Visakhapatnam SEZ panel approves 2 new units

VISAKHAPATNAM: The second meeting of Visakhapatnam Special Economic Zone (VSEZ) unit approval committee on Monday approved two new units this fiscal. VSEZ development commissioner A Rama Mohana Reddy said one of them will be a mega unit of Qualcomm India (U-2), on an area of 1.57 million sq ft in 17 floors at Sustain Properties SEZ, which was recently notified as SEZ in Hyderabad. Qualcomm, a wireless technology giant with focus on 5G, R&D, auto R&D and artificial intelligence, will begin operations by September 2022. The SEZ was developed by Raheja Group. Qualcomm India will invest about `3,904 crore and it will provide employment to 8,700 persons in the next five years.

He said the permission for the second unit was given to Vector 97 Software and Services Pvt Ltd, which will be set up in DLF Infocity Hyderabad. The meeting was attended virtually by UAC members, including representatives of DGFT, revenue, excise, customs, drug controller, and Telangana IT , besides the units and developers, joint development commissioner, DDC and customs officials of Telangana under VSEZ.

Later, addressing mediapersons, Reddy said during the current financial year also, despite lockdown, VSEZ has achieved an export to the tune of `11,025 crore, which was 21 per cent higher than last year for the similar period. He appreciated all the units and developers for 31 per cent growth in merchandise and 15 per cent in services this year.