Samsung gains financial benefits for display factory in India

Samsung gains financial benefits for display factory in India

The Indian state of Uttar Paresh granted Samsung financial incentives for the South Korean company to set up an INR8.25 billion ($654.36 million) display factory in the state.

Reuters reported, the Samsung is relocating its factory from China according to a statement from the Uttar Pradesh administration, a move that will boost the Indian government’s domestic manufacturing push.

Samsung will receive INR7 billion in financial benefits and receive a tax exemption on a transfer for land for the factory. The is expected to be operational next year and employ 510 people. In the region, Samsung already operates one of the world’s largest smartphone manufacturing plants.

The Indian government approved a $6.65 billion plan to boost domestic smartphone manufacturing for 16 companies including Samsung and Apple suppliers Foxconn, Wistron, and Pegatron, reported Reuters.

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