Visakhapatnam: Tsun Tat Toy Company to set up unit in VSEZ

Visakhapatnam: China-based, Tsun Tat Toy Company Limited, a USD 150 million group, a major manufacturer of plastic and electronic toys in China and Pals Plush India the largest plush toy manufacturer already having two manufacturing facilities in different SEZs in Andhra Pradesh has submitted a letter of intent to set up another toy manufacturing unit as a joint venture company in Visakhapatnam Special Economic Zone after prolonged negotiations and site inspections with A R M Reddy, Development Commissioner, VSEZ and other top-level VSEZ officials at its headquarters in Duvvada.

A Chinese delegation comprising 10 persons, visited VSEZ on Thursday and held detailed negotiations with VSEZ officials. Later, speaking to the media, S C Tong, managing director, Tsun Tat Toy Company Limited, said their delegation had visited several SEZs across the country and assessed the facilities available in all the SEZs and finally decided to set up a unit in VSEZ and rated VSEZ as the most investor-friendly with very proactive and cooperative.

Speaking to the media, A R M Reddy, Development Commissioner, VSEZ thanked S C Tong and Ajay Sinha for their intent to set up a unit in VSEZ. He said that the Chinese group is the major joint venture partner, and the group has proposed to invest USD 10 million to start with and provide employment to nearly 600 persons in the initial stage and scale up to 3,000 persons by 2021-22.

The toys manufactured in the VSEZ Unit will be exported to the top toy companies in the world to major destinations in Europe and North America.