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Alsa Marine & Harvests Ltd.

BSE: 523447 Sector: Others
NSE: ALSAMARINE ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Alsa Marine & Harvests Ltd. (ALSAMARINE) - Company History

Alsa Marine & Harvests has been engaged in processing and export of marine products since Apr.'90 from leased units in Calcutta, Madras and Cochin; and owned units at Visakhapatnam and Nellore. It was established to take over the businesses of three partnership firms -- Asia International, Alsa Marine & Harvests and Alsa Fisheries -- all operational since the late 1980s. AHML produces a variety of conventional and value-added products -- shrimps, cuttlefish, squids, lobsters and other varieties of fish besides cooked and IQF products -- catering to an impressive range of clients including Mitsui and Nokazi, both in Japan; Extral, Pescafina, Morubel and Intercont, all in Europe; Waldco and Meridien, both in the US; and Intraco, Singapore. In 1993, it came out with a rights issue for its modernisation - cum - expansion and diversification programmes. The projects envisaged setting up a new processing plant for speciality products, promoting a subsidiary in Belgium to market the Alsa brand products, and setting up a cold-storage unit. Part of the funds mobilised were used to meet the cost esclations of an earlier programme of expanding and modernising existing units and setting up a modern processing facility. The company had earlier garnered resources from the public in Sep.'91 for this project. Alsa Marine has set up a processing plant at Dubai through a joint venture, Alsa Target LLC which, after a delay of five months, commenced operations in the later half of 1994. During 1998-99, the Calcutta plant was modernised and certificate for exports to EEC was also obtained. Due to the huge loss which has eroded the net worth of the company during the year 1999-2000, hence the company has made a reference to the BIFR. The reference made to BIFR had appointed ICICI as the operating agency and directed to conduct a Techno Economic Viability study with the help of an external consultant to study the company's viability.

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