South Korean smartphone giant, Samsung today announced that it would be investing a whopping Rs. 4,915 crore in India to revamp its Noida manufacturing plant, where the company manufactures smartphones, refrigerators, and televisions in the country.
Samsung says that this investment reaffirms Samsung’s commitment to ‘Make in India’ and ‘Make for India’ program initiated by the Government of India. The Noida plant is the Company’s first of two manufacturing units in India and was set up in 1996.
Also, Samsung is expanding the plant with additional 35 acres of land adjacent to the current facility, which will double the production capacity of both phones and other Samsung products. The expansion will consolidate the company’s leadership in the mobile phones and consumer electronics segment. The investment proposal was recently approved by the Uttar Pradesh government under its Mega Policy.
Samsung also made a grand opening ceremony at the newly expanded site. Samsung’s Noida plant was one of the first electronics manufacturing facilities set up in India in the early 1990s. The plant started with the production of televisions in 1997. The current mobile phone manufacturing unit was added in 2005.
Furthermore, the expansion of the plant will act as a catalyst for the development of a robust electronics manufacturing ecosystem and is expected to generate thousands of new jobs, both direct and indirect, across the country. Samsung prides itself in being a key pillar of the Government’s ‘Make in India’ and ‘Digital India’ initiatives.
Mr HC Hong, President and CEO, Samsung Southwest Asia, said, “This new investment of INR 4,915 crore is a testament to our continuing commitment to ‘Make in India’ and to Uttar Pradesh, which has been our partner right from the day Samsung’s journey in India began. Steadfast support from the state and local authorities in Noida has helped make our vision of ‘Make in India’ a reality. Today, on the back of the Digital India movement led by millions of young Indians, we are witnessing a rise in adoption of electronic devices, smart appliances and mobile phones. A bigger manufacturing plant will help us cater to the growing demand for Samsung products across the country.As a market leader, Samsung continues to provide cutting edge technology and enriching experiences for customers from the Noida plant, with a large ecosystem of suppliers in the National Capital Region and partners across the country.