Chief minister M K Stalin signed a memorandum of understanding (MoU) with Samsung on Tuesday for a ₹1,588 crore investment to set up a plant to manufacture compressors in Sriperumbudur, outside of Chennai. The compressors produced at the plant will be used in refrigerators that Samsung manufactures domestically in India and will also be exported.
The chief minister also invited Samsung to manufacture semiconductors in the state. The state government has previously also urged tech powerhouse Taiwan, which supplies a majority of semiconductor chips to the world, to establish a unit here.
The new compressor facility will be spread over 22 acres and will create employment for 600 people. The facility will have the capacity to produce eight million compressor units a year, which will be expanded in the future. Its production is expected to reach 144 lakh by the end of 2024.
Stalin said that Samsung has been a shining example in Tamil Nadu’s industrial growth story by driving investments and creating jobs. “This new investment is yet another step by Samsung towards strengthening the manufacturing ecosystem in the state,” he said.
At the event, Ken Kang, president and CEO of Samsung Southwest Asia, said that the new investment is a testimony to the continuing commitment with Tamil Nadu, which has been a longstanding partner since the South Korean-based company set up its factory in 2007.
{{/usCountry}}At the event, Ken Kang, president and CEO of Samsung Southwest Asia, said that the new investment is a testimony to the continuing commitment with Tamil Nadu, which has been a longstanding partner since the South Korean-based company set up its factory in 2007.
{{/usCountry}}“This new compressor manufacturing facility will help us cater to the growing demand for Samsung’s innovative digital appliances across the country and also drive exports,” he said. Samsung entered India in 1995 and its manufacturing facility in Sriperumbudur set up in 2007 is one of two factories that Samsung operates in India.
The company’s consumer electronics products, including luxury QLED TVs, lifestyle TV The Frame, innovative Curd Maestro Refrigerators, AI Ecobubble Washing Machines with bi-lingual user interface and WindFree ACs are manufactured at this plant. “Some of these innovative digital appliances are exported to other countries,” Samsung said in its statement.