The facility will be inaugurated by Prime Minister Narendra Modi and South Korean President Moon Jae-in on 9th July
Samsung has opened a 35 acre electronics facility at Sector 81 in Noida and the same will be inaugurated by the Prime Minister on 9th July. The South Korean giant has announced a INR 4,915 crore investment in order to expand the Noida plant which is now ready to double the production.
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Samsung is making 67 million smartphones in the country currently and with this new plant, it is expected to manufacture 120 million mobile phones. Further, the facility will also double the production of consumer electronics in the country and will give Samsung an edge by reducing the time to market. The company could bring in export opportunity to SAARC nations. Samsung has one plant in Tamil Nadu and another one in Noida, it has five research and development centers and a design center in Noida. It employs more than 70,000 people and has a robust network of 1.5 lakh retail outlets.
Since 2005, Samsung has been a market leader in consumer electronics. It became a leader in mobile phones in 2012 and rolled out the first ever Galaxy S3 device. With more than 10 percent of the total production in India, Samsung aims to take it to 50 percent in the next three years. India is one of the top five smartphone markets in the world and it a huge opportunity across the price segments.
HC Hong, President of Samsung India stated that a larger manufacturing unit will help the company cater to he increasing demand of the products in the country. The company had registered a growth of 27 percent in mobile business revenue for 2016-17 and it accounted for INR 34,300 crore of the total INR 50,000 crore sales reported. Samsung is expected to create 15,000 jobs through this unit and it has put the name of Noida on the world map with this manufacturing facility.