UK-based group ICAP plc’s (LON:IAP) shipping arm, ICAP Shipping, said on Thursday that it had purchased Indian dry, tanker and sale and purchase broking specialist CTI Shipbrokers (India) Pvt Ltd, making it a wholly-owned unit.
The transaction involved the purchase of shares with a gross asset value of USD2.464m (EUR1.912m) from Tradex Chartering & Trading Private Limited and Captain Jaideep Kapoor. CTI Shipbrokers (India), which has offices in New Delhi and Mumbai and a workforce of 28, will operate as a unit of ICAP Shipping and will be led by Captain Kapoor as CEO, the buyer said.
As a result of the takeover, ICAP Shipping will be able to benefit from the rising shipping demand in India, which is an opportunity for strong growth in shipbroking, ICAP Shipping’s CEO, Henry Liddell, noted.
ICAP Shipping is present in London, UK, Singapore, Stamford, Connecticut, US, Shanghai, China, Hamburg, Germany, and Gibraltar. It specialises in dry cargo and tanker chartering, sale and purchase, freight derivatives and research and other shipping services.
ICAP plc is headquartered in London, UK. It operates as a voice and electronic interdealer broker and provider of post trade risk and information services, with presence in over 32 countries.