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Mitsui invests in Indian biomass supply-chain management firm

Mitsui invests in Indian biomass supply-chain management firm
Photo courtesy of Mitsui & Co.

Mitsui & Co., Ltd. will invest INR300 million (approximately USD4.1 million) in Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL), one of the leading biomass supply-chain management companies in India.

Punjab Renewable Energy Systems Pvt. Ltd 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.

“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,โ€ Masaharu Okubo, country chairperson of Mitsui & Co. India Pvt. Ltd., said.

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. We, at Mitsui are grateful to be able to join PRESPL and contribute to the betterment of Indian society and other related stakeholders.

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,” said Lt. Col. Monish Ahuja (Retd), chairman & managing director, PRESPL.

“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. 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.”