Thai Union Frozen Products (TUF) is seeking to expand in India by building a new shrimp-processing plant in the country, according to Rittirong Boonmechote, the president for the company's global shrimp business.
Requiring an investment of from US$10 million to $20 million, the new facility will be built in joint venture with Avanti Feeds, a company in which TUF holds a 25.1% stake.
The plant will have a yearly output of 15,000 tonnes, or almost half the 8,000 tonnes produced at an existing Avanti Feeds facility.
TUF also seeks to boost sales of its own brands of shrimp products to half of total trade from the current 30%. It aims to increase to 30% sales to new markets in three years' time to cut down its dependence on the US and European markets.
Meantime, Thailand's shrimp production may achieve a 20-25% rise following a record-low decline in 2014 due to devastations from the early mortality syndrome epidemic, Boomechote said. The increase translates to 250,000-275,000 tonnes yearly.
