Visakhapatnam: New IT SEZ gets nod from Board of Approvals

Visakhapatnam: Board of Approvals, the highest body with regard to approvals of SEZs in the country, in its recent meeting held in New Delhi through WebEx, approved the setting up of a new IT/ITES SEZ namely M/s Sustain Properties Pvt. Ltd at Raidurg village, Serilingampally mandal, Ranga Reddy district, Telangana in an area of 1.466 hectares.

This approval was accorded by the Board on the recommendations of Development Commissioner, VSEZ after the visit of the site in Hyderabad on December 18, 2020. Representatives of the SEZ, Customs officials and DDC Hyderabad were also present at the time of inspection.

Speaking to the media, A Rama Mohan Reddy, Development Commissioner, VSEZ, revealed that, as per the proposal submitted by the developer, the investment proposed in the project is Rs 825.53 crore. The developer will finance its investment as an equity capital and as term loan. The proposed SEZ, once set up will generate employment opportunities to 17,500 people (direct as well as indirect).

As per the amended provisions of SEZ rules, in terms of Rule 5(2) (b) of SEZ Rules 2006 issued vide notification dated 17.12.2019, a Special Economic Zone in IT/ITES sector has to be set up in a minimum built up area of 50,000 sq. metres and the proposed built-up Area of the SEZ now, is 2,13,125 sq mtrs.

As per the proposals approved by the Board, the developer of the SEZ M/s. K Raheja Corp Pvt Ltd proposes to invest Rs 825.53 crore over a period of next 5 years and the net worth of the Developer is Rs 1286.07 crore as on March 31, 2019.