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Samsung says may invest $500 million to set up display factory in India – Source Reuters Tech News

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji

SEOUL/BANGALORE (Reuters) – South Korean flat screen maker Samsung Display plans to set up a factory in India with a $500 million investment as parent Samsung Electronics Co Ltd seeks to expand smartphone production there, a regulatory filing showed.

The move would be a boon for India which is vying with nearby rivals such as Vietnam to attract global smartphone firms under the government’s “Make in India” drive.

Under the plan, Samsung Electronics will provide 35 billion rupees ($492.31 million) in loans and transfer a parcel of land in Noida for 920 million rupees to its display unit, Samsung India Electronics Private Ltd said in a filing dated Jan. 3.

Samsung Electronics started making smartphones in Noida on the outskirts of the capital New Delhi in 2018. Last year, it stopped production in China where it had to contend with competition from…

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Source Reuters Tech News

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