Samsung to invest Rs350 cr to expand Chennai facility

Samsung to invest Rs350 cr to expand Chennai facility

Chennai: Consumer durables major Samsung Electronics will invest Rs350 crore for expanding its manufacturing facility at Sriperumbudur near Chennai.

The company today signed a memorandum of understanding to this effect with the Tamil Nadu government in the presence of deputy chief minister M K Stalin, an official release said.

With the additional investment, Samsung would also manufacture consumer durables, electronic equipment, including mobile phone components.

Samsung had expressed willingness to make additional investment in the state when Stalin recently visited Korea and China.

In November 2006, it invested about Rs450 crore in the Sriperumbudur facility to manufacture TVs, refrigerators, computer parts and accessories. It employs around 1,500 people at the facility.

“They already made investments of Rs450 crore.. Now they will make additional investments of Rs350 crore.. Through this there will be a direct employment of 1,000 people and indirect employment of 2,000 people...", Industries department principal secretary Rajeev Ranjan told reporters after the MoU was signed.