The Hindu Business Line : Glitnir Bank to look at eyes Indian seafood sector

Glitnir Bank, a leading financial institution in Iceland, is keen to explore the possibility of investments in India particularly in the fisheries sector. "We are looking at India as a strategic location and talking to several players in the seafood industry as well as the MPEDA, as the country is emerging as a growing player in the international arena," Mr Kristjan Thorarinn Davidsson, Managing Director - Head of Global Seafood, Glitnir Bank, said. Speaking to reporters on the sidelines of a meeting, organised by the Seafood Exporters Association of India with the Glitnir Bank delegation, Mr Davidsson said that considering the fast growth of Indian seafood sector, the bank could supply the knowledge and expertise to the seafood industry through its global network in order to improve quality of production.

Services offered

The bank offers its customers a variety of services from term loans and working capital facilities to syndicated loans and leveraged finance. It also offers assistance in valuations, sales and related issues such as finding investors, collaborators or buyers. It had so far invested $2.5 billion in 20 countries worldwide, he added. However, Mr Davidsson stressed the need for consolidation of the industry in India to have more bargaining power and to improve the quality and supply systems. Consolidation, he said, is accelerating in a fast pace all over the world and it has to go a long way in India. The global seafood industry is at present $400 billion and India has to adapt new standards especially in branding and food security to make use of the situation, he added.

Hygienic products

The market for seafood is also rapidly changing and customers are now demanding more hygienic products. Given the situation, there is a place for a quality player, he said and added that the future of seafood consumption growth will be based on aqua culture. Most of the oceans in the world are over exploited and the growth has to come from aqua culture. Glitnir, one of the three major commercial banks in Iceland, offers universal banking and is a leading niche player in seafood, sustainable energy and offshore supply vessels. It has formed a team of specialised bankers, who focus on seafood industry. It is planning to invest $1 billion in the US geothermal energy projects over the next five years in an effort to grab a big slice of the nascent alternative energy sector.

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