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Samsung to invest over $760 million in India to reaffirm commitment to ‘Make in India’
Samsung Electronics Co., Ltd. today announced an investment of ₹4,915 crore (about $763 million) in India to add fresh capacity at its Noida plant, where it manufactures smartphones, refrigerators, and flat panel televisions.
With the investment, Samsung aims to reaffirm its commitment to Government of India’s ‘Make in India’ initiative and its own ‘Make for India’ program aimed at designing products targeted towards the Indian consumers.
Located in Noida, one of the suburbs of the national capital, New Delhi, the plant is company’s first of two manufacturing units in India (the other is in Sriperumbudur, Tamil Nadu) and was set up in 1996. The facility was one of the first electronics manufacturing facilities set up in India in the early 1990s and started with the manufacture of televisions in 1997. The current mobile phone manufacturing unit was added in 2005
Samsung has expanded the plant on an additional 35 acres of land adjacent to the current facility which help it double the production capacity of both mobile phones and refrigerators. The new site was inaugurated today with a traditional ceremony in the presence of ministers and officials from the Indian government along with JK Shin, CEO, Samsung Electronics Co. Ltd. and HC Hong, President & CEO, Samsung Southwest Asia.
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 for 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.– HC Hong, President & CEO, Samsung Southwest Asia
The expansion of the plant will help create a robust electronics manufacturing ecosystem and is expected to generate thousands of new jobs, both direct and indirect, across the country – establishing Samsung as a key partner in the government’s ‘Make in India’ and ‘Digital India’ initiatives.