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Inditrade Capital, owned by veteran investor and Sudip Bandyopadhyay, is buying out Edel Commodities Trading Ltd, a step-down wholly-owned subsidiary of Edelweiss Financial Services Ltd. The deal size is Rs 13 crore, payable in cash and shares equivalent to nine per cent of the equity share capital of Inditrade Business Consultants Ltd.
IBCL is focussed on commodity procurement, financing and the import and export of commodities. It currently operates in seven states. “We will gain significantly from this acquisition,” Bandyopadhyay told BusinessLine. “ECTL’s business is 10 times bigger than us; it has operations in Nigeria and Chad and branches in Dubai, Canada and Turkey. We will benefit from those networks, relationships and licences.”
Bandyopadhyay has made several acquisitions in the last two years, first of Inditrade Capital itself (formerly JRG Securities) and then a 50 per cent stake in BimaDirect, an online insurance policy aggregator and seller, and a 50 per cent stake in Dining Plus, which issues cards that give customers discounted rates at over 3,000 merchant partners including restaurants, hotels, hospitals, and travel and entertainment firms.
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