Samsung has announced that it will invest Rs 1,588 crore in India to set up a new compressor manufacturing plant in Sriperumbudur, near Chennai. The new facility is spread over 22 acres and is said to produce 8 million compressor units a year. Compressors produced at the plant will be used in refrigerators that Samsung manufactures in India and also be exported.
The company has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for the new plant, expanding and strengthening the component ecosystem in the state.
Ken Kang, President and CEO, Samsung Southwest Asia, said, “This new investment of INR 1,588 crore is a testimony to our continuing commitment to the people of Tamil Nadu, who have been our longstanding partners since we set up our factory in 2007. Over the years, we have received strong support from the state and local authorities, helping us drive our vision of ‘Powering Digital India’. 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.”
The new Samsung facility is said to create 600 new jobs. This new expansion plan of Samsung will be completed by the third quarter of 2022. The plant is said to produce 80 lakh compressor devices by the end of this year and its production is expected to reach 144 lakh by the end of 2024.