Mobile phone firms to invest Rs 3,000 cr in UP

By: | Updated: January 28, 2015 1:53 AM

In a bid to catch up with the rest of India in the mobile manufacturing sector, the Uttar Pradesh government on Tuesday signed MoUs worth Rs 3,000 crore.

In a bid to catch up with the rest of India in the mobile manufacturing sector, the Uttar Pradesh government on Tuesday signed MoUs worth Rs 3,000 crore.

While Samsung India has pledged to invest R517 crore for expansion in Noida, Lava signed an agreement to invest R600 crore for a mobile handset components manufacturing facility at Yamuna Expressway/Greater Noida. Spice group would invest R500 crore for a handset components manufacturing facility at Modipur (Rampur), Pacetel R500 crore for manufacturing routers, modems, tablets and phablets at Greater Noida and Eon Electric would invest R200 crore.

The MoUs were signed at eUttarPradesh, a flagship event of the IT & Electronics department of the Government of UP in the presence of CM Akhilesh Yadav here.

On the occasion, the CM also announced the formation of an apex committee on IT & Electronics under his chairmanship, which would monitor the progress made in the MoUs. “We will pull all stops to extend all possible help to the sector not only through policy initiatives, but also in giving them incentives and land on priority,” he said.

Declaring Samsung India’s commitment to UP, where it already has a manufacturing unit, Samsung India’s president and CEO, Hyun Chil Hong said UP is the most important state for the company. “UP has always fascinated Korean investors. In fact, Samsung India is the largest tax payer to the UP government and we are committed to increase our footprint in the state through the expansion of our facility in Noida, leading to more job opportunities. For us, Make in India is actually Make in UP,” he said. “If Korea could become a manufacturing giant in 40 years, why can’t India do it? Korea is ready to respond to India’s call and endeavour for a brighter tomorrow. Let’s do it together.”

Underlining the importance of increasing India’s footprint in the mobile handset manufacturing sector, RS Sharma, secretary, Department of Electronics and IT, said India’s present consumption of handsets is worth $100 billion, out of which only sets worth $30 billion are made in india.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition