South Korean major Samsung on Tuesday announced an investment of ₹1,588 crore to set up a new plant in Sriperumbudur to manufacture compressors for refrigerators. An MoU was exchanged in this regard by Ken Kang, President and CEO, Samsung Southwest Asia, and Tamil Nadu’s Industries Secretary S Krishnan in the presence of Chief Minister MK Stalin. The MoU also involves expanding and strengthening the component ecosystem in the State.
The new facility, in an area of 22 acres, will have capacity to annually produce 8 million compressor units, which will be expanded in the future, said Kang at the function. Compressors produced at the plant will be used in refrigerators that the company manufactures in the country and also be exported, he said.
Long association with TN
Kang said that Samsung has a long association with India and especially Tamil Nadu, with the company in 2007 setting up a facility at Sriperumbudur.
Stalin, speaking at the function, said Samsung was a shining example in the State’s industrial growth story, driving investment and creating jobs. The new investment is yet another step by the Korean major towards strengthening the manufacturing ecosystem in the country, he said.
Stalin requested Samsung to consider putting up a semiconductor unit in the State, and said that the government will provide all the necessary support. He also urged the company to bring in other Korean players to the State.