ICAP, which on Wednesday warned of subdued trading levels in its core business, has bought CTI Shipbrokers (India) from Captain Jaideep Kapoor and Tradex Chartering & Trading Private Limited.
The assets acquired have a gross value of $2.464m, the inter-dealer broker disclosed.
CTI India's main business is in dry, tanker and sale and purchase broking. The acquisition provides ICAP Shipping with a subsidiary in India with offices in New Delhi and Mumbai employing 28 people.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
JH
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
