In a bid to exploit tuna resource of the Bay of Bengal in a big way, the Andhra Pradesh government has entered into an agreement with the US-based World Tuna Development International (WTDI) here on Wednesday.
Speaking to media after signing the agreement in the presence of the AP chief minister Rajasekhara Reddy, state’s fisheries minister M Budha Prasad said that the state government would invest about Rs 8 crore towards 51% of the equity in the proposed joint venture company named as Andhra Pradesh Marine Fisheries Development Ltd (APMFD), while WTDI would invest Rs 7.69 crore towards 49%. The remaining Rs 44.31 crore will be augmented as term loans from banks, in the Rs 60-crore project. Prasad said that the company planned to acquire 12 tuna fishing vessels and other equipment. The project is slated to be fully operational within 15 months after obtaining the Union government’s clearance.
Officials say that tuna fishing has not been done properly in Bay of Bengal off the Visakhapatnam coast and Indian Ocean. The potential of marine fisheries is estimated at around 4 lakh tonne per annum, while India is exploiting just 2.64 lakh tonne annually. This apart, there is untapped offshore beyond 50 meters depth, which is the main objective of taking up the joint venture. It is also proposed to exploit catching of Yellow fin and Big eye tuna, the officials pointed out.