Samsung to invest Rs 1,588 crore in Tamil Nadu to set up new compressor plant for refrigerators

Samsung on Tuesday announced an investment of Rs 1,588 crore in India to set up a new compressor manufacturing plant for refrigerators at Sriperumbudur near Chennai. The new facility, spread over 22 acres, will have a capacity to produce 8 million compressor units a year, which will be expanded in the future. Compressors produced at the plant will be used in refrigerators that Samsung manufactures in India and also for exports.

The company signed a memorandum of understanding (MoU) with the Tamil Nadu government for the new plant in the presence of chief minister MK Stalin.

Stalin said, “Samsung has been a shining example in Tamil Nadu’s industrial growth story, driving investments and creating jobs. This new investment is yet another step by Samsung towards strengthening the manufacturing ecosystem in the state.”

He said through this investment, around 600 people will get employment. The CM also urged the company to set up a semiconductor manufacturing plant in the state and assured all support.

Samsung has consolidated its market leadership in the country with two factories in Noida, five research and development (R&D) centres and one design centre at Sriperumbudur. These are supported by a strong network of over 200,000 retail outlets and over 3,000 customer service points.

Ken Kang, president and CEO, Samsung Southwest Asia, said, “This new investment is a testimony to our continuing commitment to the people of Tamil Nadu, who have been our long-standing partners since we set up our factory in 2007. Over the years, we have received strong support from the state and local authorities. This new compressor manufacturing facility will help us cater to the growing demand for Samsung’s innovative digital appliances across the country and also drive exports.”

From Source Article: financialexpress.com

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