Samsung India gears up for big business expansion on July 9
Thursday, 05 July 2018, 17:51 IST
Buoyed by its continuous growth, South Korean electronics giant Samsung India is set to announce a key business expansion to further cement its position in the country on July 9.
The company on Wednesday revealed that it will make an important announcement regarding its business expansion in India, during a highly secured environment at its Noida facility.
H.C. Hong, President and CEO, Samsung India will be present at the occasion, read an invite.
The business expansion comes after a year when in June 2017, the South Korean giant announced Rs 4,915 crore investment in expanding its Noida plant, where it manufactures smartphones, refrigerators and flat panel televisions.
"On the back of the 'Digital India' movement led by millions of young Indians, we are witnessing a rise in adoption of electronic devices, smart appliances and mobile phones," Hong told the reporters on the occasion.
The Indian government aims to achieve $1 trillion digital economy by 2020 and according to Union Minister Ravi Shankar Prasad, Samsung India will spearhead this movement.
Samsung registered 27 per cent growth in mobile business revenue for the financial year 2016-17 -- touching a mammoth 34,300 crore.
In the first quarter of 2018, it became the leader in the Indian flagship smartphone market, garnering 49.2 per cent share, according to the German research firm GfK.
In the full financial year (April 2017-March 2018), Samsung registered 55.2 per cent market share in the Rs 40,000 and above price segment of the smartphone market, said GfK that reports final consumption of the devices and not only shipments.
Bringing its new 2018 line-up of TVs including the premium QLED range to India last month, Samsung said the company is eyeing to grab more than half of the premium TV segment in the country in the next four-five months.
The South Korean tech giant unveiled new models in its flagship QLED TV series, the mid-range UHD and Make for India "Concert" TV series.
Samsung has five R&D centres in India -- two in Bengaluru and one each in Noida, New Delhi and Pune.
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