Samsung to invest Rs 4,825 crore in India, to move key production unit from China to Noida

South Korean tech giant Samsung will be making an investment of Rs 4,825 crore in Uttar Pradesh to move its mobile and IT display production unit from China to India, said a UP government spokesperson.

On the other hand, the Uttar Pradesh government has decided to provide special incentives to Samsung Display Noida Pvt Ltd for setting up the manufacturing unit in Noida.

The UP government spokesperson further said that the Samsung facility will be the first high-technique project of Samsung. The facility will become the third such unit in the world.

According to BusinessToday.in, the unit in Noida is expected to generate direct employment for 510 people apart from indirect employment. Samsung already has a mobile manufacturing unit in Noida, which was inaugurated by Prime Minister Narendra Modi in 2018.

A decision to give incentives was taken in a meeting of the state Cabinet headed by Chief Minister Yogi Adityanath on Friday.

"The unit intends to invest Rs 4,825 crore. It could be made possible by the sustained efforts of the UP government to create an eco-system in NCR in sync with the intent of the Centre to make an export hub in view of the ever-increasing demand of mobile and other gadgets in the country and abroad," the spokesperson said.

As per the "UP Electronics Manufacturing Policy 2017", Samsung will get an exemption from stamp duty on the transfer of land. The state government will have to make financial provision of Rs 250 crore for this project for five years.

The company will also receive a financial incentive to the tune of Rs 460 crore under the Centre's Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS).

The project will provide Uttar Pradesh with a global identity of an export hub and will help the state receiving more foreign direct investment (FDI).

Source: IndiaToday