Mitsui & Co is one of Japan’s largest trading companies, part of the Mitsui Group. Now it has invested in TCI Cold Chain Solutions, which is a cold chain logistics business of Transport Corporation of India, amid rising demand for temperature-controlled logistics solutions in the country.
Although not all details were disclosed, Mitsui is eyeing to further develop and expand its food and retail businesses in India, Faisal Ashraf, managing director of Mitsui & Co India, said.
Mitsui’s investment comes at a time when commercial and domestic demand for refrigeration in India is expected to quadruple in India to 2,400,000 tons of refrigeration over the next 20 years, according to the India Cooling Action Plan.
“We expect the cold chain logistics industry in India to expand rapidly, now and in a post-Covid world, in response to growing demand from the pharmaceutical sector particularly for Covid vaccines, changing consumption patterns with a growing preference for fresh agricultural produce, and the continued rise of e-commerce,” said Ashraf.