Sri City new investment destination for cos
It is home to over 187 companies from 27 different nations which include multinational giants
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Visakhapatnam SRI City founded in 2008 in the backward areas of Chittoor and Nellore districts of Andhra Pradesh has turned into one of the coveted business destinations in the country with total investment close to $4 billion and total exports exceeding $500 million till date. It is located 55 km north of Chennai.
The integrated business city has seamless connectivity by road, air and sea ports and spread over 7,500 acres including a multiproduct SEZ, a Domestic Tariff Zone (DTZ), a Free Trade & Warehousing Zone (FTWZ) and an Electronics Manufacturing Cluster.
Visakhapatnam Special Economic Zone (VSEZ) Development Commisssioner A Rama Mohan Reddy, under whose jurisdiction the SEZs of Andhra Pradesh, Telangana and Chattisgarh come, said Sri City SEZ is part of Sri City Integrated Business City spread over 7,500 acres. He said it was recently acknowledged as one of the top 10 business destinations in India.
It is home to over 187 companies from 27 different nations which include multinational giants like Kellogg's, Isuzu, Mondelez, Pepsi, Toray, Daikin, Kimberly Clarke, Alstom, Kobelco, Foxconn and Danieli etc, Sri City SEZ is located at about 55 km north of Chennai on NH-16, with access to seaports Chennai, Ennore, Kattupalli, Krishnapatnam and two international airports viz., Chennai and Tirupati within 100 kms radius. He told Bizz Buzz that Sri City SEZ achieved cumulative export of goods and services of Rs 14,085 crore till 2021. The merchandise and service export for the year 2020-21 is Rs 5,211 crore as against Rs. 4,101 crore for 2019-20 with a growth rate of 27 percent. The customs revenue collection for the year 2020-21 was Rs. 12,214 crore as against
Rs 4,590 crore with a growth rate of 267 percent. The total economic activity generated in Sri City SEZ i.e. DTA sale, exports including deemed exports and zone to zone for 2020-21 is Rs.1,02,666 crore as against Rs 38,033 crore 2019-20 with growth of 270 percentage.
He said Sri City will be further benefited from Government of India's proposed Chennai-Vizag and Chennai-Bengaluru Industrial Corridor which constitute high-speed rail and road networks, cargo handling facilities, townships etc in the region.
All the communication facilities from ISDN, data transfer, voice mailing to video conferencing is available at Sri City via leading telecom providers like Airtel, Reliance, Jio, Vodafone, RailTel and BSNL, Tata and Reliance offer fiber optic internet service.
