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Odisha Chief Minister Naveen Patnaik at the Seafood Park. (Photo: Incredible Orissa)

Odisha receives USD 73 million investment proposal for seafood park

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Wednesday, August 30, 2017, 23:20 (GMT + 9)

Odisha Government has received proposals for a total of INR 4,660 million (USD 72.8 million) from firms interested in investing in processing plants in an innovative Seafood Park and has already allotted land to 20 companies.

The Industrial Infrastructure Development Corporation of Odisha (IDCO) will be in charge of developing the Seafood Park, whose development is estimated at INR 1,340 million (USD 20.9 million). This park is expected to process 90,860 million tonnes per annun of seafood and generate 7,214 employment opportunities, The Indian Express reported.

“The state government has received very encouraging response in terms of investments for the Seafood Park from companies across the country. 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 industries secretary Sanjeev Chopra.

Some of the major companies which have already committed investments are Falcon Marine Exports Ltd, Magnum Seafoods Ltd, Utkal Exports and Vizag-based Coastal Corporation Ltd.

The 152 acre seafood park is well-connected to domestic, national and international market and has been approved under the Mega Food park scheme of the Union ministry of food processing industries.

Chopra explained that the project will include 41 processing units and will provide plug and play infrastructure and access to common facilities like devices for cold storage, pre-processing and post-processing facilities, ice plant, packaging, polythene unit as well as a research and development facility.

According to the norms of the state government, a financial assistance of up to 20 per cent of the project cost (excluding cost of the land) subject to limit of INR 150 million (USD 2.3 million) will be provided to special purpose vehicle (SPV) which will promote the seafood park.

The subsidy can also be provided in the form of equity participation through IDCO or Odisha Small Industries Corporation Ltd (OSIC).

According to the Fishery Survey in India, the fisheries potential of Odisha is 513,667 million tonnes per annum. 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..

Odisha government has set up a target of reaching INR 200 billion (USD 3,123 million) seafood exports annually in the next five years from the present level of INR 25 billion (USD 390.5 million).

 
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