SAMSUNG TO SHIFT CHINA MOBILE UNIT TO UP; TO INVEST RS 4,825 CR

LUCKNOW : The Yogi government on Friday decided to give special incentives to Samsung Display Noida Private Limited for setting up a manufacturing unit of mobile and IT display products in the state as the company decided to relocate its production unit from China to UP and make an investment of Rs 4,825 crore. This decision was taken at a cabinet meeting chaired by chief minister Yogi Adityanath.

This is the first South Korea’s multi-national smartphone major’s high-tech project being set up in India after relocating from China and with this India will become third country in the world to have such a unit. “The unit intends to invest Rs 4,825 crore,” said the state government in a statement.

In the last financial year, Samsung, with 2.7 billion USD of export, was the largest exporter in Uttar Pradesh. It has set an export target of 50 billion USD during the next five years.

As per the ‘UP Electronics Manufacturing Policy 2017’, the Samsung will get exemption of stamp duty in transfer of land.

The state government will have to make financial provision of Rs 250 crore for this project. The company will also receive financial incentive to

the tune of Rs 460 crore under the Centre’s `Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS) ‘.

The manufacturing unit of Samsung has been projected to generate direct employment to 510 persons besides giving indirect employment to hundreds others.

The project will provide Uttar Pradesh get a global identity of export hub and will help the state receive more foreign direct investment.