South Korean giant Samsung is all set to invest $500M (approximately ₹3,500 crores) in India’s first smartphone display manufacturing unit in Noida, Delhi, as per a regulatory filing with the Registrar of Companies.
In the filing, the firm revealed that it has designated some land area from its existing factory in Noida for the new plant, which will produce displays for smartphones as well as a wide range of other electronic products.
Samsung India said that it had consolidated a group entity, dubbed as Samsung Display Noida. “With the principal business of manufacturing, assembling, processing, and sales of displays (including their parts, components, and accessories) for all types and sizes of electronic devices.”
Back in 2018, Samsung had opened a factory in Noida and claimed it to be the world’s largest mobile manufacturing plant, for which it had spent around $700 million.
Although Samsung has clearly said that they would produce displays of mobile phones and IT display, given its hold on the displays it makes, it could soon extend it to laptops and televisions. The first phase of the plant will commence this year itself.
This new plant could also help Samsung to increase its ability to produce smartphone components locally. Moreover, the firm could also avail of a range of tax benefits that New Delhi offers.
Currently, Samsung displays are equipped in Apple and OnePlus mobile devices. The firm now the second-largest smartphone player in India along with being the world’s second-largest market with nearly 500 million smartphone users. It recently lost its market share to Chinese manufacturer Realme.