Financial Daily from THE HINDU group of publications
Tuesday, Nov 11, 2003
Financial Daily from THE HINDU group of publications Tuesday, Nov 11, 2003 |
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Agri-Biz & Commodities
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Aquaculture Corporate - Alliances & Joint Ventures Castlerock in pact with Japan co for Surimi project Our Bureau
Mumbai , Nov. 10 COCHIN-BASED Castlerock Fisheries Ltd (CFL) recently entered into a joint venture agreement with Nichirei Corporation of Japan for setting up Surimi project in India. Mr Toshio Aok, General Manager (Marine Product Division), Nichirei Corporation and Mr Manu Mahtani of Castlerock Group of Companies signed the agreement. As per the agreement, Nichirei Corporation will buy all the produce from the plant and market it in Japan and all over the world. The total cost for the Surimi project including the imported machinery from Fukoku Kogyo Co Ltd Japan would be $2 million. Under this venture, CFL has planned to sell about 18,000 tonnes Surimi to Nichirei valued at $45 million for three years. The company has recently set up Rs 10 crore plant at Taloja, that was acknowledged by the European Union as the best Plant in India, in alliance with the Nichirei Corporation of Japan for three years with the help of the technical know-how provided by them. "Fishes will be converted to Surimi (Fish paste) which will be eventually used for making imitation crab meat" and "Kamaboko". These products are similar in taste and smell as the genuine products, which are far more expensive; they are also very high in nutrition and low in fat and are ideal health food as well as great in taste," Mr Lokesh Srivastava, General Manager (Marketing) of CFL said. This factory at Taloja will source its fish from fishermen along the Gujarat, Maharashtra and Goan coastline thus increasing their profits by buying waste fish that would normally be disposed or sold at very nominal prices, he said. The company is also in the process of setting up another joint venture production facility with a UK-based company for major value addition in the areas of "frozen ready meals" for global market such as the US, the UK, South Africa and Australia.
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