VSEZ Visakhapatnam attracts 8,631 crore investments

Hyderabad: VSEZ Visakhapatnam said that it attracted Rs 8,631 crore investments during the current financial year.

"So far, we have issued approvals to 95 new units in the current financial year, which have brought in investments of Rs 8,631 crore. The units will achieve exports to the tune of Rs 59,111 crore and generate 69,077 jobs in the coming next five years," A Rama Mohan Reddy, Development Commissioner, VSEZ Visakhapatnam, said the last UAC meeting of the fiscal year held on Wednesday in Hyderabad Sub office. "Despite the fag end of the Financial year, the spirit for setting up of IT units or expansion of the existing units in Hyderabad SEZs has not come to an end" he explained in a statement. Rather the number of applications received and approved in VSEZ in the last 11 months for new units has increased, manifold, and set a new record in the past 30 years of history of VSEZ, he said.

He further said: "VSEZ has set a new record by itself in exports growth and secured 1st position in the country among all seven zones, by achieving the highest growth rate of 35.05 per cent compared to last year". "Despite global unfavorable market conditions in production sector, we have achieved 27.54 per cent growth in exports of merchandise sector in SEZs and our current consolidated export figures touched Rs 94,126 crore for merchandise and services in VSEZ till now," he said. On Wednesday, the Unit Approval Committee (UAC) accorded approval for one new IT unit and expansion of three existing units, which will bring in Rs 294 crore of new investments and generate 4,955 jobs.