Specttrum News (Narvijay Yadav): Fish Biotech Pvt. Ltd., a company aiming to set up a 500 MT state of the art plant driven by Recirculation Aquaculture System (RAS) technology from Norway for production of Barramundi, announced the visit of a team of high level officials from GIEK and Eksportkreditt Norway at the fish farm site today.

The Norwegian team of officials is visiting India to attend the Norway-Asia Business Summit 2015 being held at New Delhi from 16th to 18th April 2015. The aquaculture project is guided and supported by Innovation Norway,the trade section of the Royal Norwegian Consulate located at New Delhi.

On the occasion Mr. Jagjit Singh Kochar, Managing Director, Fish Biotech said, “This project is a result of intensive domestic and global research spanning over past 7 years. We have identified the huge untapped opportunities in the use of eco-friendly and sustainable technology for fish farming based on an inland RAS in closed containment. Our interaction with leading suppliers of RAS based fish farming technology and expertise and visits to world class facilities across the world helped finalize the agreement with AKVA Group during a visit to Norway accompanying the Hon’ble President of India Mr. Pranab Mukherjee in October 2014. We have an ambitious plan to set up a chain of at least 25 state of the art RAS system based Fish Farms in India within a decade.”

Tarundeep Singh Takkar, Director, Fish Biotech, also present at the event said, “The production capacity of the fish farm is 500MT per annum. The daily output of 1.4 Tons for the Delhi National Capital Region will be enough to feed only around 6000 people every day. There is scope to set up hundreds of such land based fish farms across the country based on the success of this first ever RAS based fish farm.”

The project is in final stages of financial closure with a proposed term loan of EUR 3.36 Million from Eksportkreditt Norway backed by a Guarantee from GIEK Norway (The Norwegian Export Credit Agency). Export Credit Norway is wholly owned by the Norwegian government and is engaged in extending loans to large and small companies in Norway and abroad for purchases of capital goods and services from Norwegian exporters.

The Norwegian Export Credit Guarantee Agency's (GIEK) guarantees provide competitive financing for foreign buyers of Norwegian export – and security for the Norwegian exporter. GIEK is mandated to issue guarantees on behalf of the Norwegian State in accordance with the Organisation for Economic Co-operation and Development (OECD) Export Credits Arrangement.

The 50% equity of the project is also funded in the form of foreign direct investment (FDI) by HYCO International Company Limited represented by Mr. Himanshu Patel, a UK based NRI, having experience of investing in similar project in Halifax, Nova Scotia Province in Canada.

The project has been accorded approvals for External Commercial Borrowing by the Reserve Bank of India. The company has also been granted permission for change of land use by the Directorate of Town and Country Planning Haryana for setting up of industrial unit (fish rearing, breeding and processing).

Fish Biotech Pvt. Ltd. is a wholly owned subsidiary of TJ Realty Scanners Pvt. Ltd. The company has been established for setting up first of its kind project having capacity of 500 MT per annum for farming Barramundi Fish in controlled conditions by using Recirculation Aquaculture System (RAS) based intensive Aquaculture technology with an investment of approximately Rs. 60 crores at Bhakharpur, Tehsil Ganaur, District Sonepat, Haryana.