Samsung to invest $500 million in India to set up a manufacturing plant
By MYBRANDBOOK
Samsung is setting up a manufacturing plant on the outskirts of New Delhi that will produce displays. The company has disclosed in a filing to the local regulator that it is investing $500 million in India.
The South Korean giant said the plant would produce displays for smartphones as well as a wide-range of other electronics devices.
In the filing, the company disclosed that it has allocated some land area from its existing factory in Noida for the new plant.
In 2018, Samsung opened a factory in Noida that it claimed was the world’s largest mobile manufacturing plant. For that factory, the company had committed to spend about $700 million.
The new plant should help Samsung further increase its capacity to produce smartphone components locally and access a range of tax benefits that New Delhi offers. Those benefits would come in handy to the company as it faces off Xiaomi, the Chinese smartphone vendor that put an end to Samsung’s lead in India.
Samsung is now the second largest smartphone player in India. The company in recent months has also lost market share to Chinese brand Realme, which is poised to take over the South Korean giant in the quarter that ended in December last year, according to some analysts.
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