- MK Stalin, Chief Minister of Tamil Nadu graced the MoU signing ceremony in Chennai
NE BUSINESS BUREAU
CHENNAI, MARCH 15
Leading South Korean consumer electronics and smartphone maker Samsung on Tuesday said it will invest Rs 1,588 crore in India to set up a new compressor manufacturing plant at its existing facility at Sriperumbudur, near Chennai in Tamil Nadu. The new facility will spread over 22 acres and have a capacity to roll out 8 million compressor units per annum and this will be expanded in the future also, Samsung said in a statement.
சாம்சங் நிறுவனத்தின் ரூ. 1,588 கோடி முதலீடு மற்றும் 600 நபர்களுக்கு வேலைவாய்ப்பு அளிக்கக்கூடிய காற்றழுத்த கருவிகள் (Compressor) உற்பத்தித் திட்டத்தை ஸ்ரீபெரும்புதூரில் நிறுவுவதற்கான புரிந்துணர்வு ஒப்பந்தம் மாண்புமிகு முதலமைச்சர் @mkstalin அவர்கள் முன்னிலையில் மேற்கொள்ளப்பட்டது. pic.twitter.com/L3bAUj2HfC
— CMOTamilNadu (@CMOTamilnadu) March 15, 2022
Moreover, compressors produced at the plant will be used in refrigerators that Samsung manufactures in India and also be exported, it added. The company on Tuesday signed a memorandum of understanding (MoU) with the Government of Tamil Nadu for the new plant, expanding and strengthening the component ecosystem in the state.
The MoU signing ceremony held in Chennai was graced by MK Stalin, Chief Minister of Tamil Nadu.
MK Stalin, Chief Minister of Tamil Nadu said, “Samsung has been a shining example in Tamil Nadu’s industrial growth story, driving investments and creating jobs. This new investment is yet another step by Samsung towards strengthening the manufacturing ecosystem in the state.”
Ken Kang, President and CEO, Samsung Southwest Asia, said, “This new investment of Rs 1,588 crore is a testimony to our continuing commitment to the people of Tamil Nadu, who have been our longstanding partners since we set up our factory in 2007. Over the years, we have received strong support from the state and local authorities, helping us drive our vision of ‘Powering Digital India’. 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.”
Set up in 2007, the manufacturing facility in Sriperumbudur is one of two factories that Samsung operates in India. Samsung’s flagship consumer electronics products that include luxury redefining 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.
Among other dignitaries present were Thangam Thennarasu, Minister for Industries, S Krishnan, Additional Chief Secretary, Industries, Pooja Kulkarni, Managing Director, Tamil Nadu Industrial Guidance and Export Promotion Bureau, T Anand, Managing Director, State Industries Promotion Corporation of Tamil Nadu, Ken Kang, President and CEO, Samsung Southwest Asia and ByongJin Kong, Managing Director, Samsung Chennai Factory.
