Dreamtech India Pvt Ltd and Starion India Pvt Ltd have bought 40 acres of land between them for setting up plants with investments worth Rs 433 crore
Two more South Korean electronics manufacturing companies are setting up manufacturing facilities in Uttar Pradesh’s Noida.
As per media reports, Dreamtech India Pvt Ltd and Starion India Pvt Ltd have bought 40 acres of land between them in Sector Ecotech 10 for setting up plants with investments worth Rs 433 crore that would generate jobs for over 3,500 youths.
India’s dream to become a manufacturing hub for electronics is slowly taking shape as more electronics firms aim to set up plants in the country. Noida, in particular, has been a popular spot for international companies.
Five Korean manufacturers of smartphones and accessories have bought about 87 acres of land in Greater Noida, promising to invest over Rs 1,150 crore and create job opportunities for over 8,700 youths.
Earlier this year in June, South Korean electronics major Samsung Electronics had shifted its display manufacturing unit from China to Noida. Samsung had revealed that it invested Rs 4,825 crore to relocate its mobile and IT display production unit, which is likely to generate 1,500 direct employment and scores of indirect jobs in the state.
LG Electronics, Senatech India Pvt Ltd, KH Vatech India and Samkwag India Electronics Pvt Ltd are the other three Korean companies that have already purchased land in sectors Ecotech 1 extension, Ecotech 6 and Ecotech 10.
A report by TOI mentioned while quoting an official that one of the reasons for Korean interest in the region is the Greater Noida Industrial Development Authority’s (GNIDA) policy of allotting land within 30 days of applications under its ‘ease of doing business policy’.
Deep Chandra, Additional CEO of GNIDA, said, “Earlier Chinese manufacturers like Oppo and Haier had set up plants in Greater Noida. The city is now fast emerging as a stronghold for Korean electronics companies”
According to Chandra, the five big Korean companies that have already bought land are expected to start their operations “very soon”. “Most of these Korean companies are in the electronics sector. Together, these five companies are expected to invest about Rs 1,154 crore in the region with job opportunities for about 8,700 people.”
The ACEO, who met the representatives of Dreamtech India Pvt Ltd and Starion India Pvt Ltd on Monday, said, “At the meeting, we assured the delegation of all necessary help in setting up their businesses.”
CEO Narendra Bhooshan said that GNIDA is promoting industries under the ‘ease of doing business’ policy. “There is an emphasis on bringing industries to the city for which we are continuously planning to make land available. The land is allotted within 30 days of the application under the policy promoted by the state government,” he added.