December 6, 2021

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Transport Corp allots 20% stake in Cold Chain Business to Japan’s Mitsui & Co

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TCI aims to spend close more than $10 million in the next three years in the cold chain business, he said.

Transport Corp of India has allotted a 20% stake in its cold chain business to Japanese company Mitsui & Co for Rs 63.5 crore, its managing director told ET.

“The cold chain business is seeing considerable growth because of the demand for processed foods, vegetables and of course the pharma,” said Vineet Agarwal, managing director of TCI. “As a global company, Mitsui will bring excellent value and synergies,” he added.

TCI aims to spend close more than $10 million in the next three years in the cold chain business, he said.

Earlier in the day, Mitsui announced the deal but didn’t share details. Mitsui and TCI and 51:49 partners in a joint venture called Transystem International Ltd., a logistics solution provider for Japanese automotive companies in India.

In August, Mitsui announced it would invest Rs 30 crore in Punjab Renewable Energy Systems, a biomass supply chain management company in India.

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Companies such as Corporation of India (TCI), FM Logistic expect strong show to sustain. DHL Express also recently opened its largest airside cargo facility in Bengaluru in one of the biggest investments it has made in India.

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