Samsung Electronics Co. will invest $1.5 billion in the Indian telecommunications industry in the second phase of a strategic investment plan that will make it the third largest handset manufacturer in the country.
The investment comes as Samsung is trying to boost its position in the emerging global market of smartphones and is seeking to capitalize on the country’s growing middle class and a growing demand for mobile devices.
“It’s a great opportunity for our company and our country.
We believe that it will lead to a strong return on investment for the companies that we partner with,” Samsung Electronics India chief executive Officer Sohi Lee said at the launch of the plan.
The plan is designed to boost the competitiveness of the smartphone market and expand the range of products and services offered to Indian consumers.
The new investment will be aimed at improving the company’s competitive position in India by providing better services to its customers and increasing its ability to market products in the nation’s capital, the company said in a statement.
It will also help Samsung increase its competitiveness in the global smartphone market by creating a presence in the world’s largest smartphone market.
The company’s plan is one of several announced this year by the South Korean electronics giant, which has set its sights on the global mobile phone market.
Last year, Samsung launched the Galaxy S III, a mobile phone with a 4.7-inch screen that has quickly gained traction in the market.
Samsung is also looking to expand into the tablet market and its plans are being closely watched by rivals such as Apple Inc. The company also plans to introduce a 5.5-inch Galaxy Tab Pro next year.
Samsung also has a strong presence in India, where it has more than 50% market share and is the countrys largest smartphone maker.
The South Korean company, which also owns and operates the world, is known for its smartphones and tablets.
It is the world leader in smartphones, accounting for more than 90% of all smartphone sales in the third quarter of 2015, according to IDC.
The new investment is a major boost to Samsung, which currently has about $13 billion in cash and cash equivalents, with an operating loss of $1 billion in 2016, according a recent report by the Securities and Exchange Board of India.
Samsung is a global leader in mobile technology, with a worldwide mobile phone business valued at $5.7 trillion, and employs about 40,000 people.