US importer The Fishin' Company is reportedly investing INR 10 billion (€119.7 million/$131.7 million) in the southern Indian state of Telangana to build a 85,000-metric-ton tilapia farm.
The company will be establishing the project near Mid Manair reservoir in the Rajanna Sircilla district, according to Indian media sources and a Twitter post from the Telangana IT, Industries and Municipal Administration.
The announcement was reportedly made by company Chairman and CEO Manish Kumar after his meeting with Telangana Industries Minister KT Rama Rao at San Jose on Thursday.
The company's investment will fund a fully integrated freshwater tilapia farm, including hatcheries, feed manufacturing, processing and exports.
It will produce 85,000 metric tons of tilapia per year and employ over 5,000 people, according to the ministry.
Kumar claimed the project "will be the largest freshwater aquaculture project in the world."
The Fishin' Company, one of the largest suppliers of frozen fish to Walmart and other major US retailers, lost three of its top executives in the second half of last year, while at the same time undergoing a massive, unexplained hiring spree.
The company, whose headquarters are listed at what appears to be a single-family home in Pennsylvania, has a significant number of its staff based in Arkansas, which is no coincidence: the state is home to retail giant Walmart, which makes up a significant portion of the group's business.
The firm has supplied a huge range of wild and farmed products to Walmart over the years, including pangasius, wild salmon, shrimp and Pacific cod, most of which are processed in China. Its main species, however, is tilapia.
According to its website, the company is the largest importer of the product in the United States.
