Electronics manufacturing major Samsung is setting up a smartphone display manufacturing unit in Noida, according to regulatory filings accessed by business intelligence platform paper.vc.
The filings said that Samsung India had incorporated an entity, 'Samsung Display Noida', “with the principal of manufacturing, assembling, processing and sales of displays (including their parts, components and accessories) for all types and sizes of electronic devices.”
According to the filings, the company is investing more than Rs 3,500 crore in this facility. It could later be expanded to manufacture displays of other devices as well.
Samsung India Electronics has transferred a plot in its existing plant to Samsung Display and has given a loan of Rs 3,500 crore to meet the working capital and other requirements of the unit group.
The filings state that the plot has been allotted to Samsung Display for a sum of Rs 92.02 crore while the Rs 3,500 crore loan is for a period of three years.
This investment is keenly watched by industry and analysts as the company battles rivals such as Xiaomi, Poco among others in the competitive market in India