This is the first time that any company has overtaken Maruti Suzuki as the largest MNC facing consumers of the country
Samsung India has overtaken India’s biggest car maker Maruti Suzuki to become the largest MNC facing consumers in the country. The information was revealed by the regulatory filings made by the companies recently. The unit was shifted from China to India.
Samsung India’s revenue in FY21, as per the regulatory filings, stood at Rs 75,886 crore. Maruti Suzuki on the other hand registered revenues worth Rs 70,333 crore. While the former’s revenue increased by .5 per cent, the latter’s dipped by around seven per cent points. One of the reasons behind the same could be the impact of corona induced lockdowns on the business model of these giants.
Samsung India’s mobile phone business, as a matter of fact, is now bigger that the packaged foods business of Hindustan Unilever. The company had recently announced the completion of a display manufacturing factory in Noida, Uttar Pradesh.
In December last year, Samsung had revealed that it would invest Rs 4,825 crore to relocate its mobile and IT display production unit from China to Uttar Pradesh. The Yogi-led government had also announced that it approved special incentives for the manufacturing unit, which included a rebate in stamp duty from the UP govt and a subsidy in capital investment under the Central scheme.
The company is also the only one that surpassed the investment and output target set under the production-licked incentive (PLI) scheme for the handset and other manufacturing components. A target of Rs 250 crore and incremental output of Rs 4,000 crore had to be met by each company, which consists of Foxconn’s two manufacturing units, Winstron, Pegatron and Samsung. Out of these, Samsung has been the only one to not only meet the targets, but surpass them by producing an additional Rs 500- 1,000 crore worth of goods.
