By 2022, India's smartphone users are expected to shoot up to a whopping 442 million.
The Korean chaebol said that the investment would position the Noida plant as a major production hub and create about 5,000 new jobs.
President and CEO of Samsung India, HC Hong, said that a bigger manufacturing plant would help the company cater to the growing demand for Samsung products across the country. This is in addition to Samsung's existing manufacturing facility in Noida.
In 2005, the current mobile manufacturing unit was added, production began in 2007, and in 2012, when Samsung became the country's leading mobile manufacturer, the Noida facility rolled out the first-ever Samsung Galaxy S3 phone. India is a big opportunity across price segments, including 2G feature phones. The two sides were looking at defence hardware procurement and manufacture, Prakash said pointing to India looking at minesweepers for the Indian navy.
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South Korean President Moon Jae-in with first lady Kim Jung-sook at Akshardham Temple in New Delhi on Sunday. That is one reason Apple has struggled to gain market share in India, as most iPhone models are priced beyond US$500, according to a Bloomberg Intelligence report earlier this month.
"The president and government officials started making gestures to meet the business community since late previous year", an industry official said. They will be face to face at a ceremony on Monday to mark the completion of Samsung's newest factory for smartphones in Noida, a planned city in the northern state of Uttar Pradesh. Samsung possesses five R&D centres across Indian and retail outlets sum up to 1.5 lakhs in total. In total over 70,000 people are employed by the plant in Noida.
The company now has over 10 per cent of its overall production in India and aims to take it to 50 per cent over the next three years. Numerous software products designed for Samsung's smartphones in India are developed by these R&D teams.
Although officials at Cheong Wa Dae strongly denied any change in the government's stance towards the business community and cautioned against an exaggeration of the Moon - Lee meeting, industry officials say the president's visit to the new Samsung plant in India would help improve the relations.