Mitsui invests in Indian biomass supply chain manager Punjab Renewable Energy

Japanese trader Mitsui & Co Ltd (TYO:8031) on Wednesday said it has injected INR 300 million (USD 4m/EUR 3.4m) into Indian biomass supply chain management company Punjab Renewable Energy Systems Pvt Ltd (PRESPL).

Mumbai-based PRESPL is engaged in biomass aggregation and supply chain management and supplies fuel to biomass power plants, power producers and industries involved in captive power generation. It also provides operation and maintenance (O&M) to biomass-based facilities.

Mutsui’s investment is aligned with its goal for a more sustainable society and the expansion of its bioenergy business in India and globally. It will look to achieve synergies with its business portfolio, the Japanese firm said.

PRESPL hopes to expand its footprint and accelerate business growth in India and overseas with the funding received. “In partnership with Mitsui, we aim to make a meaningful contribution to tackling climate change through the better utilization of biomass agri-waste for bioenergy," said Monish Ahuja, chairman and managing director of PRESPL.

(INR 10 = USD 0.135/EUR 0.114)

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