Samsung will be investing Rs 4,825 crore in its display manufacturing unit coming up in Noida. This is the first high-technique project of the South Korean firm, which is being set up in India after relocating from China and the country will become third in the world to have such a unit, the official added.
The Uttar Pradesh government has decided to provide special incentives to Samsung Display Noida Pvt Ltd for setting up a manufacturing unit of mobile and IT display products in Noida, an official spokesperson said. A decision to give incentives was taken in a meeting of the state Cabinet headed by Chief Minister Yogi Adityanath on Friday.
"The unit intends to invest Rs 4,825 crore. It could be made possible by the sustained efforts of the UP government to create an eco-system in NCR in sync with the intent of the Centre to make an export hub in view of the ever-increasing demand of mobile and other gadgets in the country and abroad," the spokesperson said.
The manufacturing unit is expected to provide direct employment to 510 people besides giving indirect employment. Samsung presently makes over 70% of the display products used in TVs, mobile phones, watches in South Korea, China and Vietnam.
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 official said.
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).
The project will provide Uttar Pradesh with a global identity of an export hub and will help the state in receiving more foreign direct investment (FDI).
Samsung has an existing mobile manufacturing unit in Noida, which was inaugurated by PM Narendra Modi in 2018.
With PTI inputs