New Delhi: Samsung will invest Rs 4,825 crore in Uttar Pradesh to move its mobile and IT display production unit to India from China, asserted a state government spokesperson. “The unit intends to invest Rs 4,825 crore. It could be made possible by the sustained efforts of the UP government to create an eco-system in NCR in sync with the intent of the Centre to make an export hub in view of the ever-increasing demand of mobile and other gadgets in the country and abroad,” the official said.Also Read - UP Assembly Polls 2022: BJP Ally Apna Dal (S) Fields 1st Candidate, A Muslim, From Home Turf of Samajwadi Party’s Azam Khan
Notably, this is the first high-technique project of South Korea’s multi-national major which is being set up in India after relocating from China and the country will become third in the world to have such a unit. Also Read - Election Commission’s Ban On Rallies Extended Till January 31 With Relaxations For Phase 1 And 2
Meanwhile, the Yogi Adityanath-led UP government has decided to provide special incentives to Samsung Display Noida Pvt Ltd for setting up a manufacturing unit of mobile and IT display products in Noida. A decision to give incentives was taken in a meeting of the state Cabinet headed by CM Yogi yesterday. Also Read - UP Elections 2022: Asaduddin Owaisi Forges Alliance With Babu Kushwaha, Bharat Mukti Morcha; Proposes 2 CMs, 3 Dy CMs Formula
As per the “UP Electronics Manufacturing Policy 2017”, Samsung will get an exemption from stamp duty on the transfer of land. The state government will have to make financial provision of Rs 250 crore for this project for five years, the official added.
Besides, the company will also receive a financial incentive to the tune of Rs 460 crore under the Centre’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS). The project will provide Uttar Pradesh with a global identity of an export hub and will help the state receiving more foreign direct investment (FDI).
(With agency inputs)