AgenciesTransport 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 .
"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.
"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 .
"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.
( Originally published on Nov 01, 2021 )
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
