VISAKHAPATNAM: Buoyant over its success after undergoing a lean phase for several years, the Visakhapatnam Special Economic Zone (VSEZ) is now cruising ahead to achieve a record of sorts.

``We want to aim big and make VSEZ at Duvvada our neighbour's envy,'' says the zone's Development Commissioner, P. Ramesh Kumar. The zone, after its conversion into a Special Economic Zone from an Export Processing Zone, now aims at increasing employment opportunities and its turnover manifold.

The zone had done well in 2004-05 by finishing with a turnover of Rs.583 crores -- an all-time high. The VSEZ is now gearing up to achieve a turnover in the range of Rs.1,500 to Rs.2,000 crores during 2005-06, and Rs.5,000 crores during 2006-07. The investment attracted by the zone during 2004-05 and 2005-06 is expected to be in the order of Rs.1,000 crores.

Upcoming industries

The success story of the zone is further reflected in the wide spectrum of industries coming up in the field of engineering, pharma, granite, iron and steel, alkaline batteries, food processing, gem and jewellery and handicrafts.

The officials are also on their toes receiving one delegation after another and showcasing them about the growth potential of VSEZ.

On the employment front, it is said that the zone will create direct and indirect jobs numbering around 15,000 by 2006-07.

SDF expansion

As part of expansion of Standard Design Factory-II, one block has been built at a cost of Rs.7.30 crores. All the space in this building has been allotted. Further expansion of SDF-II is undertaken with an investment of Rs.8.5 crores with a built-up area of 1.5 lakh sft.

With the zone finding space constraint with several units in the pipeline, the authorities are in the process of acquiring 200 acres.

The State Government is in the process of allotting land adjoining the zone.

After receiving several enquiries from big as well as small and medium IT players, the VSEZ authorities have decided to construct an exclusive software tower with two lakh sft. area for housing software units. Sources said several NRIs have also expressed their willingness to invest in software units.

Another exclusive block for pharma units is also on the cards. The block will supplement efforts to promote bulk drug units in the Pharma City coming up at Parawada. The VSEZ has the potential to attract formulation units. Dr. Reddy's, Cornileous, Pharma and Alkali Metals have already obtained letter of permit to start their units in the zone.

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