Oceanaa Plans $44m Expansion

India-based Oceanaa Group is planning to invest INR2000m ($44.18m) to expand its product portfolio.

The company will introduce new products including fruit purees, concentrates and frozen marine eatables.

Oceanaa is in talks with private equity firms and banks to raise funds, according to Business Standard.

The group is also planning to enter into the marine frozen products business next year.

Oceanaa chairman and managing director Joseph Raj said almost 86 products would be added to the company’s portfolio of 14 products in January 2011.