South Korean tech giant Samsung is going to invest $500 million in India to establish a new plant in New Delhi which will manufacture smartphone displays, Hindu Businessline reported on Monday attributing technology news website TechCrunch.
Samsung Display, South Korea's major display panel maker and an affiliate of Samsung Electronics, revealed about its fresh investment plans for the plant to a local regulator earlier this month, as per the report.
According to TechCrunch, Samsung Display filed an investment plan with India's regulator earlier this month, saying the plant in Noida, near New Delhi, would produce smartphone displays.
Samsung Display officials in South Korea confirmed that the company was preparing to set up a plant there, but declined to comment on the scale of investment, Yonhap news agency reported.
Last year, the company set up its India arm Samsung Display Noida Private Ltd.
In 2018, Samsung Electronics opened a smartphone manufacturing plant in Noida to expand presence in the world's second-largest mobile phone market, after China.
Industry insiders said Samsung Displays' new plant would help its parent company secure smartphone display panels at cheap prices and boost productivity.
In India, Samsung Electronics has been in a fierce competition with Chinese rivals. According to data from market researcher Counterpoint, Samsung Electronics is the second-largest smartphone vendor behind China's Xiaomi Corp in India.
(With inputs from IANS)
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