The Karnataka Fisheries Development Corporation will develop the now defunct fish processing plant in Tadadi in Uttara Kannada, as a European Union standard fish processing and export plant, in the next 18 months.

Talking to presspersons here on Saturday, KFDC managing director V.K. Shetty said that once ready it would be the first government owned European Union standard fish processing plant in Uttara Kannada.

The KFDC office in Mangaluru has the facility to process fish meant for export.

Mr. Shetty said there are seven private fish processing and export plants in the region. The new facility in Tadadi would cost ₹ 13.34 crore, which would be shared by the Union and the State government.

Mr. Shetty’s said that the KFDC’s Mathsyadarshini fish restaurants in the State, except for the one in Thirthahalli in Shivamogga, were doing well.

The KFDC would call bids for private parties to operate Thirthahalli unit. Mr. Shetty said KFDC has signed a memorandum of understanding with a private firm to open a KFDC franchise unit in Kochi.

KFDC Chairman Rajendra Naik said with the corporation earning profit since 2007 its accumulated losses have now been wiped out.

Mr. Naik said the corporation for the first time has earned net profit of ₹ 2.26 crore.