Samsung Display Noida to receive special incentives for relocating its production unit from China

This is the first high-technique project of South Korea's firm which is relocating its unit from China to Noida. 
The Samsung unit intends to invest Rs 4,825 crore in Noida, UP. (Photo | AP)
The Samsung unit intends to invest Rs 4,825 crore in Noida, UP. (Photo | AP)

LUCKNOW: Uttar Pradesh government has decided to give special incentives to Samsung Display Noida Private Limited for setting up a manufacturing unit of mobile and IT display products in the state. 

This is for the first time a high-technique project, of this South Korean firm, would be relocating its production unit from China to Noida.

This makes India the third country in the world to have such a unit.

The approval to the proposal, to this effect, was given by the state cabinet on Friday at a meeting presided over by CM Yogi Adityanath.

The unit intends to invest Rs 4,825 crore in Noida. During the last financial year, Samsung, with 2.7 billion dollar of export, was the largest exporter of Uttar Pradesh. It has set an export target of 50 billion dollars for the next five years. 

As per the 'UP Electronics Manufacturing Policy 2017', Samsung will get exemption of stamp duty in transfer of land. The state government will have to make financial provision of Rs 250 crore for this project during five years.

The company will also receive financial incentive to the tune of Rs 460 crore under Government of India's 'Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS).'

It is to be mentioned that 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 manufacturing unit of Samsung has been projected to generate direct employment of 510 persons besides giving indirect employment to hundreds.

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