South Korean tech giant Samsung will be making an investment of Rs 4,825 crore . The mobile makers is also planning to move its mobile and IT display production unit from China to India.
Samsung already operates one of the world’s biggest mobile phone manufacturing plants in Noida, Uttar Pradesh and the key production unit will be moved to the same facility. The facility will become the third such unit in the world.
The Uttar Pradesh government has decided to provide special incentives to Samsung Display Noida Pvt Ltd for setting up the manufacturing unit in Noida.
According to reports, the unit in Noida is expected to generate direct employment fro 510 people apart from indirect employment.
As per the “UP Electronics Manufacturing Policy 2017”, Samsung will get an exemption from stamp duty on the transfer of land. The state government will have to make financial provision of Rs 250 crore for this project for five years.
The company will also receive a financial incentive to the tune of Rs 460 crore under the Centre’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS).
With Samsung moving its major operations to Uttar Pradesh, the state will get a global identity of an export hub and will help the state receiving more foreign direct investment(FDI).
