Samsung to invest $ 762 m to expand northern India plant

Friday, 16 June 2017 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Samsung Electronics Co Ltd has announced an investment of INR 49.15 billion ($ 762 million) to double its mobile phone production at its plant in India’s northern Noida city.

The announcement was made by head of Samsung Electronics, India and Southwest Asia, HC Hong.

Hong said Samsung intends to make India a manufacturing and export hub and hopes to export mobile phones from the country to rest of the world by 2020.

The announcement by the South Korean handset maker comes amid industry’s concern over tap sops under India’s new tax regime- Goods and Services Tax (GST), which is expected to be rolled out by 1 July.

The investment is also expected to boost India’s ‘Make in India’ program.

Samsung Electronics began its plant in Noida in 1996 and has since been making white goods and mobile phones with a large ecosystem of suppliers in New Delhi and its neighbouring cities.

Samsung, the single most popular smartphone brand in India, commanded a roughly 30% market share just over a year ago.

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