MOL Plus, the CVC unit of Mitsui O.S.K. Lines, a Japanese international shipping and logistics company, has expanded its operations by opening an office in India. This is the CVC’s third overseas location after the UK and Singapore.
The office will target early to middle-stage Indian startups with a focus on sustainability, deep tech, and renewable energy, as well as those bringing innovations in logistics and shipping.
MOL Plus was launched in 2021 and holds around 20 portfolio companies. Last month it invested an undisclosed amount in EneCoat Technologies, a Japanese perovskite solar cell developer. In September, it took part in a $3.1m funding round in Signol, a UK startup trying to drive emission reductions in the shipping and aeronautical industries using behavioral science techniques.
Shipping companies worldwide are being put under pressure to decarbonise their fleets in time to meet global emissions targets. As a result, some are using CVCs to explore strategic investments in climate tech.
They are also increasing their presence in India, both through expanded routes and more frequent calling, according to the Economic Times of India. AP Moller – Maersk and Hapag-Lloyd, two shipping companies operating in strategic partnership, are going to introduce a dozen new routes next year. Mediterranean Shipping Company also has one planned. This is thought to be in response to the changing global landscape, driven by several factors including the slowdown of the Chinese economy and the ongoing Red Sea crisis.