Business

Samsung to invest $360 million in India, set up two new production plants

Samsung is reportedly mulling a ₹2,500 crore (~$360 million) investment in India to expand production in the country. The company has plans to set up two new production plants for local manufacturing of smartphone displays and batteries. The fresh round of investment comes after the company inaugurated the world’s biggest mobile factory in India last year.

New plants will be operational by April 2020

Samsung has reportedly set up two new manufacturing entities in India – Samsung Display Co and Samsung SDI India. Samsung Display Co will set up its plant in Noida and has already signed a memorandum of understanding with the state government. The ₹1,500-crore (~$217 million) plant for manufacturing smartphone displays is planned to be operational by April next year.

Samsung SDI, meanwhile, is planning to invest about ₹900-1,000 crore (~$130-144 million) in India to set up a manufacturing unit for lithium-ion batteries. Samsung SDI India has also completed its regulatory filings with the Registrar of Companies (RoC). It will finalise the plans post the general elections in the country.

Separately, Samsung Venture Investment Corp has also started its operations in India. The Samsung capital arm will fund startups in electronics hardware and software businesses.

The products from the two new plants will be supplied to both Samsung India as well as other smartphone vendors who currently source components from Samsung’s overseas operations. Samsung may even export components from India if it can finalise a deal with the government for export incentives. The company is willing to further ramp up the investments if need be.

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Biransahin
Biransahin

Great news for employment in India! Well done. You know I spent 6 months on an engineering construction project in India, near Mumbai and I never got to grips with a crore. Everyone I asked about how much it is, kept giving me different answers. So Sumit, please tell me, exactly how much is one crore? Lol!!

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