Samsung will invest Rs 4,825 crore to relocate its mobile and IT display from China to India. The UP government’s cabinet on Friday, December 11th, 2020 approved special incentives for Samsung Display Noida Private Limited.
Besides giving indirect employment, it is being expected that the manufacturing unit would generate 1,500 direct employments. Samsung will get a rebate in stamp duty from the UP government along with a subsidy in capital investment under the Central scheme.
“This is the first high-technique project of South Korea’s multi-national major which is being set up in India after relocating from China and the country will become third in the world to have such a unit,” the spokesperson of UP government said in a statement.
Including South Korea, Vietnam and China, Samsung at present produces 70 per cent of the total display products used in mobile, television, tablet, watch, etc.
Samsung already has a manufacturing unit in Noida, which was inaugurated by Prime Minister Narendra Modi. Exporting worth of $2.7billion last year, the South Korean country is the largest exporter from Uttar Pradesh. In the next five year, the company plans to target exports worth $50 billion in the state.