Lee Jae Yong, Vice Chairman and future successor of Samsung Electronics is in India. The 50-year-old heir arrived in Mumbai on Sunday. Yonhap News Agency reported that the aim behind the visit is to ‘check the maker’s businesses’. This is the first time since March 2019 that Jae Yong is back in the country.
Meeting the Prime Minister
Meeting Prime Minister Shri Narendra Modi is also on the agenda list of Jae Yong. Under the Make India Movement, an initiative by the PM, Samsung started manufacturing its models locally for India. Further, ‘Make for the World’ initiative was put in action by Samsung India, with the idea of exporting Indian made mobile handsets. The factory located in Noida is the largest mobile factory in the world. It was duly inaugurated by the Honorable Indian Prime Minister.
Apart from meeting the PM, the heir could also be meeting Mukesh Ambani. Ambani, who is the Chairman of Reliance Industries, had last year announced the arrival of 5G in the Indian market. Earlier this year, during the 42nd AGM of Reliance Industries Limited, the Indian Business Magnate said that ‘4G+ can be upgraded to 5G at minimum incremental cost’. Reliance Jio’s 4G network businesses also used equipment provided by Samsung among other companies. A possible meeting could also take place related to future investments and business plans.
More Investment Plans
Samsung confirmed via Reuters that their last factory in the Guangdong province of China will be shut down. This opens doors for business and future plans for the largest smartphone producing company in India and Vietnam. Reports also suggest tie-ups with other network operators in the country. Reliance Industries is still expected to be on the top of the list of customers.
Lee Jae Yong is the only heir and future successor of Samsung Group Chief Lee Kun Hee. Since 2014, Kun Hee has been hospitalized after suffering a heart attack. He celebrated his 77th birthday earlier this year in July.