VISAKHAPATNAM: China-based TST Toys, a US $150-million manufacturer of plastic and electronic toys, has signed a letter of intent with Visakhapatnam Special Economic Zone (VSEZ) to set up its unit in joint venture with Pals Plush, largest plush toy manufacturer in India.
The proposed unit will initially provide 600 jobs and the number will increase to 3,000 by 2021-22.
After verifying several SEZ options, the Chinese group narrowed down on VSEZ, considering it to be the most investment-friendly SEZ, an official release said.TST managing director SC Tong and Pals Plush president Ajay Sinha said the initial investment in capital goods and working capital is envisaged at $10 million.