Mitsui & Co., Ltd announced today that it will invest Rs 30 crore ($4.1 million) in Punjab Renewable Energy Systems Pvt Ltd (PRESPL), a biomass supply-chain management company 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.
“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,” said Masaharu Okubo, country chairperson, Mitsui & Co. India Pvt. Ltd.
Mitsui & Co., Ltd is a global trading and investment company with a diversified business portfolio that spans approximately 65 countries in Asia, Europe, North, Central and South America, the Middle East, Africa and Oceania.
It has over 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of partners.
It has built a core business portfolio covering the mineral and metal resources, energy, machinery and infrastructure and chemicals industries.
PRESPL says it serves farmers and the industry with bio-energy and biomass solutions while enabling villagers to gain entrepreneurial acumen. Its products and services include bio-energy, biomass briquetting and pelleting, BOOT (Build, Own, Operate & Transfer) for boilers and co-generation plants, and biomass assessment and technical consultation,.