As reported by India Today.in, South Korean tech giant Samsung will make an investment of Rs 4,825 crore in Uttar Pradesh with the aim to move its mobile and IT display production unit from China to India. This information is shared with the publication by an Uttar Pradesh government spokesperson.
The report further noted that the Uttar Pradesh government has decided to provide special incentives to Samsung Display Noida Pvt Ltd for setting up the manufacturing unit in Noida. The spokesperson also highlighted that the Samsung facility will be the first high-technique project by the tech giant in the country. The reported that the facility will become the third such unit in the world.
According to the Uttar Pradesh Electronics Manufacturing Policy 2017, Samsung will get an exemption from stamp duty on the transfer of land. The report noted that the state government will be required to make financial provision of Rs 250 crore for this project for five years.
Samsung is also eligible to 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 decision to provide incentives was taken in a meeting with Chief Minister Yogi Adityanath on December 11. The spokesperson said, “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.”
As per a report coming from the BusinessToday.in, the unit in Noida is expected to generate direct employment for 510 people. For the unaware, the South Korean tech giant already has a mobile manufacturing unit in Noida, which was inaugurated by Prime Minister Narendra Modi in the year 2018.