Samsung is well known for many things but one of its most successful businesses is its display manufacturing wing. The South Korean electronics giant has been a market leader in making OLED displays for a very long time. To further increase its revenue, the company may soon open a new display manufacturing unit in India, according to a report by Reuters.
The world’s largest smartphone manufacturer Samsung has not been a market leader in India for a few years, thanks to the intense competition from Chinese smartphone makers like Xiaomi, Oppo, and Vivo. But that did not stop the company to set up the world’s largest smartphone manufacturing facility in the country in 2018. Now, a regulatory filed on January 3 reveals the company is planning to open India’s first display manufacturing unit in Noida.
As per the regulatory filing, Samsung Electronics will provide 35 billion Indian rupees ( ~$492.31 million) in loans and transfer a certain property in Noida to its display manufacturing unit for 920 million Indian rupees. The company is looking forward to this venture as it seeks to further expand its smartphone production in the country.
Since displays on smartphones are the costliest components of all, making them in India may result in cheaper phones in the country’s market. Moreover, according to a business intelligence platform named Veratech Intelligence, the company may even supply displays manufactured at this unit to other OEMs.