Samsung to invest 5000 crores in India

Delhi, JUNE 8: A good news for Indian Economy. Samsung Electronics will invest Rs4,915 crores in its Noida plant over the next three years in India.

The Company said that the investment will be used for doubling the production capacity of refrigerators and smartphones.

Currently, the plant in Noida manufactures the following

* Refrigerators
* Mobile phones
* Televisions

Cheif Minister OF UP has approved the investment proposal. HC Hong, President and Chief Executive Officer, Samsung South-West Asia, said that the Demand for electronic devices, smart appliances, and mobile phones.

Deepak Bharadwaj, Vice-President, Samsung, said that the new expansion would help the company to increase export of other consumer durables from India.

Ravi Shankar Prasad electronics minister said that Investments in the electronics sector in India have increased to 1.53 lakh crore now from 11,000 crores three years ago, He also in the case of mobile phone manufacturing, volume in India to 17.5 crores in 2016-17 from 6 crores in 2014-15.

Amitabh Kant, CEO, NITI Aayog, said with the expansion, the company has achieved the potential to produce 100 million phones by 2020.