South Korean electronics giant Samsung will invest about Rs 15,26,645 crore more than 3 years to expand its presence in biopharmaceutical, semiconductor, artificial intelligence, and robotics in the post-pandemic era, Samsung Electronics mentioned.
The corporation, the country’s biggest conglomerate, mentioned the expenditure by way of 2023 would aid Samsung consolidate its worldwide standing in essential places such as chips, though permitting development possibilities in newer fields, which includes robotics and next-generation telecommunications.
While Samsung, the biggest memory chip maker in the world, did not provide a detailed breakdown of how it planned to spread the investment, it mentioned the group planned to pursue mergers and acquisitions to solidify its technologies and market place leadership.
The corporation also did not provide any detailed account of its reported $17-billion (approx. Rs 1,26,050 crore) investment for a US-based chip factory. According to a document the corporation filed with state officials in Texas, Samsung is mulling Williamson County for the place of its chip contract manufacturing facility, which would outcome in the creation of 1,800 jobs.
The announcement for the investment program comes more than a week following de-facto leader Lee Jae-yong was released on parole following his convictions for embezzlement and bribery. Lee was serving a 30-month sentence for bribing the country’s ex-president.
Samsung Electronics’ second-quarter income rose 20 per cent on year, though operating profit jumped 54 per cent in spite of element shortages hitting the mobile division. The company’s operating profit was recorded at $10.97 billion from a income of $55.56 billion.
At that time, Samsung had mentioned the business-wide element shortage hit its mobile company. Production disruptions at its factories in Vietnam factories, specifically following the outbreak of Covid-19, also compounded the challenges. The income fell on quarter due to decrease demand due to weak seasonality.
The company’s semiconductor company is its most significant monetary driver and contributes more than a third of its income. The semiconductor company made up more than half of the company’s earnings in the course of the quarter.