Visakhapatnam: New diamond polishing unit to provide exports worth Rs 45 crore

Visakhapatnam: Despite severe pandemic spread across the State, the spirit for setting up of new units under VSEZ was intact, pointed out Development Commissioner A Rama Mohan Reddy.

He was speaking to the media here after convening a UAC meeting on WebEx platform on Tuesday. According to guidelines of MoH, the VSEZ has been convening UAC meetings regularly on virtual platform from the headquarters at Duvvada near Visakhapatnam for the States of Andhra Pradesh and Telangana.

"We have given approval for one new unit, besides inclusion of additional products under broad banding for the existing units, for their activities particularly in pharma sectors and kept their activities going on, even during lockdown," Reddy said.

The virtual conference was attended by Ramesh, Jt DGFT, Kiran Babu, JDC, representatives of Industries department, Finance Department, customs officials, Drugs department of Andhra Pradesh and representatives of different units.

While detailing the proposed activities of the new unit, the DC said that the new unit to be set up in the SEZ, Constell Manufacturing Pvt Ltd, will have the annual capacity of 1,20,000 carats and will do laser cutting, cutting and polishing of synthetic or lab grown diamonds and will invest an amount of Rs 648 lakh and will provide employment to 178 personnel, and also achieve exports to the tune of Rs 4,278 lakh over a period of five years. The VSEZ at Visakhapatnam has jurisdiction over 3 States of AP, Telangana and Chhattisgarh.