The UP government’s cabinet headed by Chief Minister Yogi Adityanath approved special incentives to Samsung Display Noida Private Limited on Friday.
The UP government’s cabinet headed by Chief Minister Yogi Adityanathapproved special incentives to Samsung Display Noida Private Limited on Friday.
"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 UP government’s spokesperson said in a statement.
The manufacturing unit is expected to generate direct employment of 510 persons besides giving indirect employment.
Samsung currently makes more than 70 percent of the total display products used in TVs, mobile phones, tablets, watched, etc., in the world in South Korea, Vietnam and China.
Samsung already has a big mobile manufacturing unit in Noida, which was inaugurated by Prime Minister Narendra Modi in 2018. Samsung had then committed Rs 4,915 investment for the factory.
amsung didn’t respond to ET’s queries. The company earlier this week said that it was planning new initiatives in manufacturing in India to make it an electronics manufacturing and exports hub.
Samsung along with Apple partners Foxconn, Wistron and Pegatron recently received approval from the Indian government under the production-linked incentives scheme. All these multinational companies were approved to avail incentive for producing mobile phones with invoice value Rs 15,000.
It plans to produce handsets worth over $40 billion in India under the PLI scheme, ET previously reported.
The South Korean major recently told the government that it will start TV production in Chennai by December 2020.
Samsung was the largest exporter of Uttar Pradesh with $2.7 billion dollar of export in the last fiscal. It has set an export target of 50 billion dollars during the next five years.
As per the "UP Electronics Manufacturing Policy 2017', Samsung will get exemption of stamp duty in transfer of land. The state government will have to make financial provision of Rs 250 crore for this project during five years.
Samsung will also receive financial incentive to the tune of Rs 460 crore under Government of India's Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS), the state government said.