The Korean Samsung decided to invest heavily in India. Today, the company announced an agreement with the country for the construction of two new factories with the intention of producing parts for Samsung India and also for companies abroad that acquire Samsung components to build their products.
One of the factories, named Samsung Display Co, will be dedicated to the production of displays (screens) for smartphones and will be installed in the municipality of Noida. An investment of US$217 million will be made for the installation and start of production at the factory, which should begin operations in April next year.
The other factory, called Samsung SDI, will aim to produce lithium-ion batteries. It will have an investment in the range of 130-144 million dollars and will finalize its project to start its activities after the elections that will take place in India.
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Amid this announcement of large investments, the start of operations of a company initiative to finance startups with projects focused on electronics hardware and software was also announced. The organization that will help innovation companies in the electronics sector is called Samsung Venture Investment Corp and we believe that many good creations will emerge from that, seeing examples of other professionals and companies coming from the country.
Samsung still intends to export its products produced at its factories if it strikes a deal with the Indian government for export tax incentives.
Source: SamMobile
