Korean major Samsung plans to invest in India about Rs 350 crore within a year to ramp up its electronics production, according to government sources.
New Delhi: Korean major Samsung plans to invest in India about Rs 350 crore within a year to ramp up its electronics production, according to government sources.
"Electronics manufacturing policy has been attractive. Samsung has again proposed to invest about Rs 350 crore in its electronics plant. This is in addition to about its Rs 400 crore investment made for the mobile phone facility," a government official said.
The company plans to invest this amount in production of flat panel TVs and washing machines, he added.
No comments were received from Samsung on the matter.
Samsung has gained following a government decision in August to impose 36 percent import duty on flat panel TVs that were brought into India as part of baggage by passengers from abroad, the source added.
As per industry body Consumer Electronics and Appliances Manufacturers Association, about 1 million TVs were coming in as accompanied baggage in a year, which constitutes about 20 percent of the total market size of the country.
The production of flat panel TV in the country has grew by about 39 percent in September and 20 percent in October on annual basis.
In July, Department of Electronics and IT cleared Samsung proposal of Rs 406 to invest in handset manufacturing.