Japan-based Mitsui & Co. is investing Rs. 30 crores in Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL), one of the leading biomass supply-chain management companies in India.
PRESPL is involved in the collection, storage and processing of agricultural residues and the production of biomass briquettes and pellets to meet the growing demand for biomass fuel from India’s rapidly expanding bio-energy industry. PRESPL also provides a range of operation & maintenance, and other technical services, to the industry.
One of the major causes of air pollution in India today is the practice of burning straw stubble and other agricultural residues left after crops have been harvested. To help address this problem, the Government of India has introduced policies to promote the effective utilization of agricultural residues as a primary and supplementary fuel stock for the bio-energy industry. These policies are expected to contribute to the continued expansion of the bio-energy industry in India, as part of a flourishing circular economy.
Mr. Masaharu Okubo, Country Chairperson of Mitsui & Co. India Pvt. Ltd. said, “We look forward to working together with PRESPL to grow its business by combining our respective areas of expertise and leveraging synergies with Mitsui’s diverse business portfolio. The growth of PRESPL will contribute significantly to reducing air pollution and carbon emissions in India by effectively using agricultural residues as a fuel-stock for the bio-energy industry and providing a more sustainable alternative to fossil fuels.”
“This investment is aligned with one of Mitsui’s important goals to create a more sustainable society, while furthering the expansion of our bio-energy business in India and around the world,” he added.
Lt. Col. Monish Ahuja (Retd), Chairman & Managing Director, PRESPL said, “On behalf of Team PRESPL and existing shareholders, I am delighted to welcome Mitsui as an investor and strategic partner. This investment from Mitsui will help PRESPL expand our footprint and accelerate the growth of the business as a market leader in India and overseas.”
Mitsui & Co. is a trading and investment company with a business portfolio that spans approximately 65 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.
In the last five years, the company has made several investments in India, including investing in Bharat Insecticide Limited with Nisso, manufacturing electric vehicle motors in the country, investing in OMC Power, an Indian renewable energy based mini grid operator, etc.