Samsung Display plans to invest U$500 mln in display plant in India: report
SEOUL, Jan. 20 (Yonhap) -- Samsung Display Co., South Korea's major display panel maker and an affiliate of Samsung Electronics Co., plans to invest US$500 million to set up a new manufacturing plant in India, foreign media reported Monday.
According to U.S. tech media outlet TechCrunch, Samsung Display filed an investment plan to India's regulator earlier this month, saying that the plant in Noida, located adjacent to New Delhi, would produce smartphone displays.
Samsung Display officials in South Korea confirmed that the company is preparing to build a plant there, but declined to comment on the scale of the investment.
Last year, the company established its India unit, Samsung Display Noida Private Ltd.
In 2018, Samsung Electronics opened a smartphone manufacturing plant in Noida in a bid to expand its presence in the world's second-largest mobile phone market, after China.
Industry insiders said Samsung Displays' new plant would help its parent company secure smartphone display panels at cheap prices and boost its productivity.
In India, Samsung Electronics has been in a fierce competition with Chinese rivals. According to data from market researcher Counterpoint, Samsung Electronics is the second-largest smartphone vendor behind China's Xiaomi Corp. in India.
This photo provided by Samsung Display Co. shows the company's Asan Campus building in South Chungcheong Province, central South Korea. (PHOTO NOT FOR SALE) (Yonhap)
kdon@yna.co.kr
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