The Korean tech giant announced that it is going to invest $500 million in India to set up a manufacturing plant. The plant would produce smartphone displays and other electronic pieces of equipment and parts.
The company already acquired permission from Samsung and it has allocated a land in Noida for developing a new plant. In 2018, Samsung opened its biggest mobile factory in Noida in an area of 35 acres.
Samsung is facing stiff competition in India from Chinese companies such as Xiaomi, Vivo and OnePlus. Last quarter, its market share dropped to 20-percent from 25-percent in the preceding quarter. The new factory might help to fight with Chinese smartphone makers and could help to regain the market share.