India News | Govt to Provide Incentive to Samsung to Start Rs 4,825 Cr Unit in UP

Lucknow (Uttar Pradesh) [India] December 11 (ANI): Uttar Pradesh government on Friday said that it has decided to give special incentives to 'Samsung Display Noida Private Limited' which is investing Rs 4,825, for setting up a manufacturing unit of mobile and IT display products in the state.

A decision to this effect was taken at the meeting of the state Cabinet headed by Chief Minister Yogi Adityanath here on Friday.

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"The unit intends to invest Rs 4,825 crore. It could be made possible by the sustained efforts of the UP government to create an eco-system in NCR in sync with the intent of the Centre to make an export hub in view of the ever-increasing demand of mobile and other gadgets in the country and abroad," the government said in a release.

This is the first high-technique project of South Korea's multi-national major which is being set up in India after relocating from China and the country will become third in the world to have such a unit, the Uttar Pradesh government said.

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During the last financial year, Samsung, with 2.7 billion dollars of export, is the largest exporter of Uttar Pradesh. It has set an export target of 50 billion dollars during the next five years. As per the "UP Electronics Manufacturing Policy 2017', Samsung will get exemption of stamp duty in the transfer of land. The state government will have to make a financial provision of Rs 250 crore for this project for five years.

The company will also receive a financial incentive to the tune of Rs 460 crore under the Government of India's `Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS) '. It is to be mentioned that more than 70 percent of the total display products used in TVs, mobile phones, tablets, watches, in the world are manufactured by Samsung in South Korea, Vietnam, and China.

The project will provide the state of UP, a global identity of the export hub, and will help the state receiving more Foreign Direct Investment (FDI). The manufacturing unit of Samsung has been projected to generate direct employment of 510 persons besides giving indirect employment to the hundreds, the government said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)