Samsung display factory worth $654.36 million to be set up in Uttar Pradesh

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Samsung display factory worth $654.36 million to be set up in Uttar Pradesh

On Friday, the Uttar Pradesh government said it would give South Korea’s Samsung Electronics financial incentives to set up a display factory worth $654.36 million (Rs. 4,825 crores).

Samsung is relocating the factory from China to the province, the administration of Uttar Pradesh said in a statement, a development that will further fuel the flagship drive of Prime Minister Narendra Modi to make India a production hub.

India is the second-largest mobile market in the world with tremendous growth opportunities, which has forced businesses like Samsung to expand locally.

New Delhi also accepted financial incentives earlier this year for 16 firms, including Samsung and top Apple suppliers Foxconn, Wistron, and Pegatron, under a federal programme of $6.65 billion (approximately Rs. 49,035 crores) to improve domestic smartphone production.

Uttar Pradesh said on Friday that Samsung would receive financial incentives of Rs. 700 crores and will also receive an exemption from a tax payable on the transfer of land for the plant.

Reuters has previously stated that Samsung had requested tax and other incentives from Uttar Pradesh for this smartphone display manufacturing facility.

It is expected that the unit, expected to generate 510 direct jobs, will be operational next year.

In Uttar Pradesh, Samsung now runs one of the largest cell phone production plants in the country.

 

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