Samsung to invest Rs 1500 crore to set up new plant in Sriperumbudur
The Tamil Nadu state government signed a memorandum of understanding (MoU) to this effect with the company on Tuesday. The stated purpose is to expand and strengthen the component ecosystem in the state.
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Samsung is set to invest Rs 1588 crore to establish a new compressor manufacturing plant in Sriperumbudur near Chennai. The facility will span across 22 acres and will have a capacity to produce eight million compressor units annually.
The compressors made in this plant will be used in refrigerators that Samsung manufactures in India. It will also be used export-oriented purposes.
The Tamil Nadu state government signed a memorandum of understanding (MoU) to this effect with the company on Tuesday. The stated purpose is to expand and strengthen the component ecosystem in the state.
Samsung India’s president Ken Kang explained that this new compressor manufacturing plant will enable the company to look after the growing demand for its innovative digital appliance across India.
The Sriperumbudur plant is one of the two factories that Samsung runs in India. Its other production facility is in Noida.
The South Korean company’s principal products such as the washing machines, air-conditioners (ACs), QLED TVs and refrigerators are made at its unit n Sriperumbudur. Certain innovative digital appliances produced over there are also exported to other countries.