After spending over five years at Samsung India, Ranjivjit Singh, Chief Marketing Officer and Senior Vice President, Mobile Business at the company has decided to move on, reliable industry sources told IANS on Tuesday.

Singh who launched Samsung 'Galaxy Fold' smartphone-cum-tablet with 12GB RAM and 512GB internal storage in India in October for Rs 1,64,999, is likely to start something on his own, sources added.

Earlier, reacting to a media report that the company has laid off 150 people in India, Samsung India said in a statement that it "continuously realigns resources as per business priorities to make our business more robust and efficient for long term success".

"Samsung is committed to India and continues to invest significantly across its businesses. In the past one year, we have generated 2,000 new jobs at Samsung. Samsung India's business continues to grow and expand, hence we will hire more talent across businesses through the year," said the company.

As regards to business, "with new products across categories, we have been able to consolidate our market share further, and we are confident of another record year".

For the financial year 2019, Samsung India generated overall revenue of Rs 73,000 crore, of which the mobile business revenue hit an all-time high of Rs 43,000 crore.

In an earlier interaction with IANS, Ranjivjit Singh who joined Samsung India in 2014 said: "Overall, the premium segment is estimated to be between Rs 15,000-Rs 20,000 crore in India. In this segment, the industry is growing at 9-10 per cent while we are growing in excess of 20 per cent in the country".

"Not just Galaxy series, our A80 device that comes for Rs 47,990 has also created a disruption in the over Rs 30,000 premium segment in India. We have got tremendous response for the device that has the world's first 48MP rotating triple camera," Singh informed.