Kings Infra Ventures Limited is all set to begin its shrimp exports to the US in October 2023. Kings Infra has signed the Memorandum of Understanding to export Vannamei shrimps to the US market with JH & Company representing Ocean World Ventures, one of the leading companies in the US who are regular importers and distributors of Vannamei Shrimps for the US market. According to the MoU, both parties agreed to start business with about 5-8 containers of IQF PD shrimps per month and scale it up to the minimum level of 100 containers per annum in the next financial year.
As per the MOU, the company has agreed to augment its own processing capacity at Thoothukudi in Tamil Nadu to meet export orders from the US buyers. The shoring up of the capacity to produce goods in Retail IQF packing is keeping with its strategic initiative of developing the supply chain network in the US, the biggest global market for shrimp exports. Kings Infra will also produce goods in Retail IQF packing either at their own processing plant or other factories with IQF facilities, approved by JH & Company.
Kings Infra's production and shipments under the Kings RISHIFU brand jointly developed with RSF Shanghai for the China market is already in the pipeline. The company's seafood products are already well established in the EU and Middle East Markets.
The export to the US will help Kings Infra to improve its capacity utilisation from the present 30% to 60%. The value addition will also move up another 10 % and contribute substantially to the topline and bottom line growth of the company.
Kings Infra will source the raw material from their own farm and from selected farmers engaged and monitored exclusively for this purpose.
The MoU stipulates that to meet the stringent quality norms in the US market both parties have agreed on the standard operating procedures (SOPs) and Kings Infra will process only as per the mutually agreed SOP and JH & Company will provide the necessary technical support for the production.
Kings Infra will be responsible for ensuring traceability and quality parameters and all certifications required as per the quality standards for products in US markets. All production will be under strict quality supervision by trained and experienced quality assurance team and daily test reports and other data will be shared transparently and monitored closely by both parties to maintain the stringent requirements.
As per the MOU, the payments will be processed by the principals of JH & Company by TT immediately on passage of the cargos by US FDA.
Kings Infra Ventures Ltd is a multifaceted company focusing on integrated, sustainable aquaculture, traceable supply chain, seafood processing and exports.
Shares of Kings Infra Ventures Limited was last trading in BSE at Rs. 132.20 as compared to the previous close of Rs. 130.90. The total number of shares traded during the day was 50252 in over 237 trades.
The stock hit an intraday high of Rs. 134.95 and intraday low of 130.30. The net turnover during the day was Rs. 6652307.00.