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Samsung heir in India, likely to meet Modi, Mukesh Ambani
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SME Times News Bureau | 08 Oct, 2019
Samsung Electronics Vice Chairman Lee Jae-yong is currently in India,
provoking speculation that the South Korean tech giant may make further
investments to expand its presence in the country, industry sources said
on Monday.
Lee is likely to meet Prime Minister Narendra Modi
and Reliance Industries Chairman Mukesh Ambani this week, reports Yonhap
news agency. Lee arrived in India on Sunday and was briefed by
Samsung Electronics officials here. It is believed to be Lee's first
visit to India since March.
Samsung is one of the equipment suppliers for Reliance Jio's 4G network business.
With
the Indian telecom firm planning to establish a 5G network in the
country, industry observers speculate that the two moguls may consult on
the issue if there is a meeting.
"There's also a possibility that Lee could meet with Prime Minister Narendra Modi," a source said.
In
July last year, Samsung India set up one of the world's largest mobile
manufacturing facilities in Noida, Uttar Pradesh. PM Modi and South
Korean President Moon Jae-in inaugurated the 35-acre Samsung Electronics
facility.
Samsung currently has two manufacturing plants -- in
Noida and in Sriperumbudur, Tamil Nadu -- and five research and
development centres in India. The company has one design centre in Noida
with workforce of over 70,000 people.
India today is the
second-largest mobile phone manufacturer in the world after China.
According to a survey conducted by mobile industry body ICEA, the 268
mobile handset and accessories manufacturing units in the country employ
about 6.7 lakh people.
Due to the focus on 'Make in India' and
'Digital India' programmes, Uttar Pradesh has emerged as the new hub of
mobile manufacturing in the country over the past few years.
The
new Samsung facility in Noida was set up with the aim of doubling its
capacity for mobile phones in Noida from 68 million units a year to 120
million units a year, in a phase-wise expansion to be completed by 2020. India
currently has over 450 million smartphone users. The number of
smartphone users in the country is expected to reach 859 million by
2022, according to an ASSOCHAM-PwC joint study.
In such a
scenario, Samsung's heir's visit is important in the festive season when
the consumer electronics market is booming and consumer spending is
witnessing an all-time rise, especially from the smaller cities and
towns.
Samsung India is targeting business worth Rs 3,000 crore
by selling over 2 million smartphones online before Diwali that falls on
October 27.
"Lee's recent visits show Samsung has a big interest in the Indian market," the source added.
Lee is the only son of hospitalized Samsung Group chief Lee Kun-hee.
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