December 15, 2010

India's Oceanaa to expand portfolio

Chennai-based Oceanaa Group would soon add 86 value added products to its existing portfolio with a total investment of INR200 crore (US$44.6 million).

The company is also planning to enter into marine frozen products business with pan India operations in the year 2011 and expects to double its revenues in the next fiscal.

The company, which is into shrimp hatcheries, farming and marine food, fruits and vegetables processing businesses, is in talks with private equity firms and banks for raising funds, said Joseph Raj, Chairman and Managing director, Oceanaa Group.

"Almost 86 products would be added to the existing 14 products in our portfolio within January 2011. With this, we plan to enter into the marine frozen products segment and our plans are to set up distribution networks in New Delhi, Mumbai, Bangalore and Hyderabad by the end of 2011," he said.

Oceanaa has recently signed a memorandum of understanding (MoU) with the Indian Overseas Bank (IOB) to carry out shrimp culture under contract farming with eligible farmers.

According to the agreement, the company would provide seeds, feed and technical services to farmers with a minimum of one hectare with licence from Costal Aquaculture Authority while IOB would extend loans for farmers. Oceanaa will buy back the shrimps at the market price at the time of harvest.