South Korean company Samsung will make an investment of Rs 4,825 crore and relocate its mobile and IT display production unit from China to Uttar Pradesh, the state government said on Friday.
"The new project is likely to generate direct employment for 1,500 people and scores of indirect jobs," the government said.
The State cabinet chaired by Chief Minister Yogi Adityanath also approved special incentives for the Samsung venture. The company will get a rebate in stamp duty from the UP govt and a subsidy in capital investment under a Central scheme.
"This is the first high-tech project of South Korea's MNC major which is being set up in India after relocating from China; and the country will be the third in the world to have such a unit," the UP government’s spokesperson said in a statement.
With $2.7 billion worth of exports last year, Samsung is the largest exporter from UP. The company has set an exports target worth of $50 billion from the state in the next five years.
Samsung already has a big mobile manufacturing unit in Noida, which was inaugurated by PM Modi in 2018. Samsung had then pledged Rs 4,915 crore investment.