State government has allotted Rs 10 crore for the revival of Karnataka Fisheries Development Corporation (KFDC) in the present financial year, said KFDC Chairman K Lakshminarayan.

Speaking after distributing free life-saving equipment to fishermen, under the joint aegis of KFDC and Hindustan Petroleum Corporation (HPC) at Mangalore Trawl Boat Fishermen Co-operative Society auditorium here on Wednesday, he said Rs 4 crore had been released for the Corporation’s development till last March.

By using that amount, the Corporation has stood up from its loss-making status. Out of Rs 10 crore reserved for the present year, Rs 5 crore is expected to be released by the end of this month, he noted.

Mr Lakshminarayan assured of striving for the strengthening of the Corporation by planning new projects like the required ice plant, diesel plant and such other facilities.

In his introductory address, KFDC Managing Director V K Shetty said the Corporation was in such a helpless condition that it could not provide even salary to its staff, but it was in a much better condition at present.

The KFDC’s employment potentiality should be increased by installing ice plant with advanced technology. There is also the challenge of equipping the Corporation for the ongoing competition by modernising the diesel bunks, he observed.

Trawl Boat Fishermen Primary Co-operative Society President B Seetharam Suvarna, Fisheries Department Deputy Director Suresh Kumar, HPC Senior Sales Officer Sundar Vadana, Indian Oil Company Manager Anjanappa, KFDC Manager Mohan Kodical were present.