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.
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