South Korean electronics major Samsung is planning to invest over Rs. 500 crore to ramp up its mobile production capacity in India, industry sources said.
"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. When contacted, Samsung India spokesperson said: "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."
The company in April had said that it will manufacture its latest high-end smartphone Samsung Galaxy S4 in its Noida facility, but had not disclosed the investment that it would make in the manufacturing facility.
Noida facility manufactures about 3.5 to 4 crore phones annually, including 12 smartphones models such as Galaxy S III.
Samsung had last announced investment of $70 million (around Rs. 315 crore) in September 2011 to ramp up its mobile production capacity from 1.2 crore per annum to 3.6 crore per annum.
As per latest report by market research firm IDC, Samsung led the Indian smartphone market with shipment of around 20 lakh smartphones accounting for 32.7% of the total smartphones shipped in January-March 2013 period.