As it eyes 2 billion dollar sales in India by 2008, South Korean consumer electronics major, Samsung on Thursday said it will set up a second plant in the country which would cater to the burgeoning demand in the market.
"We have decided to set up a second plant in India to meet the growing demand in the market," Samsung India Deputy Managing Director R Zutshi said.
Samsung, which began operations in India in December 1995, currently sells consumer electronics products in the market; apart from being present in the telecommunications and IT segment. The company had a turnover of Rs 6,300 crore in 2005 and expects a 20 per cent growth on this in 2006.
Zutshi said exact details on the new plant would be announced in the next one month. He refused to divulge further details on the investment proposed for the new plant or its location.
The investments for the second plant would be funded by the Indian subsidiary as well as the parent company. "It will be a mix of local as well as from the parent," he added.
Samsung India is a 100 per cent subsidiary of the 56.7 billion dollar South Korean major Samsung Electronics. Zutshi said the company had become profitable from the second year of operation in the Indian market.
The company has so far invested 150 million dollars in India and has its manufacturing facility at Noida in Uttar Pradesh.