Odisha receives investment proposals worth Rs 466 crore for setting up units at Seafood Park

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Odisha targets seafood exports worth Rs.20,000 crore per annum in the next five years

Bhubaneswar: Odisha has received proposals worth Rs466 crore for setting up of processing units at Seafood Park in Deras, for which land has already been allotted to 20 firms.With an investment of Rs134 crore,the seafood park is being developed by Odisha Industrial Infrastructure Development Corporation (IDCO). Basis the committed investmentsso far, the seafood park will process 90860 MTPA of sea food and will generate 7214 employment opportunities.

 

Among the major companies which have already committed investments for setting up units at the seafood park are Falcon Marine Exports Ltd, Magnum Seafoods Ltd, Utkal Exports and Vizag-based Coastal Corporation Ltd. Falcon Marine Exports will set up the largest sea food processing unit with a capacity of 37000 MTPA of sea food and provide 4060 employment opportunities.

“The state government has received very encouraging response in terms of investments for the Seafood Parkfrom companies across the country. Leveraging on the natural ecosystem, the project will increase employment in the state as well as create an ideal ecosystem for the seafood industry to flourish in Odisha. We are confident that the state-of-the-art facility at the Seafood Park and Odisha’s investor friendly policies will set new benchmarks for the sector” said
Mr. Sanjeev Chopra, Principal Secretary, Industries Department, Government of Odisha.

Located at a distance of about 20 kms from Bhubaneswar, the seafood park is well-connected to domestic, national and international markets. Spread over 152 acres of land, the project has been approved under the Mega Food park scheme of the Union ministry of food processing industries and will comprise of 41 processing units. The project will provide plug and play infrastructure and access to common facilities likedevices for cold storage, pre-processing and post-processing facilities, ice plant, packaging, polythene unit and a research and development facility.

 

According to the norms of the state government, a financial assistance of up to 20% of the project cost (excluding cost of the land) subject to limit of Rs15 crore will be provided to special purpose vehicle (SPV) which will promote sea foodpark. The subsidy can also be provided in the form of equity participation through IDCO or Odisha Small Industries Corporation Ltd (OSIC).

Odisha’s coastline of 480 km is rich in seafood resourcesand the state government is keen to utilize the full potential of the sector. According to the Fishery Survey in India, the fisheries potential of Odisha is 513,667 million tonnes per annum (MTPA). Additionally, Odisha’s proximity to South-East Asian markets and increasing demand in Japan and Europe will further aid the development of sea food sector in the state. With the increasing global demand for seafood, India has already become the 11th largest exporter of seafood in the world. Meanwhile, Odisha government has set up a target of reaching Rs.20,000 crore seafood exports annually in the next five years from the present level of Rs.2,500 crore.

India exported 11,34,948 MT of seafood worth an all-time high of US$ 5.78 billion in 2016-17 as against 9,45,892 MT and 4.69 billion dollars a year earlier, with USA and South East Asia continuing to be the major importers. During the same period, total exports of marine products from Odisha stood at 47204.97 MT and was valued at 2508.31 crores.

The major markets for seafood from Odisha include South East Asia (39%) followed by USA (28%), EU (11%) and Japan (9%) in terms of quantity. In terms of value, USA (35%) stands ahead of South East Asia (30%) followed by EU (11%), Japan (10%), Middle East (3%), etc.Some of the major marine products exported from Odisha to countries like Japan, China, the US, UK, UAE, Indonesia and Hong Kong include frozen shrimps, frozen pompret, ribbon fish etc.

Pioneering in single window clearance procedures, Odisha’s Single Window Clearance Authority is also committed to review and dispose all investment proposal in a period of 30 days.

 

LIST OF COMPANIES WITH COMMITTED INVESTMENTS IN SEAFOOD PARK, DERAS
Sr. no Company Production Capacity (MTPA) Investment
(in crore)
Employment to be generated
1 Falcon Marine 37000 77.98 4060
2 B-One 3900 20.40 155
3 Magnum seafoods 4300 38 140
4 Coastal Corporation 4000 51 300
5 Sabri Foods 5000 26.95 350
6 Shimpoo Exports 2000 15 150
7 Sreeragam Exports 7000 32.98 450
8 Odisha Aqua Traders 2400 16 85
9 Abba Kaba 2000 15.5 150
10 Alshore Marine 2400 16 85
11 Debjyoti Overseas 2000 15 150
12 S K Exports 4000 28 274
13 Seagold Overseas 2400 16 85
14 BB Estates 360 10.4 75
15 Bhimraj Exports 2400 16 85
16 Sreyans Marine 2000 15.5 150
17 Sun Agri Fisheries 2000 14.7 150
18 Delicacies International 1500 16 85
19 LSM Trading 600 9 85
20 Utkal Exports 3600 1550 150

 

 

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