Marine Sector Must Globalise
11 February 2008KARACHI - India's seafood exports business is facing myriad problems and it needs consolidation to emerge as a strong contender in the global competition.
According to Commodity Online, addressing the India International Seafood Show-2008 at Kochi, A J Tharakan, vice-chairman, Marine Products Export Development Authority, said: “We need to achieve global sizing like China, Thailand, Vietnam”.
Describing Indian seafood companies as “Mickey Mouse export operations”, Tharakan said: “There is still not one $100 million (Rs 400 crore) seafood company in India.” “This is the average size of profitable seafood companies in Asia,” he said.
Indian seafood businesses are all family owned. Therefore, consolidation can only be effected by a catalyst such as a merchant banker or major private equity player, he said.
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