South Korean consumer electronics major Samsung will invest nearly Rs 5,000 crore in a smartphone display manufacturing facility in Noida.
The export-oriented unit (EOU) is expected to be ready by January-February 2021 and attain commercial production by April 2021.
“So far, the company has already invested about Rs 1,500 crore in the greenfield plant. Once the unit is operational, India would become only the third country in the world having Samsung’s smartphone display manufacturing facility,” UP industrial development minister Satish Mahana said here.
He claimed the plant was among the big projects, which had shifted to India post covid-19 outbreak in China. The project is expected to create nearly 1,500 jobs.
Samsung Display Noida was incorporated for the business of manufacturing, assembling, processing and sales of displays (including parts, components and accessories) for all types and sizes of electronic devices. Earlier, Samsung India Electronics, the Indian unit of the electronics major, had transferred a land parcel of 65,000 sq metres apart from granting a loan of Rs 3,500 crore to Samsung Display, according to the company’s regulatory filings before the Registrar of Companies (RoC). “We are following up with all the other companies and investors, who have proposed to invest in UP in different sectors,” Mahana told Business Standard.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU