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South Korean electronics major Samsung is going to invest Rs 1588 crore to set up a new compressor manufacturing plant in Sriperumbudur, near Chennai.

The new facility, spread over 22 acres, will have a capacity to produce 8 million compressor units a year, which will be expanded in the future. Compressors produced at the plant will be used in refrigerators that Samsung manufactures in India and will also be exported, it said in a media release.

On Tuesday, the company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for the new plant, expanding and strengthening the component ecosystem in the state.

The MoU signing ceremony held in Chennai was graced by MK Stalin, chief minister of Tamil Nadu along with other ministers, bureaucrats and Samsung India president Ken Kang.

In the release, Kang said this new compressor manufacturing facility will help Samsung cater to the growing demand for its innovative digital appliances across the country and also drive exports.

Set up in 2007, the manufacturing facility in Sriperumbudur is one of two factories that Samsung operates in India. Samsung’s flagship consumer electronics products including luxury QLED TVs, refrigerators, washing machines and ACs are manufactured at this plant. Some of these innovative digital appliances are exported to other countries. Samsung India's other plant is in Noida.