Mitsui invests in TCI’s cold chain logistics business
Japanese major Mitsui & Co has invested in TCI Cold Chain Solutions, the cold chain logistics division of Transport Corporation of India (TCI).
November 1, 2021: Japanese major Mitsui & Co has invested in TCI Cold Chain Solutions, the cold chain logistics division of Transport Corporation of India (TCI).
Through its state-of-the-art multi-user and multi-temperature warehouses and fleet of 130+ reefer vehicles, TCI CCS offers primary distribution of products from plant to warehouse, and secondary distribution from its warehouse and distribution centers to retailers, according to an official statement from Mitsui.
TCI CCS provides integrated cold chain logistics services in India with a focus on temperature-controlled storage and transportation for major local and global companies across various industries that include fresh food supply, pharmaceuticals, chemicals and quick service restaurants (QSRs). This is complemented by TCI’s 12 million square feet of warehousing space and handling capacity of up to 10,000+ pallet positions across the entire temperature range (-25 to +25 degrees Celsius) in major cities across India, the statement 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,” Faisal Ashraf, managing director of Mitsui & Co. India said. “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.”
Vineet Agarwal, managing director, TCI said they are looking forward to joining forces with Mitsui - a familiar and trusted partner - in the cold chain business. “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.”
TCI recently reported a near tripling of net profit to Rs 124 crore for the first six months of the financial year 2022 compared to Rs 42 crore in H1FY21 on growth in all services and solutions.