Mitsui Global Investment, the private equity arm of Japanese conglomerate Mitsui & Co, has opened an office in Mumbai and set up MGI Group India, a new unit that will build a local team and invest across a number of sectors.
MGI will own a 95 per cent interest in the India unit while the remaining five per cent stake will be held by parent company Mitsui & Co.
MGI will fall under Mitsui & Co’s financial and new business unit. The group has appointed managing director Tetsuya Koide as its India representative.
Sectors will include consumer retail, healthcare areas, auto components, construction materials, and services industries, the firm said in a statement released today.
“India’s current population of 1.21 billion is predicted to grow to 1.49 billion by 2030, surpassing China to take top position in world population,” the firm said.
“In addition, in contrast with the aging populations of Europe, America and various countries in Asia, India’s population is largely young people – with over half of the population being under twenty-five.
“Therefore, expansion of both consumer markets and manpower are anticipated to continue over a long period of time.
Mitsui & Co was founded in 1947 and ranks as one of the country’s biggest general trading companies, with operations spanning sectors from energy to logistics and finance and annual revenues of around $55bn last year.
MGI, which also has offices in Silicon Valley, New York, Shanghai, Beijing and London, began investing in India three years ago.
Last year the group bought a $12m stake in Suvidhaa Infoserve, which provides internet-based payment collection services for a number of industries.
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