Samsung is opening up the world's largest smartphone factory in India.
Built on 32 acres of land next to Samsung's (SSNLF) original factory in India, the plant will allow the South Korean firm to almost double the number of smartphones it makes in India every year from 68 million to 120 million by 2020. It is on the set of a former plant that used to make refrigerators and TVs, with smartphones joining the production line in 2007.
New factory will double current capacity for mobile phones to an annual 120m units.
Mobile manufacturing was added in 2005.
'This 50 billion-rupee investment will not only strengthen Samsung's business ties in India, it will also play a key role in India-Korea relations, ' Modi said in a speech in Hindi at the inauguration of the plant.
Not China or South Korea - and certainly not the USA - the tag of housing the world's largest mobile factory has straight away put Noida on top of the world manufacturing map when it comes to consumer electronics.
"We invite trusted global brands like Samsung to be a part of the new Indian business culture", Modi said.
Samsung has also been populating printed circuit boards (PCB) right from its inception, whereas its Chinese rivals have started the PCB assembly just after the Indian government imposed a 10% duty on imports of populated printed circuit boards (PCBs), camera modules and connectors, making the imports of the components expensive while giving a stimulus to local manufacturing under its Make in India program. He claimed that the factory will provide 35,000 jobs directly and indirectly, and the state government will ensure that the unit got the proper infrastructure it needed. He spoke of the expansion of smartphones, broadband and data connectivity, which he described as signs of a digital revolution in India.
The South Korean president Moon Jae-in is on an official visit in India. Clearly there's untapped potential in the market, and coupled with the fact India is now the world's fastest growing market, Samsung spotted an opportunity.
Prime Minister Narendra Modi with South Korean President Moon Jae-in at Yamuna Bank Metro station, in New Delhi on Monday. Apart from Noida, Samsung also has a factory in Sriperumbudur, near Chennai, five research and development centres and one design centre along with 1.5 lakh retail outlets and 3,000 customer service points.