unit in Noida. It was inaugurated by Prime Minister Narendra Modi in 2018. Samsung makes 70 per cent of their total display products used in television sets, mobiles, watches and tablets in South Korea, Vietnam and China.
This announcement by Samsung comes after the company as well as Apple partners Foxconn, Wistron and Pegatron received approval from the Indian government under the production-linked incentives scheme. These companies have received incentives to produce low-cost mobile phones amounting to Rs 15,000. Over $40 billion worth of handsets have been planned to be produced under the PLI scheme.
Samsung will get stamp duty exemption in transfer of land as per the 'UP Electronics Manufacturing Policy 2017'. It will also receive financial incentive amounting to Rs 460 crore under Government of India's Scheme for Promotion of Manufacturing Electronic Components and Semiconductors.