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Samsung vice-chairman Lee Jae-yong visits India; likely to meet PM Modi, Mukesh Ambani

Speculations are rife that Lee is likely to meet Reliance Industries Ltd (RIL) Chairman Mukesh Ambani during his India visit. Samsung was one of equipment providers for Reliance Jio's 4G network business.

twitter-logo BusinessToday.In        Last Updated: October 8, 2019  | 00:20 IST
Samsung vice-chairman Lee Jae-yong visits India; likely to meet PM Modi, Mukesh Ambani
Samsung Electronics Vice-Chairman Lee Jae-yong arrived in India on Sunday sparking conjectures that the South Korean giant could invest further in the country to broaden its presence in the world's second-largest smartphone market.

Samsung Electronics Vice-Chairman Lee Jae-yong arrived in India on Sunday sparking conjectures that the South Korean giant could invest further in the country to broaden its presence in the world's second-largest smartphone market.

Upon his arrival in Mumbai, Lee was briefed by Samsung's officials about the company's mobile business there.

Speculations are rife that Lee is likely to meet Reliance Industries Ltd (RIL) Chairman Mukesh Ambani during his India visit, South Korean news agency Yonhap reported. Samsung was one of equipment providers for Reliance Jio's 4G network business. The report further said that the purpose of Lee's meeting with Ambani is to discuss Reliance's supposed 5G network expansion in the country.

Also Read: Samsung India to offer loan options to customers buying smartphones

Lee is also expected to meet Prime Minister Narendra Modi. His visit to the country manifests Samsung's big interest in the Indian market. He is the only son of Samsung Group Chief Lee Kun-hee who has been hospitalised since 2014 following a heart attack.

Hurt by intensifying competition from domestic rivals, Samsung recently ended its mobile telephone production in China. The telecom giant recently shut its last phone factory in Huizhou following a cut in production at the plant in the southern city in June. Samsung had also suspended another factory late last year, underscoring stiff competition in the country.

Also Read: Samsung expects double-digit growth across consumer durables this festive season

The end of South Korean tech giant's phone production in China follows other manufacturers shifting production from the country due to rising labour costs and economic slowdown. Sony also said it was closing its Beijing smartphone plant and would only make smartphones in Thailand.

The company has expanded smartphone production in lower-cost countries, such as India and Vietnam, in recent years.

Also Read:Samsung sold 1,600 Galaxy Fold phones priced at Rs 1.6 lakh each in 30 mins in India

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