Kings Infra Ventures Limited’s shares were up by 4.99 per cent after the company reported that it is set to commence shrimp exports to the US market in October 2023. The company has signed a Memorandum of Understanding (MoU) to export Vannamei shrimp to the US in collaboration with JH & Company, representing Ocean World Ventures, a prominent US importer and distributor of Vannamei shrimp.
Under the MoU, both parties plan to start with 5-8 containers of IQF PD shrimp per month and scale it up to a minimum of 100 containers per year in the next fiscal year.
To meet export orders from US buyers, Kings Infra will enhance its processing capacity in Thoothukudi, Tamil Nadu. The company will produce goods in Retail IQF packaging, aligning with its initiative to develop a supply chain network in the US, the largest global market for shrimp exports. Kings Infra will also manufacture goods in Retail IQF packaging at its own processing plant or other approved factories with IQF facilities.
Upon receiving approval from the U.S. FDA, JH & Company principals will process payments via TT in accordance with the MoU.
The shares were up by 4.99 per cent to Rs 138.80 on 3 pm on the BSE.