Samsung India has announced an investment of Rs 1,588 crore to set up a new compressor manufacturing plant at Sriperumbudur near Chennai. The new facility is spread over 22 acres and is said to produce 8 million compressor units a year. The compressors produced at the plant will be used in refrigerators which Samsung manufactures in India and will also be exported.
The company has signed a Memorandum of Understanding (MoU) with the government Tamil Nadu For new plants, the state component is to expand and strengthen the ecosystem.
Ken Kang, President and CEO of Samsung Southwest Asia, said, “This new investment of INR 1,588 crore is a testament to our continued commitment to the people of Tamil Nadu who have been our longtime partners since setting up our factory in 2007. Over the years, we have received strong support from state and local authorities, helping us to drive the vision of ‘Powering Digital India’. This new compressor production facility will help us meet the growing demand and export of Samsung’s innovative digital equipment across the country. ”
The new Samsung facility is expected to create 600 new jobs. Samsung’s new expansion plan is expected to be completed by the third quarter of 2022 The plant will produce 8 million compressor devices by the end of this year, and production is expected to reach 144 million by the end of 2024.