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Investment proposals worth Rs 466 cr received for setting up units at Seafood Park

 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 Rs 134 crore, the seafood park is being developed by Odisha Industrial Infrastructure Development Corporation (IDCO). Basis the committed investments so far, the seafood park will process 90860 MTPA of sea food and will generate 7,214 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 37,000 MTPA of sea food and provide 4060 employment opportunities.

“The State government has received very encouraging response in terms of investments for the Seafood Park from 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 Principal Secretary, Industries department Sanjeev Chopra.

Located at a distance of about 20 km 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 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% 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 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). 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.


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