VSEZ posts turnover of Rs 2.24L cr in FY24

Visakhapatnam Special Economic Zone (VSEZ) has achieved exports to the tune of Rs 2,24,631 crore during 2023-24 recording an increase of 24 per cent over the previous year.

Of this, exports of services accounted for Rs 1,54,707 crore and merchandise exports stood at Rs 69,924 crore. Exports of services grew by 18 per cent while merchandise exports increased by 43 per cent over the previous year. During the year, 31 new SEZ unit proposals including nine in Andhra Pradesh and 22 in Telangana were approved, according to Srinivas Muppaala, IRSME, Zonal Development Commissioner, VSEZ.

VSEZ has attracted investment of Rs 1,10,094 crore and generated employment of 6,10,186 people as on December 31, 2023. The Zonal Commissioner said that during the fourth quarter four new SEZ unit proposals were granted approval in Telangana and one new SEZ unit proposal was granted in Andhra Pradesh. The newly approved SEZ units will make an investment of Rs 686.50 crore and provide employment to 9,587 people.

PSKS Golden Gem House Private Limited has proposed investment for processing of diamond cutting and polishing and manufacture of gold ornaments (plain/studded) at VSEZ, Duvvada.

Four new SEZ units approved in Telangana include Evertop Textile & Apparel Complex Private Limited, GlobalLogic India Private Limited, Tailored Management India Pvt Limited and Forsys Software India Pvt. Limited. All are in the IT/ITES domain.