Odisha’s food processing sector has got a major lift with a Japanese investment. ISE Foods Inc, Japan’s leading egg producer, is in talks with state government officials to invest $275 million (approximately Rs 17 billion) on a slew of projects.
With an annual turnover of Rs 30 billion, the Tokyo-based firm is keen to develop a complete, integrated ecosystem for egg production, including a poultry farm, post-harvest management, feed mill factory and facility for training & skill development. All the projects need about 100 acres of land.
To woo Japanese investors, the state government was planning to develop an exclusive cluster for them.
The government here has identified 600 acres of land on Bhubaneswar’s periphery. The land is proposed to be developed as a multi-product park where companies from Japan can set up their units.
ISE Foods Inc had already signed a pact with the Union government prior to evincing its interest in Odisha. The company aims to work on supply chain integration including areas such as backward linkages with farmers, cold storage, solar and biomass-based renewable energy.
A delegation led by the company’s founder is slated to meet the heads of relevant departments in Odisha on April 30.
ISE Foods carries out all processes from raising breeders, hatching eggs, raising pullets and layer hens to egg collection, packing and delivery.
The Odisha Industrial Development Plan envisages that by 2025, the state will have Rs 198 billion investment in food processing, generating about 800,000 indirect and direct jobs.
Some of the major domestic brands are already operating at the Khurda Food Park on the city’s outskirts and availing the sops declared by the state government.
For providing renewed impetus to the sector, the state government had rolled out the Odisha Food Processing Policy, 2016.
The Policy aims to increase the flow of investments in the sector across the value chain from farm to market, increase shelf life and reduce wastage of farm produce. It provides fiscal and non-fiscal incentives, infrastructure development, skill development and a cluster approach for development of the sector.