Leading electronics manufacturer and smartphone maker Samsung has decided to move their factory from China to India.
This way, India will now get a new factory from Samsung, at an investment of Rs 4825 crore.
What will be manufactured by Samsung in India? And what was the reason behind this shift?
Keep reading to find out more!
Samsung Says No More China: Shifts Factory To India
Samsung has decided to stop a major manufacturing factory in China, and shift it to Uttar Pradesh.
China’s mobile display manufacturing unit will be now established in Uttar Pradesh, and an investment of Rs 4825 crore has been declared.
1500 direct and indirect jobs will be created in Uttar Pradesh now, as a direct result of this shift.
A new company has been set up, called “Samsung Display Noida Private Limited”, and UP CM Aditya Nath Yogi has even allocated special privileges to the same.
This will be 3rd such massive facility to produce display units, anywhere in the world.
UP Govt said, “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,”
This Is How Samsung Will Get Benefitted
By establishing this massive factory to make display units of mobiles, laptops and other gadgets, Samsung will get several benefits under “UP Electronics Manufacturing Policy 2017′,
To start with, Samsung will be exempted to pay stamp duty for transfer of land, and a special provision of Rs 250 crore has been provided for the 1st three years.
Besides, Rs 460 crore worth of special incentives will be provided to Samsung, under Government of India’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS).
Samsung is right now the producer and maker of 70% of display units used in TVs, mobiles and other gadgets and appliances.
This is certainly a huge win for Make in India vision.
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