Samsung Display is planning to set a factory in India as the parental company Samsung Electrons looks to expand its smartphone production in the country. The South Korean flat-screen maker is going to invest $500 million which is around 3500 crores and this was confirmed by a regulatory filing.
If this move is successful then many global smartphone firms will show interest in the country to produce their devices under the government’s “Make in India” project. According to the filling, Samsung Electronics will be providing the amount in loans and transfer a parcel of land in Noida for 92 crores to its display units.
According to the filing dated 3rd January, Samsung is willing to invest this huge sum in the country and Samsung Electronics started making smartphones in Noida, New Delhi last year and stopped productions in China where it has to contend with competition from many domestic rivals. Samsung didn’t mention any other details when they were contacted by Reuters.
This new move from Samsung Electronics will also help local supplies and will also fight against the high competition from Chinese rivals in the country. In India, Samsung is the second biggest vendor which saw its market call to 20 percent in the third quarter and 25 percent three months earlier. What do you think about this move from Samsung? Do you think it will be helpful to Indians? Comment in the section below and stay tuned to PhoneRadar for more.