By Investing KRW250bn
Samsung Electronics will build its first refrigerator compressor plant in India by investing 250 billion won.
The company and the government of Tamil Nadu in India signed a memorandum of understanding on the matter in Chennai on March 15 (local time), according to Samsung Electronics' Indian subsidiary.
The plant will be built at Samsung Electronics’ plant in Sriperumbudur, a town near Chennai, India. Compressors to be produced here will go into refrigerators that Samsung will make in India for exports.
The plant site covers 22 acres (89,000 square meters). The construction of the plant will cost 15.88 billion rupees (about 259 billion won). Samsung Electronics is looking to expand its annual production from the initial eight million units to 14.4 million units by the end of 2024.
Samsung Electronics first entered the Indian market in 1995. The Korean tech giant is currently running its manufacturing plants in Noida and Sriperumbudur. In addition, it runs five R&D centers and one design center in India.