South Korean electronics major Samsung Electronics on Wednesday said that it will invest Rs 4,915 crore in India to expand its Noida plant to double its production of mobile phones and refrigerators in the country.
South Korean electronics major Samsung Electronics on Wednesday said that it will invest Rs 4,915 crore in India to expand its Noida plant to double its production of mobile phones and refrigerators in the country. The investment proposal was recently approved by the Uttar Pradesh government under its Mega Policy. “This new investment of Rs 4,915 crore is a testament to our continuing commitment to ‘Make in India’ and to Uttar Pradesh, which has been our partner right from the day Samsung’s journey in India began. A bigger manufacturing plant will help us cater to the growing demand for Samsung products across the country,” said HC Hong, president and CEO, Samsung Southwest Asia.
Amidst growing market share of Chinese smartphone players, Samsung will double its smartphone productions after expanding its factory in Noida by 35 acres as part of the Make in India, Make for India initiative. According to the data published by International Data Corporation‘s (IDC), Samsung held largest market share of 28.1% in India in the first quarter of 2017, with a sequential growth of 16.9%.
However, China-based vendors captured 51.4% share of the smartphone shipments in India with 16.9% sequential growth and impressive 142.6% growth over the same period last year. Additionally, Samsung India has also launched service vans to provide timely customer support across rural India, expanding its network to over 3,000 service points.