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VSNL Global mulls software, design unit in Pune SEZ
Section Investment Pune Posted on Sun Jan 14, 2007 at 08:35:26 AM EST
Tata-controlled VSNL Global Services Ltd (VGSL) is planning to set up a unit in an SEZ in Pune for software development, engineering design, back office support and business development services. The SEEPZ SEZ has given the go-ahead to VGSL which will be investing over Rs 120 crore in the new unit.
VGSL, a wholly-owned subsidiary of VSNL, has estimated that it will need to import capital goods worth close to Rs 14 crore for the proposed project. An export turnover of Rs 80 crore has been projected along with positive net foreign exchange earning of about Rs 45 crore.
"A proposal was received from VSNL global services limited for setting up a unit in EON Kharadi Infrastructure Private Ltd, a special economic zone in Pune. The company plans to export software development, engineering design and business development services for the purpose.
All terms and conditions of the SEZ Act have to be met," a government source said. According to SEZ rules, all units operating in an SEZ have to achieve positive net foreign exchange earning from the date of commencement of production.
Further, all goods manufactured in the unit for a period of five years have to be exported. The letter of approval from the government is valid for a period of one year from the date of issue and for a period of five years from the date of commencement of production. Goods and services can be supplied to the domestic tariff area as per the terms and conditions of the SEZ Act.
Related Links
. . http://eco nomictimes.indiatimes.com/News/News_By_Industry/Telecom/VSNL_Global_mulls_software_design_ unit_in_Pune_SEZ/articleshow/1143850.cms . Also by rajesh
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