Reliance Cap arm buys 26% stake in ICEX
The Anil Dhirubhai Ambani Group (ADAG) on Monday announced its entry into the commodities futures space by acquiring a 26% stake in Indian Commodity Exchange (ICEX) for about Rs 50 crore, sources said.
The deal values ICEX at about Rs 200 crore. As part of the deal, Reliance Exchangenext (RNext), a wholly-owned subsidiary of Reliance Capital, ADAG's flagship company in the financial services space, will buy the stake from Indiabulls Financial Services and step in as an anchor investor. The regulatory approvals are already in place, a release from Reliance Capital said.
Other than Indiabulls, MMTC, IDFC, KRIBHCO and Indian Potash have stakes in ICEX, which is a screen-based derivatives exchange for commodities , was launched in November 2009. Post this deal, Indiabulls will hold 14% stake in this commodities bourse.
The buying of stake in ICEX also marks the entry of RNext into the commodities derivatives space, one of the growing exchange spaces in the country. The ADAG group company already has set up a spot exchange for commodities trading through its wholly-owned subsidiary, Reliance Spot Exchange ( RSX). This is an electronic mandi that focuses on agri commodities.
Read more: Reliance Cap arm buys 26% stake in ICEX - The Times of India http://timesofindia.indiatimes.com/business/india-business/Reliance-Cap-arm-buys-26-stake-in-ICEX/articleshow/7213971.cms#ixzz1A2L543e9