Samsung is set to inaugurate its biggest mobile factory in the world today.
"The Noida plant has now become Samsung's largest smartphone manufacturing unit", Moonsaid, as the company announced that it planned to eventually manufacture 120 million smartphones a year at the factory.
The Prime Minister, Shri Narendra Modi, and the President of the Republic of Korea, Mr. Moon Jae-in, today jointly inaugurated a large mobile manufacturing facility of Samsung India Electronics Pvt. In just about an year of the announcement, Samsung's Noida plant is all-ready to double production. The new facility is spread over 35 acres in Noida's Sector 81.
The Indian mobile phone market grew by 48% YoY in the first quarter of 2018, driven by strong demand from the featurephone segment.
Giving a thumbs up to his government's Make In India initiative, PM Modi said, "Make in India initiative is getting support from all across the world". Thirty per cent of the mobiles made in Noida are to be exported.
"This INR50-billion 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 at the inauguration of the plant.
Not China or South Korea - and certainly not the United States - 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.
"It makes sense for Samsung to build a bigger manufacturing base here", Jaipal Singh, Senior Market Analyst, IDC, told IANS. The capacity increase is in line with Samsung's plans to expand production that will help it compete with its Chinese rivals in the Indian market.
The South Korean electronics giant had past year announced a fresh investment of Rs 4,915 crore to expand the existing plant by another 35 acres.
Announcing the investment a year ago, the South Korean giant said that it would position the Noida plant as a major production hub and create about 5,000 new jobs.
Samsung already has a considerable presence in the US, Korea and Brazil, but with smartphone growth beginning to slow in those markets, the South Korean chaebol has turned its attention towards India - where demand for handsets is more encouraging.
70,000 employees are now working for Samsung, and they are looking forward to expand their offline presence to 1.5 lakh retail outlets.
Mr. Modi pointed out that India is heading towards a digital revolution and now, 40 crore people are using smartphones in the country.
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