The UP government cabinet headed by Chief Minister Yogi Adityanath approved special incentives for Samsung Display Noida Private Limited on Friday.
“This is the first high-tech project of the major South Korean multinational that is establishing itself in India after moving from China and the country will become the third in the world to have such a unit,” the government spokesman said. of the UP in declaration.
The manufacturing unit is expected to generate direct employment of 510 people in addition to providing indirect employment.
Samsung currently manufactures more than 70 percent of the total display products used in televisions, mobile phones, tablets, gazes, etc., in South Korea, Vietnam and China.
Samsung already has a large mobile manufacturing unit in Noida, which was opened by Prime Minister Narendra Modi in 2018. Samsung had committed an investment of Rs 4,915 for the factory.
Samsung did not respond to ET’s inquiries. Earlier this week, the company said it was planning new initiatives in manufacturing in India to make it a hub for manufacturing and exporting electronics.
Samsung along with Apple partners Foxconn, Wistron and Pegatron recently received approval from the Indian government under the production-linked incentive scheme. All these multinational companies were approved to take advantage of the incentive to produce mobile phones with an invoice value of 15,000 rupees.
It plans to produce phones worth more than $ 40 billion in India under the PLI scheme, ET previously reported.
South Korea’s eldest recently told the government that he will begin television production in Chennai in December 2020.
Samsung was Uttar Pradesh’s largest exporter with $ 2.7 billion exported in the last fiscal year. An export target of $ 50 billion has been set for the next five years.
Under the “UP Electronics 2017 Manufacturing Policy”, Samsung will get exemption from stamp duty on land transfer. The state government will have to make a financial provision of Rs 250 crore for this project over five years.
Samsung will also receive a financial incentive in the amount of Rs 460 crore under the Government of India Scheme for the Promotion of Electronic Components and Semiconductor Manufacturing (SPECS), the state government said.