World’s largest commodities trader Glencore International AG, through its subsidiary Viterra Asia Pte Ltd, has sold its entire 60 per cent stake in Delhi-based Tinna Viterra Trade Pvt Ltd (TVTL) to its joint venture partner Tinna Rubber and Infrastructure Ltd. However, the deal value has not been disclosed.
The development came after Glencore completed its long-awaited merger with Xstrata Plc to form the world’s fourth biggest mining company and emerged as the biggest commodities trader earlier this month.
Post transaction, Tinna Viterra will operate as a wholly owned subsidiary of Tinna Rubber and Infrastructure.
S&R Associates acted as the legal advisor to Glencore International on this transaction.
Founded in 2008, Singapore-based Viterra Asia Pte is engaged in trading of agro products. The company operates as a subsidiary of Viterra, Inc., a global agri-business acquired by Glencore International.
Set up in November 2009, Tinna Viterra (earlier Maple Newgen Trade (P) Ltd) is a major player in agri products trading in India and has presence at all the major gateway ports of the country.
(Edited by Sanghamitra Mandal)
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