Samsung to invest Rs. 4,915 cr; reaffirms commitment towards govt.'s transformational reforms
New Delhi [India], June 7 (ANI): South Korean giant Samsung on Wednesday announced investing of Rs. 4,915 crore in India to add fresh capacity at its Noida plant, where it manufactures smartphones, refrigerators and flat panel televisions.
The investment, which will reaffirm Samsung's commitment to 'Make in India' and 'Make for India', will expand the plant on an additional 35 acres of land adjacent to the current facility will double the production capacity of both mobile phones and refrigerators, further consolidating its leadership in the mobile phones and consumer electronics segments. The investment proposal was recently approved by the Uttar Pradesh government under its Mega Policy.
The Noida plant is the Company's first of two manufacturing units in India and was set up in 1996.
A groundbreaking ceremony and traditional puja was held at the new site today in the presence of Ravi Shankar Prasad, Minister for Communications & IT and Law & Justice, Satish Mahana, Minister of Infrastructure & Industrial Development, Government of Uttar Pradesh, Amitabh Kant, CEO, NITI Aayog, senior officials of Government of India and the Government of Uttar Pradesh.
JK Shin, CEO, Samsung Electronics Co. Ltd. and HC Hong, President and CEO, Samsung Southwest Asia were present along with other dignitaries.
Samsung's Noida plant was one of the first electronics manufacturing facilities set up in India in the early 1990s. The plant started with the manufacture of televisions in 1997. The current mobile phone manufacturing unit was added in 2005.
The expansion of the plant will act as a catalyst for the development of a robust electronics manufacturing ecosystem and is expected to generate thousands of new jobs, both direct and indirect, across the country. Samsung prides itself in being a key pillar of the Government's 'Make in India' and 'Digital India' initiatives.
"This new investment of INR 4,915 crore is a testament to our continuing commitment to 'Make in India' and to Uttar Pradesh, which has been our partner right from the day Samsung's journey in India began. Steadfast support from the state and local authorities in Noida has helped make our vision of 'Make for India' a reality.
Today, on the back of the Digital India movement led by millions of young Indians, we are witnessing a rise in adoption of electronic devices, smart appliances and mobile phones. A bigger manufacturing plant will help us cater to the growing demand for Samsung products across the country," said president and CEO Samsung Southwest Asia, HC Hong.
As a market leader, Samsung continues to provide cutting edge technology and enriching experiences for customers from the Noida plant, with a large ecosystem of suppliers in the National Capital Region and partners across the country.
Since its entry into India in 1995, Samsung has set new benchmarks in innovation led manufacturing and consumer marketing, and established itself as a truly national brand. It has effectively consolidated its position in India with two factories in Noida and Sriperumbudur, Tamil Nadu, five R&D centres and one design centre in Noida, employing over 70,000 people and expanding its network to over 1.5 lakh retail outlets.
It has also launched service vans to provide timely and quality customer service to consumers across rural India, expanding its network to over 3,000 service points, the largest by any company in the country. By not only fulfilling its commitment to 'Make in India', but also living its promise of 'Make for India', Samsung has emerged as a truly Indian company at heart. (ANI)