- The manufacturing unit is expected to generate direct employment of 510 persons besides giving indirect employment
- The company will also receive a financial incentive to the tune of Rs 460 crore under the Centre’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS)
Samsung will make an investment of Rs 4,825 crore to relocate its mobile and IT display production unit from China to NCR in Uttar Pradesh as per a statement by the state government. The UP government’s cabinet headed by chief minister Yogi Adityanath approved special incentives to Samsung Display Noida Private Limited. The manufacturing unit is expected to generate direct employment of 510 persons besides giving indirect employment.
The UP government’s spokesperson said in a statement that 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. Presently, Samsung makes more than 70 percent of the total display products used in TVs, mobile phones, tablets, watches, in South Korea, Vietnam and China.
UP Electronics Manufacturing Policy 2017
The spokesperson said that the unit intends to invest Rs 4,825 crore. It could be made possible by the sustained efforts of the UP government to create an eco-system in NCR in sync 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.
As per the “UP Electronics Manufacturing Policy 2017”, Samsung will get an exemption from stamp duty on the transfer of land. The official also said that the state government will have to make financial provision of Rs 250 crore for this project for five years. The company will also receive a financial incentive to the tune of Rs 460 crore under the Centre’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS).
