Qualcomm signs the biggest SEZ lease deal in Telangana
Qualcomm is setting up a mega facility spread over nearly 1.6 million sq ft at a SEZ in Hyderabad. This will be the largest SEZ leasing deal in Telangana. It will also be Qualcomm’s largest facility in India.
The Qualcomm facility, to be housed over 17 storeys at the Sustain Properties Pvt Ltd SEZ being developed by K Raheja Group at Raidurg, will entail an investment of Rs 3,904 crore and will create about 8,700 jobs over the next five years, the Visakhapatnam Special Economic Zone (VSEZ).
The mega SEZ facility is expected to generate IT services exports to the tune of Rs 28,658 crore over the next five years. The project has also received approval from the unit approval committee of VSEZ at a meeting held recently. All SEZs in Telangana fall under VSEZ.
A Rama Mohan Reddy, VSEZ Development Commissioner, said, Qualcomm will start with taking possession of four storeys at the SEZ in September and ramp it up with the facility expected to be fully operational by September 2022.
The company is intending on setting up its own campus at an investment of $400 million. The deal was initially announced by the Telangana IT & industry minister KT Rama Rao's office in October 2018 but the campus proposal was learnt to have been ditched as the land initially identified for the project turned out to be a disputed one.
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