VSEZ approves 12 units with Rs 19.56 B investment

29 Aug 2023 CW Team

Twelve new proposals have gained approval to establish units within the Visakhapatnam Special Economic Zone (VSEZ), with three in Andhra Pradesh and nine in Telangana. The approved projects, primarily software companies targeting clients in Canada and the US, are set to invest ₹19.56 billion and create jobs for 2,943 individuals.

The Andhra Pradesh units consist of M/s. Advait Biofuels Private Limited for biodiesel manufacturing, M/s. Biocon Limited and M/s. Granules CZRO Private Limited for pharmaceutical production. All three units will be located in Visakhapatnam district.

In Telangana, the nine units include companies like M/s. Purview India Consulting and Services LLP, M/s. Sigmasoft Infotech Pvt. Ltd, and M/s. Cadeploy Engineering Pvt. Ltd. These companies will contribute to the region's growth, situated in the Ranga Reddy district.

The combined investments of these nine units under VSEZ's Hyderabad sub-office are expected to reach approximately ₹19.36 billion, generating employment for around 2,736 individuals.

A VSEZ official at the Hyderabad office explained that all the approved firms focus on information technology and IT-enabled services, encompassing areas like Strategy Services, Managed IT Services, IT Design and Development Services, and more.

Srinivas Muppaala, VSEZ Zonal Development Commissioner, stated that the green-lighting of these 12 units in the first quarter of the fiscal year is a positive indicator. He expressed hope that they would commence operations within the stipulated six months.

Established in 1989, VSEZ occupies 360 acres, headquartered in Duvvada, Visakhapatnam. The zone serves export-oriented units not only in Andhra Pradesh and Telangana but also in Chhattisgarh and Yanam.

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