South Korean electronics manufacturer Samsung has planned new investment of around Rs 2,500 crore to turn India operations into a hub for components business, the Economic Times reports citing two senior industry executives.
The company has also set up two component manufacturing units in India- Samsung Display Co for mobile phone displays and Samsung SDI India for batteries. These component companies would be supplying products to Samsung India as well as other smartphone vendors who are importing from their overseas operations.
Executives said that the company believes it is the right time to invest in the component business after considering the government’s push on ‘Make in India’ and taxes on imported smartphones parts and consumer electronics are rising.
On a separate note, the company’s venture capital arm- Samsung Venture Investment Corporation has also set up operations in India to fund startups in electronic software and hardware businesses.
According to the executives, Samsung also plans for further investments. Samsung SDI plans to invest more Rs 900 crores to Rs 1000 crores, and plans would be finalised after consulting the centre after the elections.
In 2018, Samsung had inaugurated the world’s largest mobile phone manufacturing unit with a budget of Rs 4,915 crore in the country. The unit is set to be ready in 2020.
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