The company signed an MoU with the government of Tamil Nadu for the new factory in the presence of Prime Minister MK Stalin.
Samsung announced on Tuesday an investment of Rs 1,588 crore in India to set up a new refrigerator compressor factory in Sriperumbudur near Chennai. The new facility, spread over 22 hectares, will have a capacity to produce 8 million compressor units per year, which will be expanded in the future. Compressors produced at the factory will be used in refrigerators Samsung manufactures in India and also for export.
The company signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for the new plant in the presence of Prime Minister MK Stalin.
Stalin said: “Samsung has been a shining example in Tamil Nadu’s industrial growth story, boosting investment and creating jobs. This new investment is yet another step by Samsung toward strengthening the manufacturing ecosystem in the state.”
He said that about 600 people will get a job through this investment. The CM also urged the company to set up a semiconductor factory in the state and assured all support.
Samsung has consolidated its market leadership in the country with two factories in Noida, five research and development (R&D) centers and one design center in Sriperumbudur. These are supported by a strong network of more than 200,000 points of sale and more than 3,000 customer service points.
Ken Kang, President and CEO of Samsung Southwest Asia, said: “This new investment is a testament to our continued commitment to the people of Tamil Nadu, who have been our longtime partners since we established our factory in 2007. Over the years, we have received strong support from the state and local authorities. This new compressor manufacturing facility will help us meet the growing demand for Samsung’s innovative digital devices across the country, as well as boost exports.”
This post Samsung invests Rs 1,588 crore in Tamil Nadu to set up new refrigerator compressor factory
was original published at “https://www.financialexpress.com/industry/samsung-to-invest-rs-1588-crore-in-tamil-nadu-to-set-up-new-compressor-plant-for-refrigerators/2462009/”