Mitsui to invest Rs 30 cr in biomass supply-chain firm in India

Japan’s Mitsui and Co Ltd will invest Rs 30 crore in one of India's leading biomass supply-chain management companies, Punjab Renewable Energy Systems Pvt Ltd (PRESPL). PRESPL is involved in the collection, storage and processing of agricultural residues. It produces biomass pellets and briquettes to meet the increasing demand for biomass fuel from India's rapidly expanding bio-energy industry. It also supplies a variety of maintenance and operation and other technical services to the industry. Country Chairperson of Mitsui & Co India Pvt Ltd, Masaharu Okubo, told the media that they look forward to working together with PRESPL to grow their business by consolidating their respective areas of expertise and leveraging synergies with Mitsui's diverse business portfolio. He also said that this investment is adjoined with one of Mitsui's essential objectives to create a sustainable society while growing their bio-energy business in India and around the world. Chairman & Managing Director of PRESPL, Monish Ahuja, told the media that this investment from Mitsui would help PRESPL expand their footprint and boost the development of the business as a market leader in India and overseas. He also said that in partnership with Mitsui, they aim to make a meaningful contribution to tackling climate change through the better utilisation of biomass agri-waste for bioenergy. Mitsui has a diversified business portfolio that spans around 65 countries in Europe, Central and South America, Oceania, Africa, Asia, North and The Middle East, and is a Global trading and investment company. Image Source Also read: Biomass Briquettes: Goa’s project to turn agri waste into green fuel