Samsung’s investment proposal in electronics manufacturing gets government clearance

- Advertisement -
- Advertisement -

Thursday, October 16, 2014: An investment proposal from Samsung in electronics manufacturing sector has been cleared by telecom minister Ravi Shankar Prasad, just a day ahead of his visit to South Korea in order to encourage more investments from companies.

Prasad told media that he has cleared the proposal by Samsung under modified special incentive package scheme or MSIPS. Further details were not disclosed by the minister. Among all the companies that have expressed interest in investing in Indian market under MSIPS, Samsung featured among the first set of the companies’ list. Back in July last year, the government cleared Rs 4,060 million investment proposal by Samsung in mobile manufacturing sector. Now the company is allowed to foray into electronics manufacturing.

Prasad will be in Korea for five days, meeting Korean tech giants and inviting them to invest in India in electronics manufacturing sector. The government’s target is to abolish import of electronics items 100 per cent by 2020. Official estimates reveal, by 2020 the electronics market in India will be worth $400 billion and if measures are not taken properly to increase domestic manufacturing in electronics sector, then imports will be around $300 billion by that year only. Prasad will meet senior officials from Samsung and LG Electronics in Seoul. Prasad said that main focus will remain on consumer electronics, mobile phones, smart cards and batteries.

- Advertisement -

Prasad will also try to convince Samsung to become a part of the Indian infrastructure segment as smart cities are in development. The minister will also be attending a meeting on information communication technology. The meeting has been organised by Korean technology minister in Busan. The top personalities with whom Prasad is scheduled to meet during his visit to Korea include Samsung’s president and CEO, IT and Mobile Communication, JK Shin, Samsung SDI CEO Sang Jin Park, LG Electronics VC and CEO Bon-Joon Koo and LG Chem’s president of the Energy Solution, Young Soo Kwon.

- Advertisement -

Related Artcles

Exclusive

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

5G RedCap To Transform IoT Module Shipments

0
Over 60% of IoT module shipments will originate from the Asian & Oceania region. Automotive sector is expected to be a significant driver. The...

Buzz

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...
Keysight Technologies Pvt Ltd Logo

Keysight Acquires Spirent Communications For $1.46 billion, Outbids Rival Viavi Solutions

0
Keysight's offers 85.9% premium over Spirent's closing price on March 4, exceeding Viavi's 61.4% premium. Keysight expects new serviceable available market opportunities of...

Important Sectors

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...
Keysight Technologies Pvt Ltd Logo

Keysight Acquires Spirent Communications For $1.46 billion, Outbids Rival Viavi Solutions

0
Keysight's offers 85.9% premium over Spirent's closing price on March 4, exceeding Viavi's 61.4% premium. Keysight expects new serviceable available market opportunities of...

Hyundai Motor Boosts EV Investment In Korea

0
The automaker stated that over half of the investment, amounting to 35.5 trillion won will be dedicated to new R&D infrastructure and EV assembly...

Manufacturing

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...