Lucknow: South Korean company Samsung will make an investment of Rs 4,825 crore to relocate its mobile and IT display production unit from China to Uttar Pradesh, the state government said Friday.
“The new project is likely to generate 1,500 direct employment and scores of indirect jobs,” the government said.
The UP government’s cabinet chaired by Chief Minister Yogi Adityanath approved special incentives to Samsung Display Noida Private Limited on Friday.
The company will get a rebate in stamp duty from the UP govt and a subsidy in capital investment under the Central scheme.
“This is the first high-technique project of South Korea’s multi-national major which is being set up in India after relocating from China and the country will become third in the world to have such a unit,” the UP government’s spokesperson said in a statement.
With $2.7 billion of exports last year, Samsung is the largest exporter from UP. The company has set the target of $50 billion in exports from the state in the next five years.
Samsung already has a big mobile manufacturing unit in Noida, which was inaugurated by Prime Minister Narendra Modi in 2018. Samsung had then committed Rs 4,915 investment for the factory.