The Uttar Pradesh Cabinet on Friday cleared a proposal to give Rs 250-crore incentives to Samsung Display Noida Private Ltd for a manufacturing unit for mobile phones and IT display products.
The government said it would be the South Korean multinational’s “first high-technique” project in India after relocating from China, and India will become the third country in the world to have such a unit.
As per the UP Electronics Manufacturing Policy, 2017, the company would get stamp duty exemption worth Rs 250 crore in transfer of land, said a government spokesperson.
Besides, the company will receive Rs 460 crore as a financial incentive under the Central government’s ‘Scheme for Promotion of Manufacturing Electronic Components and Semiconductors’ (SPECS).
The spokesperson said Samsung Display Noida Private Ltd intends to invest Rs 4,825 crore in the Noida unit, and with $2.7 billion of exports in the last financial year, it is UP’s largest exporter. According to the state government, the company has set an export target of $50 billion in the next five years. The government said the project will establish UP as an export hub and help the state receive more foreign direct investment (FDI).
In another decision, the state Cabinet also approved a proposal to expand the Ayodhya Development Region (ADR) by including another 343 revenue villages in Ayodhya, Gonda and Basti districts. ADR comprises the Ayodhya Municipal Corporation, the Nagar Panchayat of Bhagrasa and the Nawabganj Nagar Palika of Gonda.
The Cabinet also cleared a Central government’s proposal for establishing a vocational training centre of CIEPET in Ayodhya and making available free Secondary Education Department’s 10 acres of land to the MSME department.