South Korean Samsung will make an new investment of Rs 4,825 crore to relocate its mobile and IT display production unit from China to NCR, Uttar Pradesh as said by CM Yogi Adityanath.
The government of Uttar Pradesh approved special incentives to Samsung Display Noida Private Limited on Friday, This is the first time Samsung multi-national Tech giant is being set up display plant in India after relocating from China and country will become third in the world.
Samsung has a big mobile manufacturing unit in Noida since 2018 in which the smartphones are being manufactures and exports to others countries.
Samsung plans to produce handsets worth over $40 billion in India under the PLI scheme and it will start TV production in Chennai by December 2020.
As per “UP Electronics Manufacturing Policy 2017”, Samsung will get exemption of stamp duty in transfer of land. The state government will have to make financial provision of Rs. 250 crore of this project during five years.