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Odisha receives Rs 466 crore of investment proposals

Tue, 29th Aug 2017 (Source:The Indian Express)

Odisha has received proposals worth Rs 466 crore for the setting up of processing units at Seafood Park at Deras near the state capital here. The state government has already allotted required land to 20 interested firms, official sources said adding that the state run Odisha Industrial Infrastructure Development Corporation is developing the seafood park at an expense of Rs 134 crore.

On the basis committed investments, the seafood park will process 90860 MTPA of sea food and will generate 7214 employment opportunities, they said. “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.

Among the major companies which have already committed investments 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 37,000 MTPA of sea food and provide 4060 employment opportunities. Located at a distance of about 20 kms from the state capital of 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, Chopra said. The project 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 and 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 Rs 15 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 resources and 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). 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, Chopra said.

With the increasing global demand for seafood, India has already become the 11th largest exporter of seafood in the world. The 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.

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