Samsung, one of the world’s leading electronics companies, will now manufacture mobile display products in Uttar Pradesh. This Samsung unit was earlier established in China. With the establishment of this new manufacturing unit of Samsung going to be set up in Noida, an investment of about Rs 4825 crore will be made in the state. Not only this, India will also become the third country in the world to manufacture mobile displays manufactured with OLED technology.
This will be Samsung’s third unit in Noida after Vietnam and South Korea. After shutting down its display unit in China, Samsung has decided to bring it to India. India is eyeing around one thousand companies planning to exit China. Of this, around 300 companies are seriously preparing to come to India.
For this project, the state government will give exemption in capital subsidy, stamp duty under the electronics manufacturing policy. It is the first unit in the country to be displaced from China. Samsung will invest 4,825 crore in this project. With this project in Noida, 1,510 people will get direct employment. At the same time, a large number of people will get indirect employment. Upon completion of this project, UP will get a different identity in the world. A major reason behind this is that Samsung makes up 70% of the display used in TVs, mobile phones, tablets, watches in the world. In such a situation, products made in UP will be exported all over the world. Samsung is currently the largest exporter of UP.
Meanwhile, the Yogi Adityanath-led Uttar Pradesh government has also decided to provide additional incentive to the Samsung Display Noida Pvt Ltd for setting up the manufacturing unit in Noida, which is one of the major industrial hubs of the state. A decision to give incentives was taken in a meeting of the state Cabinet headed by Chief Minister Yogi Adityanath on Friday.
“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,” the spokesperson said.
The spokesperson of the UP government also said that the new facility will be the first high-technique project of the Samsung in India and it will also become the third such unit in the whole world.