Inditrade buys commodity trading biz from Edelweiss

KOCHI: Inditrade Business Consultants Ltd. (IBCL), the wholly owned subsidiary of Inditrade Capital Ltd., has entered into a share purchase agreement with Edel Commodities Ltd. for buying its wholly owned subsidiary Edel Commodities Trading Ltd. (ECTL) for a deal size of minimum Rs 13 crore payable in cash and shares equivalent to 9% of the paid up equity share capital of IBCL.

Edel Commodities Ltd. is a wholly owned subsidiary of Edelweiss Financial Services Ltd. IBCL is engaged in commodity procurement, financing, import and export of commodities. It currently operates in seven states and is in the process of scaling up its operations in India and abroad.

As a result ECTL along with its subsidiaries Edel Commodities Chad and Edel Commodities Nigeria will become wholly owned subsidiaries of IBCL. On completion of the transaction, Inditrade Capital Ltd. will continue to hold more than 90% shareholding in IBCL.