Mitsui & Co. Global Investment establishes Indian arm
Mitsui & Co. Global Investment, the private equity arm of Japanese conglomerate Mitsui & Co., has established an India operation in Mumbai.
Mitsui Global Investment will hold 95% stake in the India arm, which is named MGI Group India, while the remander will be owned by parent firm Mitsui & Co. Tetsuya Koide has been appointed as its India representative. The new arm will hire local staff as well as building networks to provide an investing foothold for Mitsui in India.
Mitsui Global Investment has in recent years increased its focus on India. Last year, it invested $12 million in the third round of funding for Mumbai-based Suvidhaa Infoserve, which specializes in electronic payment solutions. It also backed Sulekha.com, an online classifieds player. Yasushi Okazaki, general manager of Mitsui & Co's internet business division, sits on Sulekha's board.
"Mitsui's financial and new business unit, which invests globally, names India as one of the prime investing regions and has led to the establishment of MGI Group India to expedite full-scale private equity investment in the country," Mitsui Global Investment said in a statement.
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