CHENNAI: Tamil Nadu Chief Minister M K Stalin on Tuesday urged South Korean technology giant Samsung to set up a semi-conductor plant in the state as he witnessed the signing of a memorandum by the Korean company to invest Rs 1,588 crore to set up a new compressor manufacturing plant in Sriperumbudur near Chennai.
Stating that Samsung's total investment in Tamil Nadu has gone up to about Rs 1,800 crore to date, the Chief Minister said that the state accounts for 20 per cent of India's electronics production and stressed on the state's target to become US $ 1 trillion economy by 2030.
The compressor manufacturing plant, spread over 22 acres, will have a capacity to produce 8 million compressor units a year, which will be expanded in the future. Compressors produced at the plant will be used in refrigerators that Samsung manufactures in India and also be exported.
The new plant will generate jobs for 600 people. Set up in 2007, the manufacturing facility in Sriperumbudur is one of two factories that Samsung operates in India. Samsung’s flagship consumer electronics products include luxury redefining QLED TVs, lifestyle TV The Frame, innovative Curd Maestro Refrigerators, AI Ecobubble Washing Machines with bi-lingual user interface and WindFree ACs are manufactured at this plant.
Among other dignitaries present during the signing of the memorandum of understanding include Industries minister Thangam Thennarasu, Industries secretary S Krishnan, Managing Director of Tamil Nadu Industrial Guidance and Export Promotion Bureau Pooja Kulkarni, Managing Director, State Industries Promotion Corporation of Tamil Nadu T Anand, President and CEO, Samsung Southwest Asia Ken Kang, and Managing Director, Samsung Chennai Factory ByongJin Kong.