Samsung signs MoU to invest Rs. 1,970 crores in its Noida plant

By October 18th, 2016 AT 6:00 AM

Samsung is taking steps to make its roots deeper in India. The company signed a memorandum of understanding (MoU) with Akhilesh Yadav for investing a whopping sum of Rs. 1,970 crores in Uttar Pradesh.

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Under the MoU, Samsung will be setting up a manufacturing unit in Noida, Uttar Pradesh. However, at this unit Samsung will not be manufacturing its major smartphones. The unit will be the leading manufacturer for “Free Samajwadi Smartphone Scheme” started by Akhilesh Yadav.

The scheme will come into execution if Samajwadi party wins the next state assembly polls. The Free Smartphone Scheme reminds us of “Free Samajwadi Laptop Scheme” which was fulfilled by HCL and HP. Under the free smartphone scheme, all the residents of Uttar Pradesh above the age of 18 years and qualification of Matriculation would be given free phones.

Addressing Samsung for the project, Akhilesh Yadav said,”Noida is the symbol of Uttar Pradesh and India’s industrialization and growth ever since the economic liberalization twenty years ago. Samsung has been our partner in this growth right since 1996. It has created thousands of jobs, supported business, developed the service sector and helped give global recognition to Noida. Today’s MoU is yet another step in converting Noida into the electronics hub of India. I am happy Samsung is pioneering this transformation yet again.”

Interestingly, Samsung currently runs two factories and three R&D centers in India with an employee base of over 40,000. The future of this scheme is highly reliant on the state elections. We wonder if the voters in Uttar Pradesh would vote for the sole reason of getting a free smartphone? Err, they better not! On a lighter note, UP elections would be on the watchlist of Samsung this time.

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