Samsung was motivated to set up a display factory in Uttar Pradesh

The Uttar Pradesh government said Friday it would give South Korean Samsung Electronics financial incentives to set up a display factory worth $ 654.36 million (Rs.4,825 million).

Samsung is moving the factory from China to the state, the Uttar Pradesh government said in a statement. This will help strengthen Prime Minister Narendra Modi’s flagship to turn India into a manufacturing hub.

India is the second largest smartphone market in the world with significant growth potential, which has led companies like Samsung to expand locally.

Earlier this year, New Delhi also approved financial incentives for 16 companies, including Samsung and leading Apple suppliers Foxconn, Wistron and Pegatron – as part of a federal plan to increase domestic smartphone production by $ 6.65 billion (around 49.035 billion rupees).

On Friday, Uttar Pradesh said Samsung would receive Rs. 700 crores in financial benefits and also get an exemption from a tax payable on the transfer of land for the factory.

According to Reuters, Samsung Uttar Pradesh asked for tax and other incentives for this smartphone manufacturing facility.

The unit, which is expected to create 510 direct jobs, is expected to go live next year.

Samsung already operates one of the world’s largest cell phone production facilities in Uttar Pradesh.

© Thomson Reuters 2020

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