“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.