ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Bay Liners

Bay Liners Bay Liners (BLL), promoted by V S Prasad Reddy, is setting up a 100 per cent EOU to undertake exports of tuna, tuna line fishes, sharks, etc The proposed capacity of catch is 800 tonnes per annum, lb finance it in part, the company is entering the capital market on September 16 with a public issue of 20,80,000 equity shares of Rs 10 each at par aggregating Rs 2.08 crore, out of which Rs 30 lakh worth of equity shares are earmarked for NRIs. The BLL, in association with Hoko Fishing Company of Japan, will be exploring the tuna fish in the Indian exclusive economic zone. Hoko, one of the five companies in Japan dealing in marine products, besides giving technological help, has ex- ecuted a 100 per cent buy-back agreement with the BLL for its products initially for five years, renewable in periods of five years at a time The BLL Has made arrangements for a highly sophisticated 42-metre ultra low temperature tuna longliner to be built by Niigata Engineer ing Company, Japan. The vessel is expected to be delivered by March 1993 and will have a sea endurance of 55 days of non-stop operation. The freezing system of the vessel will facilitate the freezing of fish at -60 degrees centigrade, which will enable BLL to supply the best quality of the Sashmi grade tuna. A seven-member expert team from Hoko will train the Indian crew and oversee the commercial operations in the first two years. The total cost of the project is Rs 12 35 crore. Shipping Credit and Investment Company of India has sanctioned a term loan of Rs 8.15 crore in foreign currency at an interest rate of 7.75 per cent per annum. Marine Products Exports Development Authority has come forward with an investment of Rs 27 Iakh. The promotc contribution is Rs 1.85 crore, SBICAP are the lead managers to the issue.

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