Mitsubishi Corporation, a Japanese integrated trading and investment company, has entered the renewable energy market with the acquisition of a minority stake in KIS Group’s Indonesia operations.
The partnership is expected to focus on co-developing and commercialising advanced biogas, BioCNG, and BioLNG technologies.
The Bengaluru-headquartered KIS Group, which was founded by K R Raghunath in 2006, said on Wednesday that it plans to invest about USD 1 billion in renewable gas and biofuel projects across Southeast Asia and India by 2030, for which it will leverage Mitsubishi’s global network across more than 90 companies.
“Mitsubishi Corporation, one of Japan’s largest global integrated business enterprises, has acquired a minority equity stake in our Indonesia operations. This investment marks Mitsubishi Corporation’s first entry into the global biogas market,” it said in a statement.
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While the financial details as well as the percentage of stake acquired was not made public, KIS said that it aims to expand to North and South America and Europe within five years with Mitsubishi’s backing. The group also hopes to enhance its operational efficiency, supply chain strength, and environmental governance.
It has so far implemented biomethane and renewable gas projects in 11 countries, has long-term supply contracts with Unilever and Shell, as well as collaborations with companies including Toyota, Godrej, Sinarmas, Banas Dairy, and Maruti Suzuki.
“The fact that Mitsubishi has chosen to enter the biogas and biofuels market for the first time through us is a huge vote of confidence in our technology and execution capability,” Raghunath said.
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