Following the strained trade relations between Korea and China in the aftermath of the pandemic, cellphone manufacturing giant Samsung is all set to move its major manufacturing base to India from China. It is set to invest ₹4,825 crore in Uttar Pradesh to move its mobile and IT display production unit from China to India, according to a UP government spokesperson.
The Uttar Pradesh cabinet headed by Chief Minister Yogi Adityanath approved special incentives to Samsung Display Noida Private Limited on Friday (December 11).
“The unit intends to invest ₹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,” the spokesperson said.
According to BusinessToday.in, the unit in Noida is expected to generate direct employment for 510 people apart from indirect employment. Samsung already has a mobile manufacturing unit in Noida, which was inaugurated by Prime Minister Narendra Modi in 2018.
Samsung will get stamp duty exemption in the transfer of land as per the ‘UP Electronics Manufacturing Policy 2017’. It will also receive financial incentive amounting to ₹460 crore under Government of India’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors.