The Unit Approval Committee (UAC) of the Visakhapatnam Special Economic Zone (VSEZ) has approved the expansion proposal of Deccan Fine Chemicals (India) Private Limited in Vizag. Located in Payakaraopet Mandal of the district, the company will reportedly scale up its operations in an additional area of 27,385 square metres.
According to VSEZ Development Commissioner, A Rama Mohan Reddy, the expansion project would require an investment of Rs 1770 crore in the next five years. He further said that this would generate an additional Rs 516 crore of foreign exchange earnings. As many as 900 individuals will receive employment (direct and indirect) through the upcoming project. Reportedly, the unit of Deccan Fine Chemicals Pvt’ Ltd. in Vizag will be equipped to produce 14 agrochemicals for export to the United States of America (USA) after expansion.
Shedding light on other proposals, Mr Reddy shared that the approval has been sanctioned to expand three more IT units. Birlasoft Limited in Ranga Reddy, Berkadia Services India Private Limited in Gachibowli, NSL Infosearch ITES Private Limited in Uppal have been permitted to expand their companies. Furthermore, Shootorder Technology and Trestha Global Business have submitted proposals to set up new units in Telangana.
Formerly known as VEPZ, Visakhapatnam Special Economic Zone (VSEZ) was established in the year 1989. Set up in sprawling 360 acres of prime land in Vizag, VSEZ claims to offer state-of-the-art infrastructure coupled with a liberal package of incentives, concessions, and support services to the industries. Earlier, the Visakhapatnam Special Economic Zone (VSEZ) Development Commissioner said that the exports made from the VSEZ were to the tune of Rs 85,449 crore (as of 31 January 2021), which resulted in a growth of about 11.34 percent. He added that the VSEZ provided employment to 3,93,312 persons and an investment of Rs 56,180 crore was made so far.
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