South Korean tech giant Samsung is reportedly looking to invest ₹500 crore in India to increase mobile production in the country.
Press Trust of India citing industry sources said the company is also to make use of the Indian government policy in this regard. The proposal for the aforementioned capital investment have been cleared by the Department of Electronics and IT (DEITY).
"Samsung is working to invest Rs 500 crore in its mobile production facility in India. It had approached government in this regard to take benefit of policy announcements and other incentives. The investment proposals have been cleared at Department of Electronics and IT (DEITY) level," a source told to PTI.
The report also quoted the spokesperson of India as saying that the company is planning to increase its presence in the market.
"We are looking at strengthening our manufacturing presence in the country, to fulfil our growing needs in the market. However we are not able to provide further details at this stage," said Samsung India spokesperson.
Samsung, the current market leader in the smartphone market, seems to be looking at the expansion of its production capacities in the country. Currently, the Noida facility is involved in the production of 35-40 million phones annually. Samsung Galaxy S3 is also being produced at the Noida factory. Although there were reports that Galaxy S4 will also come in an Indian-made version, not much has been said about it.
According to a report from research firm IDC, 32.7 percent of the total shipment in January-March 2013 period has been shipped by Samsung.