UP inks MoU with Samsung for Rs2,000 cr Noida unit
18 October 2016
Giving a fillip to the Centre's Make in India initiative, the Uttar Pradesh government on Monday signed a memorandum of understanding with the Samsung group for setting up a unit in Noida.
Speaking to The Times of India from Lucknow, Rama Raman, principal secretary, industries and chairperson, Noida Authority said that the state's cabinet committee in Lucknow approved the investment by Samsung India Electronics under Super Mega A.
"The MoU was signed between chief secretary Rahul Bhatnagar and HC Hong, president & CEO, Samsung India Electronics, in the presence of chief minister Akhilesh Yadav," he said.
According to Raman, the agreement has cleared the way for the allotment of nearly 30 acres of land to set up a mobile manufacturing unit and refrigeration plant in the city's Sector 81 area. "Once the land is allotted, the unit is likely to commence manufacturing by 2019," he said.
"The company has committed an investment of nearly Rs2,000 crore," he added.
Speaking on the occasion, chief minister Akhilesh Yadav said, "Noida is the symbol of Uttar Pradesh and India's industrialization and growth ever since the economic liberalisation twenty years ago. Samsung has been our partner in this growth right since 1996. It has created thousands of jobs, supported business, developed the service sector, and helped give global recognition to Noida. The MoU is yet another step in converting Noida into the electronics hub of India."
Agarwal said that the focus of all the three authorities is to trigger the creation of a mobile device ecosystem by providing land to them to set up shop. "This will not only generate employment in the respective areas but also provide economic boost," he said.