SHIPPING division of broking giant Icap yesterday consolidated its position in the giant Indian market by acquiring the shipbroker CTI.
Icap paid $2.5m (£1.5m) to take full control of the firm, which has offices in New Delhi and Mumbai and employs 28 people. Its core business is in dry, tanker and sale and purchase broking.
Former part-owner Captain Jaideep Kapoor will stay on as chief executive.
Henry Liddell, chief executive of Icap Shipping, said that the purchase meant the firm was well positioned to take advantage of the booming Indian market.
“We are delighted to have completed this acquisition. Icap Shipping will now be able to take advantage of the exciting opportunities and increasing shipping demand in India,” he said.
CTI Shipbrokers was established in 2004 by Mumbai’s Tradex, Singapore’s Island Shipbroker, and London’s Capital Shipbroker – now Icap.
Island Shipbrokers was itself bought by Icap in February as the London-based firm looks to increase control over longstanding Asian affiliates.
Icap Shipping has 195 staff worldwide, with offices in major shipping centres such as Hamburg, Gibraltar and Singapore.
Shares in its parent firm, which recently fell out of the FTSE 100, closed yesterday down 0.7 per cent at 330p.