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Visakhapatnam Special Economic Zone gives nod for 3 more units in Telangana State
Visakhapatnam Special Economic Zone (VSEZ) has cleared three new IT, ITeS warehousing units in Telangana. The unit approval committee (UAC) of VSEZ, which met in Hyderabad recently, accorded permission for the units to be set up with Rs 104 crore and they are expected to generate exports of Rs 1,597 crore apart from creating 1,905 jobs.
Hyderabad: Visakhapatnam Special Economic Zone (VSEZ) has cleared three new IT, ITeS warehousing units in Telangana. The unit approval committee (UAC) of VSEZ, which met in Hyderabad recently, accorded permission for the units to be set up with Rs 104 crore and they are expected to generate exports of Rs 1,597 crore apart from creating 1,905 jobs.
The IT units which are expected to come up in SEZs of Telangana after this approval are Tanla Digital Labs Pvt Ltd, Open Text Technologies India Pvt Ltd., and in warehousing/ trading is Spicejet Limited all located in Ranga Reddy district of Telangana State located near Hyderabad. The SEZ developers for these units are Sundew Properties Hyderabad, Phoenix Infocity Pvt Ltd., and GMR Hyderabad Aviation Special Economic Zone Ltd., at Shamshabad.
Sh Reddy, Development Commissioner, VSEZ, Visakhapatnam, said that the UAC has given approval for the proposals keeping in view the projections of the units in a committee comprising of GST, IT, Excise, TSIIC, other state Govt officials besides other officials of VSEZ. Telangana State has the distinction of having a hub of 31 SEZs with 330 units, generating employment of 3.13 lakh with exports to the tune of Rs 51,058 crore and investment of Rs 32,143 crore as on December 31, 2019. Out of the 31 SEZs, 23 are IT related and only eight are non IT related. He also stated that the exports from SEZs during the current FY20 up to January 20, have recorded a growth of 37.18 per cent at Rs 78,689 crore against last year's Rs 57,363 crore.
Out of this, IT & services sector alone achieved an export of Rs 56,101 cr which comes to almost 71 per cent of the total exports from VSEZ, rest 29 per cent only is achieved by manufacturing sectors. Also, VSEZ has achieved the highest export growth compared to all others seven zones in the country, said Reddy.
