The Hindu Business Line : Falcon Marine Exports poised for growth

DESPITE setbacks like the tsunami, eroding value of the dollar, anti-dumping duties, and plunging value of shrimp in the US markets, Falcon Marine Exports is poised to register growth in turnover and profits this year. The company is a leading shrimp exporter to the US and Europe.

"Our export turnover is poised to grow from Rs 165 crore last year to Rs 200 crore this fiscal," said Mr P.R. Patnaik, Managing Director.

He was here to receive the MPEDA award in the best frozen-shrimp exporter category.

Despite the formidable odds, the company has been able to script a success story in the US thanks to its strong market network as well as entry into the value-added segments.

Falcon Marine sells its products to the GMRI group of hotels and restaurants, which operates a network of 1,400 outlets in the US.

The company has also entered into value-added segments through IQF and cooked shrimp. The company has set up a new factory at Bhubaneswar, which Mr Patnaik said could be ranked among the best in Asia.

Overcoming one major handicap in logistics, the company has recently acquired a factory at Kolkata. The fate of Indian shrimp exports to the US will depend on the final verdict on the anti-dumping case.

If the US Government decides to do away, reduce, or at the very least retain the anti-dumping duty at current levels, some of the Indian exporters will be able to survive. If there is any upward revision in duties, then even the current exporters to the US market could be wiped out, Mr Patnaik said.