IFC backs ETG Group again
Indian Ocean Newsletter | 01/03/2013
ETG's CEO Pradip Patel, President Mahesh Patel, and Director General Ketan Patel. The company is one of the largest farmland owners in Africa, with extensive holdings in Tanzania, Mozambique, Zambia and the DRC
The private investment arm of the World Bank, is going to back the medium-term expansion of ETG Group (ETG), incorporated in Mauritius and specializing trading in food and drink products. The IFC is to grant a $70 million loan in early April to the firm owned by Mahesh Patel (28.02%), Ketan Patel (28.02%) and Pradip Patel (14.01%), three businessmen of Indian and Pakistani origin based in Tanzania and Kenya. The minority stakeholders in ETG are the Standard Chartered Bank Private Equity (13.28%), South Africa’s Pembani Remgro Infrastructure Fund (9.26%) and the American fund Carlyle (7.41%). With more than 30 affiliates in southern Africa, East Africa, the United Arab Emirates, India, the United States, Singapore and the United Kingdom, ETG Group plans to use the IFC’s loan to beef up its presence in West Africa and in Asia.
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