The Uttar Pradesh Government has decided to give special incentives to Samsung Display Noida Private Limited for setting up a manufacturing unit of mobile and IT display products.
This is the first hi-tech project of South Korea’s multi-national major that is being set up in India after relocating from China.
With this the country will become third in the world to have such a unit.
A decision to this effect was taken at the meeting of the UP Cabinet headed by Chief Minister Yogi Adityanath here on Friday.
Samsung intends to invest Rs 4,825 crore.
“This could be made possible by the sustained efforts of the UP government to create an ecosystem in the National Capital Region in sync with the intent of the Centre to develop an export hub in view of the ever-increasing demand of mobile phones and other gadgets in the country and abroad,” an official spokesman said.
During the last financial year, Samsung, with 2.7 billion dollar of export, was the largest exporter of Uttar Pradesh. It has set an export target of 50 billion dollars during the next five years.
As per the UP Electronics Manufacturing Policy-2017, Samsung will get stamp duty exemption in transfer of land. The state government will have to make financial provision of Rs 250 crore for this project during five years.
The company will also receive financial incentive to the tune of Rs 460 crore under the Government of India's scheme for promotion of manufacturing electronic components and semiconductors (SPECS).
It is to be mentioned that more than 70 percent of the total display products used in TVs, mobile phones, tablets, watches in the world are manufactured by Samsung in South Korea, Vietnam and China.
“The project will provide the state of UP, a global identity of an export hub and will help the state in receiving more foreign direct investment (FDI),” the spokesman said.