HomeHubsSamsungUttar Pradesh approves financial insensitive for Samsung's Rs 48.25 Bn display factory

Uttar Pradesh approves financial insensitive for Samsung’s Rs 48.25 Bn display factory

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The Uttar Pradesh Government on Friday said, “It will give a financial insensitive to Samsung Electronics Co to set up a 48.25 billion rupees display factory in Noida, Uttar Pradesh.”

In a statement issued on Friday by the Spokesperson of the UP Government said, “The South Korean tech giant Samsung Electronics will be shifting its Mobile and IT display factory from China to Noida – Uttar Pradesh, and will make the investment of Rs 4825 crore.”

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“The Govt has decided to give financial incentives to Samsung Electronics. The decision was taken in a meeting of state cabinet headed by Chief Minister Yogi Adityanath on Friday,” The spokesperson added.

“Samsung will also get an exemption from the stamp duty levied on the transfer of land and Rs 250 crore will be paid by the state government for the project for five years in compliance with the UP manufacturing policy 2017,” the spokesperson said.

“The company will also receive a financial incentive of Rs 460 crore under Central government’s scheme for the production of Manufacturing, Electronic, Components, and Semiconductors (SPECS),” it added.

The display factory is expected to generate direct jobs to 500 people and hundreds from Indirect investment.

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Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.
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