The Unit Approval Committee of the Visakhapatnam Special Economic Zone has approved setting up of three additional units with an investment of ₹37 crore with a projected employment of 2,050 and exports to the tune of ₹475 crore over the next five years, with the zone located in Duvvada.
The committee, which met on Monday, approved the proposal of Dande Renewal Energy Pvt. Limited for establishing the assembling unit of electrical two wheelers and lithium iron phosphate (LiFePO4) batteries. The unit will produce 2,400 electric scooters and 500 batteries to start with in a year.
The meeting, chaired by VSEZ Development Commissioner A.R.M. Reddy, also approved Sriko Industries Pvt. Ltd. project to produce lithium iron phosphate batteries and lithium cell processing. The third unit approved is the investment by Pals Tsun Tat India Pvt. Ltd with FDI from Tsun Tat Company Ltd, Honk Kong, engaged in manufacturing of plastic toys and plush products.
It has proposed to set up the unit before March, 2020. The company is expected to produce five lakh and two lakh units respectively of plastic and plush toys. The company will invest around ₹35.5 crore in capital goods.
Mr. Reddy said there were 53 operational SEZs under the jurisdiction of VSEZ with 470 working units, and that the exports from VSEZ during the third quarter of FY 2019-20, had recorded an unprecedented increase of 37.62% at ₹70,723 crore against ₹51,392 crore last year up to December 27.
