Samsung (Photo Credits: Twitter)
Lucknow, December 13: Samsung, one of the world’s leading IT companies, will now manufacture mobile and IT display products in Uttar Pradesh. This unit of Samsung was established in China earlier. About 4825 crore rupees will be invested in the state by the establishment of this new manufacturing unit of Samsung going to be established in Noida. Not only this, India will also become the third country in the world to manufacture mobile displays manufactured with OLED technology. In view of the huge investment and industrial development, the Yogi government has decided to give special impetus to this project of Samsung.
On Friday, the State Council of Ministers took a decision in this regard. As per the decision of the Council of Ministers, Messrs Samsung Display Noida Private Limited will be allowed exemption in stamp duty on capital transfer, land transfer under UP Electronics Manufacturing Policy-2017. This project coming to UP after being displaced from China, the cost of old machines will also be allowed in steady capital investment according to the standards set by the Government of India for the capital supply.
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For this project, a financial corpus of 250 crores is estimated on the state government over a period of 5 years. About one and a half thousand people will get direct employment in this unit. The company will also get financial incentives of about 460 crores under the scheme of Government of India ‘Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors’.
More than 70 percent of the total display products used in TVs, mobile phones, tablets, watches etc. in the world are manufactured by Samsung in South Korea, Vietnam and China. The proposed investment of display units is a high cost high technology component of the original product, which will prove to be a milestone to complete the link of the middle supply chain and to establish a display related fab unit in the future. . Messrs Samsung is the largest exporter in Uttar Pradesh with exports of $ 27 billion in the last financial year. Samsung Group has set a total export target of 50 billion dollars in the next five years.