New Delhi, India. Mitsui announced today that it will invest around USD 4.1 million in Punjab Renewable Energy Systems, one of the leading biomass supply-chain management companies in India. The new venture will contribute towards 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,” said Masaharu Okubo, Country Chairperson of Mitsui & Co.
Mitsui is a global trading and investment company with a diversified business portfolio that spans approximately 65 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.
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 utilisation 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.
Okubo said that the company looks forward to working together with Punjab Renewable Energy Systems to grow its business by combining its respective areas of expertise and leveraging synergies with Mitsui’s diverse business portfolio.
Punjab Renewable Energy Systems 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. It also provides a range of operation & maintenance, and other technical services, to the industry.
Lt Col Monish Ahuja (Retd), Chairman & Managing Director, Punjab Renewable Energy Systems said that the company is delighted to welcome Mitsui as an investor and strategic partner. This investment from Mitsui will help us expand footprint and accelerate the growth of the business as a market leader in India and overseas. In partnership with Mitsui, it aims to make a meaningful contribution to tackling climate change through the better utilization of biomass agri-waste for bioenergy.