Key Points:
- SAMSUNG is set to invest Rs 4,825 crore in India.
- The company is heard to relocate its mobile and IT display production unit from China to the Indian State of Uttar Pradesh.
- Samsung will get an exemption from Stamp duty on the transfer of land as per the “UP Electronics Manufacturing Policy 2017” and the UP government will also have to make monetary provision of Rs 250 crore for this project for five years.
The South Korean Smartphone giant, SAMSUNG is set to invest Rs 4,825 crore in India. The company is heard to relocate its mobile and IT display production unit from China to the Indian State of Uttar Pradesh, said a UP government’s spokesperson.
The spokesperson said the country will become the third in the world to have such a unit and this will be the first high-technique project of the multinational major that is being set-up in the country. “This is the first high-technique project of South Korea’s multi-national major which is being set up in India after relocating from China and the country will become third in the world to have such a unit,” the Uttar Pradesh government’s spokesperson said in a statement.
On Friday, the Uttar Pradesh government’s cabinet headed by Chief Minister Yogi Adityanath approved special incentives to Samsung Display Noida Private Limited.
The spokesperson added that, “The unit intends to invest Rs 4,825 crore. It could be made possible by the constant efforts of the UP government to create an eco-system in NCR in co-ordination 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.”
Samsung will get an exemption from Stamp duty on the transfer of land as per the “UP Electronics Manufacturing Policy 2017” and the UP government will also have to make monetary provision of Rs 250 crore for this project for five years. It will also receive financial incentive amounting to Rs 460 crore under Government of India’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors.
