Samsung manufactures some of its flagship consumer electronics products at this facility, including QLED TVs, lifestyle TV The Frame, refrigerators, washing machines and ACs.

The leading South Korean manufacturer of consumer electronics and smartphones, Samsung, said on Tuesday it will invest Rs 1,588 crore in India to set up a new compressor plant at its existing facility in Sriperumbudur in Tamil Nadu.

The new facility will extend over 22 hectares and have a capacity to roll out 8 million compressor units per year and will be expanded in the future, Samsung said in a statement.

In addition, the factory-produced compressors will be used in refrigerators Samsung manufactures in India and will also be exported, it added.

The company signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu on Tuesday for the new factory, expanding and strengthening the parts ecosystem in the state.

Established in 2007, the manufacturing facility in Sriperumbudur is one of two factories Samsung operates in India.

Samsung manufactures some of its flagship consumer electronics products at this facility, including QLED TVs, lifestyle TV The Frame, refrigerators, washing machines and ACs.

The MoU signing ceremony in Chennai was attended by Prime Minister MK Stalin.

Commenting on the development, 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.” Samsung Southwest Asia President and CEO Ken Kang said: “This new compressor manufacturing facility will help us meet the growing demand for innovative digital devices from Samsung across the country while also boosting exports.” In addition to Sriperumbudur, Samsung, which entered India in 1995, also operates a factory in Noida, near New Delhi, with five R&D centers and one design center.


This post Samsung invests Rs 1,588 crore to set up new compressor factory in Sriperumbudur was original published at “https://www.financialexpress.com/industry/samsung-to-invest-rs-1588-crore-to-set-up-a-new-compressor-manufacturing-plant-at-sriperumbudur/2462054/”

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