The Electronic Company Samsung has expressed its desire to further invest ₹491.5 billion in its production plant. The investments will be facilitated over the course of next three years. The proposal for the investment has also received the green signal from the Uttar Pradesh Government.
The Noida based plant at present manufactures mobile phones, refrigerators and televisions.
During the press conference of an event organized by Samsung, HC Hong, President and CEO of Samsung operations in South-West Asia said that the company is accelerating in the field of electronic devices, smart appliances and mobile phones.
The CEO further said that the big and efficient plant in Noida will help address the rising demand for the Samsung products in the Indian Market.
Vice President of Samsung Deepak Bharadawaj added that the plant in Noida will cater to the Indian market as well as the demands of other nearby countries once the investment is put in place.
NITI Aayog CEO, Amitabh Kant who was also present at the event welcomed the expansion saying that the company with expansions in the production unit will be able to produce 100 million phones over the next three years accounting for almost 50 per cent of the global production.
At present, the Samsung’s operations in India account to 10 per cent of the global production of the company. This is expected to grow significantly after the 4000 crore investment in the Noida Plant.
By Baishakhi Dutta