VSEZ Achieves Rs 1.62 Lakh Cr Exports in 9 Months

 Visakhapatnam: The Visakhapatnam Special Economic Zone (VSEZ) has achieved exports to the tune of Rs 1,62,211 crores between April and December 2023, an increase of 24 per cent from the previous year.

In a press note, VSEZ Zonal Development Commissioner Srinivas Muppaala revealed the services exports amounted to Rs 1,17,300 crores, reflecting a 23 per cent growth, while merchandise exports rose to Rs 44,911 crores, showing a significant 27 per cent increase.

VSEZ attracted investments totaling Rs 1,04,961 crores, generating employment for 6,61,579 people as of June 30, 2023. In the third quarter update, Srinivas Muppaala announced the approval of one new Special Economic Zone (SEZ) proposal and four new SEZ unit proposals in Telangana and Andhra Pradesh, with expected investments of Rs 980 crores and employment opportunities for 10,240 people. The newly approved SEZ units are projected to invest Rs 67.81 crores, creating jobs for 732 people.

Specifically, in Andhra Pradesh, the approval was granted for a new SEZ unit proposal to M/s. Tanmayee Logistics in Kakinada SEZ Limited. This unit will focus on rendering warehousing and auxiliary services.

In Telangana, one new SEZ, M/s Evertop Textile and Apparel Complex Pvt. Limited, specialising in textile/apparel-related units, and three new SEZ unit proposals received approval. These include M/s FMC Technologies India Pvt. Ltd (u-2), M/s Medtronic Engineering and Innovation Centre Pvt. Ltd (u-3), and M/s Maksim Infotech Pvt. Ltd., all of which will be established for rendering IT/IT Enabled Services.