The expansion is most likely aimed to strengthen Samsung’s hold in the market as the electronics giant stays the biggest smartphone seller in India
South Korean electronics giant who continues to be India’s largest smartphone seller and maker – Samsung, is all set to declare a significant business expansion on July 9, 2018. This move is expected to further establish the company’s success story and mark in India.
The last expansion happened in June 2017 with the announcement of Rs 4,915 crore investment
Samsung India announced on July 4 that it will announce a big On July 4, during a highly secured environment at its Noida centre, Samsung India announced their plan to introduce a significant business expansion on July 9. An invite confirmed that H.C. Hong, President and CEO, Samsung India will be present at the expansion event on the specified date.
The last business expansion that the company announced was in June 2017 when it declared Rs 4,915 crore investment in expanding its Noida hub that is the manufacturing centre of Samsung’s smartphones, refrigerators and flat panel televisions.
Hong said, “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.”
The govt believes Samsung will help them attain US$ 1 trillion digital economy by 2020
Samsung had experienced a growth of 27 per cent the in the mobile sector for the financial year 2016-17, which saw the brand touch Rs 34,300 crore mark. According to the German research firm GK, Samsung India has maintained consistency in the first quarter of 2018 as it has already become the leader in the smartphone sector with 49.2 per cent shares in the market.
In fact, their success has made Ravi Shankar Prasad, the Union Minister of Law and Justice of India, to believe that Samsung has the capability to take the government’s mission to attain US$ 1 trillion digital economy by 2020.
GFK also reported that in the financial year of 2017-18 (April 2017-March 2018), Samsung has achieved 55.2 per cent market share in the Rs 40,000 and above segment of smartphones. Additionally, the fever of FIFA World Cup 2018 has also romped up TV sales – a market of Rs 500 billion with Samsung India having 30 per cent share in it. Prior to the kick-off of the world’s most-viewed sporting event, the company launched six new ultra-high definition (UHD) TV models including its flagship OLED TV and Make for India ‘Concert’ TV series therefore, taking their total TV offerings to 16. This move further cements Samsung’s hold in the Indian electronics market and sets their mission of grabbing the top spot in the TV sector in the upcoming four to five months.