Leading South Korean client electronics and smartphone maker Samsung on Tuesday mentioned it can make investments Rs 1,588 crore in India to arrange a brand new compressor manufacturing plant at its current facility at Sriperumbudur in Tamil Nadu. The new facility will unfold over 22 acres and have a capability to roll out 8 million compressor items each year and this will probably be expanded sooner or later additionally, Samsung mentioned in a press release.
Moreover, compressors produced on the plant will probably be utilized in fridges that Samsung manufactures in India and in addition be exported, it added. The firm on Tuesday signed a memorandum of understanding (MoU) with the Government of Tamil Nadu for the brand new plant, increasing and strengthening the element ecosystem within the state.
Set up in 2007, the manufacturing facility in Sriperumbudur is considered one of two factories that Samsung operates in India. Samsung manufactures a few of its flagship client electronics merchandise together with – QLED TVs, life-style TV The Frame, fridges, washing machines and ACs at this plant.
The MoU signing ceremony held in Chennai was attended by Chief Minister MK Stalin. Commenting over the event, Stalin mentioned: “Samsung has been a shining example in Tamil Nadu’s industrial growth story, driving investments and creating jobs. This new investment is yet another step by Samsung towards strengthening the manufacturing ecosystem in the state.
Samsung Southwest Asia President and CEO Ken Kang said: “This new compressor manufacturing facility will help us cater to the growing demand for Samsung’s innovative digital appliances across the country and also drive exports. Besides Sriperumbudur, Samsung which has entered India in 1995, also operate a factory at Noida, near New Delhi, with five R&D centers and one design centre.