Ultimate beneficial owners of ETG together controlling 55.6% are Mr. Mahesh Patel (Chairman), Mr. Ketan Patel (CEO) and Bisa Trust represented by the Joint-CEO, Birju Patel. Other key shareholders are Mitsui & Co. via its African arm MIT African Management Limited (31.9%) and Pembani Remgro of South Africa (8.8%).                                      

The estimated project cost is US$115 million. IFC will support the Project with an investment of up to US$10 million in the form of an unsecured loan.                         

The funds are expected to be utilized mainly in Sub Saharan Africa to finance ETG’s trading flows in agri commodities including fertilizer, cashews, pulses among others.                                 

     The proposed investment is a Category A project in accordance with IFC’s 2012 Policy on Environmental and Social Sustainability. Category A projects are defined as those which have business activities with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible and unprecedented. This is driven in particular by ETG’s sourcing high risk commodities, among others, cocoa beans in West Africa, which is associated with significant E&S risks related to the prevalence of harmful child labor, forced labor and conversion of natural/critical habitats (leading to biodiversity loss), with this sector-wide context presenting significant supply chain risk for cocoa bean buyers and additional soft commodities from specific origins, such as cotton and maize, as identified during the high level supply chain assessment described in this document.