Multinational trading and investment company Mitsui has invested in TCI Cold Chain Solutions Ltd to meet the country’s growing demand for temperature-controlled logistics solutions. Mitsui’s investment in TCI’s cold chain business builds on over two decades of cooperation between the two companies, dating back to the joint founding in 1999 of Transystem Logistics International Pvt Ltd., a logistics company serving India’s automotive sector with just in time delivery of automobile components and service parts.
Commenting on the partnership, Mr Faisal Ashraf, Managing Director of Mitsui & Co. India said: “We expect the cold chain logistics industry in India to expand rapidly, now and in a post-COVID world, in response to growing demand from the pharmaceutical sector particularly for COVID-19 vaccines, changing consumption patterns with a growing preference for fresh agricultural produce, and the continued rise of e-commerce.
“We believe developing Mitsui’s cold chain capabilities will be an important stepping-stone for us to further develop and expand our own food and retail business in India. We are delighted to be partnering with TCI which has deep expertise and strong logistics networks across the country.”
Mr Vineet Agarwal, Managing Director of TCI said: “We look forward to joining forces with Mitsui — a familiar and trusted partner — in our cold chain business.
“Our 60+ years of legacy as one of the leaders in Indian logistics space synergized with Mitsui’s global expertise in logistics and supply chain management positions us well to deliver best-in-class services to the customers.
“Moreover, drawing on the logistics capabilities developed by Mitsui in Japan, we aim to scale-up and further build a robust cold chain infrastructure in India thus adding value to our customers.”
This latest investment by Mitsui aligns with the company’s ‘Market Asia’ strategy and purpose of contributing to ‘nation building’ and enhancing ‘quality of life’ by building a consumer ecosystem including logistics infrastructure, differentiated products and brands, and businesses with direct consumer touch points.