Three more new units to come up in VSEZ

Visakhapatnam: The Unit Approval Committee in VSEZ (Visakhapatnam Special Economic Zone) has given approval for setting up of three more new units with an investment of Rs 37 crore.

It projected the potential of employment at 2050 and exports at about Rs 475 crore over the next five years at VSEZ on Duvvada premises. The VSEZ spread over 360 acres. It is a historic Special Economic Zone and the first to be set up in Andhra Pradesh in 1989, according to A R M Reddy, Development Commissioner, VSEZ.

The Committee approved setting up of M/s Dande Renewal Energy Pvt Limited for "assembling of electrical two-wheelers and life Po4 batteries and will produce 2,400 electric scooters and 500 batteries to start with a year and will provide employment to 30 technocrats, over a period of five years.

In a meeting held in VSEZ headquarters at Duvvada, Visakhapatnam, Chaired by A R M Reddy, Zonal Development Commissioner, VSEZ. Another unit, approved include M/s Sriko Industries Pvt Ltd., for production of Lithium Iron Phosphate Batteries, Lithium cell Processing".

Yet another important unit approved by VSEZ includes M/s Pals Tsun Tat India Pvt Ltd., with FDI from M/s Tsun Tat Company Ltd., HK, engaged in manufacture of plastic toys and plush productsis expected to set up unit before March this financial year.

The company is expected to produce 5 lakh and 2 lakh units respectively of plastic and plush toys. The company is expected to invest a total of Rs 35.5 crore, which will be in capital goods.

Talking to media, A Rama Mohan Reddy, Development Commissioner, said that there are 53 operational SEZs under the jurisdiction of VSEZ with 470 units in working and that the exports from VSEZ during 3rd quarter of financial year 2019-20, have recorded an unprecedented increase of 37.62% at Rs. 70723 Cr against Rs 51392 Cr last year up to 27th December.

He also said that with this so far in VSEZ 73 new units have been approved in the last nine months with an investment of Rs 12620 crore, exports to the tune of Rs 1.58 lakh crore and projected employment generation to the tune of 51037 all in the next five years.