On a roll, Samsung invests `517 cr to expand Noida facility
Tech giant Samsung on Tuesday said it has invested Rs 517 crore on manufacturing facility at Noida to ramp up capacity and strengthen its position in one of the world’s fastest growing smartphone markets.
Samsung India Electronics, which has been present in India for 20 years, has three research labs and two manufacturing plants here with a total of 45,000 employees.
“Samsung has invested Rs 517 crore for the expansion of the Noida plant under the UP Mega Policy, reaffirming Samsung’s commitment and contribution towards India’s manufacturing sector,” it said in a statement. The South Korean firm will also manufacture its Tizen OS-based ‘Z1’ at the facility. Samsung India has also invested in a modern training facility spread over 35,000 sq ft within its manufacturing premises to focus on capability building and skill enhancement of its employees.
“Uttar Pradesh is one of the most important states for Samsung and the expansion of the Noida Mobile unit will further strengthen our presence in the countr and enhance our manufacturing operations,” Samsung India Electronics President and CEO Hyun Chil Hong said. “The Noida mobile factory is a star performer and rates as one of the best facilities across the globe. Currently, over 11,000 Samsung employees are working in UP and we are looking forward to create more job opportunities in the state,” he said.
According to research firm IDC, India is the fastest growing smartphone market in the Asia Pacific region with about 82 per cent growth in the July-September quarter of 2014 over the same period last year.