Leading South Korean consumer electronics and smartphone maker Samsung on Tuesday said it will invest Rs 1,588 crore in India to set up a new compressor manufacturing plant at its existing facility at Sriperumbudur in Tamil Nadu.
The new facility will spread over 22 acres and have a capacity to roll out 8 million compressor units per annum and this will be expanded in the future also, Samsung said in a statement.
Moreover, compressors produced at the plant will be used in refrigerators that Samsung manufactures in India and also be exported, it added.
The company on Tuesday signed a memorandum of understanding (MoU) with the Government of Tamil Nadu for the new plant, expanding and strengthening the component ecosystem in the state.
Set up in 2007, the manufacturing facility in Sriperumbudur is one of two factories that Samsung operates in India.
Samsung manufactures some of its flagship consumer electronics products including – QLED TVs, lifestyle TV The Frame, refrigerators, washing machines and ACs at this plant.
The MoU signing ceremony held in Chennai was attended by Chief Minister MK Stalin.
Commenting over the development, Stalin said: “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 centres and one design centre.
