Samsung, a world leader in smartphone market, has been associated with the lives of millions of Indians, the Prime Minister said, adding that there is hardly any middle-class family in India who doesn't own a Samsung product.
Expansion, which will be fully complete in 2020, is expected to almost double Noida (New Okhla Industrial Development Authority), India's current phone producing capabilities from 68- to 120 million phones per year.
Built at a cost of Rs 4,500 crore, the Samsung's Noida plant can produce 12 crore mobile phones every year, ranging from low-end smartphones to its flagship Samsung Galaxy S9, and will create 15,000 local jobs.
In 1997, the plant started manufacturing televisions, and in 2003, expanded to manufacturing refrigerators. The 35-acre facility will reduce time to market and give Samsung more elbow room to export to neighboring regions - ultimately giving Samsung a leg up on its competitors.
India overtook the United States past year to become the world's second-largest smartphone market after China.
Mobile manufacturing was added in 2005.
Demand for new mobile phones is surging in India, helped in part by billionaire Mukesh Ambani offering US$23 4G feature phones, free voice services and cheap data plans. The launch of the Samsung plant is a part of PM Modi's "Make In India" campaign. Out of 120 mobile factories, 50 are in Noida only.
'We "Make in India", "Make for India" and now, we will "Make for the World",' H C Hong, Chief Executive Officer at Samsung India said in the statement. Clearly there's untapped potential in the market, and coupled with the fact India is now the world's fastest growing market, Samsung spotted an opportunity.
President Moon Jae-in said the new facility will create a new era for India-Korea ties.
Samsung said last year it would spend INR49.2 billion ($716.57 million) over three years to expand capacity at its Noida plant. India is using 40 crore smartphones, 32 crore people are using broadband technology.
The South Korean President along with Prime Minister Modi will visit the Gandhi Smriti on Monday.
Samsung has two manufacturing plants - in Noida and in Sriperumbudur, Tamil Nadu - five R&D centres, and one design centre in Noida, employing over 70,000 people and expanding its network to over 1.5 lakh retail outlets.